A N N U A L R E P O R T Xiwang Sugar Holdings Company Limited (Incorporated in Bermuda with limited liability) Stock code 2088

2 4 8 28 34 42 57 59 133 134 135

02 (FCCA, CPA) Clarendon House 2 Church Street Hamilton HM 11 Bermuda 23 15 1508-09

03 Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM 08 Bermuda 22 1 41 Conyers Dill & Pearman 8 1 2901 28 26 http://www.xiwang.com.cn http://www.irasia.com/listco/hk/xiwangsugar (852) 3104 0576 ir@xiwang-sugar.com.hk ipr Ogilvy Limited (852) 2136 6185 info.ipr@iprogilvy.com

04

05 20082009 1 5 2008 2008 2008 25.42007 20.6 23% 2008 2009 2008 6,400 82% 2009 2008 15%

06 10,000 2008 50,000 2009 2009 2009

07 2008 0.027 35% 2009 4 23

08 1. 150 802006 2007 2005

09 (1) (2)

10 1.8

11 2. 23.4%25.4 2007 82.3% 6,400 2008 2008 2008 1,900 2007

12 2008 2007 000 000 % 1,138,213 1,109,520 2.6 3,839 9,307 26,316 (64.6) 1,151,359 1,135,836 1.4 256,525 214,213 19.8 362,565 183,313 97.8 290,229 206,944 40.2 180,408 153,014 17.9 303,306 168,936 79.5 1,393,033 926,420 50.4 2,544,392 2,062,256 23.4 2008 2007 10% 11% 14% 9% 45% 12% 10% 54% 12% 7% 8% 8%

13 2008 2007 485,975 481,135 1.0 426 59,374 64,444 (7.9) 307,788 201,529 52.7 77,965 67,851 14.9 104,422 83,296 25.4 2008 2007 % 2,740 2,342 2,698 2,306 1.6 10,544 9,012 5,054 4,320 3,889 3,324 30.0 1,178 1,178 910 910 29.5 4,207 3,723 3,447 3,050 22.1 2,022 1,728 2,149 1,837 (5.9)

14 200825.4200723.4% 65% 75% 2008 11.5 45.3% 2007 55.1% 14 54.7% 2007 44.9%

15 (1) 1. 2008 486,0002007 481,000 2008 2. 10,000 2007

16 (2) 1. 2008 2008 7.9% 2008 10 2. 2008 2007 20082008 200835% 3. 2008

17 2008 2007 000 % 000 % % 2,222,607 87.4 1,809,255 87.7 22.8 321,785 12.6 253,001 12.3 27.2 2,544,392 100.0 2,062,256 100.0 23.4 2008 2007 27.2% 2008 12.6% 2007 12.3% 2008

18 2008 2007 000 000 % 1,680,534 1,162,892 44.5 193,462 172,582 12.1 238,903 138,229 72.8 61,801 61,911 (0.2) 38,285 29,304 30.6 * 111,614 33,037 237.8 2,324,599 1,597,955 45.5 * 2008 1,900 3,800 1,900 2007 2008 2007 8% 11% 72% 10% 73% 8% 3% 2% 5% 4% 2% 2%

19 23.2 45.5% 2008 20081,680 2007 1,360 23.5%110 2007 1 2008

20 2008 2007 % % 12.7 23.9 (11.2) 21.6 33.2 (11.6) 13.4 25.9 (12.5) 6.8 28.0 (21.2) 2.9 19.3 (16.4) 8.6 22.5 (13.9) 2007 8.6% 2007 22.5% 2008 19.0% 2008

21 1.07 204.6% 2008 2008 2008 6,4002007 94.2%

22 1,000 143.6% 2008 2008 5,300 2007 6,700(LIBOR) 60% 20085.3% 2007 5.7% 5,500 2007 3,500 2008 6.88% 2007 6.90% 6.18% 2007 7.29% 20083 42007 2,100 72007 25% 2008 12007 33% 2008 2007 50%12.5% 2007 15% 2007 5.5% 2008 3.6%

23 3. 2008 2007 (287) 764 248 343 869 1,029 1,368 1,424 0.78 2.51 * 0.45 0.48 * 2008 12 31 2.87 2007 12 31 7.64 2007 2.51 0.78 8.212008 2008 12 31 20104,550 3.102008 12 31

24 9.60 2009 2009 2008 12 312.48 2007 3.43 2.68 2007 1.2422007 5 1.45 20072.83 1.23 200720071.161.36 2007 3.69 1.36 2007 12 31 10.29 2008 12 31 8.69 2008 12 31 78.8% 2007 84.7% 6.88% 2007 6.90%

25 2008 2.52 2007 2.94 2008 12 31 2007 12 31 2008 12 31 2,6162007 12 31 2,593

26 4. 2009 2009 2008 2006 2009

27 2009 50,000 2009 20,000 2010 40,000 2009 2009 60,000 2009 1 50,000

28 58 1986 1992 1993 1996 1996 20012001 2000 2004 2000 2001 2005 3

29 38 1998 2001 1998 2005 3 32 2003 2003 5 2005 11

30 45 1988 1990 1990 1992 1992 1994 1994 1996 1996 2001 2001 53 1980 1997 1997 1990 1992 2005 11 2005 11

31 39 1994 2000 2001 2001 2005 11 34 2003 1997 2004 2008 12

32 52 1999 1991 1992 1992 1998 1998 1999 2005 11 51 1982 19841984 19871987 1990 1990 2007 2 54 20 2005 11

33 40 2008 5 17 1992 19992000 402007 6 13 2000 2004 31 2004 2002 43 1993 1994

34 14 2008 12 31 A. 10

35 B. (i) 2008 12 31 2008 12 30 2008 12 30 (ii)

36 (iii) 9/9 9/9 9/9 8/9 9/9 9/9 2008 12 30 0/9 2008 12 30 5/9 9/9 5/9 9/9 (iv) 3.10(1) 20

37 (v) C. D. 2005 11 6 2008 12 30

38 2008 11 6 2008 11 18 2007 2 14 E. F.

39 2009 4 23 G. 2008 12 31 3,245 37 11

40 H. 2007 12 31 2008 6 30 100% I. 2008 12 31 57 J.

41 K. L. 2009 4 23

42 2008 12 31 2009 4 23 0.027 2007 0.15 22,420,000 2009 6 26 2009 4 30 2009 7 9

43 6 16 2008 12 31 13 133 2005 11 6 4 80,000,000 10%9.63% 30% 12 1%

44 (i) (ii) (iii) 1.00 2005 11 6

45 2008 12 315,979,000 13 2008 2008 2008 12 31 1 1 12 31 2 2006 800,000 800,000 2.50 2007 1 1 1 1 9 3 2008 1 31 2007 5,792,000 5,792,000 3.86 5 2 2008 5,979,000 5,979,000 2.95 4 5 26 5,979,000 800,000 5,792,000 6,592,000 5,979,000 1. 57 2. 2006 1 6 2007 4 30 2008 5 23 2.28 3.82 2.92 3. 2008 1 3 3.75

46 4. 2009 5 25 1,993,000 2010 5 25 3,986,000 2011 5 25 5,979,000 5. 13 14 2008 12 31 30% 2008 12 317.5% 2008 18.6% 24.4% 2007 53.5%

47 272008 12 31 5% 2008 12 30 2008 12 30 86(2) 87(1)

48 3.13 28 33 27

49 2008 12 31 571 XV 352 2008 12 31 1 522,860,000 62.97% 2 (L) 3 5,931 (L) 47.45%

50 2008 12 31 1 3 (L) 100% 2 177 (L) 1.42% 230 (L) 1.84% 230 (L) 1.84% 177 (L) 1.42% 89 (L) 0.71% 89 (L) 0.71% 89 (L) 0.71% 1 L 2 47.45% 100% 3

51 XV (a) 2008 12 31 336 2008 12 31 1 522,860,000 62.97% (L) 522,860,000 62.97% 2 (L) 522,860,000 62.97% 3 (L) 1 L 2 3

52 (b) XV (a) 2008 12 31 336 2008 12 31 14A A. 14A.35 2008 2009 2010 12 31 12 31 12 31 1 3.9 4.6 5.1 2 1,100 1,200 1,300

53 2008 2009 2010 12 31 12 31 12 31 3 8,500 9,400 1.05 4 3,150 3,300 3,800 27 (1) (2) (3) 1 2008 12 31, 1 3

54 14A.38 13.19 2008 12 31 9,670 9.60 13.21 60,000,000 38,000,000 27,000,000

55 (1) 45% (2) 34 41 2008 12 31

56 25% 2009 6 26 2009 6 242009 6 26 2009 6 23 4 30 28 26 2009 4 23

57 59 132 2008 12 31 1981 90

58 2008 12 31 2009 4 23

12 31 59 2008 2007 6 1,437,558 1,299,985 7 160,251 163,696 8 50,656 43,737 17 7,054 1,655,519 1,507,418 10 326,483 329,962 11 453,172 509,173 5,485 27(d) 8,130 87,442 1,446 12 248,158 343,085 1,041,428 1,271,108 2,696,947 2,778,526 13 86,455 86,375 13 471,853 468,998 14 247,269 236,570 23 22,420 126,329 539,689 506,188 1,367,686 1,424,460 520 1,368,206 1,424,460

60 12 31 2008 2007 16 846,772 15 451,391 308,117 10,497 27(d) 7,940 6,055 16 869,410 182,625 1,328,741 507,294 1,328,741 1,354,066 2,696,947 2,778,526 (287,313) 763,814 1,368,206 2,271,232 66 132

12 31 61 2008 2007 18 22 9 9 697,169 697,169 697,187 697,191 11 3,815 7,890 9 633,901 821,133 27 27,357 40,724 27 149,014 200,000 12 2,280 2,413 816,367 1,072,160 1,513,554 1,769,351 13 86,455 86,375 13 471,853 468,998 14 151,442 151,442 22,420 126,329 46,293 3,574 778,463 836,718

62 12 31 2008 2007 16 736,772 27 1,211 1,034 15 4,470 12,202 16 729,410 182,625 735,091 195,861 735,091 932,633 1,513,554 1,769,351 81,276 876,299 778,463 1,573,490 66 132

12 31 63 2008 2007 5 2,544,392 2,062,256 18 (2,324,599) (1,597,955) 6 (18,539) 10 (37,896) (2,268,164) (1,597,955) 219,793 464,301 19 1,932 9,489 18 (107,282) (35,216) 18 (63,955) (32,928) 50,488 405,646 21 8,999 5,547 21 1,300 (29,157) 21 10,299 (23,610) 60,787 382,036 22 2,862 (21,096) 63,649 360,940 63,778 360,940 (129) 63,649 360,940 24 0.077 0.435 24 0.077 0.435 23 22,420 126,329 66 132

64 12 31 2007 1 1 86,175 461,305 199,965 423,956 1,171,401 2007 360,940 360,940 13 2,920 2,920 13 200 4,773 4,973 36,605 (36,605) 2006 (115,774) (115,774) 2007 12 31 86,375 468,998 236,570 632,517 1,424,460 2008 1 1 86,375 468,998 236,570 632,517 1,424,460 2008 63,778 (129) 63,649 13 1,063 1,063 13 80 1,792 1,872 649 649 10,699 (10,699) 2007 23 (123,487) (123,487) 2008 12 31 86,455 471,853 247,269 562,109 520 1,368,206 66 132

12 31 65 2008 2007 25 341,855 (46,859) (53,435) (66,591) (20,175) (10,599) 268,245 (124,049) (144,810) (283,495) 649 8,134 5,547 (136,027) (277,948) 1,872 4,973 30,000 561,940 (135,530) (368,666) (123,487) (115,774) (227,145) 82,473 (94,927) (319,524) 343,085 662,609 248,158 343,085 66 132

66 1 9 2005 2 21 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda2005 12 9 2009 4 23 2 2.1

67 2 2.1 4 2008 12 31 310,310,000 287,313,000 2008 12 31 960,000,000 2008 12 3112 2008

68 2 2.1 2008 12 31 39 11 2 12 1419 2008 1 272009 1 1 22009 1 1

69 2 2.1 32009 7 1 5 12009 7 1 7 2009 1 1 82009 1 1 12009 1 1 16 7 2009 1 1 192009 1 1 20 2009 1 1 232009 1 1 272009 7 1

70 2 2.1 2832 7 2009 1 1 29 2009 1 1 3132 7 2009 1 1 321 2009 1 1 362009 1 1 382009 1 1 39 2009 1 1 39 2009 7 1 40 16 2009 1 1 41 2009 1 1 9 392009 6 30

71 2 2.1 13 2008 7 1 15 2009 1 1 16 2008 10 1 17 2009 7 1 18 2009 7 1 2.2 (a) 12 31

72 2 2.2 (a) 2.8 (b)

73 2 2.3 2.4 (a) (b)

74 2 2.4 (c) a. b. c. 2.5

75 2 2.5 40 15 5 10 5% 10% 2.8 2.6

76 2 2.7 2.8 2.9

77 2 2.10 2.11

78 2 2.12 2.13 2.14 2.15 12

79 2 2.16

80 2 2.17 (a) 18% 2007 18% (b)

81 2 2.18 2.19

82 2 2.19 (a) (b) 2.20 2.21

83 3 3.1 (a) (i) 2008 12 31 2008 12 31 5% 2,000,000 20071,396,000 2008 12 31 5% 33,249,000 200743,620,000

84 3 3.1 (a) (ii) (iii) 2008 12 3170% 20085% 2,672,000 2007 3,075,000

85 3 3.1 (b) 2008 2007 12 31 2008 2007 245,581 342,679 2,559 386 248,140 343,065 2008 12 31 (c)

86 3 3.1 (c) 1 1 2 2 5 2008 12 31 869,410 451,391 7,940 2007 12 31 182,625 513,208 333,564 308,117 6,055 2008 12 31 729,410 4,470 1,211 2007 12 31 182,625 403,208 333,564 12,202 1,034

87 3 3.1 (c) 2008 12 31 287,313,000 2.1 2008 12 31 960,000,000 23 2008 3.2

88 3 3.2 50%2008 2007 12 31 2008 2007 16 869,410 1,029,397 12 (248,158) (343,085) 621,252 686,312 1,368,206 1,424,460 45% 48% 2007 48% 2008 45% 3.3

89 4 2008 12 3150,939,000 18,539,000 10%3,240,000

90 5 (1) (2)

91 5 2008 12 31 1,151,359 2,430,575 3,581,934 (1,037,542) (1,037,542) 1,151,359 1,393,033 2,544,392 39,569 10,299 620 50,488 21 10,299 60,787 22 2,862 63,649 1,314,866 1,087,824 294,257 2,696,947 159,857 198,037 970,847 1,328,741 6 8 216,663 35,376 252,039 6 40,959 39,296 80,255 7 3,039 406 3,445 10 8,432 29,464 37,896 6 18,539 18,539

92 5 2,402,690 (357,894) 248,158 8,130 25,430 7,054 5,485 (7,940) (93,497) (869,410) = 2,696,947 (1,328,741)

93 5 2007 12 31 1,135,836 2,069,668 3,205,504 (1,143,248) (1,143,248) 1,135,836 926,420 2,062,256 195,945 213,574 (3,873) 405,646 21 (23,610) 382,036 22 (21,096) 360,940 1,325,262 1,012,741 440,523 2,778,526 174,338 117,811 1,061,917 1,354,066 6 8 252,196 41,729 293,925 6 29,882 38,639 68,521 7 3,039 406 3,445

94 5 2,338,003 (292,149) 343,085 1,446 87,442 8,550 (6,055) (10,497) (15,968) (182,625) (846,772) 2,778,526 (1,354,066) 6 7 8

95 5 2008 2007 2,222,607 1,809,255 321,785 253,001 2,544,392 2,062,256 90%

96 6 2007 1 1 191,371 713,483 1,042 905,896 (8,578) (75,328) (420) (84,326) 182,793 638,155 622 821,570 2007 12 31 182,793 638,155 622 821,570 9,028 85 9,113 8 536,918 905 537,823 (4,405) (63,834) (282) (68,521) 178,388 1,120,267 1,330 1,299,985 2007 12 31 191,371 1,259,428 2,032 1,452,831 (12,983) (139,161) (702) (152,846) 178,388 1,120,267 1,330 1,299,985 2008 12 31 178,388 1,120,267 1,330 1,299,985 469 3,114 456 4,039 8 33,967 207,114 241,081 (900) (7,853) (8,753) (4,866) (75,060) (329) (80,255) (1,758) (16,781) (18,539) 205,300 1,230,801 1,457 1,437,558 2008 12 31 224,832 1,453,899 2,488 1,681,219 (17,774) (206,317) (1,031) (225,122) (1,758) (16,781) (18,539) 205,300 1,230,801 1,457 1,437,558

97 6 2008 12 312007 2008 12 31 51,128,000 2008 12 31 50,939,000 18,539,000 7 10 50 2008 2007 12 31 163,696 167,141 (3,445) (3,445) 160,251 163,696 12 31 169,876 169,876 (9,625) (6,180) 160,251 163,696

98 8 2008 2007 43,737 296,748 248,000 284,812 6 (241,081) (537,823) 50,656 43,737 2008 12 31 20072,443,000

99 9 (a) 1 8 2008 12 31 1 100% 1 100% 100% 438,000,000 100% 206,000,000 10,000 100% 300,000,000 71% * * 2008

100 9 (b) 2008 2007 (i) 697,169 697,169 (ii) 633,901 821,133 1,331,070 1,518,302 (697,169) (697,169) (ii) 633,901 821,133 (i) (ii)

101 10 2008 2007 199,173 190,305 44,530 50,100 82,780 89,557 326,483 329,962 2,306,060,000 20071,597,955,000 2008 12 31 37,896,000 2007

102 11 2008 2007 2008 2007 (a) 135,819 112,748 (b) 205,964 299,027 (c) 111,389 97,398 3,815 7,890 453,172 509,173 3,815 7,890 (a) 30 180 (b) (c) 56,461,000 200768,029,000

103 11 2008 2007 0 30 65,273 44,677 31 60 9,102 13,174 61 90 19,865 2,161 90 41,579 52,736 135,819 112,748 2008 12 31 2008 2007 2008 2007 441,013 492,014 11,666 16,317 3,815 7,890 346 842 147 453,172 509,173 3,815 7,890

104 11 2008 2007 12 31 12 2008 2007 2008 2007 27,270 103,085 2,280 2,413 220,888 240,000 248,158 343,085 2,280 2,413 1.89 2007 4.26 180 2007 158

105 12 2008 12 31 2008 2007 2008 2007 230,252 314,877 12,569 24,922 263 2,161 4,003 3,286 2,017 252 1,334 248,158 343,085 2,280 2,413

106 13 2007 1 1 827,552 86,175 461,305 547,480 2,000 200 4,773 4,973 (a) 2,920 2,920 2007 12 31 829,552 86,375 468,998 555,373 (a) 800 80 1,792 1,872 (a) 1,063 1,063 2008 12 31 830,352 86,455 471,853 558,308 20 2007 200.1 20070.1 (a) 2005 11 6 80,000,000

107 13 (a) 2008 2007 1 1 3.69 6,592 2.50 4,000 2.95 5,979 3.86 5,792 2.50 (800) 2.50 (2,000) 3.86 (5,792) 2.50 (1,200) 12 31 2.95 5,979 3.69 6,592 5,979,000 2007 6,592,0002007 2,454,000 2008 800,0002007 2,000,0002.5 20072.5 3.78 2007 4.14

108 13 (i) 2008 2007 2008 1 31 2.50 800 2017 5 1 3.86 5,792 2011 5 25 2.95 5,979 5,979 6,592 2008 5,397,000 2007 3,583,000 2.95 2007 3.83 4.4 56.68% 2007 36% 38%5.66% 2007 3.86% 2,008 2,373 2007 600 2.66% 2.74% 2007 3.89% 3.95% 2008 8 29

109 14 2007 1 1 117,023 82,942 199,965 (a) 36,605 36,605 2007 12 31 117,023 119,547 236,570 (a) 10,699 10,699 2008 12 31 117,023 130,246 247,269 2007 2008 12 31 (b) 151,442 (a) 10% 2008 12 3110% (b) 2005

110 15 2008 2007 2008 2007 200,648 143,602 236,039 144,249 4,470 12,202 2,163 4,697 12,541 15,569 451,391 308,117 4,470 12,202 2008 2007 0 30 95,172 123,583 31 60 26,398 11,212 61 90 36,324 5,221 90 42,754 3,586 200,648 143,602 2008 12 31 206,323,000 2007 97,845,000

111 16 2008 2007 2008 2007 (i) 846,772 736,772 846,772 736,772 (i) 74,000 47,000 44,000 47,000 (i) (ii) 795,410 135,625 685,410 135,625 869,410 182,625 729,410 182,625 869,410 1,029,397 729,410 919,397

112 16 (i) 2008 12 31 30,000,0002007 (ii) 2008 12 31310,310,000 2.1 2008 12 31 2008 2007 2008 2007 1 869,410 182,625 729,410 182,625 1 2 513,208 403,208 2 5 333,564 333,564 869,410 1,029,397 729,410 919,397 2008 2007 2008 2007 4.791% 5.746% 4.158% 5.640%

113 16 2008 2007 2008 2007 846,772 736,772 845,111 736,368 2008 2007 2008 2007 140,000 110,000 685,410 872,397 685,410 872,397 44,000 47,000 44,000 47,000 869,410 1,029,397 729,410 919,397 2008 12 31 960,000,000

114 17 2007 2008 2008 2007 12 2,317 12 4,737 7,054 2007 12 31 4,737 2,317 7,054 2008 12 31 4,737 2,317 7,054 2008 12 31 2007

115 18 2008 2007 (6,868) (96,219) 1,875,838 1,412,862 247,896 146,565 6 7 83,700 71,966 68,992 17,015 20 58,824 45,007 37,896 27,379 18,041 18,539 3,282 3,027 80,358 47,835 2,495,836 1,666,099 2,324,599 1,597,955 107,282 35,216 63,955 32,928 2,495,836 1,666,099

116 19 2008 2007 810 9,935 6,803 (807) 1,431 (8,753) 1,557 445 1,932 9,489 20 2008 2007 54,542 40,659 3,219 1,428 1,063 2,920 58,824 45,007

117 20 (a) 2008 12 31 96 96 48 3 51 48 3 51 24 24 48 3 51 48 3 51 48 3 51 100 100 137 137 100 100

118 20 (a) 2007 12 31 300 3 303 250 5 255 150 5 155 150 1 151 150 1 151 200 3 203 150 4 154 100 100 146 146 92 92 2008 990,000 2007

119 20 (b) 2008 2007 2008 2007 2008 2007 2,935 4,549 70 20 3,005 4,569 2008 2007 880,0001,000,000 5 1 880,0011,760,000 1,000,001 2,000,000 1 1,760,0012,640,000 2,000,001 3,000,000 1 5 3

120 21 2008 2007 (53,435) (66,591) 8 2,443 (53,435) (64,148) 54,735 34,991 1,300 (29,157) 8,999 5,547 10,299 (23,610) 22 2008 2007 2008 2007 2007 3 16 2008 1 1 25% 200812.5% 2007 15%) 2007 2008

121 22 2008 1 1 2008 2008 2007 (4,192) (21,096) 17 7,054 2,862 (21,096) 2008 2007 60,787 382,036 25% 2007 33% 15,197 130,538 (18,059) (109,442) (2,862) 21,096

122 23 2007 12 31 0.15126,329,000 2008138,951,000123,487,000 2009 4 230.027 2009 6 26 2009 12 31 2008 2008 12 31 830,352,000 24 (a) 2008 2007 63,778 360,940 830,345 828,818 0.077 0.435

123 24 (b) 2008 2008 2007 63,778 360,940 830,345 828,818 689 830,345 829,507 0.077 0.435

124 25 (a) 2008 2007 60,787 382,036 6 80,255 68,521 7 3,445 3,445 20 1,063 2,920 6 18,539 19 8,753 21 (8,999) (5,547) (54,456) (34,991) 53,435 64,148 3,479 (194,090) 56,868 (402,502) 1,446 (1,446) 79,312 (82,563) 34,794 153,949 3,134 (739) 341,855 (46,859)

125 25 (b) 2008 2007 6 8,753 19 (8,753) 26 2008 2007 12,977 60,425 12,977 60,425

126 26 2008 2007 1,353 1,312 1,083 1,353 2,395 27 63% 37%

127 27 2008 12 31 Xiwang Group Company Limited Shandong Xiwang Savola Oil Co., Ltd. Shandong Xiwang Food Company Limited Shandong Fangong Wine Industry Shandong Xiwang Leavening Co., Ltd Zouping Xiwang Construction Co., Ltd. Shandong Xiwang Steel Structure Co., Ltd Xiwang Investment Company Limited

128 27 2008 12 31 (a) 2008 2007 206,944 290,229 2,245 4,621 292,474 211,565

129 27 (b) 2008 2007 19,190 31,485 51,873 51,926 8,364 4,569 11 2,067 740 93,789 76,436 398,298,000

130 27 (c) 2008 2007 2,079 3,547 55 50 1,063 2,920 3,197 6,517 14 2007 15

131 27 (d) 2008 2007 (ii) 86,889 7,178 424 308 252 136 39 84 262 8,130 87,442 102,803 69,783 5,986 5,767 5,421 3,072 431 1,311 426 9,101 (ii) 5,344 3,083 2,564 1,445 32 9 1,518 7,940 6,055

132 27 (d) 2008 2007 (ii) 16,928 1,282 8,073 37,086 2,356 2,356 9 1,331,070 1,518,302 149,014 200,000 1,507,441 1,759,026 (ii) 1,211 1,034 (i) (ii) 9 2008 2007 12 31 28 62,297,000 200762,859,000 29 2009 42008 36,569,000 2009 12 31

133 2008 2007 2006 2005 2004 2,544 2,062 1,385 1,038 603 220 464 365 261 118 216 521 357 255 126 50 406 312 228 111 64 361 290 210 82 12 31 1,041 1,271 910 692 318 1,656 1,507 1,285 696 351 2,697 2,778 2,195 1,388 669 1,329 507 360 312 212 847 664 235 185 1,329 1,354 1,024 547 397 1,368 1,424 1,171 841 272 2,697 2,778 2,195 1,388 669 0.077 0.435 0.356 0.365 0.141 0.027 0.150 0.140 0.0087 % 8.6 22.5 26.4 25.2 19.7 % 2.0 19.7 22.5 22.0 18.3 % 2.5 17.5 21.0 20.2 13.5 0.78 2.51 2.53 2.22 1.50 0.45 0.48 0.18 0.74 55 53 38 28 39 18 14 12 13 15 27 18 10 11 4

134 62.97% 37.03% 100% 100% 100% 100% 100% 100% 71%

135 2008 2008 2009 ( ) 2009 4 23 2009 6 23 2009 6 24 6 26 ( ) 2009 6 26 2009 7 7 2009 7 9 2088 2088 HK EQUITY 2088.HK ( ) 2008 12 31 2000 12 31 996,422,400 830,352,000 1.20

136 www.hkex.com.hk www.irasia.com/listco/hk/xiwangsugar 2009 6 242009 6 26 2009 6 23 4 30 28 26 2009 2009 6 26 www.hkex.com.hkwww.irasia.com/listco/ hk/xiwangsugar 2009 4 30 Butterfield Fulcrum Group (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM 08 Bermuda 28 26

Xiwang Sugar Holdings Company Limited (Incorporated in Bermuda with limited liability) * For identification purpose only