213

2 3 6 9 11 17 18 27 32 33 34 36 37 39 121 122 1

M.B.E., J.P. Canon s Court 22 Victoria Street Hamilton HM12 Bermuda 11 3201 MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM08 Bermuda 183 22 2

National Electronics Holdings Limited 145,158,827 244,730,955 14.3 14.2 23.8 23.7 3.0 1.0 3.0 1.0 88 Queen 88 North 3

7 St. Thomas 45 4

375,000,000 2 One Island South 15 One Island South BPE Asia Real Estate Fund, L.P. 45 3 7 St. Thomas 88 Queen Street East 2 3 5

ActOn-2 ActOn-2 ActOn-2 100 ActOn-2 Qi 6

7

3,357,000,000 2,664,000,000 693,000,000 30 1,051,000,000 1,996,000,000 310,000,000 1.13 1.04 2,306,000,000 2,024,000,000 2,033,000,000 1,944,000,000 401,000,000 692,000,000 80% 14% 3% 3% 41% 27% 20% 8% 4% 4,404,000,000 3,339,000,000 400 114,000,000 144,000,000 8

70 37 JP 63 59 70 57 M.B.E., J.P. 92 (BPF) 9

69 33 58 63 10

32 0.5 5,094,590 3.0 1.0 40,688,000 46 122 33 159,515,909 159,494,617 90,854,039 90,854,039 68,661,870 68,640,578 33 11

M.B.E., J.P. 99 3.13 12

352 (a) 0.10 250,813,276 (L) 285,701,618 536,514,894 52.74% f a 315,421,618 315,421,618 31.01% a, b 6,534 250,813,276 (L) 250,819,810 (L) 24.66% c 250,813,276 (S) f 250,813,276 (L) 250,813,276 24.66% c 250,813,276 (S) f 40,994,543 40,994,543 4.03% d M.B.E., J.P. 5,817,864 5,817,864 0.57% e 330,000 330,000 0.03% (L) (S) 13

(b) 16,720,000 16,720,000 330,000 330,000 (a) (b) (c) (d) (e) (f) 265,701,618 33,000,000 250,813,276 40,994,543 5,817,864 M.B.E., J.P. 42 1.4.2016 31.3.2017 18.3.2010 18.3.2010 17.3.2018 23.3.2011 23.3.2011 22.3.2018 23.3.2011 23.3.2011 22.3.2018 0.493 10,120,000 10,120,000 0.691 6,600,000 6,600,000 0.691 330,000 330,000 14

336 98.99% 98.37% 62.73% 28.08% 14 42 25% 2,500 15

16

13.91 27 17

14 10 9 5 1 3 18

4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 0/1 M.B.E., J.P. 4/4 1/1 4/4 1/1 4/4 1/1 (a) (b) (c) (d) (e) 19

M.B.E., J.P. 4/4 4/4 4/4 1/1 M.B.E., J.P. 1/1 1/1 1/1 1/1 20

(a) (b) (c) M.B.E., J.P. 2/2 2/2 2/2 2/2 2/2 21

99 A.4.2 99 99 A.4.1 3.13 22

(a) (b) (c) (d) (e) 30 31 23

1,680 328 2,008 932,000 24

http://www.irasia.com/listco/hk/national/index.htm 74 11 3201 25

21 79 80 5% 11 3201 183 22 26

11 31 N A T I O N A L E L E C T R O N I C S H O L D I N G S L I M I T E D 32 120 National Electronics Holdings Limited 27

15 3,391,985,288 191,236,610 28

25 603,844,522 29

90 30

P05447 31

7 1,008,976,044 1,149,450,963 (856,895,935) (969,484,275) 152,080,109 179,966,688 8 65,474,246 318,949,438 15 191,236,610 2,215,065 (10,007,956) (8,797,676) (153,506,173) (174,129,557) 9 (75,794,029) (67,189,564) (160,370) (97,022) (654,156) 515,911 10 168,668,281 251,433,283 12 (23,509,454) (6,702,328) 145,158,827 244,730,955 14 14.3 23.8 14.2 23.7 32

145,158,827 244,730,955 2,012,156 (1,072,881) (11,309,355) (5,847,582) 1,230,000 4,400,000 (10,079,355) (1,447,582) (8,067,199) (2,520,463) 137,091,628 242,210,492 33

15 3,391,985,288 2,685,101,069 16 421,020,713 555,747,218 17 2,641,284 2,709,249 18 1,269,932 1,269,932 19 7,568,875 7,729,245 20 368,830,039 369,484,195 21 27,430,000 26,200,000 22 2,995,166 3,172,084 35 1,687,965 2,793,474 4,225,429,262 3,654,206,466 23 128,626,623 185,231,808 17 67,965 67,965 24 97,969,573 100,168,054 5,987,722 6,101,766 25 603,844,522 267,095,549 26 766,500 649,331 27 475,588,985 269,770,613 20 40,149,822 29,649,822 277,653 3,767,778 28 401,039,104 692,018,954 1,754,318,469 1,554,521,640 29 131,710,835 161,291,543 286,768,498 122,875,252 93,188,501 139,072,649 19 4,555,148 46,815,748 20 73,582,829 2,346,164 2,340,956 30 913,765 31 4,120,363 3,996,276 32 1,051,487,376 639,837,224 1,575,090,650 1,189,812,477 179,227,819 364,709,163 4,404,657,081 4,018,915,629 34

33 101,720,696 101,988,896 1,931,431,751 1,842,444,410 2,033,152,447 1,944,433,306 34 4,740,939 6,894,396 31 20,354,189 24,474,552 32 2,305,309,238 2,023,943,056 35 41,100,268 19,170,319 2,371,504,634 2,074,482,323 4,404,657,081 4,018,915,629 32 120 35

93,556,651 33,442,913 (70,845,877) 47,227,011 2,766,520 66,141,751 37,304,840 1,534,013,555 1,743,607,364 244,730,955 244,730,955 (5,847,582) 4,400,000 (1,072,881) (2,520,463) (5,847,582) 4,400,000 243,658,074 242,210,492 (33,168,996) (33,168,996) 9,345,645 (9,345,645) (913,400) 913,400 (8,215,554) (8,215,554) 101,988,896 24,097,268 (76,693,459) 51,627,011 2,766,520 66,141,751 38,218,240 1,736,287,079 1,944,433,306 145,158,827 145,158,827 (11,309,355) 1,230,000 2,012,156 (8,067,199) (11,309,355) 1,230,000 147,170,983 137,091,628 (45,851,829) (45,851,829) (268,200) 268,200 (2,520,658) (2,520,658) 101,720,696 24,097,268 (88,002,814) 52,857,011 2,766,520 66,141,751 38,486,440 1,835,085,575 2,033,152,447 36

168,668,281 251,433,283 75,794,029 67,189,564 160,370 97,022 654,156 (515,911) (2,486,923) 8,037,840 2,224,960 5,866,664 74,035 63,368 67,965 67,965 28,488,491 35,400,685 (1,794,357) (3,851,223) (8,721,974) (191,236,610) (2,215,065) (44,318,678) (6,302,973) (294,870,249) (7,172,460) (11,187,854) 913,765 21,315,050 49,213,116 54,380,225 (59,222,523) (117,241,933) (469,073,577) (117,169) (106,535) (34,093,566) (36,076,005) 9,370,941 (80,755,909) (29,580,708) 62,612,246 163,893,246 60,454,337 (52,468,384) 15,223,447 (42,260,600) (215,336) (313,428) (27,018,234) (458,044,831) 3,094,796 (6,991,955) (18,871) (29,643) (23,942,309) (465,066,429) 37

(62,098,914) (28,110,410) 43 (480,843,683) (11,552,210) (26,133,429) (84,082,829) (8,050,000) 7,620,000 10,016,160 38,782,500 44 221,447,565 1,795,839 3,761,681 (636,781,797) 219,334,067 735,053,088 695,978,861 (95,070,856) (101,139,998) (45,851,829) (33,168,996) (217,210,773) (50,711,997) (3,996,276) (4,825,193) (2,520,658) (8,215,554) 370,402,696 497,917,123 (290,321,410) 252,184,761 692,018,954 439,995,012 (658,440) (160,819) 401,039,104 692,018,954 401,039,104 692,018,954 38

1. 2. 11 1 16 38 16 41 10 12 28 39

2. ( ) 9 1 15 1 16 2 5 2 1 4 4 9 1 10 3 28 7 4 12 4 40 1 22 1 1 2 3 4 5 1 6 16 16 17 16 16 16 17 16 40

2. ( ) 1 6 ( ) 38 24,815,648 16 16 3. 2 17 2 36 41

3. ( ) (i) (ii) 39 42

3. ( ) 12 19 2 5 43

3. ( ) 5 44

3. ( ) ( ) 39 36 36 39 45

3. ( ) 46

3. ( ) 47

3. ( ) 48

3. ( ) 49

3. ( ) 50

3. ( ) ( ) 51

3. ( ) ( ) 52

3. ( ) ( ) 53

3. ( ) 54

3. ( ) ( ) ( ) 39 55

3. ( ) ( ) ( ) (a) (b) (c) 56

3. ( ) ( ) ( ) 57

3. ( ) ( ) ( ) ( ) 58

3. ( ) ( ) 39 59

3. ( ) ( ) 37 60

4. 3 19,736,241 33,452,707 15,339,720 17,829,722 61

4. ( ) ( ) 128,626,623 185,231,808 603,844,522 267,095,549 46,258,959 32,970,498 677,465,000 448,328,000 62

4. ( ) ( ) 6(c) 15 5. (i) 2,305,309,238 2,023,943,056 (ii) 2,033,152,447 1,944,433,306 113% 104% (i) 32 (ii) 63

6. a. 27,430,000 26,200,000 2,995,166 3,172,084 97,969,573 100,168,054 766,500 649,331 382,537,120 222,181,660 51,154,294 51,154,294 40,149,822 29,649,822 401,039,104 692,018,954 875,646,840 995,654,061 131,710,835 161,291,543 91,520,573 104,707,957 4,555,148 46,815,748 73,582,829 24,474,552 28,470,828 3,356,796,614 2,663,780,280 3,609,057,722 3,078,649,185 913,765 64

6. ( ) b. (i) 37% 44% 1% 3% 529,440,303 450,590,287 144,449,547 70,027,567 167,045,900 185,504,126 97,267,258 66,722,908 142,321,216 167,013,870 126,710,274 288,181,889 12,253,215 19,326,239 37,213,545 49,939,395 1,204,085 2,069,126 712,630 1,034,218 65

6. ( ) b. ( ) ( ) (i) 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% (i) (ii) 8,343,000 9,275,000 650,000 1,855,000 17,943,000 16,677,000 (i) (ii) 66

6. ( ) b. ( ) ( ) (ii) 32 50 50 50 50 11,832,000 11,275,000 (iii) 5% 5% 4,511,000 5,008,000 67

6. ( ) b. ( ) 36 A1 185,383,503 Aa2 Aa1 97,489,192 151,552,355 A1 254,218,595 68

6. ( ) b. ( ) 131,710,835 131,710,835 131,710,835 91,520,573 91,520,573 91,520,573 4,555,148 4,555,148 4,555,148 5,074,308 4,944,468 13,494,881 4,186,440 27,700,097 24,474,552 1,135,947,902 865,974,814 1,302,281,875 335,232,837 3,639,437,428 3,356,796,614 913,765 913,765 913,765 161,291,543 161,291,543 161,291,543 104,707,957 104,707,957 104,707,957 46,815,748 46,815,748 46,815,748 73,582,829 73,582,829 73,582,829 5,113,699 5,074,308 14,259,941 8,365,848 32,813,796 28,470,828 720,722,163 778,225,871 734,570,686 685,152,647 2,918,671,367 2,663,780,280 69

6. ( ) c. (i) 33,986,893 28,183,577 15,511,600 56,232,610 56,472,877 70

6. c. (i) 7,750,070 913,765 27,430,000 26,200,000 71

6. c. (ii) (iii) 15,511,600 39,657,996 55,169,596 16,814,881 16,814,881 15,511,600 56,472,877 71,984,477 (240,267) (240,267) (15,511,600) (15,511,600) 56,232,610 56,232,610 72

7. 8 1. 2. 3. 890,625,248 19,307,848 99,042,948 1,008,976,044 7,366,850 161,181,244 53,355,541 221,903,635 1,698,991 8,721,974 52,516,538 (39,564,302) (75,794,029) (160,370) (654,156) 168,668,281 (23,509,454) 145,158,827 73

7. ( ) ( ) 1,047,311,342 8,312,724 93,826,897 1,149,450,963 10,146,735 10,407,003 59,367,790 79,921,528 3,528,987 294,870,249 11,362,568 (71,479,374) (67,189,564) (97,022) 515,911 251,433,283 (6,702,328) 244,730,955 3 74

7. ( ) 272,415,847 332,463,914 2,187,798,723 1,113,531,264 1,974,949,177 1,971,757,732 4,435,163,747 3,417,752,910 7,568,875 7,729,245 368,830,039 369,484,195 40,149,822 29,649,822 1,128,035,248 1,384,111,934 5,979,747,731 5,208,728,106 155,795,121 191,402,036 332,269,703 184,710,775 14,648,536 22,750,198 502,713,360 398,863,009 4,555,148 46,815,748 73,582,829 3,439,326,776 2,745,033,214 3,946,595,284 3,264,294,800 75

7. ( ) 4,497,005 752,150,490 5,254,654 1,787,439 763,689,588 9,741,853 748,320 1,781,421 16,216,897 28,488,491 67,965 67,965 2,486,923 2,486,923 2,224,960 2,224,960 191,236,610 191,236,610 (1,560) (531,173) 44,851,411 44,318,678 19,265,409 40,528,775 928,698 5,240,423 65,963,305 16,237,860 621,032 524,980 18,016,813 35,400,685 67,965 67,965 8,037,840 8,037,840 5,866,664 5,866,664 2,215,065 2,215,065 253,925 6,073,905 (24,857) 6,302,973 76

7. ( ) 890,625,248 1,047,311,342 14,057,848 8,312,724 5,250,000 99,042,948 93,826,897 1,008,976,044 1,149,450,963 949,862,955 1,049,586,223 3,653,225,705 3,007,393,814 32,266,238 65,974,156 540,090,426 614,647,094 16,869,189 16,848,164 9,977,662 17,042,420 1,008,976,044 1,149,450,963 4,193,316,131 3,622,040,908 77

7. ( ) 10% A 1 283,366,230 376,511,678 B 1 202,462,764 204,565,541 1 8. 1,698,991 3,528,987 95,366 322,236 7,172,460 11,187,854 44,318,678 6,302,973 294,870,249 8,721,974 3,466,777 2,737,139 65,474,246 318,949,438 78

9. 94,303,754 98,854,755 1,117,423 1,282,851 95,421,177 100,137,606 (19,627,148) (32,948,042) 75,794,029 67,189,564 4.53% 2.67% 1 0. 113,887,050 144,161,936 28,488,491 35,400,685 67,965 67,965 2,611,569 2,728,357 801,024,838 888,108,230 (2,486,923) 8,037,840 10,479,224 11,623,457 913,765 11,368,631 6,292,784 2,224,960 5,866,664 (113,100,796) (102,139,621) 16,968,503 12,138,858 (96,132,293) (90,000,763) 6,000,000 4,319,310 79

1 1. ( a ) M.B.E.,J.P. 50,000 50,000 50,000 50,000 50,000 50,000 528,000 396,000 396,000 1,620,000 15,681,400 8,362,800 8,809,200 3,533,600 1,872,000 38,259,000 18,000 18,000 18,000 18,000 18,000 90,000 15,749,400 8,430,800 8,877,200 3,601,600 1,940,000 50,000 528,000 396,000 396,000 39,969,000 50,000 50,000 50,000 50,000 50,000 50,000 528,000 396,000 396,000 1,620,000 14,290,400 7,373,800 7,006,400 3,515,400 2,872,000 35,058,000 18,000 18,000 18,000 18,000 18,000 90,000 14,358,400 7,441,800 7,074,400 3,583,400 2,940,000 50,000 528,000 396,000 396,000 36,768,000 4,825,620 4,751,940 ( b ) (a) 80

1 2. 500,234 2,466,781 (128,199) (1,750,688) 372,035 716,093 48,633 29,643 420,668 745,736 35 23,088,786 5,956,592 23,509,454 6,702,328 16.5% 25% 168,668,281 251,433,283 16.5% 27,830,266 41,486,492 26,461 16,008 107,936 (85,125) 11,743,092 9,462,065 (23,057,449) (51,482,954) 4,069,622 5,733,844 4,488,230 (175,993) (1,481,303) (1,059,479) (128,199) (1,750,688) 1,018,742 2,712,435 (1,107,944) 1,845,723 23,509,454 6,702,328 50:50 81

1 3. 3.0 3.0 30,567,929 28,036,935 1.0 10,189,310 0.5 0.5 5,094,590 5,132,061 45,851,829 33,168,996 3.0 3.0 1.0 1.0 1 4. 145,158,827 244,730,955 1,018,596,332 1,026,258,988 6,968,270 7,110,895 1,025,564,602 1,033,369,883 82

1 5. 2,657,047,825 39,829,876 2,215,065 (13,991,697) 2,685,101,069 75,415,404 676,000,000 (219,242,332) 191,236,610 (16,525,463) 3,391,985,288 83

1 5. ( ) 2,063,000,000 2,049,000,000 15,483 27,686 15,448 27,686 (i)) 780,000,000 53,763 (i)) 15% (ii)) 363,000,000 (iii)) 523,700,168 609,654,000 6,905 5,666 (i)) 25,285,120 26,447,069 32 32 (iv)) (i) (ii) (iii) (iv) 3,366,700,168 2,658,654,000 84

1 6. 456,575,260 40,626,164 5,133,800 6,367,821 60,642,909 48,304,711 70,210,702 94,030,534 94,335,194 17,569,524 117,301,688 1,011,098,307 510 (12,836) (96,172) (108,498) 1,481,367 3,084,580 3,766,961 4,201,543 1,359,904 2,159,708 10,079,366 26,133,429 (3,645,260) (1,024,203) (927,518) (4,023,000) (888,975) (3,877,660) (14,386,616) 454,411,367 39,601,961 5,134,310 6,367,821 63,727,489 51,131,318 70,389,245 94,501,463 92,521,070 17,569,524 127,381,054 1,022,736,622 10,593 (78,748) (68,155) 1,786,476 1,995,076 15,707 369,800 4,389,307 852,788 2,143,056 11,552,210 721,974 721,974 (119,200,000) (10,800,000) (3,732,382) (1,133,201) (2,774,114) (760,176) (101,818,840) (240,218,713) 335,211,367 28,801,961 5,144,903 6,367,821 65,513,965 49,394,012 69,271,751 94,871,263 94,779,489 17,662,136 27,705,270 794,723,938 70,697,626 9,739,799 2,352,976 2,712,269 25,400,000 27,927,587 69,945,567 44,039,738 74,254,915 10,879,907 104,377,362 442,327,746 204 (12,836) (52,966) (65,598) 7,095,120 749,938 131,662 100,485 2,686,255 1,393,343 9,840,094 5,739,424 911,006 6,753,358 35,400,685 (1,369,195) (394,318) (231,880) (4,023,000) (888,600) (3,766,436) (10,673,429) 76,423,551 10,095,419 2,484,842 2,812,754 25,400,000 30,369,126 67,315,910 52,991,232 76,174,937 11,790,913 111,130,720 466,989,404 4,639 (38,740) (34,101) 6,807,372 719,745 132,393 100,487 2,099,651 1,518,893 7,781,039 5,103,835 929,157 3,295,919 28,488,491 (14,848,086) (1,378,929) (684,937) (1,133,201) (1,838,414) (38,162) (101,818,840) (121,740,569) 68,382,837 9,436,235 2,621,874 2,913,241 25,400,000 31,783,840 67,701,602 60,772,271 79,401,618 12,681,908 12,607,799 373,703,225 266,828,530 19,365,726 2,523,029 3,454,580 40,113,965 17,610,172 1,570,149 34,098,992 15,377,871 4,980,228 15,097,471 421,020,713 377,987,816 29,506,542 2,649,468 3,555,067 38,327,489 20,762,192 3,073,335 41,510,231 16,346,133 5,778,611 16,250,334 555,747,218 85

1 6. ( ) 50 14 1 /3% - 33 1 /3% 25% 10% - 25% 14 1 /3% - 25% 10% 15% - 33 1 /3% 29,461,123 34,509,100 2,940 29,461,123 34,512,040 284,763,970 407,494,358 1 7. 2,641,284 2,709,249 67,965 67,965 2,709,249 2,777,214 86

1 8. 1,269,932 1,269,932 1,269,932 Roebuck Investments Limited A 678,126 678,126 Ally Vantage Limited B 591,806 591,806 1,269,932 1,269,932 A B A B 14.84% 15.80% 3% 3% A B A B 87

1 9. 3,013,388 3,013,388 4,555,487 4,715,857 7,568,875 7,729,245 Eden Bay Corporation Eden Bay 20% 20% 88

1 9. ( ) Eden Bay 472,352,292 473,154,035 448,423,344 448,423,239 (801,848) (485,107) (801,848) (485,107) (801,848) (485,107) Eden Bay Eden Bay 23,928,948 24,730,796 Eden Bay 20% 20% 4,785,789 4,946,159 2,783,086 2,783,086 Eden Bay 7,568,875 7,729,245 89

2 0. 317,813,998 317,813,998 (138,253) 515,903 317,675,745 318,329,901 51,154,294 51,154,294 368,830,039 369,484,195 Tania Investments Holdings Limited Tania 50% 50% Harvest Sun Holdings Limited Harvest Sun 50% 50% Tania 51,154,294 51,154,294 Harvest Sun 40,149,822 29,649,822 Tania 73,582,829 90

2 0. ( ) Tania 2,004,201,379 1,901,831,260 1,208,688,903 5,094,748 160,160,987 1,261,167,695 61,732,083 59,896,450 1,207,749,586 102,308,588 1,203,315,296 91

2 0. ( ) ( ) Tania (217,328) (59,162) (217,328) (59,162) (217,328) (59,162) Tania 16,422 4,804 Tania Tania 635,351,489 635,568,817 Tania 50% 50% Tania 317,675,745 317,784,409 92

2 0. ( ) ( ) Harvest Sun 16,389,556 6,955,362 137,745,762 133,530,396 91,354,524 79,115,922 68,435,110 60,278,851 11,876,572 3,430,382 80,001,433 58,957,869 66,445,080 57,631,320 Harvest Sun (8,443,921) 14,565,436 (8,443,921) 14,565,436 1,698,621 (450,354) (6,745,300) 14,115,082 Harvest Sun 778 1,458 782,171 (1,251,677) 93

2 0. ( ) ( ) Harvest Sun Harvest Sun (5,654,316) 1,090,985 Harvest Sun 50% 50% (2,827,158) 545,492 2,827,158 Harvest Sun 545,492 2,827,158 2,827,158 2 1. 27,430,000 26,200,000 94

2 2. 2.5 2,995,166 3,172,084 2 3. 17,368,657 30,155,687 9,405,487 11,517,416 101,852,479 143,558,705 128,626,623 185,231,808 2 4. 20,168,734 17,740,965 13,818,159 10,442,612 7,750,070 15,511,600 56,232,610 56,472,877 97,969,573 100,168,054 2 5. 219,242,332 267,095,549 603,844,522 267,095,549 95

2 6. 766,500 649,331 30 2 7. 35,075,961 51,282,429 (15,339,720) (17,829,722) 19,736,241 33,452,707 252,379,165 127,555,082 5,268,298 5,953,782 168,000,000 72,191,298 30,205,281 30,617,744 475,588,985 269,770,613 30 30 15,918,379 26,684,651 31 90 1,014,506 6,023,159 91 180 2,151,317 95,574 180 652,039 649,323 19,736,241 33,452,707 74% 79% 5,040,082 7,127,228 96

2 7. ( ) 30 1,222,220 488,522 31 90 1,014,506 5,893,809 91 180 2,151,317 95,574 180 652,039 649,323 5,040,082 7,127,228 17,829,722 9,794,248 8,037,840 (2,486,923) (3,079) (2,366) 15,339,720 17,829,722 15,339,720 17,829,722 180 15,339,720 17,829,722 2 8. 0.001 2.6 0.001 2 142,881,244 97

2 9. 30 102,137,055 128,877,088 31 90 22,306,084 23,409,532 91 180 1,755,407 3,712,930 180 5,512,289 5,291,993 131,710,835 161,291,543 30 3 0. 913,765 50,000,000 2.33% 50,000,000 2.215% 98

3 1. 4,120,363 3,996,276 20,354,189 24,474,552 24,474,552 28,470,828 1.8 4 1.35 4 5,074,308 5,113,699 4,120,363 3,996,276 18,439,349 19,334,249 16,295,218 16,525,200 4,186,440 8,365,848 4,058,971 7,949,352 27,700,097 32,813,796 24,474,552 28,470,828 (3,225,545) (4,342,968) 24,474,552 28,470,828 24,474,552 28,470,828 (4,120,363) (3,996,276) 20,354,189 24,474,552 99

3 2. 2,942,578,069 2,126,035,228 414,218,545 537,745,052 3,356,796,614 2,663,780,280 1,051,487,376 639,837,224 798,944,668 725,788,125 1,196,322,584 646,925,569 310,041,986 651,229,362 3,356,796,614 2,663,780,280 (1,051,487,376) (639,837,224) 2,305,309,238 2,023,943,056 91,822,110 110,593,274 95,545,800 96,154,926 721,423 1.0 4.7 2.23 4.5 100

3 3. 0.1 1,500,000,000 1,500,000,000 150,000,000 150,000,000 1,019,888,962 935,566,511 101,988,896 93,556,651 93,456,451 9,345,645 (2,682,000) (9,134,000) (268,200) (913,400) 1,017,206,962 1,019,888,962 101,720,696 101,988,896 958,000 0.89 0.88 849,067 14,000 0.93 0.93 13,135 1,140,000 0.96 0.96 1,098,432 570,000 1.00 0.97 560,024 2,682,000 2,520,658 101

3 4. Katherine Chu 1.10% 1.00% 4.00% 4.00% 4.75% 4.75% 3.00% 3.00% 16,390 13,824 57,645 49,544 74,035 63,368 (1,998,051) 1,072,881 (14,012) (93) (2,012,156) 1,072,881 (1,938,121) 1,136,249 102

3 4. ( ) 4,740,939 6,894,396 6,894,396 6,071,575 16,390 13,824 57,645 49,544 (1,998,051) 1,072,881 (14,012) (93) (215,336) (313,428) 4,740,939 6,894,396 103

3 4. ( ) 25 34,423 67,163 35,291 68,932 25 48,978 56,861 60,893 62,281 25 116,467 132,873 130,254 137,488 25 103,777 143,848 104,298 143,705 2.9 4.5 59,155 74,035 104

3 5. 1,687,965 2,793,474 (41,100,268) (19,170,319) (39,412,303) (16,376,845) 34,092,681 65,195,306 3,421,395 (34,373,969) 68,335,413 1,024,315 3,671,780 1,260,497 5,956,592 (57,852,399) (57,852,399) (205,735) 142,974 (62,761) 35,116,996 7,342,907 6,887,440 (32,970,498) 16,376,845 2,061,984 22,807,247 (1,780,445) 23,088,786 11,545,846 (11,545,846) (91,158) 37,830 (53,328) 48,724,826 7,342,907 29,603,529 (46,258,959) 39,412,303 956,469,000 647,481,000 46,258,959 32,970,498 279,004,000 199,153,000 677,465,000 448,328,000 4,033,000 988,000 105

3 6. (a)) 1,048,000,000 1,048,000,000 (b)) 621,000 621,000 1,048,621,000 1,048,621,000 (a) (b) 1,048,000,000 1,048,000,000 1,015,504,989 927,687,500 3 7. 45,910,963 39,406,377 3 8. 13,758,245 18,008,792 5,752,743 15,941,684 5,304,660 5,825,799 24,815,648 39,776,275 106

3 8. ( ) 9,467,112 9,721,111 1,711,118 73,348 11,178,230 9,794,459 3 9. 5% 1,500 5,236,607 8,053,233 4 0. 3,366,700,168 2,658,654,000 265,398,244 377,987,816 19,365,726 29,506,542 5,971,034 6,084,649 603,844,522 267,095,549 142,881,244 107

4 1. (a) 5,250,000 (b) 19 20 (c) 36 (d) 11 4 2. 17,050,000 17,050,000 1.68% 1.67% 10% 1% 0.1% 5,000,000 1 (i) (ii) (iii) 108

4 2. ( ) 0.493 10,120,000 10,120,000 0.691 6,930,000 6,930,000 17,050,000 17,050,000 17,050,000 0.573 0.573 0.493 10,120,000 10,120,000 0.691 6,930,000 6,930,000 17,050,000 17,050,000 17,050,000 0.573 0.573 109

4 3. Bentley Investments Limited BIL 490,912,644 BIL BIL 490,912,644 2,016,702 676,000,000 721,974 1,234,804 10,068,961 (656,777) (1,808,000) (426,344) (297,822,035) (185,500,000) 201,812,583 110

4 3. ( ) 490,912,644 (297,822,035) (201,812,583) (8,721,974) 490,912,644 (10,068,961) 480,843,683 BIL 81,987,891 BIL 5,189,052 1,012,000,000 146,000,000 BIL 111

4 4. Tania Investments Limited Malibu Development Holdings Limited Malibu Tania 50% Malibu 50% 368,968,284 Tania 296,776,986 72,191,298 368,968,284 (51,154,294) 317,813,990 1,451,113,305 94,160 73,582,829 75,329,421 (914,164) (102,308,588) (1,098,286,833) (57,852,399) 340,757,731 317,813,990 317,813,990 (340,757,731) 294,870,249 296,776,986 (75,329,421) 221,447,565 112

4 5. 45,000,000 4 6. Perfect Way Limited 375,000,000 Elite 113

4 7. 1,000 100% 100% 100 100% 100% 88 Queen Partnership 100 100% 100% 88 North Tower Developments 100% 100% Limited Partnership 1,610,964 99 Bonham Management Limited 1 100% 100% Ally Vantage Limited 1,000 100% 100% Asiatic Limited 100 100% 100% Baccarat Investments Limited 1 100% 100% Banyan Villas Holdings Limited 2 100% 100% 100 100% 100% Bentley Investments Limited 10,000 100% Brady Limited 100 100% 100% Chirac Limited 100 100% 100% 1 100% 100% Clare Holding Limited 100 100% 100% 114

4 7. ( ) ( ) 100 100% 100% 10 100% 100% 2 100% 100% 100 100% 100% 100 100% 100% Harbour Horizon Holdings Limited 1 100% 100% Jervois Management Limited 1 100% 100% Joyful Asia Group Limited 100 100% 100% 100 100% 100% Majorell Limited 1,000 100% 100% Miyota Trading Limited 100 100% 100% 10,000 100% 100% National Commercial 100 100% 100% Developments Limited 1,000 100% 100% 1,000,000 115

4 7. ( ) ( ) 1,000 100% 100% 2,000,000 100 100% 100% National Hotel Holdings Limited 100 100% 100% 2 100% 100% National Properties Holdings Limited 1 100% 100% 1,000 100% 100% 2,000,000 1,000 100% 100% 550,000 One96 Management Limited 1 100% 100% Phoenix Investment S.a.r.l. 12,500 100% 100% RNG Studios Inc. 100,000 100% 100% Roebuck Investments Limited 100 100% 100% 116

4 7. ( ) ( ) Seafield Capital Limited 1 100% 100% Smart Plus Group Limited 1,000 100% 100% Spring Orchard Limited 1,000 100% 100% St. Thomas Commercial 6,664,426 100% 100% Developments Incorporated St. Thomas Developments 2,100 100% 100% Incorporated Susanne Limited 100 100% 100% 2 100% 100% Tania Investments Limited 100 100% 100% Terence Limited 1 100% 100% Terence Limited 100 100% 100% The Putman Management Limited 100 100% 100% Twenty-one Whitfield 1 100% 100% Management Limited Unionville Development Limited 100% 100% Partnership 95,578 Unionville Development(2010) 100% 100% Limited Partnership 3,560,532 Verde Group Limited 1 100% 100% 1061383 Ontario Limited 100 100% 100% 117

4 7. ( ) ( ) * 56,000,000 100% 100% * 5,000,000 100% 100% * 5,000,000 100% 100% * 118

4 8. 581,222,400 572,560,592 2,000,000 2,000,000 583,222,400 574,560,592 205,485,459 154,332,568 5,388,390 5,446,580 210,873,849 159,779,148 6,156,023 6,039,978 71,965,303 63,439,015 343,536,261 305,126,210 45,851,829 33,168,996 467,509,416 407,774,199 (256,635,567) (247,995,051) 326,586,833 326,565,541 101,720,696 101,988,896 224,866,137 224,576,645 326,586,833 326,565,541 119

4 8. ( ) 33,442,913 90,854,039 37,304,840 2,766,520 86,859,633 251,227,945 23,165,495 23,165,495 (33,168,996) (33,168,996) (9,345,645) (9,345,645) 913,400 (8,215,554) (7,302,154) 24,097,268 90,854,039 38,218,240 2,766,520 68,640,578 224,576,645 48,393,779 48,393,779 (45,851,829) (45,851,829) 268,200 (2,520,658) (2,252,458) 24,097,268 90,854,039 38,486,440 2,766,520 68,661,870 224,866,137 120

202 100% The Putman 99 101 103 127 100% 99 Bonham 196 100% One96 89 100% The Jervois 100% 88 C36 100% 2 20 and 30 Mutual Street and 100% 88 Queen Street East, Toronto, Ontario, Canada 3 100% 121

1,008,976 1,149,451 1,432,142 1,171,314 1,167,854 (856,896) (969,484) (1,194,810) (1,009,384) (990,349) 152,080 179,967 237,332 161,930 177,505 65,474 318,949 58,891 6,271 33,992 191,236 2,215 56,369 194,936 30,841 (10,008) (8,798) (10,452) (10,042) (9,247) (153,506) (174,129) (151,395) (211,687) (182,217) (75,794) (67,190) (59,531) (29,084) (24,213) (160) (97) 1,498 111,312 135,811 (654) 516 143,158 168,668 251,433 132,712 223,636 305,630 (23,509) (6,702) 362 4,840 (9,165) 145,159 244,731 133,074 228,476 296,465 14.3 23.8 12.9 23.8 30.3 14.2 23.7 12.8 23.6 30.1 5,979,747 5,208,728 5,274,372 4,024,457 3,587,831 3,946,595 3,264,295 3,530,765 2,296,013 1,998,067 2,033,152 1,944,433 1,743,607 1,728,444 1,589,764 33 122

The completion of the Group s joint-venture luxury residential development at 45 Tai Tam Road is expected to be in the fourth quarter of 2017. 45

The Group s boutique office building 7 St Thomas in Toronto, Canada has completed construction and final closing is expected by the end of the third quarter of 2017. The Group will relocate its North American headquarters here, while the rest of the development was completely sold out. 7 St Thomas, Toronto, Canada

The Group has started the excavation work for Phase 1 of 88 Queen in Toronto, Canada. The planning and rezoning for the remaining phases is ongoing. 88 Queen, Toronto, Canada

Planning and design work for the Group s luxury residential redevelopment at 3 South Bay Close continues and the demolition of the existing building is expected to begin soon. 3