Southwest Securities International Securities Limited Stock Code : 812 Annual Report 2016 * For identification purpose only

2 4 9 12 21 32 44 53 59 60 61 62 64 134

Clarendon House 2 Church Street Hamilton HM11 Bermuda 2 2016

18 16 1601 1606 08 MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM08 Bermuda 183 17 1712-1716 161 167 11 29 16 1603 812 www.swsc.hk 2016 3

522015 2 272016 11 1 2001 2 19972005 2005 122013 11 2013 10 600369 2006 122014 12014 2 20 432015 2 271998 6 1998 82012 9 2007 52008 5 2012 10 4 2016

512015 2 271985 4 1989 72003 72007 4 2007 7 2013 42013 32013 7 2013 52013 122014 8 13 472015 2 271991 7 2002 10 2001 112013 3 15 532015 2 271996 6 2002 9 1999 12 2010 32013 7 2013 5 2016 5

632015 1 27 2009 3 16 2008 62014 6 000034 2011 1 1981 7 1995 36 452015 1 27 199919982006 1998 9 1994 7 482016 9 19 1991 2001 2004 2009 1991 72009 7 2009 7 20002015 6 2016

36 2015 1 272015 2 27 2004 6 2006 122008 6 2014 2007 62009 8 2009 9 2013 1 2013 72015 2 43 2015 1 272015 2 27 1996 72012 512011 10 2012 10 152015 1 27 24 2016 7

4720112012 10 152015 1 27 20 432010 10 19 8 2016

2016 2016 (GDP)6.7% 6.5%-7% 7 2016 22,000.56 0.39% 2016 9

166,923,0002015 7 12015 12 3113,625,000 2016 610 2016 2017 10 2016

2017 2017 3 24 2016 11

2016 1431 20163,300 20163,103.612.3% 201610,177 19.6% A2016 2 724,000 5,700 2016 2016 12 52016 12 30 22,000.560.39%2016 669.220151,056.3 2016126 6 2015121,953.0 201525.8%251.4 12 2016

2016 2016 72016 10 92,000,000 2015 12 31 16,000,000167,200,000 2015 18,300,000 80,700,000 2015 12 31 42,600,000 2016 20151,056.3 36.6% 669.2 47.6% 51,800,000 2015 12 31 14,500,000 80,600,000 2016 13

24,900,000 2015 12 316,900,000 IPO IPOIPO 2016 5,600,000 2015 12 311,200,000 2016 6 14 2016

2016 19,200,000 2015 34,700,000 2016 2016 2017 2016 15

140,500,000 2015 206,900,000 20152016 201542,500,000 2,000,000 2015 12 31 2,200,000 74,300,000 2015 12 3138,800,000 12,200,000 2015 12 317,800,000 2015 119,500,000 2015 12 3162,800,000 2015 5 16 2016

2017 2017 IPO IPO 2016 7 2016 17

2016 12 31 624,800,000 2015 12 31476,300,000 1,790,000,000 20151,728,400,000 8.2 20158.0 705.8% 2015430.3% 571N 18 2016

2016 2015 12 31 677,200,000 2015148,400,000326,000,000 2015142,900,000 20156,300,0001,200,000 20152,000,000 2015 12 31 95,200,000 2016 2015 2015 8 100,000,000113,000,000 100,000,000113,000,000 2015 61,500,000,0001,900,000,000 4.7%1,900,000,0006.45% 1,500,000,000 1,900,000,000 1,500,000,000 1,900,000,0001,500,000,000 2016 12 31 2016 19

2016 105 201587 20 2016

2016 12 31 14 10 2016 2016 8 292016 11 1 2016 9 19 2016 21

3 3.10(1)3.10(2)3.10A3 22 2016

A.6.5 14 3 4 2016 23

3 2015 2016 6 30 4 31 24 2016

1 41 3 1 2016 25

2016 6 172016 2016 (a) 3/3 1/1 1/1 2/4 0/1 4/4 1/1 0/4 0/1 1/4 0/1 3/4 1/1 1/1 4/4 4/4 1/1 1/1 1/1 4/4 4/4 1/1 1/1 1/1 (b) 4/4 4/4 1/1 1/1 1/1 (c) 26 2016

(a) 2016 8 29 (b) 2016 9 19 (c) 2016 9 19 2016 2016 12 31 1,200,000150,000 2016 27

2016 28 2016

: 2016 29

3.29 2016 2016 20 2016 30 2016

58 (2) (21) (10%) 3 18 16 1601 1606 08 18 16 1601 1606 08 2016 31

2016 32 2016

2016 33

ISO9001 34 2016

ISO10002 2016 35

36 2016

2016 2015/16 2016 37

2016 38 2016

2016 2016 39

2016 9-5 40 2016

LEDT5 2016 41

42 2016

20112016 2016 43

2016 12 31 36 20164 201659 2015 12 31 20169 20 2016 2016 12 31 32 43 201660 35(b) 2016 12 31 2015 12 31 44 2016

2016 20,600 2015 12 31 6,000 10 2016 12 3125 134 2016 12 31 2016 11 1 2016 8 29 2016 9 19 2016 9 19 86(2) 87 2016 45

Brian Douglas Burkholder 4 8 28 2016 2016 46 2016

2016 12 31 XVXV7 8 352 26 26 18 2016 12 31 18 2004 20042004 2004 1 30 2004 1. 2004 2. 2004 3. 1% 4. 2004 2016 47

2004 5. 6. (i) (ii)(iii) 7. 20042013 11 1220042004 8. 2016 2004 2016 2016 1 1 200 (200) 0.8880 04/01/2011 04/01/2012-03/01/2021 0.840 200 (200) 2016 2013 2013 11 122013 2013 1. 2013 48 2016

2013 2. 2013 3. 1% 4. 2013 5. 6. (i) (ii) (iii) 7. 2013 8. 2016 12 312013 2016 49

2016 12 31336 1 1,811,796,822 74.22% 1 1,811,796,822 74.22% 1. 2016 12 31 336 50 2016

13.51B(1) 13.51B(1) 2016 8 29 2016 9 19 2016 11 1 13.51B(1) 201624.0% 51.7% 5% 30 2016 12 319 20 2016 51

2016 12 31 2017 3 24 52 2016

59133 2016 12 31 2016 2016 53

20 2016 12 31 2016 12 31 186,900,000 59,715,0002016 54 2016

2016 80,575,000 37,204,000 80,575,000 17(b)(ii) (i) (ii) (iii) 2016 55

56 2016

1981 90 2016 57

P02976 161 167 11 2017 3 24 58 2016

2016 12 31 2016 1 1 2016 2015 7 1 2015 3 92,038 16,024 5 140,495 206,877 6a (74,298) (38,829) (5,147) (2,007) (12,173) (7,811) 12 (9,405) 16 5,250 601 20 (59,715) (73,619) (124,740) (20,171) 6c (119,491) (62,760) 6 (167,186) 18,305 8 263 (4,680) (166,923) 13,625 (542) (580) 13 (5,117) (38,981) 13 (95,246) (5,659) (134,807) (172,582) (121,182) 9 (6.838) 0.558 9 (6.838) 0.558 2016 59

2016 12 31 * 2015 7 1 244,121 127,275 214,319 40,836 886 (98,604) 284,712 528,833 13,625 13,625 13,625 (580) (580) (580) 13 (38,981) (38,981) (38,981) 13 (95,246) (95,246) (95,246) (134,227) (580) (134,807) (134,807) (134,227) (580) 13,625 (121,182) (121,182) 2015 244,121 (6,952) 214,319 40,836 306 (84,979) 163,530 407,651 * 2016 1 1 244,121 (6,952) 214,319 40,836 306 (84,979) 163,530 407,651 (166,923) (166,923) (166,923) (542) (542) (542) 13 (5,117) (5,117) (5,117) (5,117) (542) (5,659) (5,659) (5,117) (542) (166,923) (172,582) (172,582) 2016 244,121 (12,069) 214,319 40,836 (236) (251,902) (9,052) 235,069 * 2001 6 30 2002 1 11 60 2016

2016 12 31 2016 2015 10 15,017 7,261 11 12 350,486 13 84,535 70,455 14 4,670 5,124 104,222 433,326 12 111,170 13 233,477 41 70 15 396,717 447,088 16 5,851 601 17 391,477 895,496 18 276,628 156,171 19 1,247 2,028 19 623,543 474,255 2,040,151 1,975,709 20 187,230 102,129 21 20,777 103,943 22 42,140 35,864 5,326 250,147 247,262 1,790,004 1,728,447 1,894,226 2,161,773 23 1,659,157 1,754,122 235,069 407,651 25 244,121 244,121 (9,052) 163,530 235,069 407,651 591332017 3 24 2016 61

2016 12 31 2016 1 1 2016 2015 7 1 2015 (167,186) 18,305 5,147 2,007 9,405 59,715 73,619 (5,250) (601) (95,246) 81,275 (35) (94,082) (96,440) (42,516) (10,586) 119,491 62,760 (2,019) (2,181) 454 1,347 29 113 50,371 (256,332) 422,779 (685,370) (114,389) (145,142) 330 (83,166) 59,783 5,920 10,098 246,273 (1,063,866) (5,063) (1,097) 2,496 3,206 (7) (3) 243,699 (1,061,760) 62 2016

2016 12 31 2016 1 1 2016 2015 7 1 2015 2,019 2,181 23,493 2,842 (357,103) 13 (19,197) (76,160) 25,056 15,539 95,282 (13,160) (4,355) 18,211 (321,774) (112,861) (60,390) (112,861) (60,390) 149,049 (1,443,924) 476,283 1,920,787 (542) (580) 19 624,790 476,283 2016 63

2016 12 31 6 30 12 312015 12 31 2016 12 312015 7 12015 12 31 1. 622 2015 64 2016

2016 12 31 1. 2016 1 1 1 1638 1641 27 10 12 28 11 14 20122014 2016 1 1 a) 1 (i) (ii) 2016 65

2016 12 31 1. b) 16 38 16 38 c) 16 41 a) b) c) 1641 41 66 2016

2016 12 31 1. d) 1012 28 10 e) 11 3 3 3 2016 1 1 f) 20122014 20122014 5 5 7 2016 67

2016 12 31 1. f) 20122014 19 2016 2015 12 31 20156 30 68 2016

2016 12 31 1. 5 5 3 5 2016 69

2016 12 31 1. 2003 6 302003 (i) (ii)(a) (b) 1) 2) 70 2016

2016 12 31 1. 3) 4) (i)(ii) (iii) (i) (ii) 2016 71

2016 12 31 1. 5) 6) 7) 8) (i)(ii) 72 2016

2016 12 31 1. 2016 73

2016 12 31 1. 193,915,000 2015385,737,000 74 2016

2016 12 31 1. 2016 75

2016 12 31 1. 76 2016

2016 12 31 1. 2016 77

2016 12 31 1. (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) 78 2016

2016 12 31 1. (a) (b) (c) 7 1 12 1 2 2 10 28 4 9 2 15 15 2 16 3 1 2017 1 1 2 2018 1 1 3 2019 1 1 4 7 2016 79

2016 12 31 1. 12 2 8 80 2016

2016 12 31 1. 10 28 10 28 9 9a)b)c) 99 9 3 2016 81

2016 12 31 1. 9 9 39 9 39 939 9 9 15 15 15 151811 82 2016

2016 12 31 1. 15 15 15 15 15 15 15 15 16 16 17 2016 83

2016 12 31 1. 16 17 17 16 16 17 16 16 2. 84 2016

2016 12 31 2. 1) 391,477,000 2015895,496,000 81,394,000 2015154,000 2) 36 39 3) 2016 12 31 111,170,000 2015350,486,00012 2016 4) 2015 122015 12 2016 85

2016 12 31 2. 4) 2016 2016 2016 9,405,000 2015 5) 5,851,000187,230,000 2015 601,000102,129,000 6) 2016 12 31 233,477,000 2015223,141,000111,170,000 2015 12 31 117,950,000 20162015 86 2016

2016 12 31 3. 2016 1 1 2016 2015 7 1 2015 10,885 13,846 15,648 13,327 2,382 921 706 380 24,909 2,403 4,480 4,898 847 51,780 14,480 2 2 (i) (19,172) (34,662) 92,038 16,024 2016 87

2016 12 31 3. 2016 1 1 2016 2015 7 1 2015 (i) 271 (17,691) (40,548) (5,773) (5,740) (4,100) 2,009 10,065 6,112 1,561 (19,172) (34,662) 4. 88 2016

2016 12 31 4. 2016 12 31 80,695 5,604 24,909 (19,172) 2 92,038 (5,490) (2,215) (1,255) (3,213) (12,173) (73,416) (3,613) (11,966) (54,371) 42,607 (100,759) (23,088) (5,147) (38,192) 263 (166,923) 2016 89

2016 12 31 4. 2015 12 31 42,574 1,227 6,883 (34,662) 2 16,024 (5,577) (902) (1,191) (141) (7,811) 5,428 (5,102) (1,611) (52,377) 22,827 (30,835) (15,052) (2,007) (29,047) 95,246 (4,680) 13,625 2016 12 312015 12 31 90 2016

2016 12 31 4. 10% 2016 1 1 2016 2015 7 1 2015 * 11,294 26,719 10,072 * 2016 12 3110% 5. 2016 1 1 2016 2015 7 1 2015 2,019 2,181 960 999 42,516 10,586 192 494 45,687 14,260 (i) 94,773 97,371 (13) 95,246 35 94,808 192,617 140,495 206,877 (i) 2016 101,006,000 2015 12 31103,195,000 23 2016 91

2016 12 31 6. 2016 1 1 2016 2015 7 1 2015 (a) 72,728 38,096 27 1,570 733 74,298 38,829 (b) 1,495 800 154 81,275 11,365 5,657 (c) 2 113,443 59,746 6,041 3,011 5 3 7. (a) 2016 12 31 119,491 62,760 i 204 204 204 204 ii 180 180 iii 58 58 646 646 92 2016

2016 12 31 7. (a) 2015 12 31 i 102 102 102 102 ii 102 102 306 306 (i) 2016 8 29 (ii) 2016 9 1934,000 (iii) 2016 9 19 (b) 2016 2015 12 31 2016 93

2016 12 31 7. (c) 2016 2015 12 312016 12 31 2015 2015 12 31 2015 2016 1 1 2016 2015 7 1 2015 7,700 2,874 7,435 5,389 89 53 15,224 8,316 2016 1 1 2016 2015 7 1 2015 1,000,000 1,000,0011,500,000 3 1,500,0012,000,000 2 1 2,000,0012,500,000 2,500,0013,000,000 1 3,000,0013,500,000 1 3,500,0014,000,000 1 4,000,0014,500,000 4,500,0015,000,000 1 5 5 94 2016

2016 12 31 7. 2016 12 312015 (a)(ii) (a) (b)2016 12 312015 12 31 8. 16.5% 2015 12 31 16.5% 2016 95

2016 12 31 8. 2016 1 1 2016 2015 7 1 2015 (4,680) 263 263 (4,680) (167,186) 18,305 16.5% 2015 12 3116.5% (27,586) 3,020 20,922 1,890 (23,105) (18,420) (928) (457) (21) 9 30,731 18,645 (13) (7) (263) (263) 4,680 96 2016

2016 12 31 9. 2016 1 1 2016 2015 7 1 2015 (166,923) 13,625 2,441,220 2,441,220 2 2,441,220 2,441,222 (6.838) 0.558 (6.838) 0.558 2016 20152015 12 31 2016 97

2016 12 31 10. 2015 2015 7 1 3,576 185 134 1,018 4,913 1,670 338 46 1,615 686 4,355 (1,448) (55) (19) (439) (46) (2,007) 2015 3,798 468 161 2,194 640 7,261 2016 2016 1 1 3,798 468 161 2,194 640 7,261 34 21 24 13,081 13,160 (257) (257) (3,180) (122) (44) (1,664) (137) (5,147) 2016 652 367 141 13,354 503 15,017 2015 7,079 1,729 1,741 11,955 686 23,190 (3,281) (1,261) (1,580) (9,761) (46) (15,929) 3,798 468 161 2,194 640 7,261 2016 7,113 1,750 1,765 24,735 686 36,049 (6,461) (1,383) (1,624) (11,381) (183) (21,032) 652 367 141 13,354 503 15,017 98 2016

2016 12 31 11. 2015 12 31 2015 7 12015 2016 12 31 2016 1 12016 2015 600 100 700 (600) (600) (100) (100) 2016 600 100 700 (600) (600) (100) (100) 2016 99

2016 12 31 12. 2016 2015 (i) 233,477 223,141 9,395 233,477 232,536 13 (i) (233,477) 232,536 (ii) 111,170 117,950 111,170 350,486 (350,486) 111,170 (i) 2015 10 2 30,000,0008%2020 8 27 1.01 11.326 100 2016

2016 12 31 12. (i) 12.20% 2016 c 2015 0.400 0.0435 1.010 1.010 (a) 46.78% 46.74% (b) 1.68% 1.59% 1.85% 1.79% 4.66 4.82 a) 2010 10 27 b) c) 2015 9,395,000 2016 5 24 2016 101

2016 12 31 12. (i) 2016 12 312016 9,405,000 2015 2016 12 3030,000,000 234,000,000 31,172,000 243,141,600 i)ii) iii) iv)v) vi) 2016 12 30 2016 12 31 2017 2241,779,0002017 2 1,377,000 102 2016

2016 12 31 12. (ii) 2015 8 5 100,000,0009.25%2017 8 12 9.25% 13. (a) 2016 2015 (i) 14,268 14,268 (13,021) (13,021) 1,247 1,247 (ii) 83,288 69,208 84,535 70,455 2016 2015 70,455 128,558 19,197 76,160 (iii) (95,282) (5,117) (38,981) 84,535 70,455 (i) 2015 2016 103

2016 12 31 13. (a) (ii) (iii) 2015 12 3195,282,000 95,246,000 (b) 2016 2015 12 (i) 233,477 (i) 2016 12 312016 12 30 14. 2016 2015 1,594 1,511 2,100 1,953 100 100 776 1,460 100 100 4,670 5,124 104 2016

2016 12 31 15. 2016 2015 (i) (iv) 340,875 286,482 (i) 2,186 106,106 343,061 392,588 (ii) 26,568 (iii) 27,088 54,500 396,717 447,088 (i) (ii) (iii) (iv) 2016 12 31 2015 12 316,301,000 16. 2016 2015 5,851 601 2015 8 100,000,000112,994,000 100,000,000 112,994,000 5,250,0002016 2015 12 31601,000 2016 105

2016 12 31 17. 2016 2015 (b)(i) 5,127 6,223 (b)(ii) 280,766 833,747 (b)(iii) 11,824 (b)(iii) 98,868 36,540 (b)(iv) 20 (b)(iv) 3,604 5,393 (b)(v) 2,669 1,384 (b)(vi) 423 385 391,477 895,496 (a) 30 106 2016

2016 12 31 17. (b) (i) 2015 12 31 (ii) 923,628,000 20152,936,491,000 2016 1 1 2016 2015 7 1 2015 361,341 833,747 80,575 80,575 280,766 833,747 2016 12 31117,779,000 2015 12 31115,573,0002016 12 31 80,575,000 2015 52 2016 107

2016 12 31 17. (b) (iii) 6,381,000 20153,529,000 (iv) 4,430,000 2015 3,681,000 2016 1 1 2016 2015 7 1 2015 3,743 5,547 154 154 (35) 119 154 (c) 3,624 5,393 108 2016

2016 12 31 17. (b) (v) 2016 2015 180 824 30 1,020 31 90 1,168 91 180 120 60 180 881 500 (c) 3,189 560 3,369 1,384 2016 1 1 2016 2015 7 1 2015 3,369 1,384 700 (c) 700 2,669 1,384 2016 109

2016 12 31 17. (b) (vi) 2016 2015 143 204 30 70 33 31 90 38 34 91 180 4 56 180 168 58 (c) 280 181 423 385 2015 12 31 (c) 6,393,000 20156,134,000 110 2016

2016 12 31 18. 2016 2015 29,073 10,603 * 247,555 145,568 276,628 156,171 * 2018 6 33 19. 2016 2015 1,247 2,028 623,543 474,255 624,790 476,283 193,915,000 2015385,737,000 20. 2016 2015 33 (i) 186,900 102,129 (ii) 330 187,230 102,129 (i) 2015 6 1,484,279,0001,853,032,000 2016 111

2016 12 31 20. (i) 4.7% 1,872,659,0006.45% 1,500,000,0001,872,659,000 1,500,000,000 1,872,659,0001,500,000,000 39 59,715,000 2015 12 31 73,619,000 (ii) 2016 12 31 56,328,000 2015 12 31 330,000 2015 12 31 2,009,000 2015 10,065,000 21. 2016 2015 (i) 10,740 8,079 (i) 1,830 19,117 (i) 4,406 64,363 (ii) 3,598 5,387 (i) 6,561 (iii) 203 436 20,777 103,943 112 2016

2016 12 31 21. (i) (ii) (iii) 30 204,726,000 2015392,947,000 22. 2016 2015 31,486 25,181 10,019 10,005 635 678 42,140 35,864 2016 113

2016 12 31 23. 1,854,306 3,011 5 (103,195) 20152016 1 1 1,754,122 6,041 5 (101,006) 2016 1,659,157 2015 5 281,500,000,0002015 5 28 6.45% 2018 5 28 2016 12 31 1,501,665,000 2015 1,504,050,000 6.84% 2016 2015 1,659,157 1,754,122 1,659,157 1,754,122 1,659,157 1,754,122 114 2016

2016 12 31 24. 2016 2015 2016 2015 (1,094) (247) 1,094 247 1,094 247 (1,094) (247) (1,094) (247) 1,094 247 2016 2015 215 80 638,718 432,564 638,933 432,644 25. 2016 2015 0.10 4,000,000 400,000 4,000,000 400,000 2,441,220 244,121 2,441,220 244,121 2016 115

2016 12 31 26. 2013 11 122013 2004 1 302004 2013 20042004 2013 2015 12 31 2004 0.888 2015 7 120152016 1 1 200 2016 (200) 20155.01 20152004 47 49 27. 116 2016

2016 12 31 27. 5% 7% 5%1,500 2016 1 1 2016 2015 7 1 2015 6(a) 1,570 733 28. 2016 2015 1 1 7 1 2016 2015 12,047 7,950 124 62 12,171 8,012 2016 117

2016 12 31 29. 2016 111,170 111,170 1,247 316,765 318,012 4,670 4,670 41 41 396,717 396,717 5,851 5,851 391,477 391,477 268,702 268,702 624,790 624,790 111,170 1,289,680 1,247 316,765 5,851 396,717 2,121,430 2016 187,230 187,230 20,777 20,777 42,140 42,140 1,659,157 1,659,157 187,230 1,722,074 1,909,304 118 2016

2016 12 31 29. 2015 223,141 223,141 9,395 9,395 117,950 117,950 341,091 9,395 350,486 1,247 69,208 70,455 5,124 5,124 70 70 447,088 447,088 601 601 895,496 895,496 154,260 154,260 476,283 476,283 341,091 1,531,233 1,247 69,208 9,996 447,088 2,399,863 2015 102,129 102,129 103,943 103,943 35,864 35,864 1,754,122 1,754,122 102,129 1,893,929 1,996,058 2016 119

2016 12 31 30. RCC RCC 20 33 17 8% 201531% 36% 2015 12 3163% 120 2016

2016 12 31 30. 2015 12 31 23 2016 2015 3 3 12 1 5 3 3 12 1 5 20,777 20,777 20,777 103,943 103,943 103,943 32,121 10,019 42,140 42,140 25,859 10,005 35,864 35,864 107,557 1,721,328 1,828,885 1,659,157 114,117 1,940,425 2,054,542 1,754,122 186,900 102,129 (107,557) (1,721,328) (1,828,885) (114,117) (1,940,425) (2,054,542) 88,015 1,916,667 2,004,682 88,015 2,004,682 2,092,697 330 330 330 53,228 98,034 1,916,667 2,067,929 1,909,304 129,802 98,020 2,004,682 2,232,504 1,996,058 2016 121

2016 12 31 30. 2016 12 31 13 15 2016 12 31 2015 12 31 2016 2015 1 1 7 1 2016 2015 2016 2015 22,001 24,100/18,320 21,914 26,282/20,557 10,177 11,725/9,083 12,665 13,755/9,291 3,104 3,734/2,656 3,539 4,124/2,927 2015 5% 20155% 18,481,000 201519,629,000 4,164,000 20153,460,000 122 2016

2016 12 31 31. 20162015 12 31 13 1 21 3 2016 1 2 3 83,288 83,288 233,477 233,477 340,875 340,875 2,186 2,186 26,568 26,568 27,088 27,088 5,851 5,851 186,900 186,900 330 330 2016 123

2016 12 31 31. 2015 1 2 3 69,208 69,208 286,482 286,482 106,106 73,475 639 31,992 54,500 54,500 601 601 9,395 9,395 102,129 102,129 3 2016 1 1 2016 2015 7 1 2015 41,387 5,246 1 (i) (31,992) (4,607) 2 (639) 1 (i) 31,992 12 9,395 12 (9,405) 10 41,387 1,549 124 2016

2016 12 31 31. 3 (i) 2015 102015 31,992,000 32016 12 312016 3 1 2 (a) 2016 12 30 (b) 2015639,000 2 2 (c) 15 2016 125

2016 12 31 31. 2 (d) 2 (e) (i) (ii) 2 1 32. 2016 2015 126 2016

2016 12 31 32. 1,659,157,000 20151,754,122,000 705.8% 2015 430.3% 33. 2016 2015 20,509 13,893 32,873 4,572 53,382 18,465 2015 8 100,000,000112,994,000 100,000,000 112,994,000 3916 2016 127

2016 12 31 33. 2015 6 1,484,279,000 1,853,032,000 4.7% 1,872,659,0006.45% 1,500,000,000 1,872,659,000 1,500,000,000 1,872,659,000 1,500,000,000 3920 34. 90,000,000 201555,000,000 560,000,000 201565,500,000 2015 128 2016

2016 12 31 35. 2016 2015 (a) 602,866 1,073,038 350,486 82,861 68,754 685,727 1,492,278 111,170 233,477 231,771 447,082 5,851 601 398,463 207,913 783 423,328 122,515 1,404,060 778,894 186,900 102,129 11,057 11,066 197,957 113,195 1,206,103 665,699 1,891,830 2,157,977 1,656,761 1,750,326 235,069 407,651 244,121 244,121 (b) (9,052) 163,530 235,069 407,651 2017 3 24 2016 129

2016 12 31 35. (a) (b) ii i 2015 7 1 85,258 214,079 65,059 (79,684) 284,712 (28,737) (28,737) (29,863) (29,863) (62,582) (62,582) (92,445) (92,445) (92,445) (28,737) (121,182) 2015 (7,187) 214,079 65,059 (108,421) 163,530 2016 1 1 (7,187) 214,079 65,059 (108,421) 163,530 (167,500) (167,500) (5,082) (5,082) (5,082) (5,082) (5,082) (167,500) (172,582) 2016 (12,269) 214,079 65,059 (275,921) (9,052) 130 2016

2016 12 31 35. (b) (i) 1981 (i) (ii) (ii) 214,079,000 2015214,079,000 1981 (iii) 2015 36. 10,000 1 10,000 100% 100% 34,000,000 6,000,000 2015 12 3130,000,000 6,000,000 100% 100% 2016 131

2016 12 31 36. 45,000,000 100% 100% 1,00010,000 100% 100% 20,000,000 10,000,000 100% 100% 775,000,000 25,000,000 100% 100% 29,000,000 2015 24,000,000 100% 100% 1 100% 100% 1,000,000 100% 100% 300,000 100% 100% 10,000 100% 100% TOP Commodity Capital Management Limited TOPCCM 150,000 100% 100% 5,000,000 100% 100% 6,000,000 100% 100% 132 2016

2016 12 31 36. Southwest Value Fund SWVF # 10 0.01 30,000 0.01 A 100% 100% Southwest Value Master FundSWVMF # 10 0.01 29,700 0.01 A 100% 100% 100,000,000,0001 0.01 # SWVF SWVMF2016 3 23 37. 2015 7 12015 12 312015 12 31 2016 1 12016 2016 133

2016 1 1 2016 2015 7 1 2015 2014 7 1 2015 6 30 2013 7 1 2014 6 30 2012 7 1 2013 6 30 92,038 16,024 56,245 69,912 55,175 (167,186) 18,305 12,941 (17,646) (32,470) 263 (4,680) (1,650) (93) (166,923) 13,625 11,291 (17,739) (32,470) (166,923) 13,625 11,291 (17,739) (32,470) 2016 2015 2015 6 30 2014 6 30 2013 6 30 104,222 433,326 140,010 113,097 96,358 2,040,151 1,975,709 2,328,413 286,689 157,887 2,144,373 2,409,035 2,468,423 399,786 254,245 (250,147) (247,262) (85,284) (236,770) (92,481) (1,659,157) (1,754,122) (1,854,306) (1,909,304) (2,001,384) (1,939,590) (236,770) (92,481) 235,069 407,651 528,833 163,016 161,764 8.16 7.99 27.30 1.21 1.71 706% 430% 351% 115% 45% 134 2016

Southwest Securities International Securities Limited