1 5 6 7 8 9 21

580 870 33% 290 63,700,000 9,000,00012.4% 4,700,000 37.9% 33% 4.6% 19,000,000 42% 270,000,000 48.5% 10,600,000 2,200,000 2009 1

3,300,0003,500,000 2,500,0003,500,000 Macquarie Macau 50% Macquarie Macau 95,000,000 185,000,000 185,000,00060,000,000 60,000,000 584,000,000 41,900,000 508,400,000 501,300,000 184,600,000 301,900,000 617,700,000 612,100,000 1.757.51 2 2009

0.10 371,169,772371,169,772 0.10 115112 3 43,400,000 42,700,000 700,000 2009 40,000,000 80,000,000 0.950.07 2009 3

160,000,000 160,000,000 4 2009

% (2) 63,731 72,757-12.4% 491 1,581-68.9% (4) (43,431) (42,738) 1.6% (5) (1,142) (1,066) 7.1% (253) (253) 0% (2,944) (2,592) 13.6% (6) (120) (5,247) -97.7% (11,800) (12,602) -6.4% 2,200 (230) (7) 6,502 9,840-33.9% (8) (1,774) (2,224) -20.2% 4,728 7,616-37.9% 4,728 7,616-37.9% 4,728 7,616-37.9% (9) 1.28 2.06-37.9% (9) 1.28 2.04-37.3% 2009 5

8,151 8,151 506 759 (5) 3,415 4,423 1,100 1,100 2,988 2,988 547 547 (10) (10) 92,647 92,877 109,354 110,845 (11) 988,889 263,393 3,824 3,459 112 231 230 13,173 9,262 184,637 301,856 1,190,754 578,312 (12) 75,538 19,880 20,917 13,889 159 81 1,190 513 41,900 584,000 555 746 682,359 77,009 508,395 501,303 617,749 612,148 (13) 37,117 37,117 482,802 481,929 97,830 93,102 617,749 612,148 617,749 612,148 6 2009

36,996 358,728 123,758 (537) 85,526 1,016 605,487 (134) (134) (134) (134) 7,616 7,616 (134) 7,616 7,482 121 658 779 256 256 (1) (1) (4,813) (4,813) 37,117 (4,813) 359,385 123,758 (671) 93,142 1,272 609,190 37,117 (3,221) 359,385 123,758 (854) 93,102 1,528 1,333 612,148 202 109 1,163 1,474 4,728 4,728 202 4,728 109 1,163 6,202 (601) (601) 1,592 (1,592) 37,117 (2,028) 359,385 123,758 (854) 97,830 1,637 904 617,749 2009 7

(654,301) 97,790 (2,099) (2,911) 539,181 5,966 (117,219) 100,845 301,856 293,389 4 184,637 394,238 8 2009

34 34 8 814 8 8 1 1 23 32 13 15 16 39 2009 9

1 1 7 1 17 1 36 1 38 2 39 1 2 2 2 3 2 5 1 8 1 9 2 16 2 17 2 18 2 1 2 48,074 47,953 282 937 4,794 3,310 10,581 20,557 63,731 72,757 10 2009

(i) (ii) (iii) 60,914 3,311 (494) 63,731 8,096 (2,477) (2,969) 2,078 4,728 12,650 (2,397) (2,940) 704 8,017 (1,130) (80) (29) (156) (1,395) 2,200 2,200 (1,650) 1,530 (120) (230) (230) (5,360) (1,587) (1,175) 7,751 (371) (1,774) (1,774) 1,640,303 20,891 8,841 (369,927) 1,300,108 2009 11

69,399 3,310 48 72,757 10,895 (3,486) (2,959) 3,166 7,616 22,059 (3,225) (2,849) 422 16,407 (740) (261) (110) (208) (1,319) 244 (310) (66) (8,200) 2,953 (5,247) (4,318) (1,707) (846) 6,871 (2,224) (2,224) 1,198,664 32,598 15,278 (332,930) 913,610 90% 25,866 25,165 14,885 15,362 608 1,045 40 355 559 570 (15) 1,473 256 43,431 42,738 12 2009

4,423 2,750 134 4,341 (1,142) (2,670) 2 3,415 4,423 42 1,050 78 4,197 120 5,247 627 596 3,316 2,888 (17) 133 (2,200) 66 2009 13

16.5% 16.5% 1,774 2,224 1,774 2,224 127,590,000 134,103,000 4,728 7,616 369,079 370,577 2,519 369,079 373,096 14 2009

MVC Macau Property 50% 50% Development Fund Limited 1 Guia Hill (BVI) Holdings 50% 50% No.1 Limited 2 Guia Hill (BVI) Holdings 50% 50% No.2 Limited 2 Guia Hill (Macau) 50% 50% Investments Limited 2 VC Property Asset 50% 50% Management Limited 1 1 2 1 1 (1) 1 2009 15

95,000 95,000 (2,353) 92,647 95,000 95,000 95,000 (2,123) 92,877 95,000 95,000,000 2.6% a 133,905 15,594 50,366 75,410 b 803,844 171,384 2 c 772 1,005 988,889 263,393 16 2009

(a) 546,006,000 550,223,000 30 175,359 82,219 31 90 3,436 1,121 90 5,476 7,664 184,271 91,004 (b) 605,796,000 2009 17

(c) 30 30 357 233 31 90 125 573 90 290 199 772 1,005 a b 69,842 15,523 5,687 4,357 9 75,538 19,880 (a) (b) 3,000 150,000 18 2009

0.10 10,000,000,000 1,000,000 0.10 371,169,772 37,117 371,169,772 37,117 792,000 3,712,000 601,000 4,813,000 1,228,000 264,131 1,492,131 1,228,000 1,793,000 1,592,000 2009 19

908 1,382 7 74 136 78 4,197 371 80 20 2009

571 (a) 7 8 (b) 352(c) 165,163,008 44.50% (2) 6,299,702 1.70% (3) 840,000 0.23% 2009 21

1. 371,169,772 2. (i) 34.06% 43.36% 160,930,381 (ii) Golden Mate Co., Ltd. Golden Mate Co., Ltd. 1.14% 4,232,627 3. 1.70% 6,299,702 (a) 491,057 491,057 0.13% 09.07.2002 08.07.2012 1.00 491,057 491,057 0.13% 09.07.2002 08.07.2012 1.00 2,400,000 2,400,000 0.65% 27.12.2006 26.12.2016 1.292 1. 371,169,772 2. 3. 22 2009

(b) 420,000 (420,000) 18.08.2008 01.04.2009 420,000 420,000 0.11% 18.08.2008 01.04.2010 840,000 (420,000) 420,000 0.11% 1. 371,169,772 2. 3. 352 336 2009 23

160,930,381 43.36% (2) 160,930,381 43.36% (2) 165,654,065 44.63% (3) ASM Asia Recovery 23,500,000 6.33% (4) (Master) Fund Argyle Street Management 27,000,000 7.27% (4) Limited Argyle Street Management 27,000,000 7.27% (4) Holdings Limited 27,000,000 7.27% (4) 27,000,000 7.27% 1. 371,169,772 2. 160,930,381 3. 4. 23,500,000 ASM Asia Recovery (Master) Fund Argyle Street Management Limited ASM ASM Asia Recovery (Master) Fund27,000,000 ASM Argyle Street Management Holdings Limited ASM Holdings ASM Holdings 44.45%ASM Holdings ASM27,000,000 24 2009

336 1 982,114 982,114 09.07.2002 09.07.2002 1.00 08.07.2012 2 2,400,000 2,400,000 27.12.2006 27.12.2006 1.292 26.12.2016 1 24,942 24,942 09.07.2002 09.07.2002 1.00 08.07.2012 1 2,430,000 2,430,000 25.03.2004 25.03.2004 0.64 24.03.2014 1 368,692 368,692 09.07.2002 09.07.2002 1.00 08.07.2012 1 850,000 850,000 25.03.2004 25.03.2004 0.64 24.03.2014 7,055,748 7,055,748 2009 25

1. 50% 2. 800,000 1,600,000 26 2009

420,000 (420,000) 18.08.2008 01.04.2009 420,000 420,000 18.08.2008 01.04.2010 840,000 (420,000) 420,000 808,000 (808,000) 18.08.2008 01.04.2009 836,000 836,000 18.08.2008 01.04.2010 264,131 (264,131) 25.05.2009 25.05.2009 264,131 264,131 25.05.2009 25.05.2010 263,738 263,738 25.05.2009 25.05.2011 1,644,000 792,000 (1,072,131) 1,363,869 2,484,000 792,000 (1,492,131) 1,783,869 2009 27

A.4.1 a. b. c. d. e. f. (i) (ii) 28 2009

792,000 601,000 * # # * + + + # * + 2009 29