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3.3 19.9 51.2 34.4 2.3 13.1 15.4 6.6 1,464,662 2,002,264 3,897,427 2009 12 31

2 4 5 9 34 39 48 54 56 61 72 77 86 88 91 94 104 106 114 134 142 143 234 237 240

獎項及榮譽 1 3 4 2 11 9 10 16 18 17 19 全國企業環保成就獎 2008 2009 8 香港環境保護協會 4 1 2009 年全年最佳智能建築物香港建築環境評估法 5 2008 年十大樓盤頒獎典禮香港測量師學會 2008 年度最佳市場推廣大獎比華利山別墅 2008 年度十大市場推廣大獎比華利山別墅 2008 年度十大樓書大獎比華利山別墅 2008 年度五大會所設施大獎比華利山別墅 2008 年度最佳環境運作大獎豫豐花園恒基兆業地產有限公司二零零九年年報環境保護署友邦廣場及宏利金融中心冠威全球華商 1000 排行榜 10 6 2008 年度香港傑出企業巡禮經濟一週 2008 年香港傑出企業藍籌 7 2008 / 09 商界展關懷香港社會服務聯會恒基地產香港中華煤氣香港小輪美麗華恒益偉邦及冠威香港環保卓越計劃環境保護運動委員會環境保護署及其他九個專業團體商會卓越級別減廢標誌 - 荃灣城市中心一期金龍中心安泰金融中心新都城中心二期商場九龍行新港城一至五期商場屯門時代廣場冠威亞洲週刊 2009 年 20 大企業榮譽獎香港地區香港環保建築協會白金級別環球金融中心 - 北京 3 減碳約章 9 投資者關係雜誌 IR Magazine 投資者關係卓越証書亞洲智能建築學會環球金融中心 - 北京 2 投資者關係雜誌 IR Magazine 香港及台灣投資者關係大獎 2009 11 2008 香港建造商會安全獎香港建造商會 2008 年度安全建造金獎裕民恒達 2008 年度安全嘉許獎恒達 2008 年度積極推動安全獎裕民恒麗

5 6 7 8 12 13 14 15 20 21 22 23 12 2008 / 2009-539 13 2008-231 14 TVB2009 TVB 15 2009 2009 16 17 18 19 2008 / 09 19 ASTRID MerComm, Inc. - ASTRID - 2008 2008 2008 2008 Q Q 20 21 The Asset Triple A Asian Awards 2008-10 2009 22 2009 The Mira Hong Kong - 23 2009-3

2009 12 31 1,20 2,680 31.36% 67.94% 39.88% 44.21% 45.61%* 2009 12 31 * 2009 12 31

1 8,700 11,163-22% 2 3,739,38-1% 3 4,540 2,728 +66% 6,088,708 +7% 14,320 1,73-7% 2.84 2.78 +2% 6.67 7. -12% 1.30 1.10 +18% 62.01 6. +10% 6 66.08 60.0 +10% 19.2% 16.% + 2.7 7 9.4 8. 8 10.4 10.0 19.8 18. 32.8 3.0 146.2 11.7 5.2 3.1 151.4 118.8 1 2 3 6.07 3.9 7 8

39 66

103 56.45 10% 66.08 60.04 10% 1.2% 7% 2.84 2.78 7% 6.67 7.54 62.01 10

42,348,748 (i) (ii) 11

24 24 25 24 24 % 1. 500 35,62 320,65 100.00 320,65 2. 23 82,376 1,165,240 0.10 37,400 3. 33 4. 8 5. 18 6. 3 7. 11,12,12A,12B 8. 52. 712,600 84,00 100.00 84,00 45,77 228,860 100.00 228,860 5,175 358,048 100.00 358,048 56,748 22,255 60.00 137,553 43,42 32,61 44.42 14,48 11,375 125,114 100.00 125,114 18,051 216,53 100.00 216,53 1,882,806 82,376 1,165,240 12

850 % 1. 28 2. 1 3. 38 283,200 226,561 100.00 32 103,22 228,154 182,545 100.00 46 137,52 131,321 1,410,62 6.4 11 13,014 4. 38 130,523 1,10,424 : 56.11 : 3.88 11 14,6 5. 23 82,376 1,165,240 0.10 6 315,448 6. 500 7. 33 8. 8 35,62 320,65 100.00 37 37,25,600 84,00 100.00 33 27,70 45,77 228,860 100.00 106 1,086. 3 56,748 22,255 60.00 24 84,131 396 825,301 750,056 13

% 1. 23 82,376 1,165,240 0.10 161 43,744 2. 78,781 78,781 100.00 60 78,781 3. 76 42,884 34,308 100.00 16 34,308 4. 18 5. 11,12,12A,12B 6. 600 5,175 358,048 100.00 157 358,048 43,42 32,61 44.42 4 32,61 3,642 32,772 100.00 62 27,311 460 970,811 909,146 856 1,796,112 1,659,202 82,376 1,165,240 30 17 14

56.75% 116 536 7.03% 116 524 7.03% 1. 2,700,000 6,000,000 2. 400,000 1,500,000 3. 3,000,000 6,000,000 4. 2,000,000 1,500,000 8,100,000 15,000,000 15

1. 450-456G 2. 30-38 36 2,875 268,482 7,310 61,103 3. 1 7A 7,423 61,280 4. 62-76 7,53 65,852 5. 57-6 2-20 18A-30 6. 11-33 7. 186-188 8. 45-4 18-15. 162-168 50-64 23,031 207,27 1,600 166,600 8,234 70,242 5,880 52,1 11,700 105,300 10. 184-18 8,458 71,367 11. 75-81 3,582 32,238 133,046 1,162,662 16

7.13% % 1. 1-21 14,298 214,470 50.00 107,235 2. 45-47 9,067 93,733 19.095 17,898 3. 66 6,670 60,030 100.00 60,030 4. 25 13,467 24,241 100.00 24,241 5. 2 23,653 11,826 100.00 11,826 6. 8 21,528 258,336 100.00 258,336 7. 24 11,590 173,849 100.00 173,849 8. 5-61 88-2 24,854 298,248 100.00 298,248 9. 14-30 52,690 224,828 100.00 224,828 10. 892,330 4,461,651 18.44 822,537 1,070,147 5,821,212 1,999,028 17

2,600,000 2010 : 2010: 1,019,000 15,000,000 3,619,000 15,000,000 1,160,000 2010 : 3,000,000 4,160,000 2,000,000-2,000,000 5,760,000 19,019,000 24,779,000 7% 25%33% 42% 67% 66% 18

74% Institutional Investors Caprice Citistore Citistore id:c 19

LEED BEAM 18075,000 16,000 271 20

* 2.3 15.4 17.7 18.0 13.1 3.3 6.6 1.6 2.4 17.2 17.0 14.4 19.9 5.3 9.7 128.5 146.2 * 22

82% 130-2 155 147 688 120.0 82% 8.0 6% 13.5 9% 4.7 3% 146.2 100% 23

81% 10% 84% 24

23% 70% 70% 60% 1.1%6.1% 21,86 1,68,72326,63 25

45.61% 1083 31% 10,617,000 26

% 8% 15.8% 26,000 HKCG (Finance) Limited A1 A+ HKCG (Finance) Limited 3.0% 5.00% 27

56.40% 5% 66% 52 56 204 214 17% 22% 2.8%11% 28

The Mira Hong Kong 20017 : 87% 8% 8% The Mira Hong Kong "The Mira" 40% The Mira The Mira The Mira 29

The French Window 20% 140% 1.2% 16.5% 76 50% 5.5% 30

31 1.21 1.1 23.1 40%

1 2 3 4 3 5 450-456G 6 30-38 36 7 1 7A 8 62-76 9 57-69 2-20 18A-30 10 11-33 11 186-188 12 45-49189-195 13 162-16850-64 14 184-198 15 75-81 16 19-21 17 45-47 18 66 19 25 20 29 21 8 22 24 23 59-61 88-92 24 14-30 25 34

業務檢討香港業務土地儲備 1 上水 2 落馬洲 4 粉嶺大埔元朗新界西貢馬鞍山沙田荃灣 23 19 青衣 14 11 12 15 18 10 13 9 九龍 21 愉景灣 25 6 5 將軍澳 24 17 7 20 鰂魚涌香港島 22 16 8 現有鐵路幹線港鐵東涌纜車輕鐵三號幹線過海隧道籌劃中鐵路北港島線興建中鐵路北環線西港島線廣深港高速鐵路沙中線南港島線東段及西段恒基兆業地產有限公司二零零九年年報 35

56.75% 116 5369 79.03% 116524 79.03% 1. 2,700,000 6,000,000 2. 400,000 1,500,000 3. 3,000,000 6,000,000 4. 2,000,000 1,500,000 8,100,000 15,000,000 36

1. 450-456G 2. 30-38 36 29,875 268,482 7,310 61,103 3. 1 7A 7,423 61,280 4. 62-76 7,953 65,852 5. 57-69 2-20 18A-30 23,031 207,279 6. 11-33 19,600 166,600 7. 186-188 8,234 70,242 8. 45-49 189-195 9. 162-168 50-64 5,880 52,919 11,700 105,300 10. 184-198 8,458 71,367 11. 75-81 3,582 32,238 133,046 1,162,662 7.13% 37

% 1. 19-21 14,298 214,470 50.00 107,235 2. 45-47 9,067 93,733 19.095 17,898 3. 66 6,670 60,030 100.00 60,030 4. 25 13,467 24,241 100.00 24,241 5. 29 23,653 11,826 100.00 11,826 6. 8 21,528 258,336 100.00 258,336 7. 24 11,590 173,849 100.00 173,849 8. 59-61 88-92 24,854 298,248 100.00 298,248 9. 14-30 52,690 224,828 100.00 224,828 10. 892,330 4,461,651 18.44 822,537 1,070,147 5,821,212 1,999,028 2,600,000 2010 2010 1,019,000 15,000,000 3,619,000 15,000,000 1,160,000 2010 3,000,000 4,160,000 2,000,000-2,000,000 5,760,000 19,019,000 24,779,000 38

78 40

850 25 24 24 24 24 41

590-600 100.00% 3,642 32,772 62 76100% 42,884 34,308 16 16 59-61 88-92100% 24,854 298,248 388-390100% 4,409 66,102 42

24100% 11,590 173,849 210-216100% 11,439 114,390 56.75% 1,042,396 2,950,660 () 116536979.03% 371,778 1,301,223 1,301,223 43

1 590-600 2 76 3 59-61 88-92 4 388-390 5 24 6 210-216 7 8 1165369 9 28 10 1 11 38 12 38 13 23 14 500 15 33 16 8 17 39 18 23 19 20 18 21 11,12,12A,12B 44

業務檢討香港業務主要發展項目 16 上水落馬洲 2 粉嶺 9 10 13 18 大埔元朗 19 8 新界 7 西貢馬鞍山沙田荃灣 20 青衣 14 3 15 12 九龍 1 愉景灣將軍澳 17 6 4 香港島鰂魚涌 11 5 21 恒基兆業地產有限公司二零零九年年報 45

48 25%33% 42% 67% 97% 0 1 2 3 4 5 6 0.90 0.96 3.19 0.36 0.01 3.51 0.19 0.28 67% 97%

66% 74% / 49

36 2895 100.00 108,214 - - - 108,214 49 170-188 2050 100.00-21,842 134,450-156,292-308-320 98-116 2865 100.00-31,987 182,373-214,360-183 2047 94.56-21,123 463,412-484,535 242 1 2047 40.51-53,124 317,793-370,917 71 33 52,55,56 77 88 8 2047 40.51-206,151 448,975-655,126 189 8 2047 40.51 214,724 - - - 214,724 7 20 100.00 - - 13,742-13,742-108 2072 100.00-16,084 - - 16,084 64 39 2061 60.00 37,516 - - - 37,516 65 610 2047 33.33-33,511 64,422-97,933-555 2060 100.00-28,656 84,626-113,282-29 2047 100.00 - - - 150,212 150,212-16 17 9 2047 100.00 - - - 158,993 158,993 40 8 2047 100.00 - - - 175,447 175,447 20 579 579 2037 100.00-7,805 18,810-26,615-3 2054 100.00-25,979 - - 25,979 72 79 2023 100.00 - - - 172,117 172,117 76 223-231 2050 88.50-47,860 919,004-966,864 394 78 78 2047 100.00 - - - 119,995 119,995 17 52 2047 100.00 - - - 125,114 125,114-712 2047 100.00 - - 216,593-216,593 70 33 2026 100.00-15,624 - - 15,624-500 2055 100.00-53,443 - - 53,443-50

33 2047 100.00-151,513 - - 151,513 302 88 2047 60.00-94,657 - - 94,657 130 2047 100.00-195,280 - - 195,280 78 210 526 2047 40.00-9,566 - - 9,566 151 I 68 2047 74.96-138,555 156,981-295,536 100 II 145-165 2047 100.00-155,022 - - 155,022 127 88 2047 100.00-154,259 - - 154,259 104 2-16 2047 100.00-100,029 - - 100,029 545 21-27 2047 77.55-114,730 - - 114,730 103 A B 18 2047 100.00-9,305 - - 9,305 - C D 22 2047 50.00-5,118 - - 5,118 - N, P, Q R 8 2047 100.00-58,881 - - 58,881 196 18 2047 100.00-532,637 - - 532,637 831 628 2047 100.00-79,642 - - 79,642 234 1 2047 100.00-140,341 - - 140,341 51 1 2047 100.00-35,186 - - 35,186-23 2047 100.00-87,766 - - 87,766-8 2047 100.00-956,849 - - 956,849 669 8 2047 100.00-266,954 - - 266,954 232 20 2047 20.00-92,536 32,280-124,816 233 23 2047 90.10 98,011 - - - 98,011 51 8 2052 100.00-30,139 - - 30,139 308 458,465 3,972,154 3,053,461 901,878 8,385,958 5,821 2854 2856 51

業務檢討香港業務主要已建成收租物業主要已建成收租物業 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 惠苑金龍中心安泰金融中心友邦廣場國際金融中心一期國際金融中心二期四季匯皇后大道中九號聚賢居天匯荷李活中心九龍行宏基中心威達工貿商業中心巨昇中心彌敦道579號百利達廣場恒龍工商中心宏利金融中心鴻圖道78號匯昇中心國際商貿中心百匯軒星匯居粉嶺中心花都廣場時代廣場商場匡湖居 29 30 31 28 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 荃灣城市中心荃灣城市中心II 灣景廣場沙田中心沙田廣場新港城A及B座新港城C及D座新港城N, P, Q及R座新港城中心新港城廣場千色廣場新寶城商場牽晴間購物廣場新都城中心二期商場都會豪庭東薈城比華利山別墅一期及二期豫豐花園屯門 46 機場 44 現有鐵路幹線東涌港鐵東涌纜車輕鐵三號幹線過海隧道大嶼山興建中鐵路西港島線廣深港高速鐵路住宅酒店套房籌劃中鐵路 52 北港島線商業北環線寫字樓沙中線工貿南港島線東段及西段商業及寫字樓恒基兆業地產有限公司二零零九年年報 27

業務檢討香港業務主要已建成收租物業上水落馬洲粉嶺 25 41 26 45 大埔元朗 39 新界 29 荃灣 35 33 30 34 32 36 38 37 西貢馬鞍山沙田 28 31 18 青衣 22 24 23 12 13 11 14 九龍 21 16 20 17 愉景灣 3 2 9 1 7 10 15 40 19 42 43 將軍澳 4 6 8 鰂魚涌 5 香港島恒基兆業地產有限公司二零零九年年報 53

Institutional Investors Caprice Citistore Citistore id:c (LEED) (BEAM) 54

18075,000 16,000 271 2009 55

39 66 8 56

Miele 13 83 57

8 23 Royal Plus Royal Plus 40 58

Chouette 2009-59

10019

67.94% 70% 70% 23% 60% 61

39.88% 3 www.towngas.com 45.61% 1083 www.towngaschina.com 97% 3,400 99.99% 62

63 7.73 45% 44% 45% 15.8% 50% 73%

1.1%6.1% 219,896 1,698,72326,639 10,617,000 45.61% 1083 31% ( ) 64

HKCG (Finance) Limited A1 A+ HKCG (Finance) Limited 3.90% 5.00% ( ) 99% 98% 15.8% 26,000 56.40% 65

31.36% 50 www.hkf.com 8 83 8 51 66

95% 66% 52 56 204 214 17% 22% 2.8%11% 67

44.21% 71 www.miramar-group.com The Mira Hong Kong The Mira Conde Nast Traveller The French Window The Mira 80 70 68

The Mira The Mira The French Window 2009 12 The Mira Hong KongThe Mira 40% The Mira 87% The French Window 20% 140% 8% 8% 69

Michael Hammers 2009 LEED BEAM

84% 3.3 1 19.9 2 51.2 7 34.4 6 2.3 4 13.1 2 15.4 4 6.6 2 * 72

* ( ) 2.3 15.4 17.7 18.0 13.1 3.3 6.6 1.6 2.4 17.2 17.0 14.4 19.9 5.3 9.7 128.5 146.2 * 74

( ) 120.0 82% 8.0 6% 13.5 9% 4.7 3% 146.2 100% 81% 84% 75

100% 100% 99% - 81% 81% 77

78 100% - 30% 100% -

90.1% - 100% - 79

100% 130-2 - 100% 155-80

147100% 147 147-688100% 688 688-81

100% 100% - 82

100% - 50% 1A 58594% 1A 83

100% 100% 84

100% 100% 85

% 2044 100 0.14 1.99 2.13 2033 100 0.89 0.24 1.13 2043 100 0.69 0.69 2042 75 0.22 0.07 0.29 2040 100 0.70 0.23 0.93 1.95 2.68 0.54 5.17 100% 100% 25% 86

100% 90% 75% 100% 10% 87

7,700 43 1128 254-20092010 88

The Mira 2009 72 2009 89

2009 2009 / 2010 12 8 2009 91

- 60 / 900360 100 2 2007 70 75% 2009 20,172,248 12,000,00070 92

2009 100,000 2009 300 2009 / 2010 2009 93

8,673 9,173 3,171 2,737 4,178 2,625 2,621 1,741 400 317 (20) 1 441 272 335 194 248 186 32 39 406 257 64 42 884 662 394 343 15,230 13,492 6,597 5,097 14,320 15,473 6,088 5,708 94

1,738,000,00013%15,230,000,000 13,492,000,000 500,000,0005% 6,088,000,000 5,708,000,000380,000,0007% 2.842.78 8,673,000,000 9,173,000,000500,000,0005% 3,171,000,0002,737,000,000 434,000,00016% 3,739,000,0004,385,000,000 3,171,000,0002,737,000,000 280,000,000 1,185,000,000 288,000,000 463,000,000 95

25 3,280,000,000 24 24 1,912,000,000 973,000,000 2424 780,000,000 4,178,000,000 2,625,000,0001,553,000,00059% 97% 95% 223 60% 2,621,000,000 1,741,000,000880,000,00051% 6,522,000,0003,872,000,000 2,650,000,00068% 4,540,000,000 2,728,000,000 1,812,000,00066% 2,621,000,0001,741,000,000 653,000,000 346,000,0001,266,000,000 641,000,000 96

26%400,000,000 317,000,000 20,000,000 1,000,000 (i) 7,000,000(ii) 4,000,000(iii) 6,000,000 441,000,000 272,000,000169,000,00062% 141,000,00073%335,000,000 194,000,000 248,000,000 62,000,000 33% H1N1 32,000,000 7,000,00018% 97

406,000,000 257,000,000 149,000,00058% 64,000,000 42,000,000 22,000,00052% 884,000,000 662,000,000 222,000,00034% 51,000,00015%394,000,000 343,000,000 116,000,000 3,074,000,000 3,224,000,000 150,000,000 5% 467,000,000 1,015,000,000 2,607,000,0002,209,000,000 398,000,00018% 98

3,014,000,000 2,844,000,000170,000,0006% 482,000,000 833,000,000 2,532,000,0002,011,000,000 521,000,00026%(i) 218,000,000 892,000,000 707,000,000 (ii) 166,000,000 The Mira Hong Kong 54,000,000 209,000,000 123,000,000(iii)118,000,000 141,000,000 4,363,000,000 3,938,000,000425,000,00011% 3,000,000,000 2,976,000,000 1,363,000,000962,000,000 401,000,00042% (i) 518,000,000(ii) 36,000,000 128,000,000 99

1,341,000,000 576,000,000 1,912,000,0001,096,000,000 3.11%4.01% 7,156,000,0006,706,000,000 36,031,000,000 35,626,000,00099.9% 99.9% 4,869 3,307 5,646 9,093 19,502 19,914 6,014 3,312 36,031 35,626 (10,531) (15,675) 25,500 19,951 133,127 121,196 (%) 19.2% 16.5% 16.5% 19.2% 100

9,972 8,168 1,782 1,055 6 8 1,023,520,408 50,000,000325,000,000 50,000,000 5,500,000,000 (i) (ii) 5,500,000,000 5,500,000,000 101

70% 30% 70%122,000,000139,000,000 18,000,000 22,000,000 40,000,000 33,801,000,000 16,703,000,000 90,000,000124,000,000 102

7,7007,300 2,239,000,000 1,355,000,000 (i)235,000,000 148,000,000(ii) 2,004,000,000 1,207,000,000 103

10,853 13,549 9,818 15,473 14,320 4,413 5,268 5,883 5,708 6,088 5.98 7.47 5.19 7.54 6.67 2.43 2.90 3.11 2.78 2.84 1.00 1.05 1.10 1.10 1.30 46,436 56,868 52,831 59,313 69,320 14,701 16,963 20,536 33,993 35,569 13,396 16,026 11,168 13,891 16,711 19,090 21,036 29,383 37,624 41,541 11,843 13,035 8,750 19,951 25,500 65,638 77,964 92,219 121,196 133,127 18.0% 16.7% 9.5% 16.5% 19.2% 36.17 42.96 47.47 56.45 62.01 104

五年財務摘要每股資產淨值港幣淨借貸相對資產淨值 70 62.01 56.45 60 40 19.2% 18.0% 16.7% 18 16.5% 16 47.47 50 20 42.96 14 36.17 12 10 30 9.5% 8 6 20 4 10 2 0 0 2005註一 2006註一 2007註一 2008註一 2009註二集團銀行及其他借貸之償還期 2005註一 2006註一 2007註一 2008註一 2009註二每股基本盈利股息港幣 2.5 54% 1.0 2.78 2.84 1.30 1.00 1.5 1.10 2.0 1.10 16% 2.43 3.0 13% 1.05 17% 2.90 3.5 3.11 於二零零九年十二月三十一日 0.5 一年內兩年後及五年內一年後及兩年內五年後 0.0 2005 基本盈利 2006 2007 2008 2009註三股息註一於六月三十日二於十二月三十一日三截至二零零九年十二月三十一日止十八個月恒基兆業地產有限公司二零零九年年報 105

A) B) C) a) 106

b) 3.13 A.2.1 107

c) d) i) / ii) e) f) 108

D) a) 109

b) 161 16 110

c) 1 8/8 N/A 1/1 1 6/8 N/A N/A 8/8 N/A 1/1 1 7/8 N/A N/A 8/8 N/A N/A 8/8 N/A N/A 8/8 N/A N/A 8/8 N/A N/A 1 7/8 N/A N/A 8/8 N/A N/A 1 7/8 N/A N/A 8/8 N/A N/A 2 6/8 N/A N/A 8/8 5/5 N/A 7/8 N/A N/A 1 3/8 N/A N/A 8/8 5/5 1/1 8/8 5/5 1/1 8/8 5/5 1/1 1. 2. 111

E) F) 0.7 1.9 2.6 G) ) H) 112

I) http://www.hld.com 113

127(2) 114

24,800,000 15,400,000 115

161 16 116 116

352 XV 1 7,269,006 1,149,305,866 1,156,574,872 53.88 1 1,149,305,866 1,149,305,866 53.54 1 1,149,305,866 1,149,305,866 53.54 1 1,149,305,866 1,149,305,866 53.54 2 111,393 111,393 0.01 3 30,000 30,000 0.00 4 252,263 19,800 272,063 0.01 5 1,000,000 1,000,000 0.05 6 2,000 2,000 0.00 7 34,779,936 2,076,089,007 2,110,868,943 69.27 7 2,076,089,007 2,076,089,007 68.13 7 2,076,089,007 2,076,089,007 68.13 7 2,076,089,007 2,076,089,007 68.13 8 6,666 6,666 0.00 9 1,001,739 1,001,739 0.03 10 3,903,670 2,705,807,442 2,709,711,112 41.50 10 2,705,807,442 2,705,807,442 41.44 10 2,705,807,442 2,705,807,442 41.44 10 2,705,807,442 2,705,807,442 41.44 11 60,500 60,500 0.00 12 7,799,220 111,732,090 119,531,310 33.55 12 111,732,090 111,732,090 31.36 12 111,732,090 111,732,090 31.36 12 111,732,090 111,732,090 31.36 13 150,000 150,000 0.04 14 465,100 465,100 0.13 15 2,250 2,250 0.00 117

16 255,188,250 255,188,250 44.21 16 255,188,250 255,188,250 44.21 16 255,188,250 255,188,250 44.21 16 255,188,250 255,188,250 44.21 17 2,705,000 2,455,000 5,160,000 0.89 18 893,172,901 893,172,901 45.61 18 893,172,901 893,172,901 45.61 18 893,172,901 893,172,901 45.61 18 893,172,901 893,172,901 45.61 19 8,190 A 8,190 A 100.00 20 3,510 B 3,510 B 100.00 21 35,000,000 15,000,000 50,000,000 100.00 19 8,190 A 8,190 A 100.00 20 3,510 B 3,510 B 100.00 21 15,000,000 15,000,000 30.00 19 8,190 A 8,190 A 100.00 20 3,510 B 3,510 B 100.00 21 15,000,000 15,000,000 30.00 118

19 8,190 A 20 3,510 B 21 15,000,000 8,190 A 3,510 B 15,000,000 100.00 100.00 30.00 Best Homes 22 26,000 26,000 100.00 Limited 22 26,000 26,000 100.00 22 26,000 26,000 100.00 22 26,000 26,000 100.00 23 5,000 5,000 4.49 24 3,250 3,250 2.92 25 5,000 5,000 10,000 100.00 26 2,000 2,000 20.00 Furnline Limited 27 100 A 100 A 100.00 28 1 B 1 B 100.00 27 100 A 100 A 100.00 28 1 B 1 B 100.00 27 100 A 100 A 100.00 28 1 B 1 B 100.00 27 100 A 100 A 100.00 28 1 B 1 B 100.00 29 50 50 5.00 119

30 4,000 6,000 10,000 100.00 31 100 100 100.00 31 100 100 100.00 31 100 100 100.00 31 100 100 100.00 Perfect Bright Properties Inc. 32 100 A 100 A 100.00 33 1 B 1 B 100.00 32 100 A 100 A 100.00 33 1 B 1 B 100.00 32 100 A 100 A 100.00 33 1 B 1 B 100.00 32 100 A 100 A 100.00 33 1 B 1 B 100.00 Pettystar 34 3,240 3,240 80.00 Investment 34 3,240 3,240 80.00 Limited 34 3,240 3,240 80.00 34 3,240 3,240 80.00 HKCG (Finance) Limited 2018 6.25% Henson Finance Limited 2019 5.50% 35 500,000 500,000 36 500,000 500,000 120

336 Rimmer (Cayman) Limited1 1,149,305,866 53.54 Riddick (Cayman) Limited1 1,149,305,866 53.54 Hopkins (Cayman) Limited1 1,149,305,866 53.54 1 1,147,939,800 53.47 Yamina Investment Limited1 563,631,300 26.26 Believegood Limited1 247,239,300 11.52 South Base Limited1 247,239,300 11.52 Cameron Enterprise Inc.1 145,090,000 6.76 Third Avenue Management LLC 150,527,988 7.01 Third Avenue Management LLCThird Avenue Value Fund 37 103,328,000 5.32 1. 7,269,0061,149,305,866 (i) 570,743,800(ii) 7,962,100 (iii) 145,090,000 Cameron Enterprise Inc. 247,239,300South Base Limited Believegood Limited 61,302,000Jayasia Investments Limited Prosglass Investment Limited 55,000,000Mei Yu Ltd. Fancy Eye Limited55,000,000World Crest Ltd. Spreadral LimitedCameron Enterprise Inc. South Base Limited Jayasia Investments Limited Mei Yu Ltd. World Crest Ltd. Yamina Investment Limited Yamina Investment Limited (iv) 5,602,600 Superfun Enterprises Limited39.88% 53.47% (v) 1,366,066 Hopkins (Cayman) Limited ( Hopkins ) Rimmer (Cayman) Limited ( Rimmer ) Riddick (Cayman) Limited ( Riddick ) Hopkins Rimmer Riddick 121

2. 3. 4. 252,26319,80050% 5. 6. 7. 34,779,9362,076,089,007 (i) Kingslee S.A. Gainwise Investment Limited 802,854,200602,398,418363,328,900 217,250,00084,642,341 (ii) 5,615,1481 8. 9. 10. 3,903,6702,705,807,442 (i) Timpani Investments Limited Medley Investment Limited1,402,419,759585,912,251Chelco Investment Limited Macrostar Investment Limited615,295,494 Timpani Investments Limited Chelco Investment Limited Faxson Investment Limited Faxson Investment Limited (ii) 4,799,430 Yamina Investment Limited Boldwin Enterprises Limited (iii) 97,380,508 1 11. 12. 7,799,220111,732,090 (i) Pataca Enterprises Limited Graf Investment Limited Mount Sherpa Limited Paillard Investment Limited23,400,000 (ii) 41,532,090Max-mercan Investment Limited Wiselin Investment LimitedMax-mercan Investment Limited Camay Investment Limited Camay Investment Limited 100% 1 13. 14. 15. 16. Aynbury Investments Limited Higgins Holdings Limited Multiglade Holdings Limited Threadwell Limited 100,612,75079,121,50075,454,000 1 17. 2,705,0002,455,000 50% 122

18. Hong Kong & China Gas (China) Limited Planwise Properties Limited Superfun Enterprises Limited 10 19. Hopkins 20. Hopkins 21. 35,000,000 15,000,000 22. (i)10,400(ii)2,600 (iii)13,000manifest Investments LimitedWealth Sand LimitedManifest Investments Limited 74.16%Firban LimitedWealth Sand Limited 70% Perfect Bright Properties Inc. Furnline Limited Firban Limited 50% Jetwin International Limited Perfect Bright Properties Inc. Furnline LimitedAAAPerfect Bright Properties Inc. Furnline Limited Firban Limited Triton (Cayman) LimitedJetwin International Limited Triumph (Cayman) Limited Victory (Cayman) LimitedTriton (Cayman) Limited Triumph (Cayman) Limited Victory (Cayman) Limited 23. Gilbert Investment Inc. 24. 50% Fong Fun Investment Inc. Coningham Investment Inc. 25. (i) 5,000 Applecross Limited (ii) 5,000 Andcoe Limited 26. 27. Jetwin International Limited 28. 29. 30. (i) 4,000Applecross Limited (ii) 6,000 Andcoe Limited 31. (i) 80 (ii) 10 (iii) Perfect Bright Properties Inc. Furnline Limited5Jetwin International Limited Perfect Bright Properties Inc. Furnline LimitedAAA Perfect Bright Properties Inc. Furnline Limited 32. Jetwin International Limited 33. 34. (i) 3,038 (ii) 202 Perfect Bright Properties Inc. Furnline Limited50% Jetwin International Limited Perfect Bright Properties Inc. Furnline Limited AAAPerfect Bright Properties Inc. Furnline Limited 35. HKCG (Finance) Limited 36. Henson Finance Limited 37. Third Avenue Management LLC 150,527,988103,328,000 1,942,580,000 123

(i) (ii) (iii) 470 50% 40% 124

: Best Homes Limited Pettystar Investment Limited 2.5% 14A (i) Regent Star Investment Limited ( Regent Star ) 206 (a)446850,700(b) 107146,900 Regent Star 68% 32% Regent Star 125

(ii) 122,000,000 70% 30% 14A.43 67.94% (iii) Shau Kee Financial Enterprises Limited SKFE 30% (a) 3% (b) SKFEUplite Limited 0.4% 3% 126

(iv) 116 120 112 478,900 79.03% 20.97% 13,400,000 (v) 39 Carry Express Investment Limited ( Carry Express ) 15.0 10.0 5.0 22.5 15.0 7.5 45.0 45.0 22.5 180.0 120.0 60.0 128

Carry Express Carry ExpressCarry Express Carry Express 1% Carry Express Carry Express Carry Express 33 33 33 33 Carry Express Carry Express Carry Express (a) (b) (c) (d) (a) (b) (c) (d) 129

206 (i) Regent Star 227,500,000 (ii) 16,800,000 (a) 136,000,00068%(b) 17,000,000 8.10 130

30% 30% 4% 6%2% 5% 1,972,000 2,393,000 131

2,598,000 566,000 42,000 203,700 80,949,000 48,212,000 132

133

81 Rimmer (Cayman) Limited Riddick (Cayman) Limited Hopkins (Cayman) Limited Believegood Limited Cameron Enterprise Inc. 46 58 Rimmer (Cayman) Limited Riddick (Cayman) Limited Hopkins (Cayman) Limited Believegood Limited 134

38 Believegood Limited 61 63 Believegood Limited 63 135

83 Yamina Investment Limited Believegood Limited Cameron Enterprise Inc. South Base Limited 71 Rimmer (Cayman) Limited Riddick (Cayman) Limited Hopkins (Cayman) LimitedYamina Investment Limited Believegood Limited Cameron Enterprise Inc. South Base Limited 63 53Babson College 57 136

81 75 61 Tom 72 Rimmer (Cayman) Limited Riddick (Cayman) Limited Hopkins (Cayman) LimitedCameron Enterprise Inc. 47 137

60 1616 Tom 59 (Bell Labs) 59 138

52 56 49 56 52 409 50 139

49 62 52 Monash 47 140

142 143 144 146 148 151 226 232 233 141

143233 141 142

15,230 13,492 (7,264) (7,343) 7,966 6,149 368 326 56 297 (283) (197) (870) (886) (2,033) (1,249) 5,204 4,440 (a) 7,156 6,706 12,360 11,146 (a) (1,341) (576) 11,019 10,570 3,074 3,224 4,363 3,938 18,456 17,732 (a) (2,356) (1,410) 16,100 16,322 14,320 15,473 1,780 849 16,100 16,322 1,288 859 1,503 1,503 2,791 2,362 (a) 6.67 7.54 (b) 2.84 2.78 151233 143

69,320 59,313 508 749 976 1,006 100,822 97,000 35,569 33,993 420 297 16,711 13,891 126 126 516 268 1,919 2,164 (c) 156 129 125,675 111,513 101,368 97,423 5,894 4,840 41,541 37,624 7,365 5,072 27 55 46 154 10,525 15,675 1 1 65,371 63,365 28 56 196 65,567 63,365 28 56 5,359 4,589 49 28 4,858 3,307 713 879 10,930 8,775 49 28 39 10,969 8,775 49 28 54,598 54,590 (21) 28 180,273 166,103 101,347 97,451 144

24,157 29,007 6,994 3,312 2,210 1,872 557 309 (c) 8,845 7,441 42,763 41,941 137,510 124,162 101,347 97,451 4,294 4,294 4,294 4,294 128,833 116,902 97,053 93,157 133,127 121,196 101,347 97,451 4,383 2,966 137,510 124,162 101,347 97,451 151233 145

124,198 100,744 (a) (36) (38) 124,162 100,706 (a) (83) 2,096 71 (32) 64 256 (80) 6 250 2,048 (a) 146 1 73 (16) (39) (19) (14) 145 (13) 146

16,320 (a) 2 16,100 16,322 16,495 18,357 14,722 17,440 1,773 917 16,495 18,357 (2,791) (2,219) (276) (275) (33) (16,112) 10,125 470 (367) (47) (304) 408 13,373 13,781 (a) 137,510 124,162 151233 147

18,456 17,732 (319) (309) (49) (44) (69) (71) 3 (10) 34 27 56 203 3 (b) (48) (150) (37) (1) 73 (7,156) (6,706) 1,341 576 281 171 (3,074) (3,224) (4,363) (3,938) (5) (232) 5,124 4,027 (2,625) (388) 33 22 (1,157) (2,417) (6,181) (332) 206 (308) 38 (8) 108 (87) 1,477 129 174 51 (771) (590) (3,574) 99 148

51 51 (927) (379) (290) (213) (4,740) (442) (736) (994) (7) 787 1,229 (608) (53) 299 (763) (180) (13) (20) (64) 170 34 (a) 1 (3,656) (b) 18 440 (24) (760) 278 242 1,795 1,272 2,345 1,371 6 8 49 44 3,833 (1,323) 149

(47) (315) 20,040 13,031 (23,135) (2,244) 3,846 3,309 338 (661) (2,051) (1,095) (2,791) (2,219) (33) (2,331) (276) (275) (4,109) 7,200 (5,016) 5,435 15,583 9,427 (72) 721 10,495 15,583 151233 150

(a) 151

(a) 508 563 (541) (599) (22) (24) (11) (12) 61 38 (64) (40) 2008 2008 152

(b) (c) (g) (h) (j)(i) (aa) 153

(d) (aa) (n) (e) (aa) (f) (n) 154

(e) (aa) (n) (f) (n) (n) (g) (n) 155

(g) (x)(viii) (n) (h) (i) (i) (j) (i) (m) (x)(ii) (m)(i) (m) 156

(j) (i) (ii) z (n) (k) (n) (z) (k) (i) (ii) (iii) 157

158 (k) (iv) 5 2 10 (l) (n) 29 25 (m) (i) (j)(i)

(m) (ii) (j)(i) (o)(ii) (n) (i) (n)(ii) 159

(n) (i) (ii) (aa) 160

(n) (ii) (iii) (n)(i) (ii) 161

(o) (i) (ii) (iii) (iv) (z) (p) (x)(iv) 162

(q) (n) (n) (r) (s) (t) (u) (v) (w)(i) (i) (ii) 163

(v) (iii) (iv) 164

(w) (i) (ii) (i)(ii) (w)(ii) (x) (i) 165

(x) (ii) (iii) (iv) (v) (vi) (vii) (viii) 166

(y) (z) 167

(aa) (ab) (i) (ii) (iii) (iv) (v) (vi) (i) 168

(ac) (a) 169

(b) (c) (d) (c) 170

(a) (b) 171

(b) 5,272 5,985 18,563 299 30,119 29,037 4,050 9,736 20,632 34,418 32,314 404 404 2,443 7,282 10,533 6,994 203 203 610 4,154 5,170 3,312 9 2,210 2,219 2,210 26 1,872 1,898 1,872 4,331 64 4,395 4,395 2,833 79 2,912 2,912 384 255 86 5 730 730 295 186 72 3 556 556 46 46 46 177 177 177 126 126 126 123 123 123 10,572 8,918 21,092 7,586 48,168 43,538 7,707 12,076 21,314 4,157 45,254 41,266 (121) (118) (363) (823) (1,425) (852) (443) (3,662) (8,181) (13,138) (292) (292) (877) (5,298) (6,759) 837 440 3,676 8,129 13,082 314 314 941 5,387 6,956 172

(b) 12 12 9 9 10 10 10 10 27 27 9 9 (c) (i) (i) 325,000,000325,000,00050,000,000 50,000,000(ii) 500,000,000 (iii)199,000,000 5,500,000,000 0.435% 5.735% 5.241% 5.735% 516,000,000268,000,000569,000,000 309,000,000 173

(d) 594,000,000505,000,000 (i) (ii) (c)(i) 5%5% (e) 10% 10% (f) (i) (ii) 125,000,000111,000,000 175

(g) (i) (ii) (iii) 8,673 9,173 4,178 2,625 400 317 441 272 248 186 406 257 884 662 15,230 13,492 144,000,000 920,000,000 176

250 243 17 13 101 70 368 326 (54) 227 69 71 37 1 (3) 4 1 56 297 (i) (b) 48 150 10 (c) (56) 63 (ii) (266) (34) (27) (73) (168) (127) (283) (197) (i) (ii) 60,000,000 470,000,000 48,000,000150,000,000 257,000,000 177

(a) 1,343 807 212 82 227 166 130 41 1,912 1,096 * (571) (520) 1,341 576 * 1.87% 6.55% 1.82% 6.37% (b) 103 156 162 259 162 (c) 1,927 1,161 77 46 2,004 1,207 178

(d) 185 104 (3) (2) 182 102 (92) (228) 146 1 54 (227) 30 20 69 49 (i) 4,566 5,606 379 213 22 20 1,301,000,000 714,000,000(ii) (2,216) (1,464) (405) (278) (26) (28) (23) (16) (i) (ii) 36,000,000 324,000,000 208,000,000 141,000,000 179

161 * 35 6,900 6,935 35 7,529 6 7,570 35 3,600 25,600 216 29,451 35 5,917 227 6,179 25 2,874 22,000 172 25,071 25 3,540 4,350 177 8,092 35 2,178 5,000 131 7,344 35 1,824 82 1,941 25 2,115 1,450 109 3,699 35 35 35 2,315 77 2,427 60 2,702 105 2,867 35 35 35 215 250 25 25 35 35 35 215 250 35 215 250 35 215 250 650 42,354 58,400 1,302 102,706 * 180

161 70 12,780 12,850 70 13,112 1,620 12 14,814 70 7,200 28,800 432 36,502 70 10,054 2,140 454 12,718 50 5,748 26,252 345 32,395 50 7,080 5,220 354 12,704 70 4,356 6,144 261 10,831 70 2,736 614 164 3,584 50 3,626 4,672 218 8,566 70 70 70 2,550 1,330 153 4,103 120 3,504 1,396 210 5,230 70 70 70 430 500 50 50 70 70 70 430 500 70 430 500 70 430 500 1,300 74,466 78,188 2,603 156,557 1,950 116,820 136,588 3,905 259,263 181

161 70 10,439 10,509 70 13,819 12 13,901 70 7,095 34,000 395 41,560 70 10,820 443 11,333 50 6,069 28,060 337 34,516 50 7,471 8,700 346 16,567 70 4,593 6,515 255 11,433 70 3,585 160 3,815 50 3,828 3,550 212 7,640 70 70 70 3,637 147 3,854 120 4,532 205 4,857 70 70 70 430 500 50 50 70 70 70 430 500 70 430 500 70 430 500 1,300 77,608 80,825 2,512 162,245 182

54 1 5,092 7,000 281 (a) 12,373 774 467 (4) 3 770 470 129 171 26 40 155 211 78 50 1,346 981 7 (302) 1,353 679 2,356 1,410 183

(a) 16.5% 16.5% 30% 60% (b) 18,456 17,732 3,296 2,957 (1,227) (1,182) 128 34 (80) (123) 264 121 (26) (29) (21) (7) (80) (138) 7 (302) (2) 59 38 14 22 43 2,356 1,410 184

(c) 619 5,093 318 506 14 (358) 6,192 12 3 2 17 61 570 (66) (6) (2) 122 679 13 (6) 7 420 420 (8) (4) 9 (3) 684 5,675 252 920 14 (227) (6) 7,312 684 5,675 252 920 14 (227) (6) 7,312 68 1,374 4 (20) 6 (83) 4 1,353 27 27 6 6 (9) (9) 752 7,040 256 906 20 (310) 25 8,689 (156) (129) 8,845 7,441 8,689 7,312 185

(d) 134 22 36 6 (a) 1,233 203 744 123 2,165 357 2,376 392 (b) 484 120 125 30 3,882 680 3,245 545 4,016 702 3,281 551 (a) (b) 6,687,000,000 31,495,000,000 186

(a) 4 859 3 644 3 644 7 7 1,503 1,503 2,791 2,362 (b) 7 7 1,503 1,360 (a) 14,320,000,000 15,473,000,0002,147,000,000 2,052,000,000 187

(b) 14,320 15,473 (7,156) (6,706) 1,455 732 (467) (1,015) (3,000) (2,976) 936 200 6,088 5,708 2.84 2.78 188

8,673 4,178 400 441 248 406 884 15,230 4 13 2 17 3 79 118 8,677 4,191 402 441 265 409 963 15,348 294 2,125 1 79 (2,499) 8,677 4,485 2,527 441 266 409 1,042 (2,499) 15,348 3,155 2,696 86 335 33 7 460 6,772 16 (75) (106) (1) 57 (66) (175) 3,171 2,621 (20) 335 32 64 394 6,597 250 (34) (34) (73) (73) (1,536) 5,204 7,156 (1,341) 11,019 (i) 3,074 (ii) 4,363 18,456 (2,356) 16,100 189

55,554 65,925 277 551 1,801 74 2,882 (173) 126,891 35,569 16,711 12,071 191,242 1,189 1,575 1,285 37 14 135 778 (173) 4,840 48,892 53,732 9 20 10 70 85 6 81 11,524 117 59 9 12 6 8 190

9,173 2,625 317 272 186 257 662 13,492 3 7 3 1 13 3 53 83 9,176 2,632 320 273 199 260 715 13,575 173 1,835 1 65 (2,074) 9,176 2,805 2,155 273 200 260 780 (2,074) 13,575 2,709 1,792 85 194 39 1 400 5,220 28 (51) (84) 41 (57) (123) 2,737 1,741 1 194 39 42 343 5,097 243 (27) (27) (873) 4,440 6,706 (576) 10,570 (i) 3,224 (ii) 3,938 17,732 (1,410) 16,322 191

48,899 54,762 287 1,428 1,855 44 2,697 (198) 109,774 33,993 13,891 17,220 174,878 2,017 788 827 56 15 93 507 (198) 4,105 46,611 50,716 4 10 2 50 54 4 47 10,769 115 1 52 3 3 192

13,832 1,398 15,230 100 18 118 13,932 1,416 15,348 93,250 33,814 6,811 4,924 11,302 2,190 13,492 69 14 83 11,371 2,204 13,575 84,085 25,887 6,833 4,110 : (i) (ii) 261,000,000983,000,000 959,000,0001,258,000,000 467,000,000 1,015,000,000 251,000,000390,000,000 3,916,000,0003,342,000,000 3,000,000,000 2,976,000,000 193

(a) 50,179 852 956 302 792 762 53,843 (792) (792) 50,179 852 956 302 762 53,051 568 11 579 1,665 65 1,730 223 1,074 135 1,432 (12) (12) (244) (32) (276) (1,522) (70) (1,592) 6,706 77 6,783 (8) (8) (1,170) (324) (1,494) 1,668 (1,498) (183) (13) 58,073 104 944 164 895 60,180 104 944 164 895 2,107 58,073 58,073 58,073 104 944 164 895 60,180 194

(a) : 167 54 200 591 1,012 (200) (200) 167 54 591 812 7 7 23 4 77 104 46 46 (5) (5) (68) (68) (8) (8) (21) (21) 190 32 645 867 58,073 104 754 132 250 59,313 195

(a) 58,073 104 944 164 861 895 61,041 (a) (861) (861) 58,073 104 944 164 895 60,180 (4) (4) 99 1 100 277 430 6 165 878 (60) (1) (61) (761) (2) (22) (785) 7,156 7,156 (7) (7) 1,760 821 309 2,890 503 (503) (6) (6) 67,043 852 944 162 315 1,025 70,341 852 944 162 315 1,025 3,298 67,043 67,043 67,043 852 944 162 315 1,025 70,341 196

(a) : 190 32 262 645 1,129 (a) (262) (262) 190 32 645 867 35 3 147 185 1 1 (1) (1) (1) (21) (22) (6) (6) (3) (3) 225 34 762 1,021 67,043 852 719 128 315 263 69,320 197

(b) 9,034 8,487 46,268 44,271 55,302 52,758 13,755 6,305 69,057 59,063 (c) (d) 198

256 256 792 792 792 256 1,048 69 27 96 861 283 1,144 77 77 238 238 238 77 315 22 9 31 38 11 49 298 97 395 563 186 749 199

283 283 (a) 861 861 861 283 1,144 (1) (1) (2) 7 7 (282) (282) 867 867 97 97 (a) 298 298 298 97 395 61 8 69 (105) (105) 359 359 508 508 200

(i) (ii) 226 231 748 773 974 1,004 2 2 976 1,006 201

2,493 2,493 (93) (93) 2,400 2,400 110,670 106,398 (12,248) (11,798) 100,822 97,000 226231 161 161 851 1,109 1,214 1,242 308 185 2,065 2,351 469 346 (49) (49) 2,065 2,351 420 297 33,504 31,642 35,569 33,993 420 297 53,625 51,905 10,727,000,000 (c) 202

71,000,000131,000,000 60,000,000 54,000,0003% 3% 2%2% 232 85,772 (35,784) 49,988 24,034 8,270 64,265 (20,455) 43,810 19,165 7,938 12,759 10,712 3,952 3,179 126 126 16,711 13,891 126 126 13,000,00015,000,000 133,000,000 175,000,000 0.5%0.5% 233 203

: 23,365 19,931 3,400 2,958 (10,837) (10,849) (3,169) (1,328) 12,759 10,712 9,346 7,535 (4,983) (3,597) 4,363 3,938 331 568 268 309 185 1 516 569 268 309 516 557 268 309 12 516 569 268 309 (c) 204

125 111 855 866 47 85 1,027 1,062 826 1,003 66 99 1,919 2,164 902 951 (n)(i) (iii) 73,000,000 33,000,000 9,000,000 51,000,00032,000,000 205

4,633,000,000 3,953,000,000 561,000,000561,000,000 7,972 8,007 19,186 24,638 14,292 4,900 41,450 37,545 91 79 41,541 37,624 6,175 2,619 21,644 21,558 27,819 24,177 7,407 3,534 6,224 9,371 463 13,631 13,368 41,450 37,545 16,503 19,619 206

4,709 2,078 2,389 2,540 27 55 10 48 250 393 7 13 7,365 5,072 27 55 440,000,000:413,000,000 (a) 4,572 1,594 78 792 42 147 601 492 5,293 3,025 (b) (a) 207

46 426 (36) (378) 10 48 10 48 5,058 8,114 5,467 7,561 1 1 10,525 15,675 1 1 6 (36) (92) 10,495 15,583 209

4,395 2,912 12 9 730 556 50 821 12 46 177 10 10 126 123 27 9 5,359 4,589 49 28 (i) (ii) 410,000,000340,000,000 816 683 446 290 287 183 1,417 877 2,966 2,033 (iii) 210

4,858 3,307 5,635 9,093 18,238 19,914 284 24,157 29,007 29,015 32,314 11 11 22 29,037 32,314 36 92 22 40 28,979 32,182 29,037 32,314 22,000,00040,000,000 211

2014-2022 3,145 3,312 2019 3,849 6,994 3,312 1,264 5,730 3,312 6,994 3,312 2014-2022 325,000,000 50,000,0002007 315,000,00050,000,0002007 6.06% 6.38%10,000,0002007 2007 2019 500,000,000 2009 200999.795% 20095.50% 2009 212

70% 30% 70% 122,000,000139,000,000 (a) 3 177 10 6 196 (22) (15) (2) (39) 157 213

(a) 3,886 16,409 8 20 921 409 25 70,541 92,219 8,525 100,744 (25) (25) (13) (38) 3,886 16,409 8 20 921 409 25 70,516 92,194 8,512 100,706 2,019 2,019 77 2,096 408 13,373 13,781 13,781 64 64 64 (80) (80) (80) (32) (32) (32) 1 1 1 (5) (5) (9) (14) 15,473 15,473 849 16,322 20 (20) 10,125 10,125 470 470 (367) (367) (b) (1,360) (1,360) (1,360) (a) (859) (859) (859) (275) (275) (16,112) (16,112) (304) (304) 4,294 29,782 72 20 2,935 329 (31) 45 83,750 121,196 2,966 124,162 214

(a) 4,294 29,782 72 20 2,935 329 (31) 45 83,774 121,220 2,978 124,198 (a) (24) (24) (12) (36) 4,294 29,782 72 20 2,935 329 (31) 45 83,750 121,196 2,966 124,162 (76) (76) (7) (83) 256 256 256 71 71 71 6 6 6 146 146 146 73 73 73 (16) (16) (16) (39) (39) (39) (19) (19) (19) 14,320 14,320 1,780 16,100 (b) (1,503) (1,503) (1,503) (a) (1,288) (1,288) (1,288) (276) (276) (33) (33) (47) (47) 4,294 29,782 14 20 2,859 642 186 51 95,279 133,127 4,383 137,510 215

(b) 3,886 16,409 20 34,079 54,394 408 13,373 13,781 31,495 31,495 (b) (1,360) (1,360) (a) (859) (859) 4,294 29,782 20 63,355 97,451 4,294 29,782 20 63,355 97,451 6,687 6,687 (b) (1,503) (1,503) (a) (1,288) (1,288) 4,294 29,782 20 67,251 101,347 (c) 2,600 2,600 5,200 5,200 2,147 1,943 4,294 3,886 204 408 2,147 2,147 4,294 4,294 216

(c) 2636,891,425 636,891,425 432,729,035 432,729,035 67.50 204,162,390408,000,000 13,373,000,000 (d) (i) (ii) (iii) (iv) (v) (vi) 48B49H (y) (g) (i) 10% 50% 217

(e) 67,251,000,000 63,355,000,000 7 71,503,000,000 1,503,000,000 (f) 4,869 3,307 5,646 9,093 19,502 19,914 6,014 3,312 36,031 35,626 (10,531) (15,675) 25,500 19,951 133,127 121,196 (%) 19.2% 16.5% 218

(a) 49% 100% 99 1,684 1 316 238 11 5,422 68 90 (2,860) (8) (146) (33) (19) (6) (420) 131 4,306 (470) 131 3,836 (67) 3 (4) 67 3,832 67 3,746 86 67 3,832 (67) (3,746) 68 90 1 (3,656) 219

(b) 60 275 430 1 1 (3) (9) (3) 51 701 (367) 51 334 (39) (14) 48 150 60 470 18 441 42 30 (1) 60 470 18 441 (1) 18 440 220

12,345 3,343 21,456 13,360 33,801 16,703 (a) 2,113 1,966 1,978 1,314 264 40 4,355 3,320 221

(b) 110,000,00071,000,000 70 55 32 33 102 88 (a) 2 (b) 26,264 29,430 (c) 6,994 3,312 2 33,258 32,742 (d) (e) 12,000,00030,000,000 78,000,000 92,000,000 222

(a) (i) 14 37 (iii) 6 (b) (i) 11 17 (ii) 398 207 (iii) 30 20 (iii) 22 23 (iii) 3 3 (iii) 32 33 (iii) 101 61 (i) (ii) (iii) (iv) 223

(a) (b) 70% 18,000,000 () (a) 225

(a) (i) I 2 1 100 2 1 100 I 1 1 100 420 1 78.57 I 1,000 1 100 Luxmark Investment Limited 1,000 1 100 2 1 100 I 2 1 100 I 2 1 100 2 1 100 2 1 100 I 1,000 1 90.10 (ii) I 81,000,000 100 100 I 655,000,000 100 100 226

(b) I 2 1 100 Carry Express Investment Limited I 10,000 10 100 3,000,000 1 100 I 2 100 100 2 1 100 I A 500 100 100 B 2 100 I A 100 1 100 B 2 1 2 1 100 I A 2 1 100 B 2 1 A 20,000 100 100 I 10,000 1 100 Vansittart Investment Limited I 2 1 100 2 1 100 227

(c) (i) 2 1 100 I 10,000 1 100 Henderson Land Credit (2004) Limited 2 1 100 Henderson Land Credit (2006) Limited 1 1 100 Henderson Land Credit (2009) Limited I 1 1 100 I 2 1 100 I 1,000,000 1 100 I 2 1 100 (ii) Henson Finance Limited I 1 1 100 Idealtime Investments Limited St. Helena Holdings Co. Limited 3 1 100 (d) 350,000 100 100 1 1 100 2 1 100 2 1 100 2 100 100 228 (e) 2 1 100 2 1 100 2 1 100 100,000 100 100 I 38,800,000 1 100 2 1 100 2 1 100 2 1 100 2 1 100

(f) (i) 2 1 100 I 2 1 100 2 1 100 300,000 1,000 100 8 1 62.50 2 1 100 2 1 100 1,000 1 100 I 1 1 100 Gainwise Investment Limited 2 1 100 3,047,327,395 0.20 67.94 Macrostar Investment Limited 2 1 100 2 1 100 2 1 100 Medley Investment Limited 2 1 100 2 100 100 2 1 100 I 2 1 100 2 1 100 (ii) I 10,000 1 64 (iii) Cobase Limited I 1 100 Kingsview International Limited I 1 1 100 Timsland Limited I 1 1 100 (iv) Higgins Holdings Limited I 1 1 100 Hinlon Limited 1 1 100 Podar Limited I 1 1 100 229

(g) I 2 1 100 I 2 1 100 Citistore (Hong Kong) Limited I 1 1 100 (h) I 2 1 100 2 1 100 I 2 1 100 2 1 100 I 2 1 100 2 1 100 I 2 1 100 I 1 1 100 230

(i) I 2 100 100 (j) I 2 1 100 I 10,000 1 100 400 1 25 Solar Classics Limited I 100,000 1 75 I 1 1 100 (k) 200,000,000 60 60 II 99,450,000 49 : 80 : 60 : 70 II 23,680,000 70 : 80 : 60 : 70 : I II 231

39.88 31.36 44.21 Shinning Worldwide Limited 45 33.33 232

50 Billion Ventures Limited 50 Central Waterfront Property Investment 34.21 Holdings Limited Newfoundworld Holdings Limited 20 25 49.18 50 50 233

72-76 : (852) 2908 8888 : (852) 2908 8838 : http://www.hld.com : henderson@hld.com 46 12 : HLDCY 425166303 234

GBM, DBA (Hon), DSSc (Hon), LLD (Hon) JP FCILT, FHKIoD LLB, FCIS OBE, ACA, FCCA, FCPA, AAIA, FCIB, FHKIB LLB, FCIS BSc, C Eng, FICE, FHKIE, RPE BA (AS), B Arch (Dist), MSc (Con P Mgt), EMBA, FHKIA, MAPM, RIBA, Authorised Person (Architect), Registered Architect (HK) PRC Class 1 Registered Architect Qualification B. Arch (Hons), HKIA Authorised Person (Architect), Registered Architect (HK) PRC Class 1 Registered Architect Qualification JP, MSc, MEcon, FHKIS, MRICS, MCIArb, RPS (GP) BA (Hons), MHKIP, MRTPI, MCIP, RPP (HK), MCILT, MCIArb, AHKIArb MSc, PGDMS, FHKIS, FRICS, RPS (GP) JP, BSc, FICE, FHKIE, FIHT, FHKIHT, RPE BSc (Eng), C Eng, MICE, MIStructE, MHKIE, RPE, AP, RSE, RGE, 1RSE-PRC MEM(UTS), DMS, EHKIM, MHIREA BHum (Hons) ACIS, FHIREA 235

MH, FHIREA BSc, MBA FRICS, MHKIS, AACI BSc, MSc, Post-Graduate Diploma in Surveying, ACIB FCILT, FHKIoD MSc, MBA, BBA, DMS, MIHRM BEc, FCPA, CA (Aust), FCS, FCIS BSc (Econ), ACA B Comm, CMA BSc, Grad Dip Com (IS) BBA 236

(A) (a) (b)(c) 2.00 (b) (a) (c) (i) (ii) (iii) 237

(B) (a) (i)(ii) (iii) (iv) (b) (A) (C) (A) (B) 238

(D) (a) 2,400,000,00025,200,000,000 10,000,000,0005,000,000,000 2.00 (b) 72-76 80 72-76 17 1712-1716 (A) (B) (C) B (A) (D)2,400,000,0005,200,000,000 10,000,000,000 239

240

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