Tao Heung Holdings Limited * 2 0 1 2

2 3 5 8 15 18 24 32 34 35 36 38 40 42 43 107 108

002 Cricket Square, Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 18 Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House, 24 Shedden Road, George Town, Grand Cayman KY1-1110, Cayman Islands FCCA, FCPA 183 17 1712 16 (UBS AG) 573 www.taoheung.com.hk

003 % 4,055,809 3,576,099 13.4% 299,199 254,956 17.4% 15.6% 15.6% 1 7.4% 7.1% 4.2% 29.32 25.08 16.9% 29.24 24.98 17.1% 6.20 6.20 6.80 6.60 3.0% % 2,319,447 1,950,855 18.9% 1,577,115 1,395,732 13.0% 421,144 311,445 35.2% 2 346,659 289,577 19.7% 3 1.0 1.2 (16.7%) 4 0.8 1.0 (20.0%) 5 4.8% 1.6% 200.0% 6 154.38 137.20 12.5% 7 33.93 28.47 19.2% 1. 2. 3. 4. 5. 6. 1,021,611,0001,017,293,000 7. 1,021,611,0001,017,293,000

004 6.20 6.80

005 6.8 6.213.0 44.3%

006 10.3%

007 (VTC) 43,000,000 VTCVTC VTC

009 19 14 13.4%4,056,000,000 528,000,000 16.3% 614,000,000 299,000,000 17.3%255,000,000

010 2,990,000,00010.3% 24.1% 423,000,000 14.6% 5.6% 234,000,00030.7%179,000,000 20%100%

011 1,066,000,00023.2% 2.3% 191,000,000 65,000,000 76,000,000 112,000,000

012 1,000 1,100 1,000 1,100 12.6% 224,000,000 80,000,000 14.3% 2,319,000,000 1,951,000,000 1,577,000,000 1,396,000,000 421,000,000 74,000,000 347,000,000 4.8% 1.6% 450,000,000 88,000,000

013 28,000,000 26,000,000 9,312 4,530,000 4,318,000 12,000,000 20,000,000 11,000,000

014 12%60% 200

015 53 30 55 20 58 30 42 50 DEC University of Warwick 51 25

016 55 University of Wolverhampton 30 61 25 58 30 59 30

017 50 Queen s University Redgate Media Group Redgate Media Group 57 Chabot College 47 20 38 10 Curtin University of Technology 44 Monash University 16

018 1517

019 3.13 3.13 A.2.1

020 4 2 1 1 4/4 4/4 4/4 4/4 4/4 4/4 4/4 1/1 4/4 2/2 1/1 4/4 2/2 1/1 4/4 1/2 1/1 4/4 2/2 1/1 3/4 1/1 97.9% 87.5% 100.0% 100.0%

021 1. 2. 3.

022 B.1.5 1,000,000 3 8 9 3233 3233 2,700 3,100 217 117 2,917 3,217

023 www.taoheung.com.hk www.taoheung.com.hk

024 18 34106 6.20 63,340,000 6.80 69,470,000 12 (i) 18317 (ii) 183 17 (i) (ii)

025 108 14 16 107 32 33 (a) 15,190,000 50%350,000 4,318,000 1.59

026 320,000 (320,000) 560,000 (560,000) 8,318,000 (3,438,000) (350,000) 4,530,000 9,198,000 (4,318,000) (350,000) 4,530,000 (b) (i) (ii)(iii) 34(b) 22 836,462,00069,470,000 762,747,000

027 683,251 30% 35.0% 15.3% 5% 87(1) 3.13

028 1517 3% 8 31

029 XV 352 (a), (d) 12,174,222 378,355,689 390,529,911 38.23 (b) 5,522,679 103,283,124 108,805,803 10.65 (c) 56,795,068 56,795,068 5.56 800,000 800,000 0.08 800,000 800,000 0.08 2,000,000 2,000,000 0.20 180,000 180,000 0.02 (a) (b) (c) (d) 378,355,689 Billion Era International Limited 5,522,679103,283,124 Joy Mount Investments Limited Whole Gain Holdings Limited 12,174,222 XV

030 336 5% Billion Era International Limited (a) 378,355,689 37.04 Joy Mount Investments Limited (b) 103,283,124 10.11 Perfect Plan International Limited (c) 102,053,976 9.99 Value Partners Limited (d) 71,462,000 6.99 Whole Gain Holdings Limited (e) 56,795,068 5.56 (a) (b) (c) (d) (e) Billion Era International Limited Joy Mount Investments Limited Perfect Plan International Limited Value Partners Limited Whole Gain Holdings Limited XV 33

031 4,000 14A.3 25%

032 34106

033 1 22

034 5 4,055,809 3,576,099 (3,424,213) (3,016,631) 631,596 559,468 5 26,949 33,395 (85,174) (92,781) (190,850) (169,088) (708) (8,682) 6 (604) (461) (1) 7 381,208 321,851 10 (77,220) (63,094) 303,988 258,757 11 299,199 254,956 4,789 3,801 303,988 258,757 13 29.32 25.08 13 29.24 24.98 12

035 303,988 258,757 13,495 21,191 317,483 279,948 11 312,203 275,795 5,280 4,153 317,483 279,948

036 14 1,277,595 1,031,228 15 63,330 19,354 16 12,390 8,540 17 38,569 38,239 19 8,587 3,316 20 2,087 2,803 21 66,621 62,934 101,043 94,278 16,756 38,148 1,648 1,586,978 1,300,488 22 173,459 134,833 20 18,305 9,269 23 27,323 25,720 24 79,190 82,306 996 3,823 25 12,052 11,914 26 71,057 25 421,144 311,445 732,469 650,367 27 244,471 179,271 28 355,999 299,171 29 74,485 21,868 30 313 323 31 60 41,769 26,764 717,037 527,457 15,432 122,910 1,602,410 1,423,398

037 30 474 621 31 11,623 11,391 21 13,198 15,654 25,295 27,666 1,577,115 1,395,732 32 102,161 101,729 34(a) 1,386,453 1,209,633 12 69,470 67,141 1,558,084 1,378,503 19,031 17,229 1,577,115 1,395,732

038 34(a) 34(a) 101,614 316,526 110,748 21,136 19,206 9 38,363 556,729 64,017 1,228,348 2,898 1,231,246 254,956 254,956 3,801 258,757 20,839 20,839 352 21,191 20,839 254,956 275,795 4,153 279,948 32 115 3,945 (2,228) 1,832 1,832 33 1,019 1,019 1,019 33 (277) 277 35 12,394 12,394 36 (1,358) (1,358) (176) (1,534) (2,040) (2,040) 12 (49) (64,017) (64,066) (64,066) 12 (63,067) (63,067) (63,067) 12 (67,141) 67,141 101,729 320,471* 110,748* 19,778* 17,720* 9* 59,202* 681,705* 67,141 1,378,503 17,229 1,395,732

039 34(a) 34(a) 101,729 320,471 110,748 19,778 17,720 9 59,202 681,705 67,141 1,378,503 17,229 1,395,732 299,199 299,199 4,789 303,988 13,004 13,004 491 13,495 13,004 299,199 312,203 5,280 317,483 32 432 14,749 (8,315) 6,866 6,866 33 (675) 675 36 (8,722) (8,722) (1,286) (10,008) (2,192) (2,192) 12 (285) (67,141) (67,426) (67,426) 12 (63,340) (63,340) (63,340) 12 (69,470) 69,470 102,161 335,220* 110,748* 11,056* 8,730* 9* 72,206* 848,484* 69,470 1,558,084 19,031 1,577,115 * 1,386,453,000 1,209,633,000

040 381,208 321,851 5 (1,865) (3,808) 5 (3,850) (920) 6 604 461 7 (269) (8,450) 7 708 7,842 7 (1,845) 840 7 1,049 363 7 233,951 206,920 7 1,019 1 609,692 526,118 (6,439) (18,067) (37,795) (67,884) (6,219) 3,069 (492) (337) 4,392 (14,115) 63,499 31,477 54,918 28,102 681,556 488,363 (586) (458) (41,643) (27,065) (23,865) (19,091) 615,462 441,749

041 (432,865) (284,100) (16,756) (38,148) (45,451) 35 (38,392) 36 (10,008) (5,272) 71,057 (71,057) 317 11,334 (138) 19,286 1,865 3,808 50,000 1,648 2,794 (435,603) (344,475) 32 6,866 1,832 74,000 52,000 (21,383) (41,405) (157) (172) (18) (3) (130,766) (127,133) (2,192) (2,040) (60) (886) (73,710) (117,807) 106,149 (20,533) 311,445 332,655 3,550 (677) 421,144 311,445 421,144 311,445

042 18 448,006 448,681 24 212 286 18 499,546 490,414 25 849 412 500,607 491,112 28 1,259 1,035 499,348 490,077 947,354 938,758 32 102,161 101,729 34(b) 775,723 769,888 12 69,470 67,141 947,354 938,758

043 1. 22 3 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands18 2.1

044 2.1 (i)(ii) (iii) (i) (ii)(iii) 2.2 1 7 12 1 7 12 12 12 21 16 12 12

045 2.3 1 1 2 7 7 2 9 4 10 2 11 2 12 2 10 11 10 11 12 2 12 10 12 10 12 27 3 27 13 2 1 1 1 19 2 27 2 28 2 32 32 3 2 20 2 1 2 3 4

046 2.4 20%

047 2.4 39 39

048 2.4 (a) (i) (ii) (iii) (b) (i) (ii) (iii)

049 2.4 (b) (iv) (v) (vi) (a) (vii) (a)(i) 2% 5% 10% 33 1 / 3% 20% 33 1 / 3% 20% 25%

050 2.4

051 2.4 39 (a)(b)

052 2.4

053 2.4 39

054 2.4

055 2.4

056 2.4 (a) (b) (c) (d) (e) (f) (g)

057 2.4

058 2.4

059 3. (a) (b) (c)

060 3.

061 3. 4. (a) 2,989,456 2,710,238 1,066,353 865,861 4,055,809 3,576,099 (b) 740,260 541,220 679,054 600,408 1,419,314 1,141,628

062 5. 3,832,044 3,377,255 143,819 128,658 79,946 70,186 4,055,809 3,576,099 1,865 3,808 1,845 3,850 920 269 8,450 896 903 495 466 9,639 9,780 4,670 5,505 3,420 3,563 26,949 33,395

063 6. 573 444 13 14 18 3 604 461 7. 1,355,177 1,207,231 * 14 233,951 206,920 * 15 1,049 363 5 (495) (466) *8 1,026,671 919,720 61,576 49,443 33 1,019 1,088,247 970,182 * 279,484 245,272 17,417 14,338 296,901 259,610

064 7. 3,514 3,574 20 (1,845) 840 (269) (8,450) 708 7,842 769 (4,271) * 3,424,213,000 3,016,631,000191,279,000 188,914,0001,049,000 363,0001,007,110,000 875,182,000290,637,000 251,539,000 8. 161 1,008 936 3,841 3,338 703 564 134 79 68 5,631 5,040 33

065 8. 168 34 9 211 614 115 14 743 567 96 14 677 1,178 207 14 1,399 577 115 14 706 737 136 14 887 3,841 703 79 4,623 168 168 168 168 336 336 168 168 168 168 168 168 168 168 672 672 1,008 3,841 703 79 5,631

066 8. 156 24 8 188 544 93 12 649 453 77 12 542 989 164 67 12 1,232 549 92 67 12 720 647 114 12 773 3,338 564 134 68 4,104 156 156 156 156 312 312 156 156 156 156 156 156 156 156 624 624 936 3,338 564 134 68 5,040

067 9. 8 2,035 1,897 366 309 80 41 36 2,442 2,322 1,000,000 3 3 33

068 10. 16.5%16.5% 47,553 40,127 (150) (36) 35,812 18,741 21 (5,995) 4,262 77,220 63,094 % % 381,208 321,851 62,899 16.5 53,105 16.5 7,056 10,993 5% 10% 6,419 345 453 (150) (36) (3,383) (6,061) 2,693 3,313 1,338 1,275 3 52 77,220 20.3 63,094 19.6

069 11. 7,529,000 140,700,000 6,712,000 136,923,000 12. 6.30 49 6.60 285 6.20 6.20 63,340 63,067 6.80 6.60 69,470 67,141 133,095 130,257 67,426,000285,000 13. 1,020,383,869 1,016,762,628

070 13. 299,199 254,956 1,020,383,869 1,016,762,628 2,742,352 3,852,226 1,023,126,221 1,020,614,854

071 14. 449,747 902,475 535,557 17,791 33,550 1,939,120 46,228 227,670 158,038 1,395 38,035 471,366 48,659 6,106 (54,765) (46) (739) (785) (12,580) (2,718) (630) (15,928) 3,081 7,936 5,116 105 65 16,303 499,056 1,174,160 702,053 17,922 16,885 2,410,076 109,163 494,369 292,759 11,601 907,892 10,340 128,922 92,262 2,427 233,951 (21) (716) (737) (12,496) (2,208) (516) (15,220) 463 3,690 2,383 59 6,595 119,966 614,485 385,175 12,855 1,132,481 379,090 559,675 316,878 5,067 16,885 1,277,595 314,995 670,838 385,337 14,452 190,044 1,575,666 1,204 150,745 107,316 3,830 35,579 298,674 35 28,211 35,342 8,551 474 1,654 74,232 99,000 62,616 32,187 (193,803) (138) (1,005) (1,143) (297) (31,391) (6,016) (155) (37,859) 6,634 14,325 8,320 195 76 29,550 449,747 902,475 535,557 17,791 33,550 1,939,120 98,257 392,085 220,890 10,417 721,649 10,132 120,789 73,757 2,242 206,920 (138) (1,005) (1,143) (24,393) (5,469) (155) (30,017) 774 5,888 3,719 102 10,483 109,163 494,369 292,759 11,601 907,892 340,584 408,106 242,798 6,190 33,550 1,031,228

072 14. 81,044,000 82,589,000 26,429 26,461 54,615 56,128 81,044 82,589 642,000 947,000 20,006,000 56,323,000 29 15. 19,723 19,208 45,451 (1,049) (363) 395 878 64,520 19,723 24 (1,190) (369) 63,330 19,354

073 16. 8,540 7,620 3,850 920 12,390 8,540 9,900 6,600 2,490 1,940 12,390 8,540 12,390,00039(a) 10,590,000 7,340,000 29 17. 38,239 22,020 35 15,504 330 715 38,569 38,239

074 17. 16,766 16,766 5,193 5,193 61 61 16,549 16,219 38,569 38,239 8.5%5%2%2%

075 18. 428,382 428,382 19,624 20,299 448,006 448,681 499,546,000 490,414,000 1 100% 100% 2 100% 100% 2 100% 100% 2 100% 100% 2 100% 100%

076 18. 2 100% 100% 2 100% 100% 2 100% 100% 2 100% 100% 2 100% 100% 2 100% 100% 2 100% 100% 2 100% 100% 10,000 100% 100% 500,000 100% 100%

077 18. 2 100% 100% 38,000 100% 100% 1,000,000 100% 100% 40,000 100% 100% 2 100% 100% 2 100% 100% 10,000 100% 100% 2 100% 100% 2 100% 100% * @ 242,100,000 100% 100%

078 18. * @ 32,000,000 100% 100% 28,000 100% 100% 291,000 100% 100% 291,000 100% 100% 250,000 100% 100% 48,000 100% 100% 71,000 100% 100% 67,500 100% 100% (a) 1,000,000 100% 80% 100% 100% (c) 10,000

079 18. 2 100% 100% 2 100% 100% 2 100% 100% 2 100% 100% ** @ 7,000,000 100% 100% * @ 3,000,000 100% 100% 8,250,000 100% 100% * @ 8,250,000 100% 100% * @ 2 100% 100% 2 100% 100% * @ 30,264,000 100% 100%

080 18. * @ 36,000,000 100% 100% 1 100% 100% (a) 10,000 100% 80% (a) 300,000 100% 80% (a) 10,000 100% 80% * @ 18,000,000 100% 100% 70% 70% ** @ (b) 3,000,000 ** @ 70% 70% (b) 500,000 ** @ 70% 70% (b) 4,000,000 * @ 18,000,000 100%

081 18. * @ 18,000,000 100% * @ 18,000,000 100% * @ 12,400,000 100% @ * ** (a) 36(a) 36(b) (b) 70%35 (c) 20% 36(c)

082 19. 1,283 1,284 122 122 1,405 1,406 7,334 2,062 (152) (152) 8,587 3,316 1 39% 39% 1 39% 39% Baker Limited @ 1 40% 40% 2,000 Baker Limited 20%Baker Limited 60% @

083 19. 25,206 16,191 (22,026) (13,074) (28) (105) 20. 35 603 1,855 3,974 3,038 5,383 14,853 459 55,218 55,677 5,259 7,560 28,919 4,660 10,483 56,881 (147) (305) (70) (736) (1,258) (162) (3,704) (85,106) (478) (16,540) (105,990) (4,474) 4,465 9 (4,556) 4,556 (8,379) (8,379) (199) (641) (840) 28 85 362 139 514 1,128 1,566 1,577 3,107 2,803 3,019 12,072 988 93 117,610 6,861 125,552 5,549 6,084 26,574 5,287 11,295 54,789 (222) (286) (417) (642) (1,567) (766) (3,015) (143,215) (748) (16,833) (164,577) (3,839) 3,867 (28) (5,312) 5,312 (258) (7,720) (7,978) 1,997 (152) 1,845 32 33 74 57 60 256 3,050 633 5,702 2,087 8,920 20,392

084 20. 59,871 42,044 18,748 22,412 182,180 187,466 1,013 1,210 8,440 4,044 270,252 257,176 18,305 9,269 2,087 2,803 20,392 12,072

085 21. 33,790 29,917 63,707 10 4,400 (5,355) (955) 280 450 730 38,470 25,012 63,482 10 4,472 9,109 13,581 130 111 241 43,072 34,232 77,304 70 9,531 9,601 10 3,307 3,307 35 3,110 3,110 184 184 70 16,132 16,202 10 (70) 1,237 6,419 7,586 93 93 17,462 6,419 23,881

086 21. 66,621 62,934 (13,198) (15,654) 53,423 47,280 68,413,000 60,304,000 10% 5% 10% 6,419,000 15,250,000

087 22. 163,101 122,505 4,910 4,430 5,448 7,898 173,459 134,833 23. 12,580 13,778 6,285 7,525 5,117 3,682 3,341 735 27,323 25,720

088 24. 33,079 34,629 212 286 15 1,190 369 44,921 47,308 79,190 82,306 212 286 25. 421,144 311,445 849 412 12,052 11,914 433,196 323,359 849 412 (12,052) (11,914) 421,144 311,445 849 412 250,698,000 127,864,000

089 26. 71,057,000 27. 195,266 162,295 28,828 8,927 7,030 3,099 13,347 4,950 244,471 179,271 28. 70,510 71,242 424 295 282,906 224,591 835 740 2,583 3,338 355,999 299,171 1,259 1,035

090 29. (%) (%) 0.77 60,000 0.35 21,382 2.68 14,485 3.82 486 74,485 21,868 5 74,485,000 21,868,000 424,000 486,000 74,061 21,382 62 61 198 193 164 232 74,485 21,868 (a) (i) (ii) (iii) 20,006,000 56,323,000 10,590,000 7,340,000 12,052,000 11,914,000

091 30. 327 341 313 323 240 239 230 225 251 412 244 396 818 992 787 944 (31) (48) 787 944 (313) (323) 474 621 3.0% 5.4%3.0% 5.4% 31. 60,000

092 32. 23,400,000,00023,400,000,000 0.10 2,340,000 2,340,000 1,021,611,0001,017,293,000 0.10 102,161 101,729 1,016,141,000 101,614 316,526 418,140 a 1,152,000 115 3,945 4,060 1,017,293,000 101,729 320,471 422,200 b 4,318,000 432 14,749 15,181 1,021,611,000 102,161 335,220 437,381 (a) (b) 1,152,000 1.59 33 1,152,0000.1 1,832,000115,0001,717,000 2,228,000 4,318,000 1.59 33 4,318,0000.1 6,866,000432,0006,434,000 8,315,000

093 33. (i) (ii) (iii) 10% 1% 0.1% 5,000,000 1

094 33. 50% 1.59 30 30 40 (i) (ii)(iii) 1.59 9,198 1.59 10,500 1.59 (4,318) 1.59 (1,152) 1.59 (350) 1.59 (150) 1.59 4,530 1.59 9,198 4.12 2.80

095 33. 9,198 1.59 10,500 1.59 11,090 1.59 13,110 1.59 675,000 1,019,000 277,000 29,310,0001.93 4,530,0009,198,000 0.44% 4,530,0009,198,000 453,000 920,0006,750,000 13,705,000 34. (a) 38 39 110,748,000 (i)(ii)

096 34. (b) (i) 316,526 19,206 9 427,527 4,207 767,475 11 130,211 130,211 32 3,945 (2,228) 1,717 33 1,019 1,019 33 (277) (277) 12 (49) (49) 12 (63,067) (63,067) 12 (67,141) (67,141) 320,471 17,720 9 427,527 4,161 769,888 11 133,171 133,171 32 14,749 (8,315) 6,434 33 (675) (675) 12 (285) (285) 12 (63,340) (63,340) 12 (69,470) (69,470) 335,220 8,730 9 427,527 4,237 775,723 (i)

097 35. 38,000,000 44,422,000 70%(i) (ii) (iii) 14 74,232 20 14,853 4,199 9,282 6,376 6,030 (9,066) (61,457) (27) 21 (3,110) (12,394) 28,918 17 15,504 44,422 (44,422) 6,030 (38,392) (1,408) (39,800) 70,186,000 6,131,000

098 36. (a) 20% 6,308,000 386,000386,000 5,922,000 (b) 20% 3,700,000 900,000900,000 2,800,000 (c) 20% 1,534,000 176,000176,000 1,358,000 37. 353,000 1,489,000 719,000 38. 28,039 26,249 220,800 236,100 74,000,000 21,324,000

099 39. (a) 16 6 6 (b) 227,589 238,326 458,835 393,876 270,563 184,269 956,987 816,471

100 40. 39(b) 12,485 76,423 74,993 87,478 76,423 41. 48 48 4,000 4,000 14A

101 42. 19 7,334 2,062 101,043 94,278 1,648 27,323 25,720 24 44,921 47,308 12,052 11,914 71,057 421,144 311,445 613,817 565,432 244,471 179,271 340,635 283,405 74,485 21,868 787 944 11,623 11,451 672,001 496,939

102 42. 499,546 490,414 849 412 500,395 490,826 1,259 1,035 43.

103 44. 50 372,000 109,000

104 44. 244,471 244,471 340,635 340,635 74,698 74,698 327 491 818 11,623 11,623 74,698 585,433 12,114 672,245 179,271 179,271 294,099 294,099 21,896 21,896 341 651 992 60 11,391 11,451 21,956 473,711 12,042 507,709

105 44. 1,259 1,035 74,485,000 21,868,000 12 74,239 290 169 74,698 21,410 290 242 21,942

106 44. 75,272 22,812 1,558,084 1,378,503 4.8% 1.6% 45.

107 28 64 108 11 A 338 1 107 109 110 120 121 122 123 125 126 127

108 4,055,809 3,576,099 2,937,226 2,610,410 2,444,316 (3,424,213) (3,016,631) (2,491,576) (2,208,749) (2,076,033) 631,596 559,468 445,650 401,661 368,283 26,949 33,395 18,602 13,605 12,142 (85,174) (92,781) (67,557) (49,565) (43,413) (190,850) (169,088) (117,957) (107,377) (103,629) (708) (8,682) (914) (1,096) (1,998) (604) (461) (495) (914) (2,406) (1) 175 189 381,208 321,851 277,329 256,489 229,168 (77,220) (63,094) (55,590) (46,136) (37,308) 303,988 258,757 221,739 210,353 191,860 299,199 254,956 219,386 208,530 189,129 4,789 3,801 2,353 1,823 2,731 303,988 258,757 221,739 210,353 191,860 2,319,447 1,950,855 1,626,456 1,445,896 1,358,785 (742,332) (555,123) (395,210) (317,775) (326,667) (19,031) (17,229) (2,898) (1,671) (2,311) 1,558,084 1,378,503 1,228,348 1,126,450 1,029,807