JIA YAO HOLDINGS LIMITED [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] 1% 0.003% 0.005% 0.01 [ ] [ ] [ ] 32 342C [ ] S [ ] [ ] [ ] [ ] [ ] [ ][ ] [ ][ ] [ ]

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) 1933

JIA YAO HOLDINGS LIMITED [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] 1% 0.003% 0.005% 0.01 [ ] [ ] [ ] 32 342C [ ] S [ ] [ ] [ ] [ ] [ ] [ ][ ] [ ][ ] [ ] [ ] [ ][ ] 1% 0.003% 0.005% [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] (www.hkexnews.hk) (www.jiayaoholdings.com) [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ]

1 [ ] i

1 [ ] ii

[ ] [ ] [ ] [ ] [ ][ ] [ ] [] [ ] [ ] (www.jiayaoholdings.com)............................................................... i..................................................................... iii..................................................................... 1..................................................................... 11................................................................. 24............................................................... 27................................................................. 29.................................................... 52 [ ]................................................ 54 [ ].................................................. 57................................................................. 60................................................................. 62 iii

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[ ] [ ] [ ] 2013 13 14 2001 20 (i) (ii) (iii) 2013 1.5% 10 5 2011 2012 2013 12 31 15 92.8%82.0% 91.8% 30 15 2005 1

2010 26 26 16 9 10 5 15 2

2011 2012 2013 12 31 69.3%57.9%59.6% 2011 2012 2013 12 31 19.9%20.6% 22.7% 2011 2012 2013 19.9% 20.6% 22.7% 15.0% 5.7% 11.9% 11.6% 8.4% 6.5% 1 17.0% 14.2% 6.9% 11.6% A 2 9.0% 5.8% 1 2 A 2012 12 31 A A A 1.3% 9.0% 2.4% 1.5%11.6% 3.0% A 0.9 3.0 1.8 10 5 92.8%82.0% 91.8% 15 117 2011 2011 3

12 31 2011 2012 2013 153,199 51.2 172,967 55.2 197,482 58.5 49,172 16.4 53,701 17.1 64,582 19.1 202,371 67.6 226,668 72.3 262,064 77.6 2011 2012 2013 12 31 14,176 14,791 18,485 10,856 11,665 11,127 7.0%14.0% 30.7% 27.6%34.9% 50.0% 43,986.0 129 4

[ ] Spearhead Leader [ ] [ ] Spearhead Leader 198 185 2011 2012 2013 12 31 12 31 2011 2012 2013 426,248 438,533 495,773 411,461 411,408 469,513 14,787 27,125 26,260 126,997 125,039 157,922 125,711 120,232 153,884 1,286 4,807 4,038 28,345 42,907 47,480 2011 2012 2013 12 31 96.5%93.8% 94.7% 2011 2012 2013 12 31 3.5%6.2% 5.3% 2011 2012 2013 12 31 1,908.8 1,994.3 1,958.6 5

12 31 2011 2012 2013 263,091 233,142 203,117 471,181 619,916 365,633 491,930 621,185 443,879 (20,749) (1,269) (78,246) 23,674 3,407 61,866 12 31 2011 2012 2013 88,723 48,230 92,856 (115,107) (16,502) 6,823 30,029 (22,208) (111,554) 12 31 2011 2012 2013 (21.3%) 51.4% 10.7% 29.8% 28.5% 31.9% 30.6% 29.2% 32.8% 8.7% 17.7% 15.4% 6.6% 9.8% 9.6% 4.5% 6.2% 8.3% 0.9 0.9 0.8 155.5% 139.3% 443.7% 136.6% 117.6% 396.2% 206 6

2011 2012 2013 12 31 61.6 47.8 78.2 2014 4 30 17.8 2013 12 31 78.2 2014 4 30 17.8 (i) 87.3 (ii) 22.9 42.5 (i) 2014 4 30 170.1 (ii) [ ] [ ] [ ] (iii) (iv) 30.0 2014 2013 12 31 2014 4 30 128.6 36.7 28.5% 2014 4 30 64,641 1,885.1 2013 4 30 125.8 39.1 31.1% 2013 4 30 62,811 1,895.1 2013 2014 4 30 7

2014 2410 [ ][ ] [ ] 2011 2012 2013 12 31 6.7 5.8 2013 12 31 0.9 [ ] 2014 [ ] 2014 12 31 [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ] [ ] [ ][ ] [ ] [ ] (1) [ ] [ ] [ ] [ ] (2) [ ] [ ] [ ] [ ] (3) [ ] [ ] [ ] [ ] 8

(4) [ ] [ ] [ ] [ ] (5) [ ] [ ] [ ] [ ] (6) 4.8 [ ] [ ] [ ] [ ] [ ] 174 2011 2012 2013 12 31 23.6 37.9 81.2 29 27 [ ] [ ] [ ] [ ] (1)............................... [ ] [ ] (2)......... [ ] [ ] (1) [ ] [ ] 9

(2) [ ] [ ] [ ] 29 (i) (ii) (iii) (iv) [ ] (i) (ii) 2013 5 2013 1 1 (iii) 55 (iv) 159 10

2013 12 31 [ ] [ ] [ ] [ ] 2014 6 6 2014 6 6 224,990,000 11

16 16 16 16 16 16 16 16 12

16 16 16 622 32 2013 8 5 2013 Spearhead Leader 13

2004 5 12 87.15% 12.85% 2013 4 12 Euromonitor International Ltd GDP Giant Harmony Giant Harmony Limited 2013 3 15 14

2008 6 25 90% 10% 2000 7 21 99.99% 0.01% 9 9 35% 65% [ ] 15

1992815 82.86% 17.14% 2005 6 13 2013 75% 25% 1998 5 29 17.14% 9 2002 4 15 99.99% 0.01% 16

[ ] 2013 5 3 2014 6 9 2001 11 27 2009 3 10 75% 25% 17

2003 8 15 1999 5 5 99.99% 0.01% [ ] [ ] [ ] [ ] 徴 [ ] [ ] [ ] [ ] 2013 4 12 18

[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] 2005 10 27 200611 [ ] 19

[ ] [ ] [ ] [ ] 16 [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ][ ][ ][ ] S S 20

571 26 9 0.01 [ ] [ ] [ ] 2014 6 6 2009 3 26 2004 5 17 2013812 RaffAello Capital Limited 6 Spearhead Leader Spearhead Leader Limited 2013 3 20 21

9 Star Glide Star Glide Limited 2013 7 3 2011 2012 2013 12 31 [ ] [ ] [ ] [ ] 1933 22

2013 7 5 1999 1 8 84% 16% 2012 11 7 % 0.7933 1.00 (i) (ii) (iii)(iv) * * 23

30 2008 20 10 461 400 2015 600 1,000 532 2015 10 250 2,500 20 24

ISO 18 200 25

VOC 26

27

28

[ ] 2013 13 14 2011 2012 2013 12 31 96.5%93.8% 94.7% 2011 2012 2013 12 31 3.5%6.2% 5.3% 29

1992 1 1 2013 12 28 2003 2006 2006 2011 (i) (ii) 2011 11 2012 4 2013 1 1 11 30

20002002010 26 2001 1,183 2013 90 29.8%28.5% 31.9% 6.6%9.8% 9.6% 8.7%17.7% 15.4% 30.6%29.2% 32.8% 31

2011 2012 2013 12 31 69.3%57.9% 59.6% 19.9%20.6% 22.7% 2011 (i) (ii) (iii) (iv) 32

2011 2012 2013 12 31 2011 2012 2013 12 31 219.0 253.5 94.6 20.0 60.0 2014 4 30 167.0 137.0 30.0 2014 4 30 2011 2012 2013 12 31 61.6 47.8 78.2 2014 4 30 17.8 30.0 33

2011 2012 2013 12 31 31.2 9.5 1.5 7.3%2.2%0.3% 20.7 4.7 0.6 6.9%1.5% 0.2% (i) 1% (ii) (iii) (i) (ii) (iii) (iv) (v) 34

2011 2012 2013 12 31 93.7 179.9 149.4 15.6%28.8% 26.3% 90 30 90 120 180 90 2011 2012 2013 12 31 102 114 121 2013 12 31 120 35

2011 1 2 2011 2012 2013 12 31 7.0%14.0% 30.7% 27.6% 34.9% 50.0% 36

2011 2012 2013 12 31 67.6%72.3% 77.6% 2011 2012 2013 12 31 75.7%76.3% 75.4% 2011 2012 7.5% 2012 2013 4.6% 15% 2009 2012 2015 2015 15% 2011 2012 2013 12 31 6.3 3.2 5.2 2012 2015 37

25% 2011 2012 2013 12 31 14.8 14.7 16.9 3.5%3.4% 3.4% 57,050.4 43,873.2 38

(i) 50,167(ii) 11,183 (iii) 150,501 2013 5 2013 1 1 532,745 2015 3 13 2015 3 5 39

259.89 13 21 3 40

2011 2012 2013 12 31 37.4 34.0 40.5 41

411.5411.4 469.5 2011 2012 2013 12 31 96.5%93.8% 94.7% 2017 1.5% 2017 1.2% 42

43

2011 2012 2013 12 31 354,000 535,000 589,000 2012 12 44

75 2005 10 75 75 2005 11 1 2006 3 31 75 [ ] [ ] 75 75 45

75 75 1979 10% 5% 46

10% [ ] 47

GDP GDP [ ] 2014 12 31 38.8 30.8 [ ] 2011 2012 2013 12 31 6.7 5.8 2013 12 31 0.9 24.1 2014 16.4 20141231 7.7 48

2014 12 31 [ ] [ ] [ ] [ ] 49

[ ] [ ] 2011 2012 2013 12 31 23.6 37.9 81.2 [ ] [ ] 50

[ ] [ ] 51

8.12 8.12 8.12 8.12 (a) 3.05 (b) (i) (ii) (iii) (c) (d) 3A.19 52

(e) (f) 8.12 14A 14A 53

[ ] [ ] 54

[ ] [ ] 55

[ ] [ ] 56

[ ] 112 Tanjong Rhu Road #14-02 Singapore 436929 120 1 208 112 Tanjong Rhu Road #14-02 Singapore 436929 15 2 1202 23 1 22 B 6 5D 57

[ ] RaffAello Capital Limited 89 2 20 2002 [ ] 1 20 2001 2006 Appleby 1 2206 19 77 3 34 100025 3 5 12 15 100007 58

[ ] [ ] 1 38 580 45 46 200041 11 31 141 211 [ ] RaffAello Capital Limited 89 2 20 2002 59

Clifton House 75 Fort Street PO Box 1350 Grand Cayman KY1-1108 Cayman Islands 6 1 32 3212 ( ) 23 5 9 G 120 1 208 23 5 9 G 60

22 18-3 109 [ ] [ ] www.jiayaoholdings.com 61

Euromonitor International Limited Euromonitor International Limited Euromonitor International Limited [ ] Euromonitor International Limited Euromonitor International Limited (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) 62

(i) (ii) (iii) (iv) (v) (vi) (vii) 2000 1,180 2001 2001 36 2004 100 2006 10 10 2008 20+10 30 2010 532 461 63

2012 2011 16 2010 26 2000 200 26 1 16 9 2013 Shanghai Tobacco Group Co., Ltd. 6.6% China Tobacco Yunnan Industrial Co., Ltd. 88.2% China Tobacco Hunan Industrial Co., Ltd. China Tobacco Jiangsu Industrial Co., Ltd. China Tobacco Zhejiang Industrial Co., Ltd. China Tobacco Hubei Industrial Co., Ltd. China Tobacco Fujian Industrial Co., Ltd. China Tobacco Anhui Industrial Co., Ltd. China Tobacco Guangdong Industrial Co., Ltd. China Tobacco Chuanyu Industrial Co., Ltd. China Tobacco Guizhou Industrial Co., Ltd. China Tobacco Guangxi Industrial Co., Ltd. China Tobacco Henan Industrial Co., Ltd. China Tobacco Shaanxi Industrial Co., Ltd. China Tobacco Hebei Industrial Co., Ltd. China Tobacco Jiangxi Industrial Co., Ltd. China Tobacco Shandong Industrial Co., Ltd. 64

Heilongjiang Tobacco Industry Co., Ltd. 5.2% Hongta Liaoning Tobacco Co., Ltd. Jilin Tobacco Industry Co., Ltd. Gansu Tobacco Industry Co., Ltd. Shenzhen Tobacco Industry Co., Ltd. Inner Mongolia Kunming Cigarette Co., Ltd. Shanxi Kunming Tobacco Co., Ltd. Hainan Hongta Cigarette Co., Ltd. Jilin Tobacco Imp & Exp Co., Ltd. 2013 2011 2012 2013 (%) (%) (%) 1 536.2 20.7% 471.9 17.7% 496.0 18.4% 2 175.1 6.8% 225.0 8.5% 229.0 8.5% 3 166.5 6.4% 220.2 8.3% 226.2 8.4% 4 164.4 6.3% 181.3 6.8% 182.8 6.8% 5 138.8 5.4% 175.0 6.6% 178.0 6.6% 1,411.7 54.4% 1,387.9 52.1% 1,383.4 51.3% 2,592.7 100 2,661.3 100.0% 2,695.4 100.0% 2013 2001 1,183 2009 138 2013 90 2012 45.3%2013 47.5% 2012 73.8% 2013 74.9% 2013 29.4% 48.7%2013 2,122 65

100.0% 100.0% 2013 2011 2012 2013 (%) (%) (%) 1 208.3 7.80% 212.2 7.90% 2 115.1 4.40% 150.0 5.60% 170.6 6.30% 3 155.0 6.00% 153.0 5.70% 149.2 5.50% 4 152.5 5.90% 152.5 5.70% 147.4 5.50% 5 100.0 3.90% 106.0 4.00% 113.4 4.20% 2,070.1 79.8% 1,891.5 71.2% 1,902.6 70.6% 2,592.7 100.0% 2,661.3 100.0% 2,695.4 100.0% 2013 2013 276.7 2008 2013 1.2% 2013 12,694 2012 9.8%2013 400 2018 31,871 2013 20.2% 2013 1.3% 26,954 2013 2018 1.7% 2008 2013 2014 2018 2008 2013 2014 2018 3,500.0 3,000.0 2,500.0 2,000.0 1,500.0 1,000.0 500.0 2,422.3 2,506.7 2,592.7 2,661.3 2,695.4 2,739.6 2,784.5 2,834.3 2,881.3 2,928.0 2,341.4 3.5% 3.5% 3.4% 2.6% 1.8% 1.6% 1.6% 1.7% 1.6% 1.3% 5% 4% 3% 2% 1% 3,500.0 3,000.0 2,500.0 2,000.0 1,500.0 1,000.0 500.0 732.3 12.6% 824.7 3,187.1 24.0% 23.9% 22.5% 18.5% 2,601.2 2,100.1 1,693.3 11.8% 13.0% 12.5% 10.9% 1,269.4 1,042.1 1,428.5 922.0 1,155.7 9.8% 30% 25% 20% 15% 10% 5% 0.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (%) 0% 0.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (%) 0% 66

2003 3.0% 2008 2013 2013 30,690.0 2013 2018 1.5% 1.7% 2008 2013 2014 2018 35,000.0 30,000.0 25,000.0 20,000.0 15,000.0 10,000.0 5,000.0 4.2% 4.0% 4.0% 4.0% 8,809.7 8,910.0 9,015.0 9,125.0 9,245.0 9,355.0 9,460.0 8,042.1 3.8% 3.8% 7,730.5 8,350.4 8,666.3 21,469.5 1.9% 21,780.0 22,128.0 22,490.0 22,870.0 23,220.0 23,550.0 1.6% 1.6% 1.7% 18,693.9 19,476.7 20,251.5 21,062.9 1.4% 1.5% 1.4% 1.7% 1.1% 1.2% 1.2% 1.3% 1.2% 1.1% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0 2008 2009 2010 2011 (%) 2012 2013 2014 2015 2016 2017 2018 (%) 0% 2013 71.0% 30% 67

2010 11 3 2008 2009 2010 2013 2008 2013 30,000.0 25,000.0 20,000.0 15,000.0 10,000.0 5,000.0 0.0 2008 2009 2010 2011 2012 2013 68

2010 2013 % 1 A 2,953.9 9.6% 2 B 1,890.0 6.2% 3 C 1,869.8 6.1% 4 D 1,576.5 5.1% 5 E 1,481.7 4.8% 469.5 1.5% 20,448.6 66.7% 30,690.0 100.0% 69

2010 2013 VOC 70

(i) (ii) 71

600,000 72

2014 2014 73

2008 2013 (i) (ii) (iii) (iv) (v) 2013 (i) (ii) (iii) 74

2002 2 11 2002 4 1 2004 11 30 2007 11 7 2007 12 1 2007 2011 12 24 2012 1 30 2011 2007 2011 1997 3 8 1997 5 1 1997 2001 8 2 2001 2001 2001 11 9 75

(i) (ii) (iii) (iv) (v) 2002 1 29 2002 2006 1 12 2005 9 23 2006 1 1 1993222 2000 7 8 2009 8 27 76

2005 7 9 2005 9 1 2005 9 15 2005 11 1 2010 4 21 2010 6 1 2002111 2009827 77

1994 5 12 2004 4 6 2004 6 25 2004 7 1 2005 3 31 2005 6 1 1989 2 21 2002 4 28 2005 8 10 2005 12 1 1989 12 26 78

2002 7 29 2003 1 1 2012 2 29 2011 3 10 2011 5 1 1994 7 5 1995 1 1 2007 6 29 2008 1 1 2012 12 28 2013 7 1 10 2007 8 30 2008 1 1 79

2010 10 28 2011 7 1 1999 1 22 1994 12 14 1995 1 1 1999 4 3 2002 3 24 2003 4 27 2004 1 1 2010 12 20 0.05% 1996 1 29 1996 4 1 1997 1 14 2008 8 1 2008 8 29 142 142 80

142 1995 5 10 1996 1 1 2004 8 28 1997 8 21 1997 10 1 1997 9 19 2008 1 1 1991 4 9 1991 7 1 30% 3% 15% 2007 3 16 2008 1 1 2007 12 6 2008 1 1 81

25% 33% 2007 12 26 25% 15% 2008 18% 2009 2010 2011 2012 20%22%24% 25% 2007 4 4 25% 5% 2009 2 20 81 (i) (ii) 25% 10% 12 2009 10 27 2009824 2009 10 1 1994 1 1 82

2008 11 5 17% 13% 17% 83

1992 2001 76.715% 6.145% 1989 2001 2013 8 5 2014 4 30 1992 8 15 2001 51% 49% 84% 16% 84

2001 3 8 (i) 28% 21% (ii) 6% 31,240,000 2001 7 16 2001 5 30 16,434,985.34 2003 6 2002 2003 2002 1 31 1 25,560,000 45% 2 15,904,000 28% 3 15,336,000 27% 56,800,000 100% 1. 84% 16% 2. 99.99% 0.01% 85

3. Supreme Holdings Group Limited 99% 1% 2009 3 Supreme Holdings Group Limited 1% Supreme Holdings Group Limited 2002 6 Supreme Holdings Group Limited 99% Supreme Holdings Group Limited 1% 99.99% 0.01% 2005 10 99.99% 2010 12 2012 5 2010 9 27 99.99% 2001 2009 12 31 2001 2009 12 31 55% 81.06% (A) 2001 (i) (ii) (iii) (iv) (v) (vi) (i) (ii) (iii) (iv) (i) (ii) (iii) (iv) (v) (vi) (vii) (i) (ii) 2001 (iii) 2001 86

(B) 2009 12 31 2001 2009 12 31 1. 2. 17,650,000 8,900,000 6,210,000 2003 6 23 3. 4. 8,250,000 5. (C) 2001 2009 2001 2009 12 31 1. 2. 87

3. 90% 10% 4. 5. 6. 25% 2009 4 13,500,000 17.14% 28,948,100 36.74% 1 19,363,500 24.58% 2 16,970,500 21.54% 78,782,100 100% 1. 75% 25% 2. 17.14% 2013 12 9 (i) (ii) (iii) (iv) 88

(1) 2013 5 15 36.74%21.54% 18.435% 47,364,947.72 27,767,159.74 23,762,045.08 2012 12 31 (2) 2013 7 25 6.145% 7,920,681.69 2012 12 31 (3) 2013 8 10 6.145% 7,920,681.69 2012 12 31 89

65,282,100 82.86% 13,500,000 17.14% 78,782,100 100% 2004 5 12 40,000,000 30,000,000 75% 6,800,000 17% 3,200,000 8% 40,000,000 100% 90

2012 5 2012 5 11 17% 5,300,000 2013 5 8 2004 2012 30,000,000 75% 10,000,000 25% 40,000,000 100% 2013 5 15 25% 11,842,282.56 2012 12 31 30,000,000 75% 10,000,000 25% 40,000,000 100% 91

2005 6 13 5,000,000 75% 2013 2 1 70% 2013718 5% 13 26 3,750,000 75% 1,250,000 25% 5,000,000 100% 2007 2008 2007 12 2008 12 19,000,000 5,000,000 24,000,000 18,000,000 75% 6,000,000 25% 24,000,000 100% 92

2012 2 70% 2012 11 12 2012 11 12 70% 22,000,000 2012 11 20 2012 11 7 6,000,000 2013 11 27 2013 2 70% 16,800,000 70% 6,000,000 25% 1,200,000 5% 24,000,000 100% 2013 4 27 2013 5 20 5% 1,658,429.03(i)2012 11 70% 70% (ii)2012 11 93

2013 5 5% 2013 6 9 2013 7 5% 25% 201368 25% 6,570,000 70% 2001 3 2004 4 2005 11 2009 3 Supreme Holdings Group Limited 1% 2013 8 16 2004517 2,000,000 1,200,000 60% 800,000 40% 2,000,000 100% 94

2009 2009 2012 1 16 2013 8 12 2014 4 30 93.05% 6.95% 4 100% 8 2 3 100% 100% 75% 25% 100% 17.14% 21.54% 24.58% 36.74% 1 60% 75% 25% 7 5% 5 25% 6 95

1. 2. (i) 70% (ii) 30% 75% 100% 75% 3. 2013 7 4 1% 99% 1% 2013 7 5 1% 1% 4. 0.01% 99.99% 5. 6. 70% 7. 2013 8 12 40% 8. 2013 12 9 (i) (ii) (iii) (iv) 96

[ ] 100% 100% Spearhead Leader Star Glide 93.05% 6.95% 100% 100% 3 Giant Harmony 1 100% 17.14% 100% 2 100% 2 82.86% 100% 2 25% 75% 1. Giant Harmony 2. 3. 2013 12 9 (i) (ii) (iii) (iv) 97

[ ] 100% 100% Spearhead Leader Star Glide 100% 100% Giant Harmony 100% 17.14% 100% 100% 82.86% 100% 25% 75% 2013 12 9 (i) (ii) (iii) (iv) 98

75 75 2013 8 12 75 99

2013 13 14 2001 20 (i) (ii) (iii) 2013 1.5% 檼 2011 2012 2013 12 31 69.3%57.9% 59.6% 100

* * * * * * * * * * * * * 26 16 9 10 5 15 2005 2013 2 70% 2013 7 5% 101

1992 2001 2002 2003 2004 2006 2007 2009 2010 102

2011 2012 6 2013 9 2009 2012 2006 2008 103

2006 11 21 11 8 2 3 2011 2011 2012 2013 12 31 411.5 411.4 469.5 2012 2013 14.1% 2011 20 16 10 9 5 2011 104

2010 26 16 9 16 10 105

9 5 2011 2012 2013 12 31 15 92.8%82.0% 91.8% 15 2013 12 31 10 7 2008 30 30 15 13 13 10 13 20 106

107

[ ] [ ] 10 5 [ ] [ ] 108

[ ][ ][ ] [ ] [ ] 2015 [ ] [ ] [ ] [ ] ERP 2015 [ ] [ ] [ ] [ ] (i) (ii) 109

(i) 20 (ii) 10 (iii) (i) (ii) (iii) (iv) 110

111

112

113

12 31 2011 2012 2013 411,461 96.5 411,408 93.8 469,513 94.7 14,787 3.5 27,125 6.2 26,260 5.3 426,248 100.0 438,533 100.0 495,773 100.0 2001 2006 2001 1,183 2013 90 2000 200 2010 26 26 16 9 10 5 92.8%82.0% 91.8% 114

10 5 2001 2003 2006 2009 2006 2004 115

2007 2002 2011 2009 2009 2011 2010 2010 2010 2011 2012 2013 12 31 14.8 27.1 26.3 3.5%6.2% 5.3% 116

2011 2012 2013 12 31 295.4 253.4 295.2 69.3%57.9% 59.6% 84.8 90.1 112.4 19.9%20.6%22.7% 1 2013 5.4% 2003 2011 19.9% 2012 20.6% 2013 22.7% 2013 6.8% 2001 2011 15.0% 2012 5.7% 2013 11.9% 2002 2011 11.6% 2012 8.4% 2013 6.5% 2 2013 18.4% 2004 2011 17.0% 2012 14.2% 2013 6.9% 2013 6.3% 2006 2013 11.6% 3 A 2011 A 2012 9.0% 117

1 2009 2011 5.8% 1 2 3 A 2012 12 31 A A A 1.3% 9.0% 2.4% 1.5%11.6% 3.0% A 0.9 3.0 1.8 5% 10 5 92.8%82.0% 91.8% 15 (i) 2010 26 26 118

(ii) (iii) (iv) (v) 2011 (i) (ii) (iii) (i) (ii) (iii) (iv) (v) 119

(i) (ii) (iii) (iv) 10 5 2011 (i) (ii) (iii) (iv) (v) (i) (ii) (iii) (iv) (v) 2011 120

(i) (ii) (iii) (iv) (i) (ii) (iii) (iv) 10% 300,000 (i) 3 (ii) (iii) (iv) 121

30 90 90 120 30 14 2014 55 2014 55 6 2014 122

2011 2011 10 5 2011 2011 123

12 31 2011 2012 2013 411,461 215,557 1,908.8 411,408 206,290 1,994.3 469,513 239,721 1,958.6 20 10 101(i) (ii) 10% 30 90 30 30 90 120 2011 2012 2013 12 31 102 114 121 124

35 125

2006 11 2009 2012 2011 51 5 12 28 13 126

21 11 8 2 2006 2008 127

2010 1 2010 4 (i) VOC (ii) 2013 3 128

2013 5 2011 2012 2013 12 31 14.814.7 16.9 3.5% 3.4% 3.4% 2011 2012 2013 12 31 2.1 2.7 3.2 43,986.0 13 31,713.2 2011 2012 2013 12 31 12 31 2011 2012 2013 21,439 20,908 20,005 13,874 13,051 14,266 64.7% 62.4% 71.2% 1. 129

2. 4 2 1 2011 2012 12 31 2011 2012 12 31 38% 23% 3. 9.5 12.5 10.5 288 4. 5. 18 2011 2012 2013 12 31 12 31 2011 2012 2013 1,630 2,008 2,619 1,244 1,468 1,522 76.3% 73.1% 58.1% 1. 2. 2 2011 2012 12 31 2 2011 2012 12 31 62% 77% 3. 7.5 288 4. 5. 18 130

2011 21,439 2013 20,005 2 62.4% 71.2% 2011 36.0% 2013 23.0% 75% 100% 2011 1,630 2013 2,619 2 2011 76.3% 2013 58.1% 1,244 1,522 70% [ ] [ ] (i) (ii) (i) (ii) (iii) (iv) (v) 131

(i) (ii) (iii) 11,000 11 12,272.8 2011 2012 2013 12 31 12 31 2011 2012 2013 7,528 7,528 7,528 5,545 5,478 6,766 73.7% 72.8% 89.9% 1. 2. 2 3. 10.5 288 4. 5. 18 132

20112012 20131231 7,528 100% 1. 2 1996 2007 15 2. 2 1998 2010 15 3. 2 2000 2005 15 4. 1 2000 15 5. 2 2005 2006 15 6. 1 2009 15 7. 1 1993 15 8. 1 1998 15 133

[ ] 734 2011 2012 20131231 4,508,000 5,459,000 3,154,000 2011 2012 2013 12 31 31.29.5 1.5 7.3% 2.2%0.3% 20.74.7 0.6 134

6.9%1.5%0.2% (i) (ii) (iii) (iv) (v) (i) (ii) (iii) (i) (ii) 135

2013 9 (i) 2013 11 26 (ii) (iii) 136

* # 137

(i) (ii) 138

139

* # * # 140

12 31 2011 2012 2013 153,199 51.2 172,967 55.2 197,482 58.5 49,172 16.4 53,701 17.1 64,582 19.1 202,371 67.6 226,668 72.3 262,064 77.6 141

0.4 2011 2012 2013 12 31 75.7%76.3% 75.4% 14,176 14,791 18,485 2011 2012 2013 12 31 75,420,000 62,535,000 93,742,000 34.7%26.3% 33.3% 2010 2013 1% 7% 2010 2011 2012 2013 12 31 11,701 10,856 11,665 11,127 2011 2011 142

(i) (ii) (iii) 143

310 6090 2013 75% 25% 144

2005 60 2013 A 2011 90 2012 B 2004 90 2011 2012 2013 C 2005 30 2011 2012 2013 D 2006 60 2012 2013 E 2003 30 2011 2012 F 2006 30 2011 G (i) (ii) 2011 60 2011 H (i) (ii) 2013 30 2013 145

202.4 226.7 262.1 9.9 24.6 83.3 7.0%14.0% 30.7% 39.2 61.1 135.5 27.6% 34.9% 50.0% 2013 75% 25% 5% 5%7.5% 10% 2011 2012 2013 12 31 10,163,000 11,296,000 12,057,000 3.4%3.6% 3.6% 146

(i) (ii) (iii) 2011 2012 2013 12 31 12 31 2011 2012 2013 % % % 36,224 54.0 36,718 60.2 38,466 54.5 5,647 8.4 10,347 17.0 9,985 14.2 25,273 37.6 13,925 22.8 22,088 31.3 67,144 100 60,990 100 70,539 100 12 31 2011 2012 2013 78 75 71 2011 2012 2013 12 31 365 147

2011 2012 2012 2012 12 31 2012 2013 2013 70 2014 4 30 2013 12 31 72.4% 20112012 20131231 7.2 7.3 8.3 ISO9001 VOC 148

VOC 34 149

57,050.4 43,873.2 905 5,870 (a) 6 57,050.4 1 43,873.2 (b) 15 18,273.77 150

(c) 15 125 5,870 2013 5 17.8 2013 2014 (d) 1 1 32 3212 905 259.89 2 2014 3 24 (i) 2 (ii)2 151

(iii) (iv) (i) (ii) (iii) (i) (ii) 21 11 VOC 8 www.jiayaoholdings.com 152

2012 40 2013 2012 2013 153

2012 2009 2010 2011 A 2012 50 2012 2011 2012 2011 2012 2011 2012 2011 2012 2012 100 2012 50 2011 2010 2011 154

2011 2011 2011 100 2011 2010 100 2010 2010 2010 947 734 51 57 35 34 7 13 16 947 155

770 176 1 947 2011 2012 2013 12 31 37.4 34.0 40.5 156

2011 2012 2013 12 31 354,000 535,000 589,000 157

ISO14001 2002 11 1 OHSAS18001 (i) (ii) 2011 2012 2013 12 31 4,108,000 4,812,000 6,089,000 158

2013 3 14 2015 3 13 2013 3 6 2015 3 5 1. 159

(1) (2) (A) 50,167 (B) 11,183 (C) 150,501 160

2014 3 (i) (ii) (iii) 2. 2013 5 2013 1 1 161

532,745 162

2013 5 2013 2013 1 1 2014 3 12 2013 5 2014 3 6 2013 1 2013 5 2013 1 163

3. (i) 30 7.5% 2012 12 31 (ii) 25 7.2% 2013 5 15 2014 3 25 2.19 2.19 10.95 164

2014 3 4. 165

1% 2013 9 166

(i) 2004 (ii) (iii) 2013 11 30 3.08 3.09 8.04 167

2013 6 COSO 2012 7 2014 3 2013 9 2014 3 2014 2 3 1. 168

2. 3. U8 ERP 2013 7 12 169

30 90 90 120 180 170

2013 12 31 2014 4 30 170.1 171

2011 2012 2013 12 31 3.8%5.2% 4.5% 2011 2012 2013 12 31 110.0 170.0 120.0 2011 5.66% 105 2012 6.71% 73 2013 5.98% 50 (0.5%) 100 (1%) 12 31 2011 2012 2013 50 (0.5%) 481 644 726 1.4% 1.3% 1.7% 100 (1%) 962 1,287 1,451 2.7% 2.7% 3.3% 172

173

[ ] [ ] [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ] [ ] [ ][ ] [ ] [ ] (1) [ ] [ ] [ ] [ ] (2) [ ] [ ] [ ] [ ] (3) [ ] [ ] [ ] [ ] 174

(4) [ ] [ ] [ ] [ ] (5) [ ] [ ] [ ] [ ] (6) [ ][ ][ ] [ ] [ ] [ ] [ ] [ ] [ ][ ][ ] [ ] [ ] [ ] [ ][ ][ ] [ ] [ ] 175

51 2001 44 2008 2013 8 5 2014 3 24 27 2014 2014 3 24 57 2014 67 2014 43 2014 2014 6 5 2014 6 5 2014 6 5 51 2013 8 5 2014 3 24 2001 2009 176

2012 10 44 2014 3 24 1992 6 1994 10 2008 6 2011 1 13 1987 8 1989 12 198912 20027 1996 6 2001 2 2005 10 2008 6 2001 3 2005 2008 7 2012 2 27 2014 3 24 2012 6 2013 8 177

57 2014 6 5 2014 6 6 1982 7 1988 3 1994 12 2001 4 1988 3 1989 12 2002 8 2003 8 2004 6 2006 67 2014 6 5 2014 6 5 1970 7 1981 12 1993 2 2003 7 1998 8 2002 8 1995 7 2007 7 2008 11 2013 1 002213 002316 2013 6 1250 2006 12 178

2013 3 2007 12 002197 43 2014 6 5 2014 6 6 1993 12 2004 6 15 1999 9 2002 8 2004 2 2007 3 2007 5 2010 3 201012 1269 2014 4 1 2010 11 2011 2 002378 3788 2012 12 1252 2013 12 002327 179

45 2009 2010 11 18 45 2003 2012 3 24 41 2004 2013 5 17 45 2010 11 18 1993 7 13 2000 11 2002 7 002191 2002 7 2008 1 2009 4 2006 45 2012 3 24 1989 7 2007 1 1992 2001 2003 41 2013 5 17 1994 7 2008 12 2009 7 2008 11 2009 12 9 1998 10 2004 6 2004 7 2013 5 180

32 2014 6 2003 10 2005 4 2010 7 2010 10 20131 20138 20142 8 193,000 183,000 188,000 2014 12 31 586,000 37,358,000 33,991,000 40,468,000 2013 12 31 1,227,000 1,116,000 1,186,000 10 181

14 3.21 14 C3 2014 6 6 3.25 14 B.1 2014 6 6 182

14 A.5 2014 6 6 3A.19 RaffAello Capital Limited 3A.23 (i) (ii) (iii) (iv) 13.10 183

2014 6 6 17 184

30(b) 14A (A) 10 5 30% 30% (1) (2) (3) (4) (5) (6) 185

(7) (8) (9) (10) (11) (12) (13) (14) (15) (i) 17.14% 14A.11(1) 2013 12 9 (i) (ii) (iii) (iv) 1.01 186

2014 6 4 35% 65% 1.01 1.01 (ii) 2014 12 31 1. 64,847,000 (1) 2014 2 16 2014 1 1 2014 (2) 2013 9 29 2013 12 9 2013 9 29 2014 10 31 2013 12 9 2014 12 31 (3) 2014 3 25 2014 3 25 2014 6 30 (4) 2014 1 1 2014 1 1 187

2014 12 31 (5) 2014 4 17 2014 4 17 2014 12 31 (6) 2013 12 31 2014 1 1 2014 12 31 (7) 2013 11 26 2013 11 26 2014 12 31 (8) 2013 1 26 2013 1 1 2014 (9) 2014 4 29 2014 4 29 2014 12 31 2. 2013 1 4 2013 1 1 2013 12 31 2014 4 14 2014 24,191,000 3. 2013 1 1 2013 1 1 2014 12 31 123,592,000 4. (1) 2013 3 11 2013 1 1 2014 12 31 35,347,000 (2) 2013 6 30 2013 7 1 2014 6 30 (3) 2014 1 20 2014 2 1 2015 1 31 (4) 2014 3 20 2014 3 20 2015 1 31 (5) 2014 3 20 2014 3 20 2015 1 31 188

2014 12 31 5. (1) 2014 3 11 2014 3 11 2014 12 31 37,643,000 (2) 2014 3 11 2014 3 11 2014 12 31 (3) 2014 3 11 2014 3 11 2014 12 31 (4) 2014 3 14 2014 3 14 2014 12 31 (5) 2014 3 14 2014 3 14 2014 12 31 6. (1) 2014 1 27 2014 1 27 2014 12 31 13,497,000 (2) 2014 1 27 2014 1 27 2014 12 31 7. (1) 2014 3 14 2014 1 1 2014 6 30 63,252,000 (2) 2014 3 14 2014 1 1 2014 6 30 8. (1) 2014 5 8 2014 12 31 18,810,000 (2) 2014 5 8 2014 12 31 189

2014 12 31 9. (1) 2014 3 21 2013 7 1 2014 6 30 21,019,000 (2) 2014 3 21 2013 7 1 2014 6 30 (3) 2014 3 17 2013 7 1 2014 6 30 (4) 2014 3 17 2013 7 1 2014 6 30 10. 2013 4 17 2013 4 1 2015 3 31 16,581,000 11. (1) 2014 4 21 2014 4 21 2014 12 31 33,578,000 (2) 2014 4 21 2014 4 21 2014 12 31 12. (1) 2014 5 8 2014 5 8 2014 12 31 16,721,000 (2) 2014 5 8 2014 5 8 2014 12 31 13. (1) 2014 3 3 2014 3 3 2014 12 31 8,683,000 (2) 2014 3 3 2014 3 3 2014 12 31 (3) 2014 3 10 2014 3 10 2014 12 31 (4) 2014 3 13 2014 3 13 2014 12 31 190

2014 12 31 14. (1) 2013 5 3 2013 4 1 2015 7 31 6,863,000 (2) 2013 5 3 2013 4 1 2015 7 31 (3) 2013 5 3 2013 8 1 2015 7 31 15. (1) 2013 1 1 2013 1 1 2014 12 31 (2) 2014 3 5 2014 1 1 2014 12 31 (3) 2014 3 5 2014 1 1 2014 12 31 11,157,000 495,781,000 2011 2012 2013 12 31 382,738,000 358,650,000 450,708,000 89.8%81.8% 90.9% (i) (ii) (iii) 191

2014 12 31 495,781,000 (i) (ii) 10% (1) 2014 1.6% (2) 2012 2013 25.7% 14.07 5% 14A 2014 2014 12 31 192

(B) 1. 30% 2. (1) 2013 10 1 32.5% (2) 2014 2 17 2014 2 17 2015 12 31 717,000 0%0% 0.3% 401,0002,031,000 584,000 0.3% 1.2% 0.2% (i) (ii) (iii) 193

(i) 2014 12 31 3,370,000 (ii) 2014 2015 12 31 1,940,000 1,940,000 (i) 2013 2013 11 2013 12 31 2,350,000 2013 12 31 3,067,000 10% 10% (ii) 2014 12 31 (i) 2014 (ii) 2014 2013 2015 12 31 2014 12 31 14.07 0.1% 5% 14A 194

14A.34 14A.35(3) (4) 195

[ ] XV 2 3 10% [ ] Spearhead Leader [ ] [ ] Star Glide [ ] [ ] 1 [ ] [ ] 2 [ ] [ ] 3 [ ] [ ] 4 [ ] [ ] 1. Spearhead Leader Spearhead Leader [ ] Spearhead Leader 2. Star Glide Star Glide [ ] Star Glide 3. 4. 196

17.14% [ ] XV 2 3 10% 197

[ ]Spearhead Leader [ ] Spearhead Leader Spearhead Leader Spearhead Leader (i) 110,505,000 8,152,000 (a) [ ] 20145 [ ] [ ] (b) [ ] [ ] [ ] (ii) 198

(iii) (iv) 2013 75% 25% 2011 2012 2013 12 31 75,420,000 62,535,000 93,742,000 34.7%26.3% 33.3% 2013 8 199

(v) 8.10 8.10 Spearhead Leader 2014 6 6 200

30 (i) (ii) (i) 30% (ii) (i) (ii) 201

(iii) RaffAello Capital Limited (iv) (v) (i) (ii) 202

[ ] 2,000,000,000 20,000,000 [ ] 10,000 100 224,990,000 2,249,900 [ ] [ ] [ ] [ ] [ ] [ ] 2014 6 6 [ ] 2,249,900 2014 6 5 224,990,000 [ ] [ ] 203

(a) [ ] 20% (b) (a) (b) (c) 2014 6 6 [ ] [ ] [ ] 10% 204

(a) (b) (c) 2014 6 6 205

2011 2012 2013 12 31 20 2013 1.5% 16 10 5 30 15 10 10 2013 75% 70% 2013 2 5% 2013 7 13 2011 2012 2013 426.2 438.5 495.8 28.5 38.9 35.4 206

12 31 2011 2012 2013 426,248 438,533 495,773 (299,251) (313,494) (337,851) 126,997 125,039 157,922 29.8% 28.5% 31.9% 4,830 6,971 8,412 (6,712) (1,173) (2,578) (30,913) (19,356) (31,502) (43,232) (37,246) (48,113) (5,819) (16,109) (22,878) (22,545) 34,861 51,357 55,777 (6,516) (8,450) (8,297) 28,345 42,907 47,480 6.6% 9.8% 9.6% 7,152 4,802 (3,816) 35,497 47,709 43,664 28,460 38,901 35,427 7,037 8,808 8,237 35,497 47,709 43,664 207

2013 12,694 20129.8% 2018 31,871 2013 2018 20.2% 1983 2000 1,180 2001 2001 36 2004 100 2008 20 10 30 2001 1,183 2009 138 2013 90 2001 146 2009 30 2011 26 26 1 16 9 2012 45.3%2013 47.5% 2012 73.8% 2013 74.9% 16 10 5 30 15 208

100 2012 40 2011 2012 2013 12 31 138.7 130.5 142.7 64.7% 62.4% 71.2% 2011 2012 2013 12 31 55.5 54.8 67.7 73.7%72.8% 89.9% 209

2011 2012 2013 12 31 67.6%72.3% 77.6% 2011 2012 2013 12 31 75.7%76.3% 75.4% 2011 2012 2013 12 31 14,176 14,791 18,485 10,856 11,665 11,127 2011 2012 7.5% 2012 2013 4.6% 2011 5%7.5% 10% 210

12 31 2011 2012 2013 125,711 120,232 153,884 5% 5.69% 6.83% 6.07% 7.5% 8.53% 10.24% 9.10% 10% 11.38% 13.66% 12.14% 30.55% 29.22% 32.78% 5% 28.81% 27.23% 30.79% 7.5% 27.95% 26.23% 29.79% 10% 27.08% 25.23% 28.80% 5% 7,153 8,212 9,341 7.5% 10,723 12,312 14,003 10% 14,306 16,424 18,682 5 1 211

2 4 3 212

213

2011 2012 2013 12 31 426.2 438.5 495.8 (i) (ii) 2011 2012 2013 12 31 96.5%93.8% 94.7% 2011 2012 2013 12 31 3.5%6.2% 5.3% 12 31 2011 2012 2013 411,461 411,408 469,513 14,787 27,125 26,260 426,248 438,533 495,773 12 31 2011 2012 2013 411,461 215,557 1,908.8 411,408 206,290 1,994.3 469,513 239,721 1,958.6 20 10 10:1(i) (ii) 10% 214

(i) (ii) (iii) (iv) 2011 2012 2013 12 31 67.6%72.3% 77.6% 2011 2012 2013 12 31 18.1%18.9% 16.3% 12 31 2011 2012 2013 202,371 67.6 226,668 72.3 262,064 77.6 153,199 51.2 172,967 55.2 197,482 58.5 49,172 16.4 53,701 17.1 64,582 19.1 54,280 18.1 59,272 18.9 54,927 16.3 33,997 11.4 17,991 5.8 6,731 1.9 8,603 2.9 9,563 3.0 14,129 4.2 299,251 100.0 313,494 100.0 337,851 100.0 2011 2012 2013 12 31 127.0 125.0 157.9 29.8%28.5% 31.9% 2011 2012 2013 12 31 125.7 120.2 153.9 30.6% 29.2% 32.8% 2011 2012 2013 12 31 1.3 4.8 4.0 8.7% 17.7% 15.4% 2011 2012 2013 12 31 4.8 7.0 8.4 215

5% 2011 2012 2013 12 31 6.71.2 2.6 (i) (ii) (iii) (iv) (v) (vi) 2011 2012 2013 12 31 30.9 19.4 31.5 7.3%4.4% 6.4% (i) (ii) (iii) (iv) (v) (vi) (vii) 2011 2012 2013 12 31 43.2 37.2 48.1 10.1%8.5% 9.7% 38.8 30.8 [ ] 2011 2012 2013 12 31 6.7 5.8 2013 12 31 0.9 24.1 2014 16.4 20141231 7.7 216

2011 2012 2013 12 31 16.1 22.9 22.5 16.5% 2011 2012 2013 12 31 15% 2008 15% 2015 25% 2013 2 70% 20137 5% 217

12 31 2011 2012 2013 a (21.3%) 51.4% 10.7% b 29.8% 28.5% 31.9% c 6.6% 9.8% 9.6% d 24.4% 28.4% 141.9% e 4.5% 6.2% 8.3% f 78 75 71 g 102 114 121 h 239 222 204 i 0.9 0.9 0.8 j 0.7 0.8 0.7 k 155.5% 139.3% 443.7% l 136.6% 117.6% 396.2% m 3.6 4.0 5.0 a. 2011 2012 2013 12 31 b. 2011 2012 2013 12 31 c. 2011 2012 2013 12 31 d. 2011 2012 2013 12 31 100% e. 2011 2012 2013 12 31 100% f. 2011 2012 2013 12 31 365 g. 2011 2012 2013 12 31 365 218

h. 2011 2012 2013 12 31 365 i. 2011 2012 2013 12 31 j. 2011 2012 2013 12 31 k. 2011 2012 2013 12 31 100% l. 2011 2012 2013 12 31 100% m. 2011 2012 2013 12 31 2011 2012 2013 12 31 24.4%28.4% 141.9% 2011 24.4% 2012 28.4% 2011 2012 51.4%2013 141.9% 2011 4.5% 2012 12 31 6.2% 2013 8.3% 2013 10.7% 2011 2012 12 31 0.9 2012 12 31 0.7 0.8 88.3 2013 12 31 0.8 0.7 (i) 125.0 (ii)2013 2011 2012 2013 12 31 155.5%139.3% 443.7%2012 2012 2013 (i) (ii) 2013 219

125.0 2011 2012 2013 12 31 136.6%117.6% 396.2% 2011 2012 2013 12 31 3.64.0 5.02012 12 31 47.3% 2013 5.0 2013 12 31 2012 12 31 2013 12 31 2012 12 31 438.5 13.1% 57.3 2013 12 31 495.8 2012 2013 12 31 93.8% 94.7% 2012 2013 12 31 2012 2013 % 411,408 206,290 1,994.3 469,513 239,721 1,958.6 14.1 2012 411.4 14.1% 2013 469.5 2012 206,290 2013 239,721 2013 (i) 2012 90.1 25.0 15.3 2013 112.4 59.0 57.5 (ii)2013 220

2012 12 31 27.1 3.0% 2013 12 31 26.3 (i) 2012 23 2013 18 2013 (ii) 2013 2013 2012 12 31 313.5 7.8% 24.4 2013 12 31 337.9 2012 2013 72.3% 77.6% 2012 2013 18.9% 16.3% 12 31 2012 2013 226,668 72.3 262,064 77.6 15.6 172,967 55.2 197,482 58.5 14.2 53,701 17.1 64,582 19.1 20.3 59,272 18.9 54,927 16.3 (7.3) 17,991 5.8 6,731 1.9 (62.6) 9,563 3.0 14,129 4.2 47.7 313,494 100.0 337,851 100.0 7.8 2012 291.2 8.4% 2013 315.6 2013 2013 2013 9 221

2012 22.3 2013 22.2 2012 2013 2012 12 31 125.0 26.3% 2013 12 31 157.9 12 31 2012 2013 % % % 120,232 29.2 153,884 32.8 28.0 4,807 17.7 4,038 15.4 (16.0) 2012 12 31 120.2 33.7 28.0% 2013 12 31 153.9 2013 (i) 201231.2 11.7201342.9 (ii) 2012 7.9 14.8 2013 22.7 (iii) 2012 5.8 6.7 2013 12.5 2012 29.2% 2013 32.8% (i) (ii) (iii) 222

2012 12 31 4.8 16.7% 2013 12 31 4.0 2013 2012 12 31 17.7% 2013 12 31 15.4% 2013 20121231 7.0 1.4 20.0%20131231 8.4(i) 2013 1.9(ii) 0.5 (iii) 2013 0.7 1.5 0.8 20121231 1.2 1.4 116.7% 2013 12 31 2.6 2.1 12 31 2012 2013 % % % 7,309 37.7 8,332 26.4 14.0 4,581 23.7 9,210 29.2 101.0 2,430 12.6 2,385 7.6 (1.9) 3,300 17.0 6,337 20.1 92.0 1,044 5.4 3,111 9.9 198.0 692 3.6 2,127 6.8 207.4 19,356 100.0 31,502 100.0 62.8 2012 12 31 19.4 12.1 62.8% 2013 12 31 31.5 2012 4.4% 2013 6.4% 223

2011 2012 2013 2013 2013 2011 (i) (ii) (iii) 2012 2011 2013 2013 2012 7.3 1.0 2013 8.3 2013 12 31 2012 2013 % % % 6,352 17.1 9,322 19.4 46.8 2,940 7.9 2,905 6.0 (1.2) 1,552 4.2 4,773 9.9 207.5 311 0.8 300 0.6 (3.5) 14,664 39.4 16,872 35.1 15.1 3,867 10.4 6,562 13.6 69.7 4,689 12.6 5,637 11.7 20.2 2,871 7.6 1,742 3.7 39.3 37,246 100.0 48,113 100.0 29.2 224

2012 37.2 10.9 29.2%2013 48.1 2012 8.7% 2013 9.7% 2012 2013 2013 2012 2013 2012 12 31 22.9 1.7% 0.4 2013 12 31 22.5 (i) (ii) 2013 2.3 2012 0.4 0.2 2.6 2012 12 31 42.9 2013 12 31 47.5 2013 3.8 2012 4.8 2012 12 31 47.7 4.0 2013 12 31 43.7 225

2012 12 31 2011 12 31 2011 12 31 426.2 2.9% 2012 12 31 438.5 2012 2011 2012 12 31 2011 2012 % 411,461 215,557 1,908.8 411,408 206,290 1,994.3 0.01 2011 2012 12 31 96.5% 93.8%2011 2012 411.4 2011 1,908.8 2012 1,994.3 2011 215,557 4.3% 2012 206,290 X 100 2011 12 31 14.8 83.1% 2012 12 31 27.1 (i) 2012 13.5 2011 1.7 (ii) 2011 19 2012 23 226

12 31 2011 2012 202,371 67.6 226,668 72.3 12.0 153,199 51.2 172,967 55.2 12.9 49,172 16.4 53,701 17.1 9.2 54,280 18.1 59,272 18.9 9.2 33,997 11.4 17,991 5.7 (47.1) 8,603 2.9 9,563 3.1 11.2 299,251 100.0 313,494 100.0 4.8 2011 12 31 299.3 4.8% 14.2 2012 12 31 313.5 2012 2011 2012 67.6% 72.3%2012 2011 2012 2011 12 31 285.8 2012 12 31 291.2 2012 2011 12 31 13.5 65.2% 2012 12 31 22.3 2012 227

2011 2012 12 31 127.0 125.0 12 31 2011 2012 % % % 125,711 30.6 120,232 29.2 (4.4) 1,286 8.7 4,807 17.7 273.8 2012 12 31 120.2 2011 12 31 125.7 4.4%2011 2012 30.6% 29.2% 20121231 4.8 2011 12 31 1.3 2.7 2012 2012 12 31 17.7% 2011 12 31 8.7% 2012 20111231 4.8 2.2 45.8% 2012 12 31 7.0 (i) 2011 12 31 0.4% 0.5% 2012 12 312.8%3.1% 2.1(ii) 1.5 228

20111231 6.7 5.5 82.1% 2012 12 31 1.2 2012 2012 5.9 12 31 2011 2012 % % 7,179 23.2 7,309 37.7 1.8 8,761 28.3 4,581 23.7 (47.7) 3,195 10.3 2,430 12.6 (23.9) 6,177 20.0 3,300 17.0 (46.6) 3,567 11.6 1,044 5.4 (70.7) 2,034 6.6 692 3.6 (66.0) 30,913 100.0 19,356 100.0 (37.4) 2011 30.9 11.5 37.4% 2012 19.4 2012 2012 2012 2011 2011 2011 2011 229

12 31 2011 2012 % % 9,074 21.0 6,352 17.1 (30.0) 3,016 7.0 2,940 7.9 (2.5) 2,589 5.9 1,552 4.2 (40.1) 609 1.4 311 0.8 (48.9) 14,807 34.3 14,664 39.4 (1.0) 6,876 15.9 3,867 10.4 (43.8) 5,246 12.1 4,689 12.6 (10.6) 1,015 2.4 2,871 7.6 182.9 43,232 100.0 37,246 100.0 (13.8) 2011 12 31 43.2 6.0 2012 12 31 37.2 2011 10.1% 2012 8.5% 2012 20111231 16.1 6.8 42.2% 2012 12 31 22.9 (i) 2012 3.6 (ii) 3.4 2012 0.2 2011 6.5 2.0 2012 8.5 2.0 2011 12 31 28.3 2012 12 31 42.9 230

2012 2011 4.8 7.2 2011 12 31 35.5 2012 12 31 47.7 [ ] [ ] 20112012 20131231 0.8 1.1 7.1 2011 2012 2013 12 31 13 12 31 2011 2012 2013 88,723 48,230 92,856 (115,107) (16,502) 6,823 30,029 (22,208) (111,554) 3,645 9,520 (11,875) 28,673 32,318 41,838 32,318 41,838 29,963 231

2013 12 31 92.9 97.4 4.3 8.9 100.6 3.2 9.1 5.8 2014 18.1 2013 12 31 10.7 2012 12 31 48.2 49.8 5.4 7.0 103.3 53.4 2012 126.6 2012 73.9 2012 12 31 17.0 2011 12 31 88.7 95.2 1.8 8.3 93.51.7 (i) 43.9 (ii) 8.7 2013 53.1 2011 12 31 6.9 232

2013 12 31 6.8 (i) 32.0 (ii) 13.8 (i) 31.4 (ii) 9.4 2013 12 31 3.4 2012 12 31 16.5 (i) 31.0(ii) 15.9 (iii) 30.0 (i) 22.0 (ii) 34.3 2012 12 31 14.7 2011 12 31 115.1 (i) 62.9 (ii) 34.3 (iii) 32.5 10.8 2011 12 31 0.6 233

2013 12 31 111.6 (i) 321.5 (ii) 14.2 232.6 2013 12 31 0.1 2012 12 31 22.2 (i) 249.5 (ii) 10.4 (iii) 18.0 264.0 2012 12 31 3.4 2011 12 31 30.0 342.0 (i) 281.5 (ii) 8.7 (iii) 13.9 (iv) 7.7 2013 12 31 5.5 234

2011 12 31 2012 12 31 2014 2011 2011 2011 2012 2013 4 30 67,144 39,067 106,211 60,990 70,539 75,386 108,536 42,221 150,757 196,876 183,927 183,686 617 150 767 677 580 580 34,300 34,300 207 207 59 65,066 65,066 94,693 17,258 164 164 1,209 1,209 457 80,346 80,346 62,097 59,293 55,781 28,933 3,385 32,318 39,509 29,963 36,178 386,358 84,823 471,181 455,522 361,724 351,611 164,394 3,909 3,909 386,358 84,823 471,181 619,916 365,633 355,520 228,316 42,516 270,832 247,423 220,583 184,702 219,000 219,000 253,463 94,550 137,000 93,026 5,716 31,987 9,121 683 1,415 2,098 2,476 3,733 1,146 447,999 43,931 491,930 503,362 443,879 337,685 117,823 447,999 43,931 491,930 621,185 443,879 337,685 (61,641) 40,892 (20,749) (1,269) (78,246) 17,835 (61,641) (20,749) (47,840) (78,246) 17,835 2012 12 31 164.4 2013 12 31 2014 4 30 3.9 2013 235

2011 2012 2013 12 31 61.6 47.8 78.2 2014 4 30 17.8 2011 12 31 61.6 13.8 2012 12 31 47.8 (i) 2012 88.3 (ii) 29.6 (a)2012 19.1 (b) 2012 34.4 2012 12 31 47.8 30.4 2013 12 31 78.2 (i) 77.4 (ii) 2013 93.0 32.0 158.9 2013 12 31 78.2 2014 4 30 17.8 (i) 87.3 (ii) 22.9 42.5 (i) 2014 4 30 170.1 (ii) [ ] [ ] [ ] (iii) 236

(iv) 30.0 2014 2011 2012 2013 12 31 17.4% 13.4%19.3% 12 31 2011 2011 2011 2012 2013 36,224 29,028 65,252 36,718 38,466 5,647 1,126 6,773 10,347 9,985 25,273 8,913 34,186 13,925 22,088 67,144 39,067 106,211 60,990 70,539 2011 12 31 67.1 9.1% 2012 12 31 61.0 2011 2012 2012 2012 12 31 2012 12 31 61.0 15.6% 2013 12 31 70.5 237

12 31 2011 2012 2013 78 75 71 2011 2012 2013 12 31 365 2011 2012 2012 2012 12 31 2012 2013 2013 70 2014 4 30 2013 12 31 72.4% 12 31 2011 2011 2011 2012 2013 92,828 39,627 132,455 155,637 148,334 (236) (345) (581) (138) (185) 92,592 39,282 131,874 155,499 148,149 1,100 50 1,150 24,390 1,250 93,692 39,332 133,024 179,889 149,399 2011 2012 2013 12 31 93.7 179.9 149.4 2011 12 31 93.7 2012 12 31 179.9 (i) 2012 2011 (ii) 2012 2011 238

2012 12 31 179.9 2013 12 31 149.4 12 31 2011 2012 2013 0 90 80,057 138,258 125,095 91 180 11,830 13,369 18,507 181 360 705 845 3,407 360 3,027 1,140 92,592 155,499 148,149 12 31 2011 2012 2013 0 90 100 9,290 1,100 91 180 1,000 15,100 150 1,100 24,390 1,250 30 90 30 30 120 6 180 181 360 360 239

2011 2012 12 31 1.1 16.6 (i) (ii) 2011 2013 12 31 2011 2012 2013 12 31 85.6%82.0% 84.5% 90 2011 2012 2013 12 31 100.0 130.3 117.3 12 31 2011 2012 2013 102 114 121 1. 2011 2012 2013 12 31 365 30 2013 12 31 120 90 30 2011 2012 2013 102 114 121 2013 120 2011 102 2012 114 2013 121 (i) (ii) 240

2011 2012 2013 12 31 16.9 37.3 19.9 12 31 2011 2012 2013 0 90 12,131 33,607 15,219 91 180 2,561 2,872 2,889 181 360 887 694 1,158 360 1,366 150 599 16,945 37,323 19,865 201443020131231 88.9% 12 31 2011 2011 2011 2012 2013 606 606 142 13,823 1,486 1,104 2,589 637 9,972 7,673 1,485 9,159 11,942 7,070 3,259 3,259 2,513 1,162 897 1,820 300 2,120 1,753 1,604 14,844 2,889 17,733 16,987 34,528 241

2011 2012 2013 12 31 14.8 17.0 34.5 2011 2012 2.1 4.3 2012 2013 17.5 (i) 2013 13.4(ii) 8.5 9.3 4.920135 17.8 2013 2014 12 31 2011 2011 2011 2012 2013 61,772 35,856 97,628 69,172 74,159 126,385 126,385 124,184 109,130 188,157 35,856 224,013 193,356 183,289 2011 2012 2013 12 31 188.2 193.4 183.3 39.9%38.2% 36.2%2011 12 31 2012 12 31 2012 12 31 2013 12 31 180 60 90 242

12 31 2011 2012 2013 0 90 55,001 67,369 67,628 91 180 3,214 643 4,776 181 360 823 422 569 360 2,734 738 1,186 61,772 69,172 74,159 12 31 2011 2012 2013 0 90 35,220 46,685 57,000 91 180 91,165 77,499 52,130 126,385 124,184 109,130 3090 20112012 20131231 48.0%59.0% 68.0% 90 2011 2012 2013 12 31 12 31 2011 2012 2013 239 222 204 243

1. 2011 2012 2013 12 31 365 2011 2013 12 31 239 222 204 60 90 180 270 90 180 2011 239 2012 222 2013 204 (i) (ii) (i) (ii) (iii) 2014 4 30 2013 12 31 75.4% 12 31 2011 2011 2011 2012 2013 22,000 8,620 6,407 15,027 4,735 13,914 31,540 252 31,792 27,332 23,380 40,160 6,659 46,819 54,067 37,294 244

2011 2012 2013 12 31 40.2 54.1 37.3 2011 12 31 40.2 2012 12 31 54.1 2012 22.0 2013 12 31 37.3 2013 2013 12 31 13.9 [ ] 12 2011 2012 2013 12 31 239.0 253.5 154.6 2014 4 30 167.0 30.0 137.0 2014 4 30 170.1 245

12 31 2014 2011 2012 2013 4 30 209,000 223,463 127,000 167,000 10,000 30,000 27,550 20,000 239,000 253,463 154,550 167,000 12 31 2014 2011 2012 2013 4 30 23,573 29,223 18,572 18,410 180,694 183,511 145,394 139,553 72,500 72,500 100,000 130,352 117,310 105,822 80,346 76,542 59,293 55,781 457,113 492,128 340,569 319,566 2011 2012 2013 12 31 2014 4 30 244,293,000248,187,000 187,065,000 189,958,000 246

24 2014 4 30 2014 4 30 12 31 2011 2012 2013 207 59 1,393 24,225 60,626 9,648 40,841 32,674 7,610 65,066 94,693 17,258 164 164 4,440 30,000,000 7.5% 2013 12 31 247

2014 2 2013 12 31 164,000 2014 3 2013 12 31 17,258,000 12 31 2011 2012 2013 64,923 12,022 16,027 54 93,026 23,835 8,152 31,987 1 1,309 2013 12 31 5.7 54,000 248

87,256,000 20131231 181922 23 30 20131231 93.0 (i) 87.3 86.7 (ii) [ ] 86.7 2013 12 31 23.8 2014 4 2013 12 31 8.2 2014 4 2014 1 4 9.1 8.4 0.7 [ ] [ ] [ ] 2014 5 [ ] 249

2011 2012 2013 12 31 12 31 12 31 455 655 2011 2012 2013 12 31 12 31 12 31 106 1,200 151 250

12 31 2011 2012 2013 63 296 31,173 10,432 8,336 650 641 408 916 1,518 3,980 5,913 2,728 36,782 18,504 11,768 (i) (ii) [ ] [ ] [ ] [ ] [ ] [ ] [ ] 2013 8 5 2013 12 31 251

2011 2012 2013 12 31 23.6 37.9 81.2 13.13 13.19 13.18 13.13 13.19 2013 12 31 2014 4 30 2014 4 30 2014 4 30 128.6 36.7 28.5% 2014 4 30 64,641 1,885.1 2013 4 30 125.8 39.1 31.1% 2013 4 30 62,811 1,895.1 252

2013 2014 4 30 2014 2410 2013 12 31 (a) 2013 5 30 2013 2014 (b) 2014 4 30 (c) 2014 3 4 86.7 2014 4 (d) 2014 2 2013 12 31 164,000 2014 3 2013 12 31 17.3 (e) 2014 3 12.0 16.0 2014 4 54,000 59.3 (f) [ ] (g) 2014 1 4 [ ] [ ] [ ][ ] [ ] [ ] 253

(h) 2014 5 [ ] 2014 4 30 2013 12 31 2014 4 30 2013 12 31 39,183 22,339 580 2014 4 30 522 (193) (590) 2014 4 30 61,841 13,069 2014 4 30 74,910 III 12 2014 4 30 55,830 III 15 2014 4 30 19,080 254

4.29 [ ] 2013 12 31 2013 12 31 2013 12 31 [ ] 2013 12 31 2013 12 31 2013 12 31 (1) [ ] (2) (3) (4) [ ][ ] [ ] 33,450 [ ] [ ] [ ] [ ] [ ]1.00 [ ] 33,450 [ ] [ ] [ ] [ ] (1) 2013 12 31 (2) [ ] [ ] [ ] [ ] [ ][ ] [ ][ ] [ ] [ ] 2013 12 31 6.7 [ ] 1.00 0.7933 255

(3) [ ] [ ] (4) 1.00 0.7933 (5) 2013 12 31 2013 12 31 256

[ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] (i) [ ] (ii)[ ] [ ] [ ] [ ] [ ] [ ] 257

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[ ] [ ] 3A.07 8.08 [ ] 25% 266

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11 31 2011 2012 2013 12 31 2011 2012 2013 12 31 [ ] 2013 8 5 2014 4 30 Giant Harmony Limited Giant Harmony (i) 2013 3 15 20,000 100% (i) 2013 4 12 1 100% I-1

(i) 2013 4 12 1 100% (i) 2013 5 3 100 100% (ii) 1992 8 15 78,782,100 82.86% (ii) 2004 5 12 40,000,000 87.15% (i) (ii) Giant Harmony 12 31 Giant Harmony Giant Harmony I-2

2011 12 31 2012 12 31 2013 12 31 2011 12 31 2012 12 31 2013 12 31 (i) 2011 12 31 2012 12 31 (ii) 2012 12 31 (i) 2005 6 13 2013 2 1 (ii) 2004 5 17 2013 8 12 I-3

3.340 B 1 B 1 2013 12 31 2011 2012 2013 12 31 I-4

A. 2011 12 31 2012 12 31 2013 12 31 5 426,248 438,533 495,773 (299,251) (313,494) (337,851) 126,997 125,039 157,922 6 4,830 6,971 8,412 6 (6,712) (1,173) (2,578) (30,913) (19,356) (31,502) (43,232) (37,246) (48,113) (5,819) 7 (16,109) (22,878) (22,545) 34,861 51,357 55,777 8 (6,516) (8,450) (8,297) 9 28,345 42,907 47,480 13 7,152 4,802 (3,816) 35,497 47,709 43,664 35,497 47,709 43,664 28,460 38,901 35,427 7,037 8,808 8,237 35,497 47,709 43,664 28,460 38,901 35,427 7,037 8,808 8,237 35,497 47,709 43,664 11 I-5

2011 12 31 2012 12 31 2013 12 31 2013 12 31 15 226,849 204,592 178,325 16 33,724 26,828 22,339 25 2,518 1,722 2,453 263,091 233,142 203,117 17 106,211 60,990 70,539 18 150,757 196,876 183,927 897 16 767 677 580 20 34,300 19 207 59 19 65,066 94,693 17,258 19 164 164 1,209 457 21 80,346 62,097 59,293 21 32,318 39,509 29,963 471,181 455,522 361,724 897 14 164,394 3,909 471,181 619,916 365,633 897 734,272 853,058 568,750 897 I-6

2011 12 31 2012 12 31 2013 12 31 2013 12 31 22 270,832 247,423 220,583 24 219,000 253,463 94,550 23 93,026 5,716 23 31,987 2,098 2,476 3,733 491,930 503,362 443,879 5,716 14 117,823 491,930 621,185 443,879 5,716 (20,749) (1,269) (78,246) (4,819) 242,342 231,873 124,871 (4,819) 24 20,000 60,000 25 3,674 3,407 1,866 23,674 3,407 61,866 218,668 228,466 63,005 (4,819) 27 75,279 75,279 62 28 93,826 108,622 33,388 (4,819) 169,105 183,901 33,450 49,563 44,565 29,555 218,668 228,466 63,005 (4,819) I-7

27 28 28 2011 1 1 75,279 8,798 31,606 44,534 160,217 48,198 208,415 28,460 28,460 7,037 35,497 11 (19,572) (19,572) (4,048) (23,620) (1,624) (1,624) 5,880 (5,880) 2011 12 31 75,279 8,798 37,486 47,542 169,105 49,563 218,668 38,901 38,901 8,808 47,709 11 (31,414) (31,414) (6,497) (37,911) 3,702 (3,702) 5,300 5,300 5,300 2,009 2,009 (7,309) (5,300) 2012 12 31 75,279 16,107 41,188 51,327 183,901 44,565 228,466 35,427 35,427 8,237 43,664 11 (67,283) (67,283) (13,914) (81,197) (9,333) (9,333) Giant Harmony 62 62 62 (75,279) (43,378) (118,657) (118,657) 2013 12 31 62 (27,271) 41,188 19,471 33,450 29,555 63,005 I-8

2011 12 31 2012 12 31 2013 12 31 35,497 47,709 43,664 7,819 9,708 8,705 21,624 26,290 22,681 (1,803) (5,408) (4,349) 767 827 702 22,922 22,957 21,533 6,715 861 361 215 410 2,538 5,130 (458) (218) (98) 47 93,538 103,256 100,554 (8,721) (703) (18,095) 53,122 (126,621) 10 (207) 148 59 1,409 (164) (43,924) 73,909 9,064 (2) 5,770 95,215 49,825 97,362 1,803 5,408 4,349 (8,295) (7,003) (8,855) 88,723 48,230 92,856 I-9

2011 12 31 2012 12 31 2013 12 31 (62,852) (31,041) 5,416 31,987 10,817 3,804 (196) (34,300) (1,465) 26(a) (9,401) 34,300 1,658 (32,457) (15,900) (4,991) 5,150 335 13,751 (31,401) 22,000 (30,000) (115,107) (16,502) 6,823 342,000 263,963 232,566 (281,505) (249,500) (321,501) Giant Harmony 62 (8,679) (163) (10,381) (13,925) (17,963) (14,196) (7,699) (8,327) (8,485) 30,029 (22,208) (111,554) 3,645 9,520 (11,875) 28,673 32,318 41,838 32,318 41,838 29,963 32,318 39,509 29,963 14 2,329 32,318 41,838 29,963 I-10

B. 1. 2013 8 5 Spearhead Leader Limited Clifton House, 75 Fort Street, PO Box 1350, Grand Cayman KY1-1108, Cayman Islands 2014 4 30 36.74%24.58%21.54% 17.14% 76.715% 6.145% (i) (ii) (iii) 2013515 36.74%21.54% 18.435% 47,365,00027,767,000 23,762,000 2013 8 1 2013 7 25 6.145% 7,921,000 2013 8 2 2013 8 10 6.145% 7,921,000 2013 9 4 2012 6 29 75%8% 17%2012 6 29 I-11

5,300,000 17% 2013 5 15 25% 11,842,000 2013 8 1 60% 40% 2013 8 12 2013 2 1 75%25% 20121112 22,000,000 70% 2013 2 1 70% 2013 2 1 2013 4 27 1,658,000 5% 2013718 5 I-12

2. 2013 1 1 2010 2012 4 2011 2013 2 9 3 14 5 9 9 3 7 10 1 12 27 19 2 32 1 36 1 39 1 1 21 1 2014 1 1 2 2014 7 1 3 9 4 2014 7 1 5 2016 1 1 3. 4 2 17 2 36 I-13

I-14

I-15

I-16

I-17

I-18

39 I-19

I-20

I-21

39 (a) (i) (ii) (iii) (b) (i) (ii) (iii) I-22

(iv) (v) (vi) (a) (vii) (a)(i) 4. 3 15 I-23

2011 2012 2013 12 31 226,849,000 220,790,000 178,325,000 2011 2012 2013 12 31 106,211,000 106,914,000 70,539,000 5. 2011 12 31 2012 12 31 2013 12 31 411,461 411,408 469,513 14,787 27,125 26,260 426,248 438,533 495,773 8 I-24

2011 12 31 411,461 14,787 426,248 125,711 1,286 126,997 4,830 (6,712) (30,913) (43,232) (16,109) 34,861 2012 12 31 411,408 27,125 438,533 120,232 4,807 125,039 6,971 (1,173) (19,356) (37,246) (22,878) 51,357 2013 12 31 469,513 26,260 495,773 153,884 4,038 157,922 8,412 (2,578) (31,502) (48,113) (5,819) (22,545) 55,777 I-25

3 2011 12 31 2012 12 31 2013 12 31 19,655 18,838 18,999 6,715 861 361 571 602 602 1,582 2,337 2,386 46 75 75 10% 2011 12 31 2012 12 31 2013 12 31 A 64,082 1 58,952 B 84,769 90,119 112,355 C 49,404 1 1 D 72,467 62,178 1 E 1 1 57,502 270,722 152,297 228,809 1 10% A 2012 12 31 25,029,000 I-26

6. 2011 12 31 2012 12 31 2013 12 31 1,400 635 513 1,763 3,828 4,349 1,500 690 1,667 1,008 2,860 4,830 6,971 8,412 (215) (410) (2,538) (90) 458 (6,715) (861) (361) 218 98 (47) (6,712) (1,173) (2,578) 7. 2011 12 31 2012 12 31 2013 12 31 13,463 17,092 14,076 1,613 4,991 7,196 1,033 795 1,273 16,109 22,878 22,545 8. 2011 12 31 2012 12 31 2013 12 31 6,052 8,000 10,621 (235) 57 (52) 25 699 393 (2,272) 6,516 8,450 8,297 16.5% I-27

2007 3 16 63 2007 12 6 2008 1 1 25% 2009 9 16 2009 9 16 2012 9 15 15% 2012 11 20 2015 11 19 50% 2007 12 31 2007 2008 12 31 2009 2010 2011 12 31 50% 10% 5% 2011 12 31 2012 12 31 2013 12 31 34,861 51,357 55,777 25% 8,715 12,839 13,944 3,261 2,889 1,721 (2,838) (3,229) (1,995) (3,869) (3,763) (5,069) 84 851 (76) 5% 1,091 (267) (1,541) (235) 57 (52) 307 438 6,516 8,450 8,297 I-28

9. 2011 12 31 2012 12 31 2013 12 31 24,341 36,055 39,759 4,004 6,852 7,721 28,345 42,907 47,480 2011 12 31 2012 12 31 2013 12 31 10 33,370 29,526 34,855 3,988 4,465 5,613 37,358 33,991 40,468 423 103 66 21,237 21,175 21,385 6,715 861 361 215 410 2,538 617 677 677 411 511 (218) (98) 47 299,251 313,494 337,851 I-29

10. 2011 12 31 2012 12 31 2013 12 31 (i) 2013 8 5 2014 3 24 (ii) 2014 3 24 2011 2012 2013 12 31 2011 12 31 182 11 193 2012 12 31 165 18 183 2013 12 31 165 23 188 (iii) 2014 3 24 I-30

2011 12 31 2012 12 31 2013 12 31 1,178 1,062 1,081 49 54 105 1,227 1,116 1,186 2011 2012 2013 12 31 1,000,000 11. 2011 12 31 2012 12 31 2013 12 31 8,678 13,930 29,835 5,806 9,318 19,957 5,088 8,166 17,491 4,048 6,497 13,914 23,620 37,911 81,197 12. 1 13. 2012 11 12 70% 22,000,000 2013 2 1 I-31

2011 12 31 2012 12 31 2013 12 31 141,665 174,048 28,764 (75,420) (62,535) (10,476) 66,245 111,513 18,288 119,012 149,800 22,887 (62,038) (54,072) (7,843) 56,974 95,728 15,044 9,271 15,785 3,244 13,382 8,463 2,633 3,090 2,405 50 (232) (8,982) (11,870) (3,438) (2,791) (5,079) (721) (5,515) (3,412) (136) 8,455 6,060 1,632 (1,303) (1,258) (408) 7,152 4,802 1,224 26 (5,040) 7,152 4,802 (3,816) 2011 12 31 2012 12 31 2013 12 31 23 13 1,685 1,782 148 150 150 25 56,974 95,728 15,044 I-32

2011 12 31 2012 12 31 2013 12 31 6,903 17,014 10,654 (629) (14,687) (3,446) (5,515) (3,384) (136) 759 (1,057) 7,072 2012 12 31 14 14. 2012 12 31 2013 12 31 (i) 164,394 (ii) 3,909 164,394 3,909 (i) 117,823 (i) 13 2012 11 12 70% 2013 2 1 2012 12 31 5 5% I-33

2012 12 31 2012 12 31 16,198 6,159 698 45,924 78,641 14,445 2,329 164,394 116,079 1,454 290 117,823 46,571 (ii) 2013 5 30 2013 12 31 2013 12 31 3,909,000 2013 12 31 I-34

15. 2011 1 1 36,852 264,728 13,743 8,795 4,993 329,111 63 31,173 650 916 3,980 36,782 505 7,060 255 (7,820) (7,518) (582) (2) (8,102) 2011 12 31 37,420 295,443 14,066 9,709 1,153 357,791 10,432 641 1,518 5,913 18,504 266 535 (801) (2,858) (419) (3,277) (140) (22,170) (760) (396) (71) (23,537) 2012 12 31 37,546 281,382 13,528 10,831 6,194 349,481 296 8,336 408 2,728 11,768 8,270 70 (8,340) (17,448) (5,154) (1,033) (989) (24,624) 2013 12 31 20,394 292,834 12,973 9,842 582 336,625 2011 1 1 5,558 87,864 8,002 2,618 104,042 3,457 17,430 1,251 784 22,922 (2,255) (481) (1) (2,737) 6,715 6,715 2011 12 31 9,015 109,754 8,772 3,401 130,942 1,853 18,463 1,603 1,038 22,957 (2,152) (380) (2,532) 861 861 (24) (6,743) (440) (132) (7,339) 2012 12 31 10,844 120,183 9,555 4,307 144,889 1,636 17,735 1,054 960 21,385 (3,542) (3,284) (867) (642) (8,335) 361 361 2013 12 31 8,938 134,995 9,742 4,625 158,300 2013 12 31 11,456 157,839 3,231 5,217 582 178,325 2012 12 31 26,702 161,199 3,973 6,524 6,194 204,592 2011 12 31 28,405 185,689 5,294 6,308 1,153 226,849 I-35