Galaxy Entertainment Group Limited 2017

002 004 006 011 012 014 020 029 049 052 054 065 080 081 086 087 088 090 091 092

002 GBM MBE LLD DSSc DBA BBS LLD BBS GBM MBE LLD DSSc DBA BBS LLD BBS LLD BBS LLD BBS BBS

003 # # * * 27 27 HK 0027.HK (852) 3150 1111 (852) 3150 1100 ir@galaxyentertainment.com http://www.galaxyentertainment.com

004 100 3,600 JW 100,000150 120 75,000575 3DUA10

005 500 320 3,000 40 100 2.7 Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco 13

006 18% 625 EBITDA37% 141 67% 105 61% 110 EBITDA3,700 EBITDA44% 142 50% 414 317 0.260.33 0.41 58% 17% 446 EBITDA31% 111 EBITDA39% 112 98% 6% 30 20% 142 EBITDA38% 30 EBITDA 99% 2% 2.12 5.146.76 EBITDA 1,0003,000 EBITDA 1,200 2,400 100%

007 (MICE)

008 % 50,685 59,383 17% 2,141 3,067 43% 52,826 62,450 18% EBITDA % 10,057 13,554 35% 434 744 71% (143) (151) (6%) 10,348 14,147 37% % 6,283 10,504 67% 147.30 245.10 66% 66,261 83,815 26% 19,897 17,565 (12%) 6,135 9,944 62% 33.80 62.70 86% 144,383 270,120 87%

009 % 38,075 44,578 17% EBITDA 8,508 11,130 31% EBITDA 22% 25% EBITDA 28% 32% 621,525 23,060 3.7% 37,509 16,664 44.4% 46,062 1,842 4.0% 490,694 19,540 4.0% 32,046 13,969 43.6% 46,531 1,730 3.7%

010 % 11,827 14,184 20% EBITDA 2,150 2,966 38% EBITDA 18% 21% EBITDA 25% 29% 278,575 8,213 2.9% 14,206 5,609 39.5% 6,472 146 2.3% 215,040 6,637 3.1% 12,538 4,871 38.8% 2,878 105 3.7% % 676 514 (24%) EBITDA 30 10 (67%) 1,062 262 24.6% 1,019 31 3.0% 1,970 449 22.8% 522 30 5.7%

011

012 GBM MBE LLD DSSc DBA 18% 625EBITDA 14137%67% 105

013 2,58019% 3,2605%10% 0.260.33 0.4158% 414317 GBM MBE LLD DSSc DBA

014 2017 2017 100100 X 2017 2017 JW 2018 Spa 2017

015 C 2017 2017 2016 U 2017 Now Travel Asia Awards C 2017 2018 2017 2016 Now Travel Asia Awards B 2017 15 2016-17 @ 2016-2017 2017 2017 2017

016

017 8½ Otto e Mezzo BOMBANA 2018 20172017 2017 2017 T. Dining 2018 Awards HK Tatler Target Magazine The Best Restaurants Target Taste 2017 100 Top Tables 2017 2017 20172017 T. Dining 2018 Awards HK Tatler 2017 CHA BEI T. Dining 2018 Awards HK Tatler Target Magazine The Best Restaurants Target Taste 2017 T. Dining 2018 Awards HK Tatler 2018 20172017 T. Dining 2018 Awards HK Tatler 20172017 2017 2017 JW 2017 2018 20172017 T. Dining 2018 Awards HK Tatler 100 Top Tables 2017

018 T. Dining 2018 Awards HK Tatler 2017 2017 2018 T. Dining 2018 Awards HK Tatler 2017 2017 T. Dining 2018 Awards HK Tatler 2018 T. Dining 2018 Awards HK Tatler 20172017 20172017 20172017 2017 2017 U Magazine 2017 The Apron T. Dining 2018 Awards HK Tatler 2017 2017 T. Dining 2018 Awards HK Tatler 2017 T. Dining 2018 Awards HK Tatler 2018 T. Dining 2018 Awards HK Tatler T. Dining 2018 Awards HK Tatler 2017 2017 2018 T. Dining 2018 Awards HK Tatler 2017 100 Top Tables 2017

019 2018 T. Dining 2018 Awards HK Tatler 100 Top Tables 2017 2017 U Magazine T. Dining 2018 Awards HK Tatler T. Dining 2018 Awards HK Tatler 2018 T. Dining 2018 Awards HK Tatler T. Dining 2018 Awards HK Tatler 2017 2018 2018 2017 2017 2018 2017 2018 2017 2017 2017 2018 2017

020 2,58019% 3,2605%2,2009% 10% 2.1 62518%EBITDA37% 141105 EBITDA 11131%EBITDA 3038% EBITDA 1,000 3,000

021 EBITDA3,700 EBITDA 14244% 1 17% 580 15% 24219% 316 1

022 912,147 31,600 3.5% 58,786 24,208 41.2% 61,847 2,161 3.5% 716,279 26,553 3.7% 52,451 20,977 40.0% 56,342 1,966 3.5% 414 2263175997 0.260.33 0.41 58% 59,383 3,067 62,450 EBITDA 13,554 744 (151) 14,147 50,685 2,141 52,826 EBITDA 10,057 434 (143) 10,348 17%446 EBITDA 111 31%

023 EBITDA3,500 EBITDA 11239% EBITDA25%22%32% 28% 6,21527%23118% % 131,755 132,899 164,876 191,995 490,694 621,525 27% 5,113 4,830 5,854 7,263 19,540 23,060 18% 3.9% 3.6% 3.6% 3.8% 4.0% 3.7% 16719% % 8,839 8,930 9,619 10,121 32,046 37,509 17% 3,968 3,845 4,169 4,682 13,969 16,664 19% 44.9% 43.1% 43.3% 46.3% 43.6% 44.4% 186% % 11,385 11,187 11,708 11,782 46,531 46,062 (1%) 454 439 482 467 1,730 1,842 6% 4.0% 3.9% 4.1% 4.0% 3.7% 4.0% 6% 3098% 9.0616% % 222 212 222 250 782 906 16% 485 501 551 561 2,041 2,098 3% 707 713 773 811 2,823 3,004 6%

024 14220%EBITDA 3038% EBITDA EBITDA21%18%29% 25% 2,78630%8224% % 63,066 62,698 66,891 85,920 215,040 278,575 30% 1,703 2,102 2,292 2,116 6,637 8,213 24% 2.7% 3.4% 3.4% 2.5% 3.1% 2.9% 5615% % 3,442 3,501 3,569 3,694 12,538 14,206 13% 1,291 1,426 1,425 1,467 4,871 5,609 15% 37.5% 40.7% 39.9% 39.7% 38.8% 39.5% 1.4639% % 1,594 1,668 1,570 1,640 2,878 6,472 125% 34 36 41 35 105 146 39% 2.1% 2.2% 2.6% 2.1% 3.7% 2.3% 2.122%99% % 12 11 12 13 37 48 30% 39 39 39 47 171 164 (4%) 51 50 51 60 208 212 2%

025 5.1424%EBITDA1,000 3,000 EBITDA200 EBITDA 1,200 2,400 2.6242% % 325 291 184 262 1,970 1,062 (46%) 75 64 48 75 449 262 (42%) 23.1% 22.0% 26.1% 28.5% 22.8% 24.6% 3,1003% % 201 308 183 327 522 1,019 95% 8 8 6 9 30 31 3% 4.0% 2.6% 3.1% 2.7% 5.7% 3.0% 2.2112%100% % 10 10 9 11 57 40 (30%) 42 45 42 52 140 181 29% 52 55 51 63 197 221 12% EBITDA1.071.07 43% 31 EBITDA71% 7.44

026 (Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco) Asia300 Asia300

027 0.41 58% 554.82463.45 20%838.15662.61 4 238.2827.52 175.65198.97 99.4461.35

028 10.5310.23 6.28 3.15 7.905.90 3.003.00 1.632.97 0.842.55 20,500 72.29

029 500 800402,240 1601209,450

030 2017 D 6,0003,0003,000

031 20 2,000 400

032 21 900 9,8902017 500 2,000

033 1,000

034 2,300,000

035 12 14 900 2017 2017

036

037 30 1,5002016/2017 2017 2016/2017 1,500200

038 (BSI) OHSAS 18001

039

040

041 350100

042 280 4020,000 ISO14001 SGS ISO14001:2015 o o

043 LED 15,816,720 40%151,654

044 4R 80% * 0.377 0.002 320,919 1 16,253 2 304,666 6 24,295 1,436,890 1.15 224,959 93,839 131,120 1,211,931 1,211,931 3,921,084 3.15 *

045 B 2017 2017 B 2017 2017

046 12 3015 2017 15

047 * 2,804 123 515,291 1 253,658 2 261,634 25 28,740 4,476,166 3,430,931 2,272,423 977,853 159 173 175,891 4,433 1,045,235 1,045,235 214 0.002 * * * * 2017 2017

048 15 2017 2017 @ 2016-17 2017 2017 2017 16 2016-2017

049 GBM MBE LLD DSSc DBA DHL Macau Tatler 2011 2012 2014

050 BBS (1) (2) (3)

051 University of Waikato Churngold Construction Holdings Limited MJ Gleeson PLC LLD BBS

052

053

054 4951www.galaxyentertainment.com

055 A.4.3 3.13 3.13(i) (ii)(iii)

056

057

058

059 100% (1) (1) 80% >70 (3) 60% 40% (7) 61-70 (4) (7) 20% 0% 50-60 (1)

060 622 (4) (2) (1) (1) (1) (1) 4/4 1/1 4/4 1/1 1/1 1/1 1/1 4/4 1/1 4/4 1/1 4/4 1/1 4/4 2/2 1/1 1/1 4/4 2/2 1/1 1/1 1/1 4/4 2/2 1/1 1/1 1/1 1/1

061 3.29 8185 8 1,707,000

062 (i) (ii)

063 www.galaxyentertainment.com 67 5665%

064 5802.5%50 1000(a) (b) 7 615 2.5%50 6 A.4.2 A.4.2

065 43 86 0.260.33 0.59 0.33 0.4117.80 62263,843,347,000 2,404,570,000 1213 2028 4 40

066 610 2948 27 15,048,046 21,420,047 320,844 18,410,000 320,844 4951

067 106(A) 280,000 240,000 200,000 160,000 90,000 70,000 90,000 70,000 100,000 80,000 www.galaxyentertainment.com

068 571352 (a) 33,735,744 2,181,518 363,726,401 (1) 1,362,225,231 (2) 1,761,868,894 40.90 44,741,379 396,150,099 (3) 1,362,225,231 (2) 1,803,116,709 41.85 1,992,321 1,992,321 0.05 13,881,607 1,362,225,231 (2) 1,376,106,838 31.94 250,000 50,000 (4) 300,000 0.01 250,000 250,000 0.01 (1) 305,401 295,421,00068,000,000 (2) 1,362,225,231 (3) Recurrent Profits Limited103,096,039Top Notch Opportunities LimitedTop Notch171,916,021 Kentlake International Investments LimitedKentlake 121,138,039Top Notch Kentlake Top Notch (4) 50,000

069 (b) XV622 336 City Lion Profits Corp. 973,282,206 22.59 CWL Assets (PTC) Limited 1,362,225,231 31.62 HSBC International Trustee Limited 1,363,000,491 (1) 31.64 Super Focus Company Limited 274,494,154 6.37 295,421,000 6.86 The Capital Group Companies, Inc. 258,163,000 5.99 (1) HSBC International Trustee Limited1,362,225,231 (i) CWL Assets (PTC) Limited HSBC International Trustee Limited 1,362,225,231 (ii) City Lion Profits Corp. CWL Assets (PTC) Limited973,282,206 (iii) CWL Assets (PTC) Limited Super Focus Company Limited274,494,154 (iv) 295,421,000 336

070 (1) (2) (i) (ii) (iii) (iv) (v) (vi) (vii) (a)(b)(c)(d) (e)(f) (g)(h) (3) 10%413,678,806 30%

071 305,078,7277.07% (4) 1% (5) (6) (7) 1.00 (8) (i) (ii) (iii)

072 (9) (a) 2,700,000 2,700,000 20.10 1,150,000 1,150,000 32.50 2,601,000 2,601,000 24.80 1,021,312 1,021,312 28.35 1,002,000 1,002,000 33.49 616,000 616,000 62.36 3,900,000 3,900,000 (b) 20.10 1,650,000 1,650,000 32.50 1,912,000 1,912,000 24.80 1,445,483 1,445,483 28.35 1,417,000 1,417,000 33.49 871,000 871,000 62.36 242,000 242,000 (c) 13.82 180,000 180,000 32.50 120,000 120,000 24.80 24,321 24,321 28.35 130,000 130,000 46.95 730,000 730,000 (d) 20.10 400,000 400,000 32.50 229,000 229,000 24.80 111,285 111,285 28.35 79,000 79,000 33.49 49,000 49,000 62.36

073 (a) (e) 424,668 424,668 (f) 13.82 2,411,340 2,214,339 (e) (f) 33,668 163,333 14.22 1,403,000 103,000 (f) 1,300,000 20.10 6,853,924 2,999,011 (f) 55,333 3,799,580 32.50 60,000 60,000 37.45 125,000 56,000 69,000 77.75 66,000 66,000 62.75 356,333 81,330 (f) 99,335 175,668 39.86 19,005,667 3,447,115 (f) 1,445,512 254,000 13,859,040 24.80 5,085,441 15,249 (f) 324,167 74,147 4,671,878 28.35 7,153,000 127,665 (f) 605,000 36,000 6,384,335 33.49 1,314,000 32,000 1,282,000 46.95 4,698,000 4,698,000 62.36 33,668 (g) 33,668 14.22 272,002 308,669 (g) 55,333 18,666 32.50 80,000 60,000 (g) 60,000 80,000 37.45 653,446 361,332 (g) 254,000 546,114 24.80 311,176 74,147 385,323 28.35 36,000 36,000 33.49 23,000 23,000 62.36 65,175,398 7,701,000 15,048,046 2,562,014 0 55,266,338 a. b. 45.51 c. 43.85 d. 56.00

074 e. 1,000,000 1,000,000 400,000 400,000 594,000 594,000 224,540 224,540 204,000 204,000 130,000 130,000 3,000 3,000 1,000,00045.48 f. 47.35 g. 46.44 484,000100% 18100% 1.00

075 (Black-Scholes) 1,412,000 14.66 46.95 46.95 46% 3.5 4.5 2% 6,257,000 39.5% 17.03 61.65 62.36 40.1% 3.5 4.5 2% 1.001% 1.134% 1.550% 1.657% 47.90 61.95 (1) (i) (ii)(iii) (iv)(v) (2)

076 (3) (a)(b) 30% (a) (b) 413,678,806 1% 1.00(i) (ii) 379,10045,4001,576,500 0.0121,420,04718,410,000 320,844 21,040,096 700,795

077 (a) 115,166 115,166 33.25 115,166 115,166 33.25 115,168 115,168 33.25 70,766 70,766 61.65 70,766 70,766 61.65 70,768 70,768 61.65 162,933 162,933 33.25 162,933 162,933 33.25 162,934 162,934 33.25 50,066 50,066 61.65 50,066 50,066 61.65 50,068 50,068 61.65 9,000 9,000 33.25 9,000 9,000 33.25 9,000 9,000 33.25 5,533 5,533 61.65 5,533 5,533 61.65 5,534 5,534 61.65 16,460,690 15,648,462 812,228 47.70 1,129,820 1,040,559 89,261 38.35 876,660 744,392 129,788 2,480 37.10 2,692,680 2,321,066 371,614 35.45 444,490 332,343 112,147 23.45 101,790 101,790 24.80 692,623 640,329 52,294 33.25 692,623 52,294 640,329 33.25 692,854 52,312 640,542 33.25 6,432 6,432 46.95 6,432 6,432 46.95 6,436 6,436 46.95 468,781 468,781 61.65 468,781 468,781 61.65 619,638 619,638 61.65 (b) 2,480 2,480 2,480 2,480 37.10 23,366 23,366 33.25 23,366 23,366 33.25 23,368 23,368 33.25 15,132 15,132 61.65 15,132 15,132 61.65 15,136 15,136 61.65 24,718,110 2,001,000 21,040,096 1,674,418 4,004,596 a. b. 266 266 268

078 80

079 6,342,0008,057,000

080 66,032,501 71,752,470 50,990,813 52,826,115 62,450,453 10,051,764 10,339,810 4,161,050 6,283,397 10,504,361 4,878,981 1,787,611 1,408,298 2,525,589 238.7 243.9 97.8 147.3 245.1 115.0 42.0 33.0 59.0 28,421,703 35,661,629 40,854,372 38,599,717 36,815,154 1,715,360 1,516,326 1,341,213 1,138,488 921,019 1,373,882 1,451,471 1,322,153 1,255,767 1,520,584 515,823 382,481 637,388 3,235,300 24,456,514 2,355,647 1,243,598 (1,045,599) 3,710,385 (6,934,042) 34,382,415 40,255,505 43,109,527 47,939,657 56,779,229 421,971 19,774,917 19,952,107 20,106,376 21,468,693 32,019,490 18,594,220 21,149,332 26,238,974 34,013,004 32,441,461 38,369,137 41,101,439 46,345,350 55,481,697 612,827 619,945 611,898 517,663 533,896 236,973 576,430 671,461 525,978 259,392 1,050,172 663,964 724,729 550,666 504,244 40,982 26,029 34,382,415 40,255,505 43,109,527 47,939,657 56,779,229 7.69 9.04 9.65 10.85 12.88

081 86168 www.pwchk.com

082 3.95(a)1416 17 432

083

084 405

085

086 6 62,450,453 52,826,115 8(a) 597,646 209,316 (21,999,205) (18,688,155) (13,810,711) (11,272,674) (1,261,578) (877,399) (3,348,665) (3,572,577) (7,368,542) (6,903,204) (4,811,282) (5,401,947) 10 (63,914) (43,673) 18(a) 244,275 71,015 19(a) (100) 1,245 8(b) 10,628,377 6,348,062 11 (112,775) (76,656) 10,515,602 6,271,406 29 10,504,361 6,283,397 11,241 (11,991) 10,515,602 6,271,406 12 245.1 147.3 243.7 146.2

087 10,515,602 6,271,406 276,092 (42,376) 79,399 (72,552) 91,912 (90,275) 447,403 (205,203) 10,963,005 6,066,203 10,924,023 6,105,346 38,982 (39,143) 10,963,005 6,066,203

088 14 31,801,690 33,502,151 15 42,000 16 5,013,464 5,055,566 17 921,019 1,138,488 18 1,518,367 1,253,450 19 2,217 2,317 20 23,688,142 2,339,965 21 768,372 895,335 63,713,271 44,229,272 22 171,443 158,367 23 1,961,509 1,583,156 24 204,642 302,783 23,456 20,382 20 140,012 11,178 26 35,324 59,290 26 17,565,025 19,896,602 20,101,411 22,031,758 83,814,682 66,261,030

089 27 21,468,693 20,106,376 29 34,013,004 26,238,974 55,481,697 46,345,350 533,896 517,663 56,015,593 46,863,013 30 259,392 525,978 31 268,120 256,783 14,816 34 221,308 293,883 763,636 1,076,644 32 17,237,224 12,659,706 24 66,092 15,729 25 121 30 9,684,884 5,608,695 47,253 37,122 27,035,453 18,321,373 27,799,089 19,398,017 83,814,682 66,261,030 (6,934,042) 3,710,385 56,779,229 47,939,657

090 33(a) 18,737,538 12,865,401 (35,121) (41,559) (59,259) (46,750) (123,438) (45,187) 18,519,720 12,731,905 33(b) (2,008,270) (2,075,014) (221) (24,463) (13,506) (28,362) 9,668 21,903 40,662 86,752 2,529 4,085 18,675 16,029 7,888 (166) (23,481,720) (2,761,638) 2,409,078 532,610 81,177 11,276,573 (12,710,461) 89,392 48,371 2,650 2,100 (11,116,521) (17,337,158) 348,459 108,872 (18,408) 33(c) 8,327,254 4,844,717 33(c) (4,612,571) (45,134) 33(c) (16,002) 4,856 (22,749) (38,612) (16,480) 13 (2,525,589) (1,408,298) 1,480,394 3,449,921 8,883,593 (1,155,332) 6,803,466 7,979,218 15,371 (20,420) 26 15,702,430 6,803,466

091 19,952,107 21,149,332 41,101,439 611,898 41,713,337 6,283,397 6,283,397 (11,991) 6,271,406 (42,376) (42,376) (42,376) (56,253) (56,253) (16,299) (72,552) (79,422) (79,422) (10,853) (90,275) (178,051) (178,051) (27,152) (205,203) 6,105,346 6,105,346 (39,143) 6,066,203 (16,480) (16,480) (38,612) (38,612) 154,269 (45,397) 108,872 108,872 185,009 185,009 185,009 252,982 252,982 252,982 13 (1,408,298) (1,408,298) (1,408,298) 20,106,376 26,238,974 46,345,350 517,663 46,863,013 10,504,361 10,504,361 11,241 10,515,602 276,092 276,092 276,092 63,942 63,942 15,457 79,399 79,628 79,628 12,284 91,912 419,662 419,662 27,741 447,403 10,924,023 10,924,023 38,982 10,963,005 (22,749) (22,749) 214 (214) (18,408) (18,408) (18,408) 876,940 18,615 (895,555) 485,170 (136,711) 348,459 348,459 284,085 284,085 284,085 123,777 123,777 123,777 13 (2,525,589) (2,525,589) (2,525,589) 21,468,700 (7) 34,013,004 55,481,697 533,896 56,015,593

092 1. 2. 69.34 5 (a) 7 12 20142016 12

093 2. (b) 28 40 ( ) 22 ( ) 23 2 4 9 4 9 9 15 15 16 17 10 28 20142016 28 1 20152017 12 23 3 11

094 2. (b) 9 9 12 15 18 11 16 16 1.6 3616

095 3. 3.1 3.2

096 3. 3.2 39 3.3

097 3. 3.4 3.5 20% 50%

098 3. 3.6 3.7 20 50 2 20 3 20 3 10 2 20

099 3. 3.8 3.9 3.10 3.11

100 3. 3.11 3.12 3.13 (a) (b)

101 3. 3.13 (c) (d) 12

102 3. 3.13 3.14

103 3. 3.15 3.16 3.17 3.18 3.19

104 3. 3.20 3.21 3.22

105 3. 3.23 3.24 35% 4% 3.25

106 3. 3.26 3.27 (a) (b) (i)

107 3. 3.27 (b) (ii) 3.28 3.29 (a) 3.26 (b)

108 3. 3.29 (c) (d) (e) (f) (g) 3.30 (i) (ii) (iii)

109 3. 3.30 3.31 3.32 3.33

110 3. 3.34 4. 4.1 (a) (i)

111 4. 4.1 (a) (i) 0.5% 119,257,00019,106,000 2% 16,475,00011,245,000 (ii) 20 21(a) 10% 64,919,00073,242,000 (iii)

112 4. 4.1 (a) (iii) 0.5% 48,655,00029,592,000 0.5%100,110,000 29,084,000 (b)

113 4. 4.1 (b) 23(b)39%49% 23 (c)

114 4. 4.1 (c) 9,718,734 19,064 29,653 9,767,451 591,661 591,661 17,237,224 63,501 172,623 17,473,348 66,092 66,092 5,620,321 343,009 12,244 5,975,574 15,201 589,259 604,460 12,626,585 143,673 174,954 8,377 12,953,589 15,729 15,729 4.2

115 4. 4.2 30 (9,944,276) (6,134,673) 26 17,565,025 19,896,602 7,620,749 13,761,929 66,249,657 46,364,428 4.3

116 4. 4.3 621,111 22,078 643,189 6,000 6,000 621,111 28,078 649,189 301,188 24,412 325,600 6,000 6,000 400,822 400,822 702,010 30,412 732,422 121 121

117 4. 4.3 21 30,412 26,381 6,000 (2,334) 2,116 (4,085) 28,078 30,412

118 5. (a) 14 16 17432 (b) (c)

119 5. (d) (e) (f) 1,114,192,0001,209,128,000 (g)

120 6. 55,826,912 47,331,691 97,435 97,351 11,698 9,987 3,436,205 3,227,582 10,825 18,570 3,067,378 2,140,934 62,450,453 52,826,115 / 97,435,000 97,351,000 7. EBITDA EBITDA EBITDA

121 7. 61,416,779 3,067,378 64,484,157 6 (2,141,964) (2,141,964) 97,435 97,435 10,825 10,825 59,383,075 3,067,378 62,450,453 EBITDA 13,554,409 744,494 (151,494) 14,147,409 627,017 (3,348,665) (63,914) (112,775) (75,494) (51,469) (122,630) (123,777) (257,272) (6,342) (96,486) 10,515,602 46,330 197,845 244,175

122 7. 52,734,008 2,140,934 54,874,942 6 (2,164,748) (2,164,748) 97,351 97,351 18,570 18,570 50,685,181 2,140,934 52,826,115 EBITDA 10,057,041 434,445 (143,039) 10,348,447 151,025 (3,572,577) (43,673) (76,656) (32,959) (44,441) (185,009) (225,256) (8,057) (39,438) 6,271,406 17,048 55,212 72,260

123 7. 77,768,177 5,972,591 73,914 83,814,682 94,066 1,424,301 1,518,367 2,217 2,217 16,662,555 2,330,355 8,806,179 27,799,089 60,513,416 5,696,510 51,104 66,261,030 58,684 1,194,766 1,253,450 2,317 2,317 12,291,216 2,125,796 4,981,005 19,398,017 1,304,144 82,369 349 1,386,862 787,282 433,799 1,221,081

124 7. 59,694,127 50,866,815 1,857,173 1,560,383 899,153 398,917 62,450,453 52,826,115 60,289,982 40,999,658 535,271 576,608 2,888,018 2,653,006 63,713,271 44,229,272

125 8. (a) 4,304 281,188 121,385 21(a) 2,317 20 342,287 19,552 24(a) 695 4,691 21(c) 1,453 1,528 2,650 2,100 1,394 1,552 (896) (121,652) (4,929) (111) (184) (1,605) (9,224) 65,195 33,480 26,152 33,640 597,646 209,316 (b) 3,028,726 3,252,445 106,337 106,629 36,602 36,349 89,075 89,229 87,925 87,925 27,430 72,461 i 7,368,542 6,903,204 602 11,957 11,560 (1,074) (347) 1,707 1,196 (69) (111)

126 8. (i) 170,427,000148,760,000 123,777,000185,009,000257,272,000 225,256,000 (ii) 5% 13% 20% 222,866,000 216,777,000 34,272,00037,888,000 1,762,0001,353,000

127 9. (a) iii i ii 250 10,785 18,149 540 22,144 51,868 430 15,260 30,477 763 27,176 74,106 220 4,204 1,982 384 980 7,770 220 2,328 116 1,797 4,461 1,120 32,577 50,608 1,803 52,097 138,205 450 450 530 530 550 550 220 220 1,750 1,750 2,870 32,577 50,608 1,803 52,097 139,955

128 9. (a) iii ii 240 10,786 1,348 539 21,888 34,801 420 15,260 1,908 763 21,839 40,190 210 4,073 296 372 1,187 6,138 210 2,328 116 2,115 4,769 1,080 32,447 3,552 1,790 47,029 85,898 440 440 520 520 540 540 47 47 132 132 1,679 1,679 2,759 32,447 3,552 1,790 47,029 87,577 (i) (ii) (iii)

129 9. (b) (c) (a) 27,584 25,155 16,007 2,381 373 338 28 23,473 26,053 67,437 53,927 15,000,00115,500,000 1 16,000,00116,500,000 1 19,000,00119,500,000 1 22,000,00122,500,000 1 22,500,00123,000,000 1 25,000,00125,500,000 1 3 3

130 10. 123,213 44,881 12,696 11,850 223 307 136,132 57,038 (72,218) (13,365) 63,914 43,673 11. 37,810 33,683 24,973 2,575 3,756 2,272 (635) (3,911) 35,534 35,534 31 11,337 6,503 112,775 76,656 16.5%16.5% 12% 25% 12% 25% 12%12%

131 11. 10,628,377 6,348,062 (244,275) (71,015) 100 (1,245) 10,384,202 6,275,802 1,246,524 736,241 (17,776) (4,324) a (1,572,377) (1,167,301) 96,345 84,071 (3,945) (2,401) 309,017 392,502 (635) (3,911) 20,088 6,245 b 35,534 35,534 112,775 76,656 (a) 420/2013 (b)

132 12. 10,504,361 6,283,397 4,285,220,145 4,266,230,997 23,880,906 10,129,141 2,039,150 21,741,501 4,311,140,201 4,298,101,639 13. 0.26( 0.15) 1,111,839 639,639 0.33( 0.18) 1,413,750 768,659 2,525,589 1,408,298 () 40

133 14. (a) 23,246,214 625,077 9,316,373 11,537,179 1,667,934 46,392,777 26,181 118 85,433 1,144 154 113,030 1,410 14,651 74,294 142,868 1,129,558 1,362,781 8,937 44,461 (1,073) (52,325) (76,627) (3,136) (83,300) (126,741) (289,804) 23,197,178 645,647 9,437,261 11,553,377 2,745,321 47,578,784 2,963,288 397,662 3,442,010 6,087,666 12,890,626 2,738 51 12,575 862 16,226 731,908 74,650 811,921 1,410,247 3,028,726 (15,728) (3,057) (70,933) (68,766) (158,484) 3,682,206 469,306 4,195,573 7,430,009 15,777,094 19,514,972 176,341 5,241,688 4,123,368 2,745,321 31,801,690 22,966,830 600,424 8,498,098 11,366,989 2,074,647 45,506,988 (7,118) (25) (33,676) (1,035) (48,336) (90,190) 20,094 27,597 243,041 213,534 663,990 1,168,256 266,748 (329) 756,998 (1,050) (1,022,367) (340) (2,590) (148,088) (41,259) (192,277) 23,246,214 625,077 9,316,373 11,537,179 1,667,934 46,392,777 2,214,094 318,453 2,773,873 4,509,895 9,816,315 (1,805) (25) (10,121) (738) (12,689) 751,035 81,804 815,451 1,604,155 3,252,445 (36) (2,570) (137,193) (25,646) (165,445) 2,963,288 397,662 3,442,010 6,087,666 12,890,626 20,282,926 227,415 5,874,363 5,449,513 1,667,934 33,502,151 (a) (b) 72,218,00013,365,000 1.36%3.24% (c) 170,427,000148,760,000

134 15. 42,000 42,000 16 (42,000) 42,000 42,000,00016 16. 5,055,566 5,121,699 2,973 (1,367) 2,000 24,463 15 42,000 (89,075) (89,229) 5,013,464 5,055,566 5,834,256 5,786,983 (820,792) (731,417) 5,013,464 5,055,566 2,984,000,000 3,020,000,0001,380,000,0001,395,000,000 1,604,000,000483,000,0001,142,000,000

135 17. a b 16,887,329 786,700 319,476 17,993,505 28,362 28,362 (1,315) (1,315) 16,887,329 786,700 346,523 18,020,552 13,506 13,506 (237) (237) 16,887,329 786,700 359,792 18,033,821 16,197,154 215,186 239,952 16,652,292 106,629 87,925 36,349 230,903 (1,131) (1,131) 16,303,783 303,111 275,170 16,882,064 106,337 87,925 36,602 230,864 (126) (126) 16,410,120 391,036 311,646 17,112,802 477,209 395,664 48,146 921,019 583,546 483,589 71,353 1,138,488 (a) 12,330,305,000 (b)

136 18. 1,518,367 1,253,450 (a) 1,609,550 1,608,490 906,666 651,712 (775,045) (650,692) (222,804) (356,060) 1,518,367 1,253,450 2,109,420 1,492,871 (1,865,145) (1,421,856) 244,275 71,015 (b) 43(b) 19. 2,217 2,317

137 19. (a) 2,217 2,456 (139) 2,217 2,317 1,590 (100) (345) (100) 1,245 (b) 43(c) 20. a 13,827,059 1,642,480 a 9,288,390 708,663 a 712,705 23,828,154 2,351,143 a (140,012) (11,178) 23,688,142 2,339,965 (a) (b)

138 21. a 649,189 732,422 b 46,334 58,215 c 10,304 27,333 53,453 68,478 9,092 8,887 768,372 895,335 (a) 4.3i 6,000 6,000 4.3i 22,078 24,412 4.3ii 620,420 300,604 4.3 691 584 4.3iii 287,986 4.3iii 112,836 iv 23,010 23,010 (23,010) (23,010) 649,189 732,422 (i) (ii) Société Anonyme des Bains de Mer et du Cercle des Étrangers à MonacoSBM SBM SBM 5%42,385,000 364,363,000 (iii) (iv)

139 21. (b) 75,825 84,600 (1,925) (2,813) 73,900 81,787 23 (27,566) (23,572) 46,334 58,215 28,643 24,902 27,566 23,572 47,182 59,698 46,334 58,215 75,825 84,600 73,900 81,787 (c) 15,127,000 10,304,00012,206,000 15,627,000 15,715,000

140 22. 3,514 1,914 49,479 40,889 20,010 21,949 73,003 64,752 4,959 733 6,416 11,219 6,855 3,904 25,288 32,481 14,521 11,812 40,401 33,466 98,440 93,615 171,443 158,367 23. a 627,360 486,408 b 1,166,988 947,829 139,595 125,347 21(b) 27,566 23,572 1,961,509 1,583,156 (a) 3060 ( 3060 ) 60180 ( 60180 )

141 23. (a) 363,959 320,527 234,065 145,690 16,877 13,993 12,459 6,198 627,360 486,408 428,111 378,306 183,235 86,498 16,014 21,604 627,360 486,408 530,078,000383,538,000 97,282,000102,870,000 67,596 72,538 13,902 21,364 7,064 5,414 8,720 3,554 97,282 102,870

142 23. (a) 26,009,00035,845,000 3.15 35,845 17,279 (10,139) 21,151 (264) (1,580) 567 (1,005) 26,009 35,845 (b) 1,088,183,0001,173,283,000

143 24. a 204,642 302,783 b (66,092) (15,729) (a) 161,564,000158,679,000 (b) 25. a 121 (a) 136,000,000

144 26. 17,565,025 19,896,602 (1,897,919) (13,152,426) 35,324 59,290 15,702,430 6,803,466 711,822 314,753 1,186,097 12,837,673 17,600,349 19,955,892 16,658,869 17,893,830 89,133 294,004 823,759 562,229 23,279 1,069,248 5,309 136,581 17,600,349 19,955,892 619,000,000562,000,000

145 26. AA- AA+ 107,473 164,239 A- A+ 10,922,054 14,448,451 BBB 5,380,674 2,001,446 1,154,824 3,282,466 35,324 59,290 17,600,349 19,955,892 27. 4,260,737,025 19,952,107 19,952,107 10,936,477 154,269 154,269 4,271,673,502 20,106,376 20,106,376 a 21,420,047 214 (214) b (18,408) (18,408) 876,940 18,615 895,555 15,048,046 485,170 485,170 4,308,141,595 21,468,700 (7) 21,468,693

146 27. (a) 21,420,047 214,000 (b) 320,844 18,400,000 (c) 700,795 28. (a) 26.88 65,175,398 30.52 86,789,555 59.47 7,701,000 31.15 17,712,493 23.16 (15,048,046) 9.95 (10,936,477) 51.35 (20,919,336) 29.32 (2,562,014) 35.53 (7,470,837) 32.32 55,266,338 26.88 65,175,398 27.42 26,279,794 25.36 30,733,602 47.1226.94

147 28. (a) 14.2277.7513.82 77.753.834.03 13.82 242,000 20.10 2,700,000 7,330,000 32.50 3,380,000 3,380,000 24.80 4,862,000 4,862,000 33.49 2,498,000 2,498,000 28.35 2,602,401 2,602,401 46.95 130,000 62.36 1,536,000 13.82 424,668 14.22 163,333 2,411,340 20.10 1,300,000 1,403,000 32.50 3,818,246 7,125,926 37.45 80,000 140,000 77.75 69,000 125,000 62.75 66,000 66,000 39.86 175,668 356,333 24.80 14,405,154 19,659,113 33.49 6,420,335 7,153,000 28.35 5,057,201 5,396,617 46.95 1,282,000 62.36 4,721,000 55,266,338 65,175,398 14.6617.03 46.9561.6546.9562.3639.5% 46% 3.5 4.52%1.001% 1.657%

148 28. (b) 700,795 1% 41.48 24,718,110 42.39 24,283,360 60.46 2,001,000 32.58 3,009,500 42.56 (21,040,096) 39.02 (1,674,418) 39.64 (2,574,750) 46.30 4,004,596 41.48 24,718,110 379,100

149 29. 231,056 (36,775) 714,013 639,485 (73,047) 24,764,242 26,238,974 10,504,361 10,504,361 276,092 276,092 63,942 63,942 79,628 79,628 276,092 143,570 419,662 276,092 143,570 10,504,361 10,924,023 (895,555) (895,555) (136,711) (136,711) 284,085 284,085 123,777 123,777 (4,447) 4,447 61 (61) 13 (2,525,589) (2,525,589) 231,117 239,317 696,632 28,015 70,523 32,747,400 34,013,004

150 29. 231,080 5,601 612,595 386,503 62,628 19,850,925 21,149,332 6,283,397 6,283,397 (42,376) (42,376) (56,253) (56,253) (79,422) (79,422) (42,376) (135,675) (178,051) (42,376) (135,675) 6,283,397 6,105,346 (45,397) (45,397) 185,009 185,009 252,982 252,982 (38,194) 38,194 (24) 24 13 (1,408,298) (1,408,298) 231,056 (36,775) 714,013 639,485 (73,047) 24,764,242 26,238,974 43210% 25% 25%

151 30. a 702,886 768,633 9,028,056 5,149,785 9,730,942 5,918,418 b 213,334 216,255 9,944,276 6,134,673 (348,123) (126,270) (9,336,761) (5,482,425) (9,684,884) (5,608,695) 259,392 525,978 (a) 703,000,000769,000,000 (i) 1,053,000,0001,023,000,000 (ii) 337,000,000315,000,000 26 (b) 15,201 14,477 591,661 589,259 213,334 201,778 591,661 604,460 213,334 216,255 378,000,000389,000,000

152 30. (c) 9,684,884 5,594,218 17,347 324,200 28,711 9,730,942 5,918,418 (d) 1.7% 0.6% 4.7% 2.8% 1.3% 0.7% 4.3% 1.9% 5.0% 5.0% (e) 9,371,636 5,581,653

153 30. (f) 9,730,942 5,918,418 9,730,942 5,918,418 213,334 216,255 404,977 401,977 9,944,276 6,134,673 10,135,919 6,320,395 (g) 8,580,000 4,800,000 213,334 216,255 750,140 768,633 397,455 345,660 3,347 4,125 9,944,276 6,134,673

154 31. 256,783 250,280 11,337 6,503 268,120 256,783 36,549 16,146 197,585 250,280 4,095 5,884 (3,476) 6,503 40,644 22,030 194,109 256,783 (2,838) 17,651 (3,476) 11,337 37,806 39,681 190,633 268,120 10,002,381,0009,954,568,000 1,243,926,0001,235,748,00090,862,000 91,782,000

155 32. a 4,330,338 2,251,461 b 4,373,944 4,974,565 6,245,684 3,258,253 c 26,509 26,505 2,223,640 2,127,876 37,109 21,046 17,237,224 12,659,706 (a) 3,865,907 1,882,003 137,366 91,372 133,962 95,134 193,103 182,952 4,330,338 2,251,461 3,583,523 1,546,145 396,931 434,437 335,904 234,934 13,980 35,945 4,330,338 2,251,461 (b) (c) 5,742,0005,366,000

156 33. (a) 10,628,377 6,348,062 63,914 43,673 (244,175) (72,260) 3,348,665 3,572,577 121,652 4,929 111 184 896 (625,623) (149,473) (1,394) (1,552) (2,650) (2,100) 1,605 9,224 123,777 185,009 257,272 225,256 13,671,531 10,164,425 (9,807) (7,578) (325,885) 648,963 5,305,941 2,051,965 (417) (11,577) 96,175 14,907 4,296 18,737,538 12,865,401 (b)

157 33. (c) 5,608,695 525,978 6,134,673 8,281,196 46,058 8,327,254 (4,612,571) (4,612,571) (16,002) (16,002) 75,915 23,705 99,620 724 10,578 11,302 346,927 (346,927) 9,684,884 259,392 9,944,276 34. 221,308 293,883 35. 3,592,661 1,065,850

158 36. 62,397 63,595 48,490 42,173 48,719 68,570 159,606 174,338 37. 714,130 993,282 1,421,753 1,921,535 59,407 93,869 2,195,290 3,008,686 38. (a) 695,0004,691,000 24(a) (b) 7,585,0005,630,000 (c) 1,411,0001,410,000 14A.76(1)

159 38. (d) 538,000 (e) 96,341,000176,811,000 (f) 24 (g) 138,205,00085,898,000 39. 790,000,000590,000,000 300,000,000300,000,000 163,000,000297,000,000 84,000,000255,000,000 291,000,000 180 (i)(ii)16/2001133 40. 0.41 17.80

160 41. 3,830,001 3,830,001 22,849,790 20,630,566 26,679,791 24,460,567 115 567 8,280,000 4,500,000 27,137 15,495 8,307,252 4,516,062 34,987,043 28,976,629 21,468,693 20,106,376 a 4,803,233 3,993,307 26,271,926 24,099,683 37,662 31,165 121 8,677,455 4,845,660 8,715,117 4,876,946 8,715,117 4,876,946 34,987,043 28,976,629

161 41. (a) 235,239 714,013 639,485 2,404,570 3,993,307 3,959,919 3,959,919 (895,555) (895,555) (136,711) (136,711) 284,085 284,085 123,777 123,777 (4,447) 4,447 13 (2,525,589) (2,525,589) 235,239 696,632 28,015 3,843,347 4,803,233 235,239 612,595 386,503 1,912,499 3,146,836 1,862,175 1,862,175 (45,397) (45,397) 185,009 185,009 252,982 252,982 (38,194) 38,194 13 (1,408,298) (1,408,298) 235,239 714,013 639,485 2,404,570 3,993,307 3,843,347,000 2,404,570,000 42.

162 43. (a) 10,000 100 10,000 100 1,000 100 1 100 10,000 100 Fast Vision Limited 1 100 10,000 80 10,000 80 1 100 Galaxy Entertainment 1 100 Management Services (International) Limited 1,100,000 100 2 1,000 100 10,000 100 2 2 100

163 43. (a) 1 100 2 100 2 1,000 100 28,080,002 100 200,002 100,000 100 2 2 100 10,000 60 9,000,000 63.5 2 2 100 10,000 100 2 100 2 100 1 100 1 100

164 43. (a) 10,000,000 100 1,560,000 100 350,000 100 2,100,000 100 1,500,000 100 2,000,000 100 10,000,000 100 12,000,000 100 22,600,000 27.5^ 383,400,000 48^ 152,442,500 55 92,190,000 41.25^ ^

165 43. (a) Galaxy Entertainment Aviation CL2012 Limited 1 1 100 Chelford Limited 1 1 100 Canton Treasure Group Ltd. 10 1 100* Cheer Profit International Limited 10 1 100 Eternal Profits International Limited 10 1 100 10 1 80 Galaxy Entertainment Aviation 10 1 90 CL2010 Limited 100 GEG Investment Holdings (Monaco) 1 1 100 Limited High Regard Investments Limited 20 1 100 10 1 100* Profit Access Investments Limited 10 1 100 Prosperous Fields Limited 10 1 100 100 1 80 Taksin Profits Limited 17 1 100 Wilfred International Limited 10 1 100 951,900 1,000 90 100 *

166 43. (a) 3 200,000 75 2 25,000 90 100 GC 2 1,000,000 90 100 3 30,000 100 1 100,000 100 2 25,000 100 2 1,000,000 90 100 2 25,000 90 100 2 25,000 100 2 50,000 75 2 100,000 90 100

167 43. (b) 10 1 50 8,389,000 30 412,580,000 25.6 14,349,200 28.97 48,000,000 49 14,500,000 50 2,450,000 30 176,000,000 50 60,000,000 50 374,520,000 32

168 43. (b) 8,620,000 30 825,000,000 25.6 250,000,000 32 (c) 2,000,000 36.5

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