中國海外發展有限公司 股份代號 00688 中國海外發展有限公司 香港皇后大道東一號太古廣場三座十樓 電話 2988 0666 傳真 2865 7517 www.coli.com.hk 二零一七年年報 二 零 一 七 年 年 報

2 3 4 5 6 8 9 14 30 34 42 60 70 73 78 86 96 99 101 113 132 138 139 140 142 144 147 235

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3 1 10 (852) 2988 0666 (852) 2865 7517 www.coli.com.hk 183 22 (852) 2980 1333 (852) 2810 8185 is-enquiries@hk.tricorglobal.com (852) 2988 0666 (852) 2865 7517 coli.ir@cohl.com (852) 2988 0666 (852) 2865 7517 coli.pr@cohl.com

4 00688 688:HK 0688.HK 1 China OVS N2011 EI4567265 XS0508012092 4503 2 China OVS N2211 EJ4365304 XS0852986156 4579 3 China OVS N4211 EJ4365403 XS0852986313 4580 4 China OVS N1810 EJ9002563 XS0984184316 5987 5 China OVS N2310 EJ9002621 XS0972980097 5988 6 China OVS N4310 EJ9002803 XS0985567881 5989 7 China OVS N1905 EK2478924 XS1063561143 5745 8 China OVS N2405 EK2478981 XS1063561499 5746 9 China OVS N3406 5760 EK3172450 XS1075180379 10 BYM68V0 CN OVS LD N1907 Code: 5541 AF2041693 XS1236611684 11 15 01 136046 12 15 02 136049 13 16 01 136646 14 15 01 125678 15 16 01 135067 1 China Overseas Finance (Cayman) II Limited 5.50% 1,000,000,000 2 China Overseas Finance (Cayman) V Limited 3.95% 700,000,000 3 China Overseas Finance (Cayman) V Limited 5.35% 300,000,000 4 China Overseas Finance (Cayman) III Limited 3.375% 500,000,000 5 China Overseas Finance (Cayman) III Limited 5.375% 500,000,000 6 China Overseas Finance (Cayman) III Limited 6.375% 500,000,000 7 China Overseas Finance (Cayman) VI Limited 4.25% 800,000,000 8 China Overseas Finance (Cayman) VI Limited 5.95% 700,000,000 9 China Overseas Finance (Cayman) VI Limited 6.45% 500,000,000 10 China Overseas Land International (Cayman) Limited1.75% 600,000,000 11: 3.40% 7,000,000,000 35 12: 3.85% 1,000,000,000 35 13: 3.10% 6,000,000,000 35 14: 4.80% 4,000,000,000 35 15: 4.40% 1,000,000,000 35

5 * * 60 # # # # # # # # # # # # # # # # # # # #

6 (%) 1,660.4 1,640.7 +1 407.7 370.2 +10 1 2,320.7 2,106.5 +10 (%) 4 28 8 +20 2 8 6 +2 3 (%) 5 26 27 1 2 3.72 3.64 +2 0.80 0.77 +4 0.35 0.35 0.45 0.42 +7 4 24.25 20.29 +20 4 63.75 56.77 +12 1 2 3 4 5

25 20 15 10 5 0 7 每股盈利及股息 港元 每股淨資產 港元 3.04 3.51 3.75 3.64 3.72 18.52 21.25 20.29 24.25 15.80 0.47 0.55 0.92 0.77 0.80 13 14 15 16 17 年度 13 14 15 16 17 年度 盈利 股息 淨借貸比率土地儲備 * % 百萬平方米 63.75 65.1 69.3 56.77 38.77 37.35 41.44 37.3 27.9 7.5 13 14 15 16 17 年度 13 14 15 16 17 年度 *

8 3.04 3.51 3.75 3.64 3.72 0.47 0.55 0.92 0.77 0.80 0.18 0.20 0.20 0.35 0.35 0.31* 0.29 0.35 0.41 0.42 0.45 15.80 18.52 21.25 20.29 24.25 (%) 65.1 69.3 37.3 7.5 27.9 3 4 5 6 8 ** 125,973,434 164,654,215 169,561,797 164,068,528 166,044,963 34,036,381 49,226,431 50,553,590 57,905,305 62,874,375 24,837,497 28,682,784 34,643,211 37,020,638 40,766,835 46,161,735 60,318,557 69,595,165 70,979,688 101,274,985 21,192,645 21,391,579 20,244,063 16,209,776 20,777,469 9,995,832 11,135,183 17,305,640 9,186,508 21,561,825 184,561,316 199,433,619 289,944,207 275,308,831 295,247,940 (129,167,803) (135,089,995) (181,509,548) (144,261,444) (165,318,789) 132,743,725 157,188,943 215,579,527 227,423,359 273,543,430 * ** #

9 12.6 132.6 9.3 18.9 14.5 26.1 26.9 27.4 30 G30 2017 TOP10TOP10 100 598.520172017 TOP10 87

10 (International Property Awards)

11 12 12 40%

12 3,69847.9 299 677 100 103.0 112.5

13 180 180 WeWork WeWork WeWork

16 25 10.1% 407.7 3.72 2,656.9 24.25 16.7% 45

17 3% 2.3% 6.9% 0.2 7.7% 13.7% 1,660.4 27.8%5.1 32.9% 24.6% 4.0%0.5 3.5%10.1% 407.7 43.7 21.4 342.6 16.7%

18 44 1 38 12 11 366 15 372.4 19.4 370.7 202.8 12.6 4.8 46.1 2,320.7 1,446 2,201.2 119.5 1 1,135 1,954183.2% 1,162.1, 459.3 1,621.4 9.6% 514.5 29.4 13.1% 24.5 14.5% 4.9 6.5%

19 3176 1,741 6,375 5,378 10 251 1,9031,791 8,278 15 180 4.76% 4.27% 502.0 547.1 1,636.8 1,346.2 367.6 1,035.8 746.6 1,040.5 27.9% Baa1BBB+A- 4,000

20 190

21 33 IT 1,100 400 1,8003

22 14 323 14 2017 TOP100 598.5 14 TOP10 TOP10 2017

23 18.4%24.1%30 28.5%38.5% 2018 3%

24 1,741 1,992 5,550 2,900 1,595 20

25 K12 553 31 1214 12 50 100

26 30 400

27 25

30 34 42 60 70 73

30

31 1,660.4 1,640.7 1.2%628.7 579.1 8.6%10.1% 407.7 43.7 21.4 3.723.64 2,656.9 2,222.519.5% 21.4 25.8 24.6 12.7 3.2 13.0

32 1,621.4 1,598.9 1 514.5 469.4 9.6% 24.5 21.4 14.5% 100.0 59.5 43.7 21.4 14.5 20.4 4.9 4.66.5% 1 (I & II)

33 7.7% 13.7%

34

35 76 1,741 1,463 31 751,729 1,459 11.53.8 10251 6,375 5,378 1,903 1,791

36 300 40,123 36% 32.5 TOP20 62 TOP20 3176 1,741 1,600 16 1,095 1,801 60% 83.3 11.5 3.8 3,698 47.9 299 677 251 22.3 0.4% 386,375 5,378 24.9% 22.4% 20.5% 19.5% 12.3%

37 15 460 27 按地區土地儲備分佈圖 * 百萬平方米 港澳地區 0.4% (0.22) 西部地區 20.5% (13.09) 華南地區 22.4% (14.33) 北方地區 19.5% (12.41) 華東地區 12.3% (7.85) 華北地區 24.9% (15.85) 華南地區 : 深圳 海口 萬寧 三亞 佛山 廣州 長沙 廈門 福州 珠海 東莞 中山 肇慶 漳州 江門華東地區 : 蘇州 南京 寧波 杭州 南昌 上海 無錫 鎮江華北地區 : 北京 天津 濟南 太原 武漢 鄭州北方地區 : 長春 青島 大連 瀋陽 煙台 哈爾濱西部地區 : 成都 西安 重慶 昆明 烏魯木齊 * 為本集團系列公司 ( 但不含中海宏洋 )

38 * 48 175 #1 27 97 #2 47 172 #1 63 244 #2 19 79 24 90 73 218 16 55 148 614 #1 34 115 #2 38 130 41 130 44 150 57 215 40 135 #1 30 100 #2 27 89 91 398 39 267 906 3,473 139 241 75 186 96 381 70 330 30 174 51 127 42 110 48 85 60 126 153 305 60 182 26 76 163 336 85 222 70 183 15 78 #1 40 67 #2 33 56 #3 33 55 37 94 35 99 18 48 #2 33 134 75 261 76 188 41 137 60 126 27 191 35 135 #1 48 312 #2 42 199 #3 8 38 #1 71 297 #2 52 214 658 2,473 153 533 #1 77 246 #2 77 246 #3 75 182 #4 139 413 #5 200 517 42 99 93 259 55 129 26 76 937 2,700 1,289 3,320 *

39 * 200 1,800 101 438 66 191 444 1,326 #1 124 228 #2 69 126 53 200 #1 137 247 #2 55 105 37 218 47 189 74 264 1,407 5,332 42 115 42 115 5,239 17,413

40 中國海外發展有限公司 管理層討論及分析 續 土地儲備 續 土地儲備分佈* 續 總土地儲備一覽表 城市 華南地區 深圳 含東莞 海南 含海口 萬寧及三亞 廣州 佛山 含中山 肇慶 長沙 廈門 含漳州 福州 珠海 含江門 小計 華東地區 蘇州 含無錫 南京 含鎮江 寧波 杭州 南昌 上海 西部地區 * 14,328 3,042 2,048 991 298 603 873 7,855 北京 天津 濟南 武漢 鄭州 太原 3,516 3,451 6,850 504 1,061 466 小計 15,848 長春 青島 大連 瀋陽 煙台 哈爾濱 2,744 2,688 1,739 3,313 921 1,006 小計 12,411 成都 西安 重慶 昆明 烏魯木齊 4,613 2,574 3,767 551 1,584 小計 13,089 香港 小計 223 223 合計 63,754 港澳地區 為本集團系列公司 但不含中海宏洋 烏魯木齊 1,189 1,562 4,587 2,560 1,621 682 1,138 989 小計 華北地區 北方地區 樓面面積 千平方米 海岸線示意圖

二零一七年年報 管理層討論及分析 續 土地儲備 續 哈爾濱 長春 瀋陽 北京 大連 天津 太原 濟南 無錫 蘇州 武漢 成都 重慶 長沙 鎮江 上海 杭州 寧波 南昌 漳州 廣州 昆明 青島 南京 鄭州 西安 煙台 肇慶 珠海 深圳 福州 厦門 香港 東莞 佛山 中山 江門 海口 萬寧 三亞 本集團擁有土地儲備的城市 二零一七年新增土地的城市 華南地區 北方地區 華東地區 西部地區 華北地區 港澳地區 41

42

43 1,135 1,621.4 1,162.1 459.3 1,446 2,320.7 1,438.3 9.6% 514.5 1,938.4 1,003.0

44 2,320.7 2,310 1,446 16,046 1,135 1,162.1 459.3 1,621.4 514.5 1,954183.2% 1,938.4 1,003.0 165.6 7.8 393.0 199.03 29.2 61.7 173.5 97.3 365.8 二零一七年按地區合約銷售面積分佈圖 * 千平方米 二零一七年按地區合約銷售金額分佈圖 * 港幣百萬元 西部地區 港澳地區 華南地區 10.3% (1,494) 0.4% (52) 9.8% (1,418) 港澳地區 華南地區 5.1% (11,951) 11.4% (26,358) 華東地區 5.8% (841) 西部地區 7.9% (18,327) 華東地區 9.1% (21,187) 北方地區 20.7% (2,987) 合營及聯營 13.2% (1,912) 北方地區 14.8% (34,335) 合營及聯營 16.9% (39,302) 華北地區 16.2% (2,347) 中海宏洋 23.6% (3,412) 華北地區 18.8% (43,541) 中海宏洋 16.0% (37,068) * 為本集團系列公司

15000 12000 9000 6000 3000 0 250 200 150 100 50 0 45 12.64.8 46.1 合約銷售面積 * 千平方米 合約銷售金額 * 港幣十億元 12,602 13,044 14,463 210.6 232.1 180.6 9,234 9,398 138.5 140.8 13 14 15 16 17 年度 13 14 15 16 17 年度 二零一七年按月合約銷售金額 * 港幣十億元 30.6 19.8 15.0 22.3 19.1 20.5 16.9 18.8 20.7 17.0 18.7 12.7 一月二月三月四月五月六月七月八月九月十月十一月十二月 * 為本集團系列公司

46 * 105 306 214 210 1,125 906 170 630 3,666 (32.3%) 305 91 824 162 60 178 1,620 (14.3%) 553 696 898 643 2,790 (24.6%) 397 158 604 701 276 29 2,165 (19.1%) 141 584 29 278 1,032 (9.0%) 82 82 (0.7%) 11,355 *

47 100% 125,652 209,787 22211 85 73%

48 100% 2,564,109 7,646,120 130 22 11 22,000 3,300 200 300 260 85%

49 100% 2,476,886 2,963,725 1.5

50 100% 536,777 2,267,408 13,140678 61% 85%

51 100% 626,000 1,402,376 10,000 1,400 3 85% 80%

52 100% 379,951 1,837,425 9,901 600

53 100% 68,263 351,821 8 9 10 13 3.34.6 139 220

54 100% 33,204 111,769 11 140 195

55 100% 144,750 256,241 1,705 180

56 100% 66,753 170,615 5A RBD 30% 2017

57 100% 73,071 217,853 17 32 29 34 53

58 80% 37,696 107,100 37,000 1,500 400 20

59 % 100 2,564,109 7,646,120 100 2,476,886 2,963,725 100 536,777 2,267,408 100 379,951 1,837,425 100 626,000 1,402,376 100 451,575 1,379,651 100 180,000 1,305,548 100 245,185 845,310 99.46 325,166 494,823 100 161,105 376,761 100 68,263 351,821 100 162,780 335,992 100 75,320 325,549 100 76,789 267,921 100 64,264 258,979 100 144,750 256,241 100 73,071 217,853 100 125,652 209,787 100 69,559 182,822 100 66,753 170,615 100 38,258 168,459 100 17,181 123,099 100 33,204 111,769 80 37,696 107,100

60 4

61 24.5 59.5 4 JA 366 553

2.5 2.0 1.5 1.0 0.5 0.0 62 366 24.5 14.5% 100.0 59.5 43.7 21.4 229 12 2017 10 Officezip Officezip 2.0 租金收入港幣十億 2.45 2.01 2.14 1.72 0.94 13 14 15 16 17 年度

63 60 UNI 2017 APPA

64 15.6 130 LEED6,000 722 2017 4 12.8 500

65 % (a) 100 2053 145,332 (b) 100 2043 87,699 (c) 4 100 2050 128,018 (d) 100 2053 44,247 JB (e) 100 2051 24,668 96 (f) 100 2047 138,675 199 (g) 100 2047 67,903 199 (h) 100 2047 181,054 199 (i) F G 100 2051 143,692 (j) 39 J 100 2052 90,283 (k) 100 2047 61,319 76 (l) 100 2049 76,288 (m) 100 2049 103,588

66 % (n) 100 2080 34,932 3 (o) 100 2050 114,590 905 (p) 100 2048 131,875 39 (q) 100 2053 61,279 257 (r) 100 2060 227,759 (s) 100 2052 130,598 18 (t) 100 2046 203,758 111 (u) 51 2054 95,622 1568 1588 (v) 100 2056 126,255 (w) 100 2046 29,466 (x) 100 2055 135,265 (y) 100 2049 15,886 (z) One Finsbury Circus 100 19,260, One Finsbury Circus (aa) 61 Aldwych 100 16,482, 61 Aldwych (ab) Carmelite House 100 12,447, 50 Victoria Embankment, Carmelite House (ac) One South Place (The Helicon) 100 21,150, 1 South Place

67 553 50 100 230 53 50 H I17 160 6 40 10CM5A 24 H

68 % (a) 100 2018 2053 271,289 (b) H 100 2019 2051 84,478 (c) 39 I 100 2019 2052 92,597 (d) JA 100 2019 2055 69,770 JA (e) 100 2019 2049 170,487 (f) 100 2020 2058 332,621 (g) 100 2020 2057 156,080

69 JA

70

71 ISO9001 BIM 2,000 170390 6.0 2.3 11 30 2,200

72 BOT 60 8.9 K12 CCRC 2025

73 2,656.9 7.2% 2,952.52.4 6.38.2 62,874 57,905 1,537 2,256 61,337 55,649 * 7,495 8,821 8.2 6.3 *

74 699.0 10% 180 1,636.8 173.5 27.9% 15.0% 74.9 4.76% 4.27% 1,035.8 552.0746.6 55.0 10.0 190.0 1,782.4 13.0 9.6 0.5%

75 133.3 344.7 104.6 171.0 770.3 419.8 27.6 27.0 1,035.8 962.5 10 77.3 77.2 7.5 58.1 7 53.9 53.9 3 23.0 23.0 5 38.7 38.6 5 38.5 38.5 5 38.4 38.4 5.5 42.6 42.5 2.5 19.4 19.4 4.5 34.7 34.6 2.5 19.7 19.8 5 38.4 38.4 6 56.0 48.6 4 37.3 32.4 70(i) 84.3 78.4 10(ii) 12.1 11.2 60 (ii) 72.3 67.2 40(i) 48.0 44.4 10 (i) 12.0 11.1 746.6 775.7 1,782.4 1,738.2 1,040.5 1,571.6 741.9 166.6 2,656.9 2,222.5 (%) 27.9% 7.5% (i) (ii)

800 700 600 500 400 300 200 100 0 76 截至二零一七年十二月三十一日計息債務到期組合港幣億元 708.5 256.7 549.3 304.3 126.2 19.7% 25.6% 23.8% 3.1% 171.0 451.8 423.1 133.3 120.5 99.8 92.9 27.6 一年內一至三年三至五年五至十年十年以上 43.5% 28.7% 50.1% 70.5% 5.2% 1.2% 0.8% 銀行及其他借貸 債券 100.0% 100.0% 1,636.8 1,571.6 1,040.5 截至二零一七年十二月三十一日按貨幣之計息債務分佈圖 港幣銀行借貸 19.67% 人民幣銀行及其他借貸 37.29% 英鎊銀行借貸 1.15% 歐元應付擔保票據 5.24% 美元應付擔保票據 23.82% 人民幣應付票據 12.83%

77 1,040.5 257.3 1,297.8 1,782.4 133.3 99.8 7.5% 50% Baa1 BBB+A 51.6% 48.4% 13.6%38.4% 48.0% 56.5% 43.5% 511.4 0.2

78 28

79 29

80 18 55

81

82 MA (Cantab), MBA, FCA,

83 27 18 23 Valparaiso University 25 University of Ottawa 31 24 26 Troy State University 34 28

84 27 24 30 23 29 19 17 25

85 * 提名委員會薪酬委員會審核及風險管理委員會執行董事 主席兼行政總裁董事局非執行董事其他執行董事和高管監察審計部*運營管理部綜合管理部人力資源部信息化管理部企業傳訊部財務資金部法律事務部投資管理部設計管理部營銷管理部工程管理部成本管理部海外事業部客戶服務部創新業務發展部港澳區地產業務倫敦公司北方區地產業務華東區地產業務華南區地產業務華北區地產業務西部區地產業務商業地產公司華藝公司天山公司中建國際

2017

88 (G4) 98%

89

90 12 2017

91 LEED LEED

92 BOT 2016 2017 14 323 681,246 49 1,133 BIM 30 358 10

93

94 1 3 12 AHA AED AHA 4 10 6 10

95 7 24 8 9 12

96 2017CEO 2017 TOP10 TOP10 TOP10 TOP10 2017 TOP10 TOP10 2017 500 10 10 10

97 2017 1002 H1 51 52 2017 30 G30 2017 100 TOP10 TOP10 100 100 2017 REICO

98 2017TOP100 2017 2017(International Property Awards) 2016 International Property Media Limited 5 Plus 2017 2017TOP20 ESG 2017 2016 ARC 2016 RobecoSam AG MerComm, Inc LACP

99 21700 80 329

100 2017 2016 20 7 2017 2017 2017 2017 2017 2017 12 2017 7 8 2017

101 (A) (B) A.2.1 A.4.1 A.2.1 A.4.1

102 (C) C(a) 3.10(1) 3.10(2) 3.10A D.1.4 78 82 C(b) 3.13 A.4.3

103 C(c) A.6.5 C(d) D.3.1

104 C(e) C(f) (D) (1) (2) (3)(4)

105

106 (E) (F) http://www.coli.com.hk F(a) * * * *

107 F(b) * * * * F(c) * * * * C(a)

108 (G) 4/4 1/1 11/11 1/1 11/11 1/1 11/11 1/1 11/11 1/1 11/11 4/4 4/4 2/2 1/1 10/11 4/4 4/4 2/2 1/1 11/11 4/4 4/4 2/2 1/1 (H) (I)

109 12 (a) (i) 11,940,000 (ii) 304,000 (b) 960,000 (J) # 1,095 0.000% 0 0.000% 200,000 0.002% 696,800 0.006% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 0 0.000% 897,895 0.008% # 10,956,201,535 83 84

110 (K) K(a) K(b) http://www.hkexnews.hkhttp://www.coli.com.hk K(c)(b) K(c) (a) 622566 (i) 5%

111 (ii) (1) (2) (3) (4) (b) (c) (i) (ii) 622580615 (1) (a) (b) (2) (a) (1)(a) (b) (1)(b) (3) (a) 2.5% (b)

112 (a) (b) (c) (4) (a) (b) (c) (d) (aa) (bb) K(d) (L) 3.29 (M)

113 46 19 20 8 5 16 77 138 139 35 45 42 35 35 80 142 143 45 235 236 59 65 66 68

114 5,946,121,000 16 17 35 34 35 10

115 (a) 105(1) 3.13

116 (b) http://www.coli.com.hk 13 44(b) 78 84 352 XV (a) 1 24,000 0.0002% 5,460,000 0.0498%

117 (b) 6 2 3 4 5 210,000 0.001% 3,531,469 0.07% 1,820,000 0.055% 70,000 0.003% 1. 10,956,201,535 2. 5,049,156,668 3. 30,000,000,000 4. 3,286,860,460 5. 2,282,239,894 3,423,359,841 105,000 0.003% 6. 33A4.866 210,000 XV XV 352 18 XV

118 33 8.10 336 1 521,264,928 4.76% 2 5,613,080,255 280,124,096 51.23% 2.56% 4 521,264,928 4.76% 3 6,134,345,183 280,124,096 4 55.99% 2.56% 3 6,134,345,183 280,124,096 4 55.99% 2.56%

119 1 Complete Noble Investments Limited Complete Noble 1,095,620,154 10.00% Affluent East Investments Limited Affluent East 5 6 1,095,620,154 10.00% 5 6 1,095,620,154 10.00% CITIC Glory Limited CITIC Glory 6 1,095,620,154 10.00% CITIC Polaris Limited CITIC Polaris 6 1,095,620,154 10.00% 6 1,095,620,154 10.00% 1. 10,956,201,535 2. 3. 4. 280,124,096 5. Complete Noble Affluent East Affluent East 6. 50%CITIC Glory CITIC PolarisCITIC Glory CITIC Polaris Affluent EastCITIC Glory CITIC Polaris Complete Noble 336

120 30% 30% 50% 2669 3311

121 14A.76(2) 14A.36 (1) 3,000 3,000 3,000 7,000 7,000 7,000

122 (2) 264.4 402.363 457.541 207.459 25.5 29.8 31.6 14.0

123 (2) 5 (3) 3,000 6,000 6,000 3,000 14A (4) 113.98 190,000

124 (4) 65% 35% 2,030,000,000 (5) 190 48 51.1 19.8

125 (5) (i) (ii) 2 634.3 725.2 420.7 14A(i) (ii)

126 14A.55 14A.56 14A.55 (i)(ii) (iii) 14A.563000 740 a. b. c. (1) (2) (3) (5) 14A.57 44 (a)14a

127 16(1) (3) A 33 120,571,000

128

129

130 2807 2.29:1 (2.32:1) 49

131 17,454,000 101 112

132 138 234

133 16 973.77 59.46

134 4(b) 4(c) 3,684.49

135 4(b) 4(c)

136 405

137

138 7 166,044,963 164,068,528 (2,072,793) (5,351,547) 7 163,972,170 158,716,981 (109,272,364) (113,073,759) 54,699,806 45,643,222 9 5,353,577 1,789,484 16 5,946,121 7,722,671 40,782 1,028,432 38 165,865 10,175,939 39(a) 2,140,171 39(a) 326,267 39(b) (1,903,104) (2,949,521) (3,371,597) (2,848,693) (3,179,742) 62,874,375 57,905,305 1,164,116 476,682 774,352 775,770 10 (1,393,544) (2,055,956) 63,419,299 57,101,801 11 (21,277,184) (18,711,025) 12 42,142,115 38,390,776 40,766,835 37,020,638 1,375,280 1,370,138 42,142,115 38,390,776 14 3.72 3.64 147 234

139 42,142,115 38,390,776 9,892,806 (14,092,869) 967,762 (975,668) 10,860,568 (15,068,537) 780,201 (877,252) 11,640,769 (15,945,789) 53,782,884 22,444,987 51,875,215 21,384,969 1,907,669 1,060,018 53,782,884 22,444,987 147 234

140 16 97,377,389 67,093,181 17 3,897,596 3,886,507 18 575,810 567,873 19 8,232,345 5,512,064 20 12,405,070 10,526,289 21 24,212 24,212 21 115,842 147,211 22 8,969,792 2,728,181 22 6,592,674 2,058,017 456,540 37 64,525 64,525 36 4,902,484 3,767,912 143,614,279 96,375,972 23 82,852 88,711 24 335,541,563 261,689,777 25 24,305,938 7,631,262 18 16,396 18,397 26 14,300,567 11,341,431 7,240,012 6,897,193 2,386,145 5,166,601 27 356,221 214,442 27 5,508,696 11,801,798 27 2,985,523 5,512,861 27 728,934 817,806 28 197,949 839,050 4,089,095 5,732,244 29 104,050,615 157,161,732 501,790,506 474,913,305

141 30 51,826,299 44,815,201 77,857,359 82,255,805 3,428,838 2,887,399 31 756,994 678,296 31 2,028,855 1,400,177 31 5,425,631 2,158,084 32 5,053,174 2,969,183 28 265,845 29,741,619 21,888,194 34 13,324,575 34,471,679 35 17,099,222 5,814,611 206,542,566 199,604,474 295,247,940 275,308,831 438,862,219 371,684,803 33 90,420,438 90,420,438 175,273,849 131,828,004 265,694,287 222,248,442 7,849,143 5,174,917 273,543,430 227,423,359 34 90,256,116 61,773,449 35 57,558,524 71,760,801 32 3,799,801 869,939 36 13,704,348 9,857,255 165,318,789 144,261,444 438,862,219 371,684,803 138 234 147 234

142 62,434,116 22,950 24,189 2,938,455 (1,522,172) 4,224,508 123,435,479 191,557,525 5,055,420 196,612,945 3(a) 278,499 1,610 (1,186,720) 11,999,732 244,097 6,669,538 18,006,756 959,826 18,966,582 62,434,116 301,449 25,799 1,751,735 10,477,560 4,468,605 130,105,017 209,564,281 6,015,246 215,579,527 37,020,638 37,020,638 1,370,138 38,390,776 (13,782,749) (13,782,749) (310,120) (14,092,869) (1,852,920) (1,852,920) (1,852,920) (15,635,669) 37,020,638 21,384,969 1,060,018 22,444,987 (4,042,838) (4,042,838) (4,042,838) (3,834,671) (3,834,671) (3,834,671) 33 27,986,322 27,986,322 27,986,322 29,268 29,268 (1,544,226) (1,544,226) (1,544,226) 399,215 96,564 (399,215) 96,564 (204,936) (108,372) (593,728) (593,728) (1,130,951) (1,130,951) (4,226,309) (4,226,309) (4,226,309) 3(a) (23,135,650) (23,135,650) (23,135,650) 3,128,549 (3,128,549) 90,420,438 301,449 25,799 (13,484,719) (14,105,752) 7,597,154 151,494,073 222,248,442 5,174,917 227,423,359

143 90,420,438 301,449 25,799 (13,484,719) (14,105,752) 7,597,154 151,494,073 222,248,442 5,174,917 227,423,359 40,766,835 40,766,835 1,375,280 42,142,115 9,360,417 9,360,417 532,389 9,892,806 1,747,963 1,747,963 1,747,963 11,108,380 40,766,835 51,875,215 1,907,669 53,782,884 (4,601,605) (4,601,605) (4,601,605) (3,834,671) (3,834,671) (3,834,671) (38,386) (38,386) (554) 554 (2,069) (2,069) (775,619) (775,619) (760,139) (760,139) 2,342,770 2,342,770 (171,955) 171,955 6,906 6,906 6,906 2,166,296 (2,166,296) 90,420,438 301,449 25,799 (2,548,848) (14,098,846) 9,763,450 181,830,845 265,694,287 7,849,143 273,543,430 147 234

144 63,419,299 57,101,801 (1,164,116) (476,682) (774,352) (775,770) 1,393,544 2,055,956 208,458 356,970 (1,536,755) (2,256,253) (5,946,121) (7,722,671) (40,782) (1,028,432) (165,865) (10,175,939) (2,140,171) (326,267) 1,903,104 (9,953) (143,481) 6,906 (8,304) (57,088) (13,316) (2,463,069) 1,272,458 50,395,364 40,097,745 3,262 (4,794) (67,437,830) 20,202,085 (39,301) (1,299,996) (2,697,651) 3,311,928 (1,783,735) (4,573,118) (2,246,868) 392,828 (5,613,796) 17,450,874 (29,420,555) 75,577,552 (12,616,856) (15,037,661) (42,037,411) 60,539,891

145 1,464,270 2,186,795 508,658 1,007,782 (63,132) (895,172) (4,567,669) (2,377,911) (76,938) (8,582) 404,156 6,313,600 (6,651,429) 7,467,646 655,501 39 (3,007,959) (74,412) (5,855,752) (1,597,467) 3,170,905 1,542,547 352,674 17,751 (1,032,479) (932,502) 150,602 96,164 399,758 44,292 49,363 1,798,816 41,867 335,093 199,459 38 (161,992) 6,055,744 61,044 13,316 (8,079,450) 15,113,857

146 (7,371,657) (8,730,480) (221,183) (62,218) (8,436,276) (7,877,509) (717,289) (315,420) 435,567 50,199,681 37,030,059 (48,897,982) (60,259,438) 8,206,722 (5,815,625) 108,225 433,360 (29,527) (371,587) 2,342,770 (760,139) (1,130,951) (64,200) 529,758 376,276 (25,581) (118,343) 3,179,097 934,432 (75,355) (271,416) 3,485,529 38,458 (570,885) (711,934) (13,140,639) (32,394,422) (63,257,500) 43,259,326 154,983,386 120,047,895 7,734,171 (8,323,835) 99,460,057 154,983,386 104,050,615 157,161,732 29 (4,590,558) (2,178,346) 99,460,057 154,983,386 147 234

147 1. 2. 7 12 40 1 2 1 9 1 15 1 16 2 10 28 3 1 2 3

148 2. 15 18 11 15

149 2. 9 9 39 39 15 9

150 2. 16 16 133,289,000 i) ii)iii) 16 3. (a)

151 3. (a) 622381 381 622381 10 381 10 380(6)381 320 Tuxiana Corp. (b)

152 3. (b) (i) (ii) (iii) 39

153 3. (b) 12 19 2 5

154 3. (b) 39 37

155 3. (b) 39 36 36 39

156 3. (b)

157 3. (b)

158 3. (b)

159 3. (b)

160 3. (b) (i) 37(ii)

161 3. (b)

162 3. (b)

163 3. (b) (i) (ii)

164 3. (b)

165 3. (b) (1) (2) (3) (4) (5)

166 3. (b) 4. 3

167 4. (a) 97,377,389,000 67,093,181,000 (b) 10,268,329,00014,869,579,000 11,617,794,000 4,554,302,000 21,289,637,00017,316,472,000 (c) 335,541,563,000 261,689,777,000

168 4. (d) (e) 5. 34 35

169 5. 103,580,691 96,245,128 74,657,746 77,575,412 178,238,437 173,820,540 (104,050,615) (157,161,732) 74,187,822 16,658,808 265,694,287 222,248,442 27.9% 7.5% 6. 3 a. 144,147,511 192,475,318 140,054 171,423 247,129,191 226,977,265

170 6. b. (i) 86,296,354,00058,236,508,000 2,112,253,000 502,598,000 12,538,221,0009,351,118,000 17,284,337,00038,008,620,000 74,657,746,000 77,575,412,000 1,524,096,000627,100,000 3,720,155,000 2,083,542,000 470,480,000

171 6. b. (i) 100 100 100 719,741,000 378,767,00038,963,000115,113,000 48.7% 13,255,870 7,764,227 6,720,415 16,613,386 35,066,100 27,479,622 42,459,040 48,245,342 9,337,762 8,100,911

172 6. b. (i) 5% 5% 5% 5% 5% 5% 5% 5% 22,000,000 2,707,105,0001,913,474,000 5% 5% 247,576,000 402,000,000 2,459,529,0001,533,474,000

173 6. b. (ii) 42 70% (iii)

174 6. b. (iii) 47,193,450 3,213,744 1,331,815 87,290 51,826,299 51,826,299 756,994 756,994 756,994 2,033,114 2,033,114 2,028,855 5,436,991 5,436,991 5,425,631 5,413,282 4,048,307 9,461,589 8,852,975 17,450,074 14,147,476 81,715,541 3,206,051 116,519,142 103,580,691 6,686,611 21,258,516 35,471,186 39,533,698 102,950,011 74,657,746 51,740,067 1,200,000 916,092 53,856,159 136,710,583 43,868,043 119,434,634 42,827,039 342,840,299 247,129,191 41,499,088 2,178,577 1,092,099 45,437 44,815,201 44,815,201 678,296 678,296 678,296 1,402,372 1,402,372 1,400,177 2,158,084 2,158,084 2,158,084 3,237,937 955,181 4,193,118 3,839,122 265,845 265,845 265,845 37,841,577 19,109,751 45,155,755 3,225,410 105,332,493 96,245,128 8,415,644 19,309,440 37,387,113 37,416,997 102,529,194 77,575,412 42,676,943 457,615 27,996 43,162,554 138,175,786 42,010,564 83,662,963 40,687,844 304,537,157 226,977,265

175 6. c. 35 24,212 24,212 24,212 24,212

176 6. c. 24,212 24,212 24,212 24,212 24,212 4,200 6,000 24,212 4,200 6,000

177 6. c. 4,035,326 39(b) (2,180,755) (1,830,359) 24,212 7. 162,139,770 159,891,147 2,450,060 2,137,167 1,455,133 2,040,214 166,044,963 164,068,528 (2,072,793) (5,351,547) 163,972,170 158,716,981

178 8. 8 162,139,770 2,450,060 1,455,133 166,044,963 (2,023,024) (39,582) (10,187) (2,072,793) 160,116,746 2,410,478 1,444,946 163,972,170 51,445,746 10,000,620 273,085 61,719,451 159,891,147 2,137,167 2,040,214 164,068,528 (5,247,187) (88,446) (15,914) (5,351,547) 154,643,960 2,048,721 2,024,300 158,716,981 46,944,834 11,881,858 31,063 58,857,755

179 8. 3 61,719,451 58,857,755 1,155,549 1,949,117 (525,226) (376,657) (1,393,544) (2,055,956) 2,463,069 (1,272,458) 63,419,299 57,101,801 a 438,739,799 98,197,287 4,417,084 541,354,170 b (176,079,192) (12,645,880) (4,897,846) (193,622,918)

180 8. a 343,045,092 67,889,162 3,193,291 414,127,545 b (158,997,696) (8,405,234) (2,642,448) (170,045,378) 541,354,170 414,127,545 104,050,615 157,161,732 645,404,785 571,289,277 (193,622,918) (170,045,378) (103,580,691) (96,245,128) (74,657,746) (77,575,412) (371,861,355) (343,865,918) (a) 8,232,345,0005,512,064,000 14,478,488,000 14,529,979,00012,405,070,00010,526,289,000 9,578,197,000 7,570,878,000 (b) 2,028,855,0001,400,177,000 5,425,631,000 2,158,084,000

181 8. 49,606 4,568,227 12,968 4,630,801 2,140,171 2,140,171 326,267 326,267 9,298 210 445 9,953 40,782 40,782 140,655 1,829 65,974 208,458 5,946,121 5,946,121 318,206 318,206 1,164,116 1,164,116 774,352 774,352 872,668 2,544,529 22,441 3,439,638 143,825 17 (361) 143,481 1,028,432 1,028,432 259,208 4,105 93,657 356,970 7,722,671 7,722,671 307,136 307,136 1,903,104 1,903,104 476,682 476,682 775,770 775,770

182 8. 7 50,320,061 54,725,726 15,660,762 12,693,086 26,651,123 28,518,574 21,676,621 8,396,764 41,851,598 41,572,958 40,247,831 28,853,510 22,511,398 18,744,106 2,982,510 2,622,338 10,809,107 11,321,252 11,384,651 9,905,335 380,586 391,484 7,117,440 6,436,700 13,521,090 8,794,428 2,845,505 2,704,353 166,044,963 164,068,528 101,915,320 71,612,086 (2,072,793) (5,351,547) 163,972,170 158,716,981 101,915,320 71,612,086 10%

183 9. 1,155,549 1,949,117 381,206 307,136 1,536,755 2,256,253 9,953 143,481 2,138,825 (2,575,458) 324,244 1,303,000 2,463,069 (1,272,458) 10. 7,388,248 8,705,618 106,620 115,253 7,494,868 8,820,871 (6,101,324) (6,764,915) 1,393,544 2,055,956 9 3.71% 4.35%

184 11. 10,976,364 8,788,070 9,433,927 7,775,675 145,716 595,252 300,930 119,140 42,854 2,522 7,887 6,170 20,907,678 17,286,829 (1,379) 37,872 (2,522) (3,690) 33,971 (3,690) 36 335,535 1,427,886 21,277,184 18,711,025 25% 25% 16.5% 16.5% 12% 12% 36

185 11. 63,419,299 57,101,801 25% 25% 15,854,825 14,275,450 145,716 595,252 9,433,927 7,775,675 (2,358,482) (1,943,919) (484,617) (313,113) 353,629 933,569 (1,551,545) (1,999,740) 33,971 (3,690) 537,145 770,030 (516,361) (67,111) (213,538) (1,261,423) 42,514 (49,955) 21,277,184 18,711,025

186 12. 11,940 12,150 1,264 1,865 10,545 2,072,793 5,351,547 192,453 346,706 16,005 10,264 3,047,021 2,842,002 78,071 79,911 822,745 461,453 318,249 277,496 108,245,542 111,284,866 356,294 333,490 445,448,000 326,456,000 (1,964,990) (1,722,265) 120,571,000107,319,000 6,743,0004,784,000

187 13. (v) 4,184 1,000 16 5,200 (i) 1,666 1,497 9 3,172 2,324 7,070 18 9,412 3,348 2,350 18 5,716 (iii) 300 300 500 500 500 500 500 500 1,800 11,522 11,917 61 25,300

188 13. (i) 5,588 2,847 18 8,453 (i) 5,472 2,372 15 7,859 (ii) 405 2 407 1,683 7,636 18 9,337 3,191 3,500 18 6,709 (iii) 89 89 (iv) 239 239 500 500 500 500 500 500 1,828 16,339 16,355 71 34,593 (i) (ii) (iii) (iv) (v)

189 13. 44(b) 14. 40,766,835 37,020,638 10,956,201 10,183,879

190 15. 35 35 3,834,671 3,834,671 42 41 4,601,605 4,042,838 8,436,276 7,877,509 45 424,930,291,0004,601,605,000

191 16. 40,872,800 4,712,300 6,083,375 13,798,561 65,467,036 32,733 1,623,901 887,832 2,544,466 5,093,806 601,082 8,775 2,019,008 7,722,671 5,297,949 (5,297,949) 1,914,606 731,618 1,990,938 4,637,162 (1,048,677) (1,048,677) (3,185,528) (3,185,528) 38 (9,525) (3,721,700) (3,731,225) (2,817,513) (1,279,351) (1,215,860) (5,312,724) 46,150,651 2,323,300 6,436,700 12,182,530 67,093,181 27,023 4,540,646 4,567,669 4,590,080 166,200 1,189,841 5,946,121 4,905,340 (4,905,340) 3,839,687 401,311 4,240,998 (264,957) (10,000) (274,957) 39 9,780,396 9,780,396 4,546,206 680,740 797,035 6,023,981 73,574,426 2,479,500 7,117,440 14,206,023 97,377,389

192 16.

193 16. 14,206,023 8,000 80,000 3,100 7,900 7.0% 28.0% 73,574,426 18 797 4.0% 8.25% 2,479,500 15 400 2.1% 4.3% 7,117,440 43 63 4.4% 4.9%

194 16. 12,182,530 11,000 78,000 4,600 8,200 7.0% 30.0% 46,150,651 19 755 5.0% 8.75% 2,323,300 15 400 2.3% 5.0% 6,436,700 46 62 4.4% 5.0%

195 17. 1,995,983 1,889,377 432,385 1,184,265 302,371 5,804,381 50,207 35,625 6,335 195,142 607,863 895,172 39 18,431 18,431 41,106 41,106 655,620 393,057 1,048,677 (252,854) (17,939) (38,683) (309,476) 38 (396,651) (22,429) (502,727) (907,657) (1,829,464) (63,951) (127,828) (22,975) (52,692) (2,577) (270,023) 2,029,460 2,190,231 375,377 803,736 5,398,804 6,959 15,966 9,758 30,449 63,132 39 286 286 (27,410) (16,133) (57,601) (101,144) 38 (3,674) (50,303) (53,977) 66,907 144,524 25,412 52,605 289,448 2,075,916 2,350,721 390,740 779,172 5,596,549

196 17. 390,295 304,859 202,855 778,243 1,676,252 53,507 173,480 26,686 93,033 346,706 39 10,702 10,702 (89,278) (433) (28,152) (117,863) 38 (68,330) (19,532) (222,660) (310,522) (15,108) (29,445) (10,791) (37,634) (92,978) 271,086 448,894 198,785 593,532 1,512,297 35,181 42,798 27,197 87,277 192,453 (4,369) (14,679) (50,182) (69,230) 38 (3,104) (40,577) (43,681) 15,414 36,830 12,713 42,157 107,114 317,312 528,522 220,912 632,207 1,698,953 1,758,604 1,822,199 169,828 146,965 3,897,596 1,758,374 1,741,337 176,592 210,204 3,886,507 25 20 3 10 3 8

197 18. 592,206 586,270 575,810 567,873 16,396 18,397 592,206 586,270 19. 2,862,287 2,862,287 2,581,975 1,535,210 2,788,083 1,114,567 8,232,345 5,512,064 3,611,541 2,192,752 * 37.98% 37.98% 20% 20% 20% 20% 22.5% 33% 40% * 38.32%

198 19. 23,702,253 15,158,177 66,026,148 61,660,831 89,728,401 76,819,008 (8,138,421) (18,752,265) (46,385,993) (29,762,093) (54,524,414) (48,514,358) 5,595,345 4,534,707 (22,459,969) (17,833,450) (3,876,349) (3,820,607) (26,336,318) (21,654,057) 14,463,014 11,185,300

199 19. 20,277,831 17,093,485 (54,807) (13,302) 178,146 125,593 (32,500) (18,450) 3,182,151 2,114,551 (1,920,417) (1,179,996) 1,261,734 934,555 2,104,829 (1,689,905) 3,366,563 (755,350) 26,001 11,185,300 11,809,837 1,261,734 934,555 2,084,447 (1,559,092) (68,467) 14,463,014 11,185,300 (785,872) (763,373) 13,677,142 10,421,927 % 37.98% 37.98% 5,194,579 3,958,248 5,194,579 3,958,248

200 19. 684,609 134,742 147,199 (111,069) 831,808 23,673 3,037,766 1,553,816 42 20. 8,871,010 8,214,910 3,534,060 2,311,379 12,405,070 10,526,289

201 20. 60%^ 60%^ 45%^ 45%^ 50% 50% 50% 50% 50% 39(a) 50% 50% 35%^ 35%^ 51%^ 51%^ 50% 50% 50% 50% 50% 50% 50% 50% 51%^ 51%^ 50% 50% 50% 50% 50% 35%^ 33.3%^ ^

202 20. 774,352 775,770 820,563 (975,668) 1,594,915 (199,898) 12,405,070 10,526,289 42 21. a 24,212 24,212 24,212 24,212 b 15,410 53,865 100,432 93,346 115,842 147,211

203 21. (a) 8% 8% Dramstar Company Limited 12% 12% 10% 10% (b) 22. 4,489,974 4,479,818 8,969,792 2,728,181 2,728,181 3,410,484 3,182,190 6,592,674 1,293,878 764,139 2,058,017 7,900,458 7,662,008 15,562,466 4,022,059 764,139 4,786,198 4.75% 12.0% 6.84% 6.92%

204 23. 82,852 88,711 24. 36,582,703 51,829,525 298,958,860 209,860,252 335,541,563 261,689,777 243,375,920,000136,398,682,000 403,270,0001,461,995,000 13,283,086,000

205 25. 24,305,938 7,631,262 26. 60 0 30 6,315,313 6,789,334 31 90 653,876 297,355 90 1,857,092 695,944 8,826,281 7,782,633 5,474,286 3,558,798 14,300,567 11,341,431

206 26. 27. 5,078,860,000 10,913,818,000 38 3,343,788,0006,005,268,000 1,532,425,0002,581,711,000 28. 470,480,000 1.49% 4.0%

207 29. 4,590,558,0002,178,346,000 0.01% 3.38% 0.01% 4.50% 26,647,064 11,955,027 3,201,975 11,793,849 96,245,128 77,575,412 751,934 678,296 1,400,177 2,158,084 3,839,122 182,648,153 50,199,681 108,225 529,758 3,179,097 3,485,529 57,502,290 (48,897,982) (5,815,625) (7,592,840) (29,527) (25,581) (75,355) (570,885) (63,007,795) 4,871,102 2,828,221 93,337 147,297 163,805 456,118 8,559,880 1,162,762 69,738 7,429,071 (22,796) 1,643,091 10,281,866 103,580,691 74,657,746 681,502 756,994 2,028,855 5,425,631 8,852,975 195,984,394

208 30. 0 30 12,550,567 9,481,660 31 90 1,392,923 697,096 90 20,223,088 18,219,961 34,166,578 28,398,717 6,537,816 4,900,652 11,121,905 11,515,832 51,826,299 44,815,201 4,632,851,0003,316,113,000 31. 1,216,867,000 627,100,000 307,229,000 0.35% 3.70% 0.35% 32. 2,067,143,0001,805,465,000 61,504,000 4.75% 6.18% 5.7% 14.4% 1,653,012,000278,077,000 2,050,749,000 502,598,000 5.23% 8.0% 6.0% 6.15%

209 33. 10,956,201 90,420,438 9,860,581 62,434,116 1,095,620 27,986,322 10,956,201 90,420,438 10,956,201 90,420,438 3(a) 25.55 1,095,620,15427,986,322,000 A 10,200,000 4.866 Black-Scholes2.21 9.16 4.866 40% 44% 3.32% 2.84%

210 34. 963,072 1,296,492 102,617,619 94,948,636 103,580,691 96,245,128 13,324,575 34,471,679 10,464,457 17,100,765 77,029,249 41,973,916 2,762,410 2,698,768 103,580,691 96,245,128 (13,324,575) (34,471,679) 90,256,116 61,773,449 66,505,362,00066,939,546,0004.28% 7.50% 3.91% 8.30% 2,009,229,0001,825,960,000 35,066,100,000 27,479,622,000 324,244,0001,303,000,000 4.27% 4.76% 17,284,337,00038,008,620,000 86,296,354,00058,236,508,000 1,169,996,000 43

211 35. 1,000 (i) 7,750 750 (i) 5,816 700 (i) 5,425 300 (i) 2,325 500 (i) 3,877 500 (i) 3,877 500 (i) 3,877 550 (i) 4,263 450 (i) 3,488 250 (i) 1,938 250 (i) 1,938 500 (i) 3,876 600 (i) 5,086 400 (i) 3,375 7,000 (ii) 8,393 1,000 (iii) 1,199 4,000 (ii) 4,749 1,000 (ii) 1,110 6,000 (iii) 6,719 100% 5.50% (iv) 99.816% 4.875% (iv) 99.665% 3.95% (iv) 99.792% 5.35% (iv) 99.613% 3.375% (iv) 99.595% 5.375% (iv) 99.510% 6.375% (iv) 99.786% 4.25% (iv) 99.554% 5.95% (iv) 101.132% 4.25% (iv) 103.080% 5.95% (iv) 99.445% 6.45% (iv) 99.587% 1.75% (iv) 99.541% 1.70% (v) 100% 3.40% (v) 100% 3.85% (v) 100% 4.80% (v) 100% 4.40% (v) 100% 3.10% (v) 8,354,128 7,726,588 7,719,219 5,814,611 5,648,486 5,391,484 5,385,390 2,738,355 2,303,148 2,302,735 3,934,978 3,870,708 3,863,708 4,309,807 3,854,459 3,851,304 5,162,326 3,841,059 3,840,523 4,379,612 4,254,386 4,247,997 4,012,851 3,464,760 3,461,796 1,990,733 1,941,430 1,943,865 2,229,361 1,972,546 1,976,973 4,977,389 3,838,472 3,837,221 5,755,828 5,604,209 4,861,783 3,846,783 3,733,553 3,239,128 8,307,229 8,433,735 7,838,746 1,179,518 1,204,819 1,119,821 4,819,277 4,794,779 4,441,334 1,204,819 1,198,695 1,110,333 7,228,916 7,228,916 6,718,925 74,657,746 77,575,412 (17,099,222) (5,814,611) 57,558,524 71,760,801

212 35. (i) (ii) (iii) (iv) (v) 36. 49,333 7,161,271 669,774 392,126 109,615 (203,948) (205,293) (2,543,404) (241,343) 5,188,131 1,848,985 (35,254) 98,113 7,357 79,127 (430,260) 19,234 1,587,302 (159,416) (159,416) (198,670) 152,927 55,721 11,539 7,154 28,671 (582,377) (79,771) (778) (18,637) 25,296 9,064 45,974 45,884 (555,345) 49,333 8,069,793 707,676 391,348 189,091 (171,295) (61,381) (2,916,151) (169,071) 6,089,343 1,388,237 (243,586) 16,311 193,341 13,409 (60,481) (947,718) (1,544) 357,969 (22,434) (22,434) 1,638,428 26,190 1,664,618 654,009 122,056 30,294 23,119 (12,517) (3,220) (90,708) (10,665) 712,368 49,333 10,089,605 2,224,574 437,953 405,551 (170,403) (98,892) (3,954,577) (181,280) 8,801,864

213 36. (4,902,484) (3,767,912) 13,704,348 9,857,255 8,801,864 6,089,343 5,909,801,0004,839,364,000 12,757,231,00012,993,004,000 6,808,726,000 6,360,751,000 37. 64,525 64,525

214 38. 190,000,000 220,930,000 10,296 26,190 86,593 354,670 183,721 12,122 (337,007) (120,032) (46,311) (97,176) 73,066 (2,069) 70,997 165,865 236,862 192,678 (354,670) (161,992)

215 38. 3(a) Treasure Trinity Limited 507,367,000 4,825,147,000 3,518,557,000 4,163,973,000 8,651,425,000 27 3,731,225 1,518,942 16,537,838 727,876 2,277,189 1,330,593 (12,084,705) (3,102,298) (199,291) (4,879,652) (1,777,982) 4,079,735 (106,738) 3,972,997 10,175,939 14,148,936

216 38. 7,406,768 (2,277,189) 5,129,579 39. (a) GCPF Shanghai 65 Corp. GCPF GCPF232,545,000 1,813,903,000 50% 160,840,000 1,252,185,000 100% 50% 2,140,171,000326,267,000 1,813,903 2,140,171 3,954,074

217 39. (a) 9,780,396 286 21,817 58,129 (371,664) (1,065,825) (1,638,428) GCPF (1,252,185) (1,252,185) 4,280,341 (326,267) 3,954,074 (1,813,903) GCPF (1,252,185) 58,129 (3,007,959) 10,748,000 36,936,000 166,044,963,00042,141,989,000 (b) 15,098,000 17,867,0001 80%1 100% 1

218 39. (b) 314,479,000 372,165,0003 60%3 100% 3 1,903,104,000 7,729 11,173,066 501,002 129,498 315,620 (3,848,352) (778,720) (8,850,872) (152,927) (9,116) (1,513,072) 1,903,104 390,032 (390,032) 315,620 (74,412) 1,970,619,000135,049,000 164,366,236,00037,000,591,000

219 40. 83,171,366,00054,910,652,000 163,802,000 749,536,000 2,450,060,0002,137,167,000 1,629,212,000 1,618,129,000 1,767,453 1,749,113 3,391,968 2,943,146 1,243,992 1,304,702 6,403,413 5,996,961 59,206 49,487 74,083 63,323 133,289 112,810 41 1,041,127 1,765,653

220 42. (a) 1,474,104 2,082,867 1,474,104 2,033,595 1,241,988 709,574 1,241,988 709,574 (b) 20,191,000 2,666,381,000 (c) 51,140,067,000 42,452,979,000 43. 340,145 1,937,760 3,905,128 1,937,760 4,245,273

221 44. (a) (a) 4,521,464 2,687,064 (b) 2,486 11,695 (b) 3,665 (c) 125 241 (a) 41,259 33,175 (c) 1,939 (f) 253,109 269,275 (f) 9,510 14,885 (e) 203,537 172,863 (b) 15,301 16,047 (d) 294,682 69,458 (d) 86,524 237,678 (a) (b) (c) (d) 22 (e) (f)

222 44. (b) 37,650 34,334 95,140 103,869 290 309 133,080 138,512 1,000,0012,500,000 2 1 2,500,0015,000,000 3 2 5,000,0017,500,000 5 7 7,500,00110,000,000 7 6 17 16

223 44. (c) (a) (a) 22 27 28 31 32

224 45. 953 2,859 1,389,998 1,689,525 6,921,452 15,282,796 8,312,403 16,975,180 1,139 1,163 15,378 48,122 27,955 38,997 155,946,947 132,858,711 118 118 8,627,574 17,890,558 164,619,111 150,837,669 51,110 49,019 163 167 26,193,168 44,988,700 4,738,295 4,738,295 190,755 380,639 31,173,491 50,156,820 133,445,620 100,680,849 141,758,023 117,656,029 90,420,438 90,420,438 (a) 20,586,739 (344,220) 111,007,177 90,076,218 30,327,805 27,043,678 423,041 536,133 30,750,846 27,579,811 141,758,023 117,656,029

225 45. (a) (1,104,204) 5,937,746 4,833,542 (7,401,386) 10,101,133 2,699,747 (4,042,838) (4,042,838) (3,834,671) (3,834,671) (8,505,590) 8,161,370 (344,220) 8,794,520 20,572,715 29,367,235 (4,601,605) (4,601,605) (3,834,671) (3,834,671) 288,930 20,297,809 20,586,739 20,297,809,000 8,161,370,000

226 46. % % 1 1 100 Carmelite Riverside London S.a.r.l. (vii) 15,000 1 100 China Overseas Finance (Cayman) II Limited (v) 1 1 100 China Overseas Finance (Cayman) III Limited (v) 1 1 100 China Overseas Finance (Cayman) IV Limited (v) 1 1 100 China Overseas Finance (Cayman) V Limited (v) 1 1 100 China Overseas Finance (Cayman) VI Limited (v) 1 1 100 China Overseas Land International (Cayman) Limited (v) 1 1 100 China Overseas Land International II (Cayman) Limited (v) 1 1 100 100 1,000 100 5,000,000 50,000,000 100 500,000 5,000,000 100

227 46. % % 2 2 100 100 100 100 Great Fortune Property Limited (viii) 48,100,000 1 100 (vii) 25,000 100 30,370,000 30,370,000 404,552,883 404,552,883 100 10,000 10,000 100 10,000,000 10,000,000 100 10 10 100 (vi) 26,000 85 One Finsbury Circus London PropCo S.a.r.l. (vi) 12,024 1 100 1 1 100 (ii) 17,000,000 100 (iii) 40,000,000 99.5 (iv) 20,000,000 100 (iv) 10,000,000 100 (iv) 450,000,000 51 (iv) 196,000,000 100

228 46. % % (iv) 20,000,000 100 (iv) 20,000,000 100 (iv) 20,000,000 100 (iv) 378,520,000 100 (ii) 2,000,000,000 100 (iv) 10,000,000 100 (iv) 50,000,000 100 (iv) 30,000,000 100 (iv) 445,000,000 100 (iv) 1,800,000,000 100 (iv) 20,000,000 100 (iv) 3,540,000,000 100 (iv) 100,000,000 90 (iv) 10,000,000 100 (iv) 100,000,000 100 (iv) 20,000,000 100 (iv) 40,000,000 100 (iv) 10,000,000 80 (iv) 25,000,000 80 (iv) 20,000,000 100 (iv) 20,000,000 100 (iv) 20,000,000 100

229 46. % % (iv) 20,000,000 100 (iv) 20,000,000 100 (iv) 20,000,000 100 (iv) 199,600,000 100 (iv) 20,000,000 100 (iv) 290,000,000 100 (iv) 500,000,000 100 (ii) 662,000,000 100 (iv) 100,000,000 70 (iv) 50,000,000 95 (iii) 100,000,000 100 (ii) 49,800,000 100 (iv) 20,000,000 100 (iv) 20,000,000 100 (iv) 10,000,000 100 (iv) 500,000,000 100 (iv) 10,000,000 100 (iv) 380,000,000 100 (ii) 1,300,000,000 100 (ii) 300,000,000 100 (ii) 490,000,000 100 (iv) 20,000,000 100

230 46. % % (iv) 440,000,000 100 (iv) 20,000,000 100 (iv) 258,000,000 100 (iv) 20,000,000 100 (iv) 10,000,000 100 (iv) 20,000,000 100 (iv) 20,000,000 100 (iv) 20,000,000 100 (ii) 12,000,000 100 (iv) 1,000,000 90 (ii) 405,000,000 100 (iv) 20,000,000 100 20,000,000 100 (iv) 10,000,000 100 (ii) 10,000,000,000 100 (iii) 50,000,000 100 (iv) 5,000,000 100 (iv) 12,500,000 80 (iv) 10,000,000 100 (ii) 20,000,000 100 (iv) 10,000,000 100 (iv) 20,000,000 100 (iv) 10,000,000 65 (ii) 504,375,770 100 (iv) 10,000,000 100

231 46. % % (ii) 300,000,000 100 (iv) 10,000,000 100 (iv) 10,000,000 90 (iv) 10,000,000 90 (iv) 2,800,000,000 100 (iv) 2,800,000,000 100 (iv) 1,300,000,000 100 (iv) 1,350,000,000 100 (iv) 50,000,000 100 (iv) 20,000,000 100 (iv) 30,000,000 100 (iv) 20,000,000 100 (iv) 20,000,000 100 (iv) 200,000,000 100 (iv) 30,000,000 100 (iv) 10,200,000 51 (iv) 10,200,000 51 (iv) 20,000,000 100 (iv) 100,000,000 60 (iv) 50,000,000 100 (iv) 500,000,000 80 (iv) 96,536,700 100

232 46. % % (iv) 100,000,000 67 (iv) 250,000,000 80 20,000,000 100 (iv) 26,430,000 100 (iv) 472,900,000 100 (iv) 20,000,000 100 (iv) 1,500,000,000 100 (iv) 20,000,000 100 (iv) (iv) 50,000,000 100 (iv) 50,000,000 80 (iv) 2,000,000 100 (iv) 20,000,000 100 (iv) 100,000,000 100 (iv) 200,000,000 100 100,000,000 100 (iv) (iv) 20,000,000 100 (iv) 100,000,000 98 (iv) 8,000,000 55 50,000,000 95 (iv) (iv) 30,000,000 100

233 46. % % (iv) 100,000,000 67 (iv) 5,000,000 100 (iv) 60,000,000 100 (iv) 30,000,000 70 (iv) 100,000,000 80 (iv) 100,000,000 100 (iv) 30,000,000 100 (iv) 20,000,000 100 (iv) 40,000,000 100 (iv) 50,000,000 60 50,000,000 100 (iv) (iv) 49,500,000 51 (iv) 20,000,000 100 (iv) 200,000,000 100 (iii) 863,975,000 81.48 25,000,000 100 (iv) 100,000,000 80 (iv) 100,000,000 100 (iv)

234 46. % % (iv) 206,200,000 99.9 (iv) 53,200,000 99.9 86,000,000 99.9 (iv) (iv) 79,600,000 100 (iv) 2,500,000 100 (iv) 161,500,000 100 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) China Overseas Finance (Cayman) II Limited China Overseas Finance (Cayman) III Limited China Overseas Finance (Cayman) IV Limited China Overseas Finance (Cayman) V Limited China Overseas Finance (Cayman) VI Limited China Overseas Land International (Cayman) Limited China Overseas Land International II (Cayman) Limited 1,000,000,000 1,500,000,000 750,000,000 1,000,000,000 2,000,000,000 600,000,000 400,000,00014,000,000,000 50,000,000 35

235 (A) 125,973,434 164,654,215 169,561,797 164,068,528 166,044,963 (6,679,725) (9,026,503) (9,222,727) (5,351,547) (2,072,793) 119,293,709 155,627,712 160,339,070 158,716,981 163,972,170 34,036,381 49,226,431 50,553,590 57,905,305 62,874,375 2,512,965 1,458,176 1,143,212 650,382 408,425 476,682 1,164,116 3,090,051 512,786 650,333 775,770 774,352 (2,300,959) (2,635,748) (2,757,312) (2,055,956) (1,393,544) 37,426,861 47,753,851 51,368,001 57,101,801 63,419,299 (12,243,898) (18,638,990) (15,953,805) (18,711,025) (21,277,184) 25,182,963 29,114,861 35,414,196 38,390,776 42,142,115 24,837,497 28,682,784 34,643,211 37,020,638 40,766,835 345,466 432,077 770,985 1,370,138 1,375,280 25,182,963 29,114,861 35,414,196 38,390,776 42,142,115

236 (B) 41,656,923 55,861,441 65,467,036 67,093,181 97,377,389 166,555 4,504,812 4,457,116 4,128,129 3,886,507 3,897,596 912,184 859,017 1,483,302 567,873 575,810 6,268,614 6,563,700 6,025,552 5,512,064 8,232,345 12,405,695 12,339,637 11,883,616 10,526,289 12,405,070 18,907 20,873 24,233 24,212 24,212 2,499,429 2,467,369 2,310,662 147,211 115,842 1,751,650 2,455,571 4,998,094 2,728,181 8,969,792 3,602,788 2,508,588 2,693,588 2,058,017 6,592,674 127,189 1,542,616 4,277,386 68,179 67,249 456,540 109,021 109,021 64,525 64,525 64,525 3,424,821 3,593,121 3,622,190 3,767,912 4,902,484 77,350,212 92,845,319 107,144,868 96,375,972 143,614,279 452,133,396 463,042,142 475,103,225 474,913,305 501,790,506 529,483,608 555,887,461 582,248,093 571,289,277 645,404,785 (89,099,309) (78,327,240) (100,510,978) (61,773,449) (90,256,116) (32,688,088) (48,177,442) (70,949,813) (71,760,801) (57,558,524) (1,078,734) (1,321,743) (1,238,436) (869,939) (3,799,801) (6,301,672) (7,263,570) (8,810,321) (9,857,255) (13,704,348) (129,167,803) (135,089,995) (181,509,548) (144,261,444) (165,318,789) (267,572,080) (263,608,523) (185,159,018) (199,604,474) (206,542,566) (396,739,883) (398,698,518) (366,668,566) (343,865,918) (371,861,355) 132,743,725 157,188,943 215,579,527 227,423,359 273,543,430 129,145,204 151,415,880 209,564,281 222,248,442 265,694,287 3,598,521 5,773,063 6,015,246 5,174,917 7,849,143 132,743,725 157,188,943 215,579,527 227,423,359 273,543,430

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