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2015 2016 2015 91 2015/2016 20034 2,744 23,000-25,200 7,588 21,000-23,200 85 92,600 20048 5,959 15,040-21,000 20138 3,187 20,400-22,400 1,942 18,000-19,400 2,421 16,400-18,000 218 50,600-88,600 20144 903 23,000 914 18,000 683 18,200 20149 304 18,000 696 13,000-14,200 201692016/20171,000 2

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[] [] [] 2013201420158312016531 565.7 1,165.41,163.0869.720132014 20158312016531 44.442.2112.461.4 2013201420158312016531 535.01,270.01,275.5 896.72013201420158312016531 51.279.0 109.973.1 2013201420158312016531344.2 333.3426.9886.6 831 2016 2013 2014 2015 531 1,007,733 2,326,869 1,433,344 1,680,316 783,988 359,404 1,531,639 1,438,381 523,003 1,133,274 743,533 706,537 738,990 1,042,584 1,546,199 1,616,822 44,998 (683,180) (14,560) (178,441) 2014201583120165312016630 4

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2016210 Dewey Education Group Inc. [] 201320142015831 2016531 77.8%78.0%77.8%76.5% 32

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2016517 2015/2016 2015/2016 2014/2015 (2) (3) 20169 2014 201511 10 20153 5,000,000 201542014 780,000 201511 100,000 146

147

(i) 1. 20132014 2015831 2016531 9,700,000 13,900,000 16,500,00012,500,000 4,200,000 6,100,0004,700,000 3,100,000 0.05% (a) (b) 2017 148

201661 2017 149

2. 24,192 2013201420158 312016531 18.7% 17.2%17.0%16.1%2016 630 20151224 (i) (ii) (iii) 150

3. (i) (ii) (iii) 151

(ii) (a) (i) - (ii) 201510 1,700,000 (i) (ii) (iii) 2016/2017 (iv) (i) (ii) (iii) (iv) 152

(b) (A) 12 1. 200855 201434 2. 20091116 2014823 3. 2011622 2013731 4. 2011101 2013813 5. 20128 2015831 6. 2013629 201661 7. 2013629 201661 153

8. 2013826 2013826 9. 201382 2015131 10. 2013122 201661 11. 2014819 2015831 12. 2014711 2015831 2008 201434 2014831 154

- 20149 (B) (i) (ii) (iii) 155

201661 (C) 2013201420158312016531 4.24.92.10.03 2013201420158312016531 78.1113.9151.387.3 8,52310,2799,166914 2013201420158312016531 39.8%37.0%35.6%53.8% 30.8%42.4%50.9%39.0% 2013201420158312016531 76.6114.6148.685.3 3816461,029511 2013 201420158312016531 82.6%83.8%78.5%82.8% 17.3%14.4%11.3%7.2% (D) (E) (F) 156

(G) 50,000 50,000 50,000500,000 201661 (H) (i) (ii) (i)20151220162 (ii)201646 20166 157

[] 20151220162 201646 [] 158

201661-3.083.09 8.04[] 159

160

[] 201591 201591 27,644 2003 2013 20149 20169 2016 20171,000 2014 20132013 2013/20142014/2015 94.8%2013/20142014/2015 18.4%21.4% 161

2013831201583121.1% 27.0% 91 2012 2013 2014 2015 13,947 19,354 22,837 27,644 808 1,162 1,359 1,666 2013201420158312015 2016531 831 531 2013 2014 2015 2015 2016 320,051 450,913 568,715 435,688 540,579 (170,021) (239,717) (289,194) (223,211) (286,841) 150,030 211,196 279,521 212,477 253,738 5,891 7,007 6,858 4,985 4,540 4,858 176 (1,260) (1,226) (6,879) (4,409) (6,289) (7,513) (5,767) (9,972) (48,097) (72,150) (76,114) (56,885) (75,448) [] (18,113) 47,510 46,316 117,600 86,423 61,556 (47,875) (73,987) (106,750) (81,819) (64,201) 107,908 112,269 212,342 158,188 145,221 (18,868) (21,360) (30,045) (22,317) (26,295) 89,040 90,909 182,297 135,871 118,926 89,046 90,917 182,305 135,875 118,930 (6) (8) (8) (4) (4) 89,040 90,909 182,297 135,871 118,926 162

2013201420158312016531 831 2016 2013 2014 2015 531 610,310 925,194 1,006,912 1,193,190 206,113 218,308 213,055 209,276 16,900 17,500 18,100 18,300 [97,312] [1,074,930] [99,220] [ ] 76,447 90,271 95,380 18,753 651 666 677 797 240,000 1,007,733 2,326,869 1,433,344 1,680,316 1,110 1,591 1,978 5,361 18,645 51,952 25,761 27,825 725,363 287,537 1,486,418 1,271,381 4,962 5,253 5,253 5,323 33,908 13,071 12,229 128,491 783,988 359,404 1,531,639 1,438,381 178,290 224,817 285,146 211,930 8,355 14,362 25,185 42,477 171,344 286,552 203,971 173,807 [346,597] [336,908] [432,838] [908,649] 19,404 38,583 61,210 81,410 15,000 141,362 537,849 198,549 738,990 1,042,584 1,546,199 1,616,822 44,998 (683,180) (14,560) (178,441) 1,052,731 1,643,689 1,418,784 1,501,875 83,400 83,400 83,400 83,400 446,537 427,232 592,076 711,938 529,937 510,632 675,476 795,338 (209) (217) (225) 529,728 510,415 675,251 795,338 520,000 1,128,638 737,651 698,151 3,003 4,636 5,882 8,386 523,003 1,133,274 743,533 706,537 1,052,731 1,643,689 1,418,784 1,501,875 163

2013201420158312016531 2016 831 531 2013 2014 2015 165,634 241,100 319,148 182,329 (244,692) (909,972) (308,769) (60,195) 68,186 648,035 (11,221) (5,872) (10,872) (20,837) (842) 116,262 44,780 33,908 13,071 12,229 33,908 13,071 12,229 128,491 201671 164

201220157.1% 2012 12.8201514.74.7%20138 31201583121.1% 201510 20122015 18.7%201220132014201591 13,94719,35422,83727,644 165

2012/201314,20021,200 2013/201414,20021,2002014/2015 13,00025,2002015/201613,00025,200 2012/20132013/20142014/2015 2015/201636,20092,600 21,00021,40023,200 23,00023,10025,200 15,00016,000 18,00017,00018,000 19,40017,60020,400 20,400 166

20122013201420159115,252 23,12825,71930,552 91.4%83.7%89.0%90.5% 91(%) (1) 2012 (2) 2013 (3) 2014 (4) 2015 (5) 97.6 99.5 99.5 98.9 76.6 89.9 93.3 98.3 62.0 81.5 85.9 27.1 61.7 72.2 48.7 68.7 91.4 83.7 89.0 90.5 (1) (2) 2012/2013 (3) 2013/2014 (4) 2014/2015 (5) 2015/2016 201391 2013820139 20129191.4%201391 83.7%20139183.7%201491 89.0% 167

20132014 20158312016531 27.7%28.4%27.0%27.1%52.2% 53.5%53.1%51.2% 201220132014201591 8081,1621,3591,66620153 34 90% 70% 50% 30% 168

2013201420158312016531 610.3925.21,006.9 1,193.2 169

20132014201583120152016 531 831 531 2013 2014 2015 2015 2016 320,051 450,913 568,715 435,688 540,579 (170,021) (239,717) (289,194) (223,211) (286,841) 150,030 211,196 279,521 212,477 253,738 5,891 7,007 6,858 4,985 4,540 4,858 176 (1,260) (1,226) (6,879) (4,409) (6,289) (7,513) (5,767) (9,972) (48,097) (72,150) (76,114) (56,885) (75,448) [] (18,113) 47,510 46,316 117,600 86,423 61,556 (47,875) (73,987) (106,750) (81,819) (64,201) 107,908 112,269 212,342 158,188 145,221 (18,868) (21,360) (30,045) (22,317) (26,295) 89,040 90,909 182,297 135,871 118,926 831 531 2013 2014 2015 2015 2016 % % % % % 222,937 69.6% 315,211 69.9% 391,685 68.9% 292,544 67.1% 368,154 68.1% 26,140 8.2% 36,439 8.1% 50,539 8.9% 37,824 8.7% 45,386 8.4% 70,974 22.2% 99,263 22.0% 126,491 22.2% 105,320 24.2% 127,039 23.5% 320,051 100% 450,913 100% 568,715 100% 435,688 100% 540,579 100% 170

831 531 2013 2014 2015 2015 2016 % % % % % 170,735 53.3% 181,521 40.2% 187,559 33.0% 139,696 32.0% 147,295 27.3% 18,652 5.8% 19,202 4.3% 22,078 3.9% 16,528 3.8% 16,793 3.1% (1) 70,974 22.2% 78,784 17.5% 89,889 15.8% 74,059 17.0% 79,166 14.6% 260,361 81.3% 279,507 62.0% 299,526 52.7% 230,283 52.8% 243,254 45.0% 52,202 16.3% 68,240 15.1% 83,607 14.7% 62,801 14.4% 75,402 14.0% 7,488 2.4% 9,531 2.1% 13,129 2.3% 9,827 2.3% 11,375 2.1% (1) % % % % % 59,690 18.7% 77,771 17.2% 96,736 17.0% 72,628 16.7% 86,777 16.1% % 63,194 14.0% 97,423 17.1% 73,016 16.8% 104,575 19.4% % 7,515 1.7% 12,534 2.2% 9,405 2.2% 12,490 2.3% % 19,692 4.4% 29,909 5.3% 25,901 5.9% 34,053 6.3% % 90,401 20.1% 139,866 24.6% 108,322 24.9% 151,118 28.0% % 2,256 0.5% 18,929 3.4% 14,039 3.2% 31,191 5.8% % 191 0.0% 2,465 0.4% 1,824 0.4% 3,978 0.7% % 787 0.2% 5,903 1.0% 4,904 1.1% 10,493 1.9% % 3,234 0.7% 27,297 4.8% 20,767 4.7% 45,662 8.4% % % 4,167 0.7% 2,992 0.7% 9,691 1.8% % % 333 0.1% 240 0.1% 750 0.1% % % 790 0.1% 456 0.1% 3,327 0.6% % % 5,290 0.9% 3,688 0.9% 13,768 2.5% 320,051 100% 450,913 100% 568,715 100% 435,688 100% 540,579 100% (1) 171

(i) (ii)(iii) (iv) (v) 831 531 2013 2014 2015 2015 2016 % % % % % 88,737 27.7% 128,260 28.4% 153,633 27.0% 115,428 26.5% 146,755 27.1% 32,918 10.3% 47,432 10.5% 57,549 10.1% 49,637 11.4% 66,405 12.3% 18,623 5.8% 28,869 6.4% 38,894 6.8% 27,888 6.4% 35,170 6.5% 15,911 5.0% 21,776 4.8% 22,775 4.0% 20,101 4.6% 20,803 3.8% 13,832 4.3% 13,380 3.0% 16,343 2.9% 10,157 2.3% 17,708 3.3% 170,021 53.1% 239,717 53.1% 289,194 50.8% 223,211 51.2% 286,841 53.0% 172

(i)(ii) 5%10% 5%10% 831 531 2013 2014 2015 2015 2016 (10)% (16,720) (23,641) (29,376) (21,941) (27,612) (5)% (8,360) (11,820) (14,688) (10,970) (13,806) 5% 8,360 11,820 14,688 10,970 13,806 10% 16,720 23,641 29,376 21,941 27,612 (10)% 6,655 9,620 11,522 8,657 11,007 (5)% 3,328 4,810 5,761 4,329 5,503 5% (3,328) (4,810) (5,761) (4,329) (5,503) 10% (6,655) (9,620) (11,522) (8,657) (11,007) (i)(ii) (iii) (iv)(v) (i)(ii) (iii) (iv) (v)(vi) 173

(i) (ii)(iii) 831 531 2013 2014 2015 2015 2016 % % % % % 3,364 1.1% 4,979 1.1% 6,274 1.1% 4,928 1.1% 6,800 1.3% 111 0.0% 267 0.1% 176 0.0% 156 0.0% 181 0.0% 934 0.3% 1,043 0.2% 1,063 0.2% 683 0.2% 2,991 0.5% 4,409 1.4% 6,289 1.4% 7,513 1.3% 5,767 1.3% 9,972 1.8% (i)(ii)(iii) (iv)(v)(vi)(vii) 831 531 2013 2014 2015 2015 2016 % % % % % 33,012 10.3% 49,211 10.9% 50,119 8.8% 38,116 8.7% 47,533 8.8% 3,221 1.0% 6,903 1.5% 8,303 1.5% 5,933 1.4% 10,930 2.0% 2,723 0.8% 5,401 1.2% 7,396 1.3% 4,838 1.1% 9,435 1.8% 3,174 1.0% 2,904 0.7% 2,817 0.5% 1,988 0.5% 2,930 0.5% 656 0.2% 1,065 0.2% 1,165 0.2% 749 0.2% 848 0.2% 2,801 0.9% 869 0.2% 974 0.2% 701 0.2% 893 0.2% 2,510 0.8% 5,797 1.3% 5,340 0.9% 4,560 1.0% 2,879 0.5% 48,097 15.0% 72,150 16.0% 76,114 13.4% 56,885 13.1% 75,448 14.0% [] [][]201320142015831 []2016531[] []18.1 174

(i)(ii) (iii) (iv) 831 531 2013 2014 2015 2015 2016 (1) 39,579 34,923 101,074 73,843 61,412 (1) 4,869 7,298 11,328 8,496 2,920 3,824 5,109 4,018 142 271 89 66 144 47,510 46,316 117,600 86,243 61,556 (1) [] 831 531 2013 2014 2015 2015 2016 51,194 67,465 86,124 63,597 55,617 11,574 23,752 20,740 17,477 (3,319) (5,052) (3,126) (2,518) (8,893) 47,875 73,987 106,750 81,819 64,201 175

Bright Education BVI 25% 88.2201678 201320142015 4.8 2016831 [] [] [] 2013201420158312016531 565.7 176

1,165.41,163.0869.720132014 20158312016531 44.442.2112.461.4 2013201420158312016531 535.01,270.01,275.5 896.72013201420158312016531 51.279.0 109.973.1 2013201420158312016531344.2 333.3426.9886.6 20165312015531 2015531435.724.1% 2016531540.6 2014 9122,83721.0%2015912014/20152015/2016 27,644 2015531292.525.8% 2016531368.2 201553137.820.0% 201653145.4 2015531105.3 20.6%2016531127.0 2015531223.228.5% 2016531286.8 2015531115.427.1% 2016531146.8(i) 2014911,36422.1% 2015911,666(ii) 20153 177

201553149.6 33.8%201653166.4 201553127.926.1% 201653135.2 201553120.1 3.5%201653120.8 201553110.274.3% 201653117.7 2015531212.519.4%2016 531253.7 201553148.8%201653146.9% 20155315.08.9%2016 5314.5 20155311.2 20165316.9 4.42.7 1.7 2.4 20155315.872.9% 201653110.0 201553156.932.6% 201653175.4 178

[] 2016531[][]18.1 2015531[] 201553186.428.8% 201653161.6 20159 201553181.821.5% 201653164.2 2015531158.2 8.2%2016531145.220155 3136.3%2016531 26.9% 201553122.317.8% 201653126.3 20155312016531 14.1%18.1%2016531 2015531 2015531135.9 12.5%2016531118.9 20158312014831 2014831450.926.1% 2015831568.7 201391 19,35418.0%20149122,837 179

2014831315.224.3% 2015831391.7 201483136.438.7% 201583150.5 2014/2015 201483199.327.4% 2015831126.5 2014831239.720.6% 2015831289.2 2014831128.319.8% 2015831153.6(i)20153 (ii)20139 11,16716.9%2014911,364 201483147.4 21.3%201583157.5 201483128.934.7% 201583138.9(i) (ii) 20149 201483121.84.6% 201583122.8 201483113.422.1%2015 83116.3 180

2014831211.232.4%20158 31279.5 201483146.8%201583149.1% 20148317.02.1%2015 8316.9 20148310.2 20158311.32015831 1.8 20148316.319.5%2015 8317.5 201483172.25.5% 201583176.1 201483146.3153.9% 2015831117.6 201483174.044.3%2015 831106.8 2014831112.3 89.1%2015831212.320148 3124.9%2015831 37.3% 181

201483121.440.7% 201583130.0 20148312015831 19.0%14.1%2015831 2014831 201483190.9 100.5%2015831182.3 20148312013831 2013831320.140.9% 2014831450.9 201291 13,94738.8%20139119,35420138 2013831222.941.4% 2014831315.22013831 26.139.4%201483136.4 201383171.039.9% 201483199.3 2013831170.041.0% 2014831239.720138 20139 201383188.744.5%2014 831128.32013 83132.944.1%2014831 47.4201383118.655.0% 201483128.92013 83115.936.9%2014831 21.8 201383113.83.3%2014 83113.4 182

20149 2013831150.040.8%2014 831211.2 201383146.9%201483146.8% 20138315.918.9%2014 8317.0 20138314.996.4% 20148310.22013 831 20138314.442.6%2014 8316.3 201383148.150.0% 201483172.2 2013820139 201383147.52.5%2014 83146.3 201383147.954.5%2014 83174.0 2013831107.9 4.0%2014831112.32013831 183

33.7%2014831 24.9% 201383118.913.2% 201483121.4 201383117.5%2014 83119.0%2014831 2013831 201383189.0 2.1%201483190.9 831 2016 2016 2013 2014 2015 531 630 1,110 1,591 1,978 5,361 5,214 18,645 51,952 25,761 27,825 28,132 725,363 287,537 1,486,418 1,271,381 921,872 4,962 5,253 5,253 5,323 5,123 33,908 13,071 12,229 128,491 147,795 783,988 359,404 1,531,639 1,438,381 1,108,136 178,290 224,817 285,146 211,930 165,761 8,355 14,362 25,185 42,477 45,485 171,344 286,552 203,971 173,807 178,092 346,597 336,908 432,838 908,649 691,490 19,404 38,583 61,210 81,410 84,786 15,000 141,362 537,849 198,549 103,349 738,990 1,042,584 1,546,199 1,616,822 1,268,963 44,998 (683,180) (14,560) (178,441) (160,827) 184

2016630 2016630 2013201420158312016531 45.0683.2 14.6178.4 201420158312016531 (i) 531 (ii) [] (iii) (iv) 2014201583120165 312016630 (i)[](ii) (iii)[] 12 [] 2013201420158312016531 33.913.112.2128.5 185

831 531 2013 2014 2015 2015 2016 165,634 241,100 319,148 160,401 182,329 (244,692) (909,972) (308,769) (238,721) (60,195) 68,186 648,035 (11,221) 80,579 (5,872) (10,872) (20,837) (842) 2,259 116,262 44,780 33,908 13,071 13,071 12,229 33,908 13,071 12,229 15,330 128,491 2016531182.3 212.8 26.83.7 73.2 17.3 2015831319.1 247.378.0 6.2 60.310.8 2014831241.1 173.768.0 0.6 46.5 19.3 2013831165.6 124.740.9 186

20.1 11.8 201653160.2 980.2 136.3554.1 428.8 2015831308.8 786.7 193.6100.0 664.094.5 2014831910.0 1,190.0428.0 231.6555.2 455.0 2013831244.7 282.5141.2 82.2144.5 120.0 20165315.9 428.8186.3 80.7[]7.1 647.050.0 201583111.2 110.3102.7 94.5196.3 100.0 2014831648.0 1,190.059.1 455.076.1 70.0 187

201383168.2 267.670.0 120.096.2 53.2 [] 2013201420158312016531 226.9262.6210.6 158.5 831 531 2013 2014 2015 2015 2016 82,165 231,558 193,628 135,067 136,308 3,500 5,000 19,216 141,233 26,000 17,000 15,000 3,000 226,898 262,558 210,628 150,067 158,524 188

831 2016 2016 2013 2014 2015 531 630 2,616 3,181 4,788 4,589 4,439 9,157 13,365 13,720 13,958 14,209 40,504 37,965 35,302 34,543 34,288 52,277 54,511 53,810 53,090 52,936 831 2016 2016 2013 2014 2015 531 630 183,491 61,777 31,404 306,123 296,916 2016630 2016630 189

20132014201583120165312016630 831 2016 2016 2013 2014 2015 531 630 535,000 1,070,000 1,075,500 896,700 801,500 535,000 1,070,000 1,075,500 896,700 801,500 200,000 200,000 535,000 1,270,000 1,275,500 896,700 801,500 15,000 141,362 337,849 198,549 182,549 475,000 297,849 118,849 128,849 112,849 45,000 396,547 345,547 296,047 236,047 234,242 273,255 273,255 270,055 535,000 1,070,000 1,075,500 896,700 801,500 (1) 200,000 200,000 200,000 200,000 535,000 1,270,000 1,275,500 896,700 801,500 390,000 390,000 50,000 50,000 535,000 880,000 885,500 846,700 751,500 535,000 1,270,000 1,275,500 896,700 801,500 (1) 190

2013201420158312016531 2016 2013 831 2014 2015 531 (%) (%) (%) (%) 6.4-7.6 6.4-8.4 5.9-8.6 4.9-7.9 7.3 7.3 4.6 12.0 12.0 201663085.0 [] 191

[] 20132014201583120165312016630 831 2016 2016 2013 2014 2015 531 630 (91,496) (102,727) (119,725) (219,969) (192,006) (7,521) (7,521) (10,317) (15,264) (18,226) (173,468) (147,625) (145,307) (147,391) (25,725) (5,930) (300) (313) (388) (319) (200) (200) (200) (200) (200) (59,468) (68,852) (143,897) (127,282) (65,380) (4,395) (4,395) (4,385) (4,385) (4,385) (598) (598) (598) (598) (598) (1,095) (1,095) (1,095) (1,095) (1,095) (1,031) (370,000) (370,000) (344,171) (333,313) (426,868) (886,572) (677,934) 20138250.0 2013201420158312016531 2016630 50.024.07.0 4.04.02014201583120165312016 630 12.412.412.4 12.4 192

2015319 5.0 2016630 [] [][]37.7 [][][][][][] 18.16.0 10.2 3.4[][] [][] 831831 2013 2014 2015 2016 531 (1) 27.8% 20.2% 32.1% 22.0% (2) 5.0% 3.4% 6.1% 5.1% (3) 16.8% 17.8% 27.0% 19.9% (4) 1.06 0.34 0.99 0.89 (5) 0.95 2.46 1.87 0.97 (6) 1.01 2.49 1.89 1.13 (7) 2.26 1.89 1.89 2.30 (1) (2) 2016531 (3) 2016531 (4) (5) (6) (7) 193

201383127.8%2014831 20.2%2013 92015 83132.1% 201653122.0%[]18.1 20138315.0%2014831 3.4%20158316.1% 20139 20158316.1%2016531 5.1% 20138312014831 16.8%17.8%201583127.0% 2016531 19.9%[] 20138311.0620148310.34 2015831 0.99 20165310.89 20138310.9520148312.46 20138311.0120148312.49 2015831 1.871.89 20165310.971.13 20138312.262014831 1.892015831 1.8920165312.30 194

2013201420158312016531 831 531 2013 2014 2015 2015 2016 10,303 10,943 11,957 10,250 11,307 2,622 3,754 3,431 5,086 655 1,656 2,987 2,559 3,105 24 45 364 72 250 504 5,158 47,320 130,000 10 720 80 2013201420158312016531 5,351 29,937 29,937 51,774 590,000 195

[] 2016531 [] 37 2013201420158312016531 2.4 3.66.022.1 2013 831 2014 2015 2016 531 % % % % 594 24.5% 1,229 34.2% 2,449 41.0% 5,320 24.1% 157 6.5% 382 10.6% 1,272 21.3% 4,042 18.3% 79 3.2% 388 10.8% 653 11.0% 1,412 6.4% 1,596 65.8% 1,596 44.4% 1,596 26.7% 11,303 51.2% 2,426 100% 3,595 100% 5,970 100% 22,077 100% 2013 201420158312016531 180 196

2013201420158312016531 822.71,362.51,585.6 1,271.4 831 2016 831 531 2013 2014 2015 531 2013 2014 2015 2015 2016 31,046 120,424 149,877 235,222 31,046 120,424 214,735 214,735 235,222 84,968 77,811 54,221 44,234 84,968 84,968 77,811 77,811 54,221 468,380 1,014,409 1,163,021 869,691 468,380 1,014,409 1,163,201 1,137,791 1,163,201 46,465 148,721 216,416 120,665 46,465 148,721 216,416 148,721 216,416 2,000 2,000 2,000 266 266 266 266 266 266 266 266 266 189,545 181,545 181,545 5 836 1,837 1,303 5 836 1,837 836 1,837 822,675 1,362,467 1,585,638 1,271,381 725,363 287,537 1,486,418 1,271,381 97,312 1,074,930 99,220 822,675 1,362,467 1,585,638 1,271,381 2013201420158312016531 468.41,014.4 1,163.0869.7 2013201420158312016531 470.01,165.01,230.0 875.0 2013201483197.3 151.0 20132014831104.6 162.4 197

201320142015831 201653139.6 34.9101.161.42013 20142015831 4.97.311.3 [] 2013201420158312016531 344.2333.3426.9 886.6 831 2016 2013 2014 2015 531 91,496 102,727 119,725 219,969 7,521 7,521 10,317 15,264 173,468 147,625 145,307 147,391 5,930 300 313 388 200 200 200 200 59,468 68,852 143,897 127,282 1,031 370,000 4,395 4,395 4,385 4,385 598 598 598 598 1,095 1,095 1,095 1,095 344,171 333,313 426,868 886,572 [] 198

37 2016531 (i)(ii) 10% 50% 25% 201320142015 8312016531 18.928.739.328.2 199

2016531175.5 199520057 2005721 2005721 2%2005923 1.5%3.0%20087 2010620 2012416 0.5%1% 2014315 1%2%201432015811 20151130 (SDR) 10.92%2016101[] 200

50 502013 201420158312016531 1,879,0003,251,0003,275,000 2,693,000 201420158312016531 683.214.6178.4 12 13.1313.19 13.1313.19 2016531 2016531 201

[] 202

2012618 20153 2015410 (a) (b) 50% 203

2016517 1. 200391 2. 3. [] 204

50% (a) (b)(c) (d) 1. (a) 50% 50%49.99% 2. (b) 50% 50%49.99% 3. (c) 205

4. (d)100% 2016 2 Dewey Education Group Inc.[] (a) (b) [] 201671 206

(4) (5) (6) (7) 100% (3) (8) (1) (2) 100% (8) (9) (1) (2) (3) (4) (5) (6) (7) (8) 98.8%1.2%98.8%60.8% 1.2% (9) (10) (11) 207

201671 (i)(ii) (iii)3 208

201451 40%201511201712 31 201671 201671 209

[] (i) (ii) 201671 (i) (ii) 210

(a) (b) (c) (i)(ii) (iii) 211

(a) (b) 10010128 (i)(ii) (c) 212

(i) (ii) 201671 (i) (ii) (iii) (i) (ii) 213

214

(a) (b) (c) (d) (e) 200688 2006982009622 215

(f) (i) (ii) 10 216

3 20151 2015 50% 50% (a) 50%(b) 217

50%(c) 19 218

(i) (ii) (iii) 144 145147 148 100,000 1,000,00010% 100,000 1,000,00010% 50,000 500,0005% 219

(i) [][] []%[] []%[] (ii) 220

(i) (ii) 50% (iii) 50% [] 50% 50% 221

[] (a) 50% []Bright Education Holdings Bright Education Investment [] (b) [] [] 50% (i) (ii) (i) (ii) (iii) 222

(iv) (v) [ ] (i) (ii) (iii) (iv) 223

[][][] Bright Education HoldingsBright Education Investment[]% Bright Education Holdings Bright Education Investment (i) (ii) (i) (ii) Bright Education HoldingsBright Education InvestmentBright Education HoldingsBright Education Investment 224

Bright Education HoldingsBright Education Investment Bright Education HoldingsBright Education Investment [] [] 20165 31 916.7[] [] [] 225

2016 [] 10% 5% 226

227

[]14A [] 14A 2016 []2019831 (i)(ii) (iii) [] 228

8.5% 17.3%14.1% 14.1% 2016330 108,298 250 1. 2005 229

2. 30 5 3. 20 5 4. 15 15 20 12% 10 2017630 2016530 170,000 230

340 1. 1705 2. 50180 3. 40 5 4. 40 5 5. 15 15 20 12% 10 2018831 231

280380.8 448 831 2017 2018 2019 470,000,000 220,000,000 150,000,000 (i) (ii) (iii) (iv) (v) []14A.12(2)(b) 14A.07(1) 5%[] 14A 232

14A.10514A 201720182019831 (i) (ii) (i) (ii) 38%62% (i) (ii)(iii) (a)(b)(c) (d)(e)(f) 233

[] 14A.07(1) 14A.07(1) 14A.12(2)(a)14A.07(4) 38%62% 14A.12(1)(c) 14A.07(4) 38% 62% 14A.12(1)(c)14A.07(4) 38%62% 14A.12(1)(c)14A.07(4) 38%62% 14A.12(1)(c)14A.07(4) 38%62% 14A.12(1)(c)14A.07(4) 234

235 38% 62% 14A.12(1)(c)14A.07(4) 38%62% 14A.12(1)(c)14A.07(4) 38%62% 14A.12(1)(c)14A.07(4) 38%62% 14A.12(1)(c)14A.07(4) 38%62% 14A.12(1)(c)14A.07(4) 38%62% 14A.12(1) (c)14a.07(4) 38%62% 14A.12(1)(c) 14A.07(4)

14A 14A [] (i)14a14a.105 (ii)14a.53 (iii)14a.52 3 (a) (b) (d) 14A (e) (c) (i) (ii) (iii) 236

(d) 14A (e) (i) (ii) (iii) (d) 14A 14A 237

(i) (ii) (iii) 238

[] [10,000,000,000] [100,000,000] [] [] [78,000] [780] [] [] [] [] [][] [] [] [] [] [] [78,000] [780] [] [] [] [] [][] [] [] [] 239

[] [] [] 15 18 21 [] [][]20%[] 240

A. 3. [] [][]10% [] A. 5. A. 3. 241

[][][] XV23 10% 1 2 [] [] 3 Bright Education 3 [] [] Holdings 2 [] [] 4 Bright Education 4 [] [] Investment (1) (2) (3) Bright Education HoldingsBright Education Holdings[] (4) Bright Education InvestmentBright Education Investment[] [][] XV23 10% 242

44 200210 20107 43 200210 20107 37 20039 20166 41 20159 20166 63 2016 2016 243

67 2016 2016 44 2016 2016 442010713 201667 2002 10 20043 2007 Bright Education BVI [][] Bright Education Holdings []% []% 244

432010713 201667 200210 200210 (i)bright Education BVI (ii) (iii) [] [] Bright Education Investment []% []% 37201667 1220039 201292013 9 20064 200710 201011 20037 245

41201667 15 2015920166 7 2005820074 3398 2007620091 2009420138 2002 2013820159 1247 199711 63201620028 1668 30 1980 2007 0822 2007 720163 3828 2003720067 (BBS) 2015 246

672016 (i)19945 1170 (ii)199912 0138 (iii)199620730 (iv)200470403 (v)200491001 (vi)20107 2233 (vii)201412339 (viii)20162261 2004920132 8080 197511 442016 22 20116 884 247

20051220116 191 20031 200512 1999920031 19945 XV C.1.(a) 13.51(2) 45 20147 20147 50 20078 20128 248

40 20068 20137 37 20037 20149 35 20038 20159 37 20063 20137 4520147 2020147 2007820147 199971994 10 249

50 2012820157 20078 20132 20158 20078 20158 19998 20058 19978 19997 19878 19977 20032 20085 20057 200062002 250

40 20157 20068 20129 20139 20068 20129 20038 20067 20028 20037 20021220064201011 201012 20037 19999 251

3720149 20037 2003720148 2014320148 201112 201211 20032003 620149 35 20159 20038 2003820158 2012920158 2012620113 2009-2010 20106 2003 252

3720137 2006320113 201132012820128 20137 201412 201312 2001 201667 [] [] 2013831201483120158312016 531 315,000315,000315,000236,000 37 2016831 315,000 253

2013831201483120158312016 531 201383120148312015831 2016531 1.121.141.351.06 2016 2016 (i) (ii) (iii) 2016 254

[]3A.19 (a) 3A.19 []13.46[ ] (b) 3A.23 (i) (ii) (iii) [] (iv) 13.10 []13.46[] 255

[ ] [][][][] [][][][] [] [] []1 [] 4 [][][][] [][][] [][][] [] [] 256

[ ] [] 257

[ ] [] 258

[ ] [] 259

[ ] [] 260

[ ] [] 261

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[ ] [] 289

Wisdom Education International Holdings Company Limited 2015831 2016531 [] [] 222010713 2016512 Bright Education Group Co. LimitedWisdom Education Group Company Limited2016628 Wisdom Education International Holdings Company Limited20167 5 201671 831 2016 2013 2014 2015 531 2010729 1 100% 100% 100% 100% 100% Bright Education BVI 2010915 1 100% 100% 100% 100% 100% 20021010 100% 100% 100% 100% 100% 83,400,000 2013517 1,000,000 100% 100% 100% 100% 100% I-1

831 2016 2013 2014 2015 531 2012124 100% 100% 100% 100% 100% vii 2013313 100% 100% 100% 100% 100% 80,000,000 i i i 201491 ii 100% 100% 100% 2009723 100% 100% 100% 100% 100% 20,000,000 iii 2014410 100% 100% 100% 100% 5,000,000 200349 100% 100% 100% 100% 100% 232,524,000 2004825 100% 100% 100% 100% 100% 85,912,900 200471 100% 100% 100% 100% 100% 50,434,794 I-2

831 2016 2013 2014 2015 531 20151010 100% 100% vii 2011812 100% 100% 100% 60,000,000 iv 2009116 100% 100% 100% 200,000 v 2003929 60% 60% 60% 1,000,000 vi 201586 100% 100% 100% vii 2015109 100% 100% vii 2016728 100% 20,000,000 201648 100% 100% vii I-3

i. 20145200 50150 8050 62.5% 200 62.5%20166 62.5%A24 ii. iii. 20117 10015 85 201575.0% 10075.0%20135 20139 75.0% 2014775%15 A24 iv. 20161181,000,000 20164A33 v. 2016129200,000 20162 A33 vi. 2015127600,00020161 A33 vii. I-4

Bright Education BVI 831 8311231 20132014 20151231 20132014 20151231 20132014 20151231 201420151231 20132014 20151231 20132014 20151231 20132014 20151231 I-5

20132014 20151231 20132014 20151231 20132014 20151231 20151231 201331320131231201420151231 Bright Education BVI 201320142015831 Wisdom Wisdom 3.340 I-6

A1 A1 201320142015831 2016531 2015531 20155 2410 2015520155 20155 20155 I-7

A. 831 531 2013 2014 2015 2015 2016 5 320,051 450,913 568,715 435,688 540,579 (170,021) (239,717) (289,194) (223,211) (286,841) 150,030 211,196 279,521 212,477 253,738 6 5,891 7,007 6,858 4,985 4,540 7 4,858 176 (1,260) (1,226) (6,879) (4,409) (6,289) (7,513) (5,767) (9,972) (48,097) (72,150) (76,114) (56,885) (75,448) [] (18,113) 8a 47,510 46,316 117,600 86,423 61,556 8b (47,875) (73,987) (106,750) (81,819) (64,201) 107,908 112,269 212,342 158,188 145,221 9 (18,868) (21,360) (30,045) (22,317) (26,295) 10 89,040 90,909 182,297 135,871 118,926 89,046 90,917 182,305 135,875 118,930 (6) (8) (8) (4) (4) 89,040 90,909 182,297 135,871 118,926 I-8

831 2016 2013 2014 2015 531 14 610,310 925,194 1,006,912 1,193,190 15 206,113 218,308 213,055 209,276 16 16,900 17,500 18,100 18,300 25 97,312 1,074,930 99,220 18 76,447 90,271 95,380 18,753 26 651 666 677 797 19 240,000 I-9 1,007,733 2,326,869 1,433,344 1,680,316 1,110 1,591 1,978 5,361 18 18,645 51,952 25,761 27,825 25 725,363 287,537 1,486,418 1,271,381 15 4,962 5,253 5,253 5,323 20 33,908 13,071 12,229 128,491 783,988 359,404 1,531,639 1,438,381 21 178,290 224,817 285,146 211,930 22 8,355 14,362 25,185 42,477 23 171,344 286,552 203,971 173,807 25 346,597 336,908 432,838 908,649 19,404 38,583 61,210 81,410 24 15,000 141,362 537,849 198,549 738,990 1,042,584 1,546,199 1,616,822 44,998 (683,180) (14,560) (178,441) 1,052,731 1,643,689 1,418,784 1,501,875 27 83,400 83,400 83,400 83,400 446,537 427,232 592,076 711,938 529,937 510,632 675,476 795,338 (209) (217) (225) 529,728 510,415 675,251 795,338 24 520,000 1,128,638 737,651 698,151 26 3,003 4,636 5,882 8,386 523,003 1,133,274 743,533 706,537 1,052,731 1,643,689 1,418,784 1,501,875

831 2016 2013 2014 2015 531 17 6,038 17,056 25 27 61 63 4,320 25 759 27 61 63 22,135 (27) (61) (63) (16,097) (27) (61) (63) (16,097) 27 28 (27) (61) (63) (16,097) (27) (61) (63) (16,097) I-10

i iii iv 201291 83,400 119,626 245,163 448,189 (203) 447,986 89,046 89,046 (6) 89,040 ii (7,298) (7,298) (7,298) 18,870 (18,870) 2013831 83,400 138,496 308,041 529,937 (209) 529,728 90,917 90,917 (8) 90,909 85,000 85,000 85,000 ii (195,222) (195,222) (195,222) 28,676 (28,676) 2014831 83,400 85,000 167,172 175,060 510,632 (217) 510,415 182,305 182,305 (8) 182,297 ii (17,461) (17,461) (17,461) 39,331 (39,331) 2015831 83,400 85,000 206,503 300,573 675,476 (225) 675,251 118,930 118,930 (4) 118,926 33 229 229 ii 932 932 932 175,512 28,188 (203,700) 2016531 83,400 85,000 175,512 234,691 216,735 795,338 795,338 201491 83,400 85,000 167,172 175,060 510,632 (217) 510,415 135,875 135,875 (4) 135,871 ii (17,461) (17,461) (17,461) 25,769 (25,769) 2015531 83,400 85,000 192,941 267,705 629,046 (221) 628,825 I-11

i. 20135 100,000,00075% 2013975%15,000,000 100,000,00085,000,000 ii. A252016 531932,000 iii. iv. (a)(b) (a) 10% 50% (b) 25% I-12

831 531 2013 2014 2015 2015 2016 107,908 112,269 212,342 158,188 145,221 47,875 73,987 106,750 81,819 64,201 (47,510) (46,316) (117,600) (86,423) (61,556) [] 18,113 19,708 29,308 41,037 29,044 40,470 (1,000) (600) (600) (300) (200) 1,638 4,962 5,253 3,938 4,172 (3,908) 2,353 95 153 49 124,711 173,705 247,335 186,266 212,823 226 (481) (387) (462) (3,386) 9,496 (4,551) (4,448) (2,690) 3,404 20,116 46,527 60,329 (68,536) (73,216) (775) 6,007 10,823 26,964 17,292 22 1,170 2,375 5,378 16,107 11,838 19,286 9,304 17,970 13,016 165,634 241,663 325,331 164,890 186,040 (563) (6,183) (4,489) (3,711) 165,634 241,100 319,148 160,401 182,329 I-13

831 531 2013 2014 2015 2015 2016 142 271 89 66 144 95,380 (40,000) (82,165) (231,558) (193,628) (135,067) (136,308) (3,500) (5,000) (19,216) 108 110 (282,469) (427,993) (786,738) (428,458) (980,206) 144,533 555,200 664,008 324,738 554,101 (1,190,000) (100,000) (100,000) 120,000 455,000 94,500 85,000 428,800 18 30,000 30,000 32 (141,233) (26,000) (17,000) (15,000) (3,000) (244,692) (909,972) (308,769) (238,721) (60,195) 70,000 1,190,000 100,000 100,000 50,000 (120,000) (455,000) (94,500) (85,000) (428,800) (96,202) (69,972) (102,729) (118,268) (186,272) 267,600 59,113 196,284 268,566 647,023 (53,212) (76,106) (110,276) (84,719) (80,728) [] (7,095) 68,186 648,035 (11,221) 80,579 (5,872) (10,872) (20,837) (842) 2,259 116,262 44,780 33,908 13,071 13,071 12,229 33,908 13,071 12,229 15,330 128,491 I-14

1. 2010713Bright Education (Holdings) Co. Limited Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111, Cayman Islands28 70%30% [] [] 201671 201671 I-15

831 5319 2013 2014 2015 2015 2016 320,051 450,913 568,715 435,688 540,579 107,941 112,340 212,376 158,189 160,684 831 2016 2013 2014 2015 531 1,007,733 2,326,869 1,433,344 1,680,316 783,968 358,584 1,530,824 1,432,471 (738,902) (1,041,625) (1,545,211) (1,595,247) (523,003) (1,133,274) (743,533) (706,537) I-16

2. 201591 9 1 15 1 16 2 2 1 11 3 15 15 1 1 3 16 3 38 20122014 3 16 3 41 27 3 10 28 10 12 28 4 3 7 5 12 5 1 201811 2 201911 3 201611 4 5 201711 15 15 151811 15 1 2 3 4 5 15 15 15 15 I-17

16 1620161 1612 16 17 1617 342013201420158312016531 52,277,00054,511,00053,810,00053,090,000 16 3. 17 2 36 I-18

(i) (ii) (iii) (i) (ii) I-19

12 19 2 5 I-20

I-21

. I-22

. I-23

I-24

4. 3 I-25

12 2013201420158312016531 610,310,000925,194,0001,006,912,0001,193,190,000 5. 3 831 531 2013 2014 2015 2015 2016 222,937 315,211 391,685 292,544 368,154 26,140 36,439 50,539 37,824 45,386 70,974 99,263 126,491 105,320 127,039 320,051 450,913 568,715 435,688 540,579 10% I-26

6. 831 531 2013 2014 2015 2015 2016 815 1,046 896 672 764 i 356 620 1,450 1,066 1,251 755 260 260 30 40 2,512 3,418 3,442 2,566 2,028 1,453 1,663 810 651 457 5,891 7,007 6,858 4,985 4,540 i 7. 831 531 2013 2014 2015 2015 2016 (95) (153) (49) 16 1,000 600 600 300 200 32 3,908 (330) (1,847) (1,526) (4,401) 33 (2,353) (50) 1 140 (276) 4,858 176 (1,260) (1,226) (6,879) 8a. 831 531 2013 2014 2015 2015 2016 142 271 89 66 144 18 2,920 3,824 5,109 4,018 39,579 34,923 101,074 73,843 61,412 4,869 7,298 11,328 8,496 47,510 46,316 117,600 86,423 61,556 I-27

8b. 831 531 2013 2014 2015 2015 2016 51,194 67,465 86,124 63,597 55,617 11,574 23,752 20,740 17,477 (3,319) (5,052) (3,126) (2,518) (8,893) 47,875 73,987 106,750 81,819 64,201 20132014201583120152016531 7.6% 9.2%8.5%8.5%9.1% 9. 831 531 2013 2014 2015 2015 2016 17,695 19,742 28,810 21,323 23,911 26 1,173 1,618 1,235 994 2,384 18,868 21,360 30,045 22,317 26,295 831 531 2013 2014 2015 2015 2016 107,908 112,269 212,342 158,188 145,221 25% 26,977 28,067 53,086 39,547 36,305 2,856 3,101 4,556 3,036 4,212 (12,089) (10,555) (28,101) (20,585) (15,353) 787 686 952 749 1,669 (552) (552) (552) 337 61 104 122 14 18,868 21,360 30,045 22,317 26,295 Bright Education BVI I-28

25% 2013201420158312016531 11,424,00023,828,00042,052,00058,900,000 10. 831 531 2013 2014 2015 2015 2016 115,245 165,346 191,618 146,934 184,514 6,711 10,360 12,263 9,106 15,758 121,956 175,706 203,881 156,040 200,272 19,708 29,308 41,037 29,044 40,470 1,638 4,962 5,253 3,938 4,172 109 71 181 68 149 11. 2010712 2013831 300 15 315 300 15 315 2014831 300 15 315 300 15 315 I-29

2015831 300 15 315 300 15 315 2015531 225 11 236 225 11 236 2016531 225 11 236 225 11 236 20132014201583120152016531 20132014201583120152016531 831 531 2013 2014 2015 2015 2016 1,084 1,099 1,280 885 1,009 37 36 74 28 55 1,121 1,135 1,354 913 1,064 I-30

831 531 2013 2014 2015 2015 2016 [] 4 4 4 4 4 12. 13. 1 I-31

14. 201291 340,450 3,718 2,512 29,679 9,793 386,152 10,628 923 4,943 147,840 164,334 121,216 9,020 (130,236) 32 98,500 361 1,915 24,322 125,098 2013831 570,794 12,738 3,796 36,537 51,719 675,584 13,483 12,301 93 14,539 303,979 344,395 299,401 1,564 (300,965) (528) (1,101) (1,629) 2014831 883,678 25,039 3,361 51,539 54,733 1,018,350 6,872 12,809 294 20,689 82,244 122,908 120,812 4,775 429 (126,016) (1,509) (1,509) 2015831 1,011,362 42,623 3,655 71,148 10,961 1,139,749 16,359 13,435 110 22,291 174,712 226,907 6,870 6,686 (13,556) (750) (1,023) (1,773) 2016531 1,034,591 62,744 3,015 92,416 172,117 1,364,883 201291 (29,261) (1,193) (1,352) (13,760) (45,566) (10,446) (1,973) (149) (7,140) (19,708) 2013831 (39,707) (3,166) (1,501) (20,900) (65,274) (15,427) (4,241) (374) (9,266) (29,308) 528 898 1,426 2014831 (55,134) (7,407) (1,347) (29,268) (93,156) (22,221) (7,130) (328) (11,358) (41,037) 1,356 1,356 2015831 (77,355) (14,537) (1,675) (39,270) (132,837) (19,559) (8,695) (204) (12,012) (40,470) 680 934 1,614 2016531 (96,914) (23,232) (1,199) (50,348) (171,693) 2013831 531,087 9,572 2,295 15,637 51,719 610,310 2014831 828,544 17,632 2,014 22,271 54,733 925,194 2015831 934,007 28,086 1,980 31,878 10,961 1,006,912 2016531 937,677 39,512 1,816 42,068 172,117 1,193,190 I-32

3050 45 45 45 45 2013201420158312016531 236,950,000487,699,000504,938,000498,323,000 15. 831 2016 2013 2014 2015 531 4,962 5,253 5,253 5,323 206,113 218,308 213,055 209,276 211,075 223,561 218,308 214,599 5065 201320142015831201653138,346,000 37,497,00036,649,00036,012,000 5065 16. 201291 15,900 1,000 2013831 16,900 600 2014831 17,500 600 2015831 18,100 200 2016531 18,300 I-33

2013201420158312016531 16,900,00017,500,00018,100,00018,300,000 16 2013201420158312016531 61636566 5.5% 2013201420158312016531 2013831 16,900 16,900 2014831 17,500 17,500 2015831 18,100 18,100 2016531 18,300 18,300 17. 831 2016 2013 2014 2015 531 Bright Education BVI I-34

18. 831 2016 2013 2014 2015 531 i 46,447 90,271 95,380 18,753 ii 30,000 30,000 4,055 2,811 2,172 1,658 7,283 8,126 8,883 8,500 1,203 1,583 3,650 3,431 2,922 7,900 4,276 4,704 606 492 1,061 1,278 2,576 1,040 5,719 2,216 [] 6,038 95,092 142,223 121,141 46,578 18,645 51,952 25,761 27,825 76,447 90,271 95,380 18,753 95,092 142,223 121,141 46,578 i ii 201140,000,000 201483140,000,000 2013201420158317.2%7.2% 6.6%20159 80,000,00015,380,000 8a 2009201115,000,000 2015831 30,000,0002013831 19. 2016531 370,000,000 2016531130,000,0002016 531240,000,000 20176302017831 I-35

20. 2013201420158312016531 0.42%0.48%0.43%0.67% 20132014201583120165314,233,000 4,892,0002,076,00029,000 21. 831 2016 2013 2014 2015 531 158,416 194,540 245,954 173,111 17,924 27,256 30,272 21,219 1,950 3,021 8,920 17,600 178,290 224,817 285,146 211,930 22. 30180 2013201420158312016531 180 23. 831 2016 2013 2014 2015 531 50,000 24,000 7,000 4,000 4,775 12,721 12,448 12,448 12,448 82,969 189,510 115,025 66,217 1,049 2,824 2,071 2,811 1,518 1,861 2,099 2,571 1,532 1,657 1,222 1,995 798 2,015 4,224 5,777 16,533 31,541 30,868 27,868 6,750 9,683 9,283 1,649 2,639 1,009 3,894 4,896 7,556 10,004 11,062 13,798 [] 17,056 171,344 286,552 203,971 173,807 I-36

24. 831 2016 2013 2014 2015 531 535,000 1,070,000 1,075,500 896,700 200,000 200,000 535,000 1,270,000 1,275,500 896,700 15,000 141,362 337,849 198,549 475,000 297,849 118,849 128,849 45,000 396,547 345,547 296,047 234,242 273,255 273,255 535,000 1,070,000 1,075,500 896,700 200,000 200,000 200,000 200,000 (15,000) (141,362) (537,849) (198,549) 520,000 1,128,638 737,651 698,151 390,000 390,000 50,000 535,000 880,000 885,500 846,700 535,000 1,270,000 1,275,500 896,700 I-37

201320142015831 831 2013 2014 2015 100,000 13.0% 75% 201176 2013530 200,000 200,000 200,000 12.0% 62.5% 201458 201658 200,000 200,000 831 2016 2013 2014 2015 531 7.3% 7.3% 4.6% 6.4% 7.6% 6.4% 8.4% 5.9% 8.6% 4.9% 7.9% 12.0% 12.0% I-38

20132014201583120165 31 831 2016 2013 2014 2015 531 70,000 160,000 135,000 112,500 i 100,000 98,000 92,000 100,000 175,000 244,700 200,000 200,000 ii 20,000 20,000 10,000 500,000 457,500 457,500 190,000 190,000 25,000 15,000 i ii [] 50% I-39

25. 831 2016 831 531 2013 2014 2015 531 2013 2014 2015 2015 2016 i 31,046 120,424 149,877 235,222 31,046 120,424 214,735 214,735 235,222 i 84,968 77,811 54,221 44,234 84,968 84,968 77,811 77,811 54,221 ii 468,380 1,014,409 1,163,021 869,691 468,380 1,014,409 1,163,201 1,137,791 1,163,201 ii 46,465 148,721 216,416 120,665 46,465 148,721 216,416 148,721 216,416 iii 2,000 2,000 2,000 iii iii 266 266 266 266 266 266 266 266 266 189,545 189,545 189,545 iii 5 836 1,837 1,303 5 836 1,837 836 1,837 822,675 1,362,467 1,585,638 1,271,381 : 725,363 287,537 1,486,418 1,271,381 97,312 1,074,930 99,220 822,675 1,362,467 1,585,638 1,271,381 I-40

831 2016 2013 2014 2015 531 i (91,496) (102,727) (119,725) (219,969) ii (7,521) (7,521) (10,317) (15,264) ii (173,468) (147,625) (145,307) (147,391) iii (5,930) (300) (313) (388) iii (200) (200) (200) (200) iii (59,468) (68,852) (143,897) (127,282) iii (1,031) (370,000) (4,395) (4,395) (4,385) (4,385) iii (598) (598) (598) (598) iii (1,095) (1,095) (1,095) (1,095) iii (594) (1,229) (2,449) (5,320) iv (157) (382) (1,272) (4,042) iv (79) (388) (653) (1,412) iv iv (1,596) (1,596) (1,596) (11,303) (346,597) (336,908) (432,838) (908,649) 831 2016 2013 2014 2015 531 i (27) (61) (63) (4,320) I-41

i 2013201420158312016531 2013201483197,312,000 151,039,000 20132014831 104,610,000162,367,0007.5%7.5% 201320142015831 4,869,0007,298,00011,328,000 ii 2013201420158312016531 468,380,0001,014,409,000 1,163,021,000869,691,000 2013201420158312016531 470,000,0001,165,000,0001,230,000,000 875,000,0009.4%9.4%8.2%8.2%2013 201420158312016531 39,579,00034,923,000101,074,000 61,412,000 iii iv 201320142015 8312016531180 [] 26. 201291 1,830 1,830 343 830 1,173 32 (651) (651) 2013831201391 2,173 (651) 830 2,352 157 13 1,448 1,618 2014831201491 2,330 (638) 2,278 3,970 158 13 1,064 1,235 2015831 2,488 (625) 3,342 5,205 50 10 2,324 2,384 2016531 2,538 (615) 5,666 7,589 I-42

831 2016 2013 2014 2015 531 (651) (666) (677) (797) 3,003 4,636 5,882 8,386 2,352 3,970 5,205 7,589 27. 1.00 2012912013 20142015831 2016531 50,000 50,000 300,000 2012912013 20142015831 2016531 10 10 60 2013201420158312016531 28. 201291 13 14 2013831 27 34 2014831 61 2 2015831 63 16,034 2016531 16,097 I-43

29. 10 30. 24 [] 31. (a) 831 2016 831 2016 2013 2014 2015 531 2013 2014 2015 531 4,731 9,975 8,987 9,413 822,675 1,362,467 1,585,638 1,271,381 33,908 13,071 12,229 128,491 861,314 1,385,513 1,606,854 1,409,285 70,010 67,156 65,862 92,821 346,597 336,908 432,838 908,649 27 61 63 4,320 759 535,000 1,270,000 1,275,500 896,700 951,607 1,674,064 1,774,200 1,898,170 27 61 63 5,079 (b) I-44

24 50 5020132014 20158312016531 1,879,0003,251,0003,275,0002,693,000 201420158312016531 683,180,00014,560,000178,441,000 2016531(i) (ii) (iii)(iv) 12 I-45

% 70,010 70,010 70,010 346,597 346,597 346,597 7.4 3,296 6,593 44,667 558,545 613,101 535,000 2013831 419,903 6,593 44,667 558,545 1,029,708 951,607 67,156 67,156 67,156 336,908 336,908 336,908 9.8 3,156 6,312 28,403 427,871 465,742 390,000 8.3 6,091 12,181 196,177 565,587 253,679 1,033,715 880,000 2014831 413,311 18,493 224,580 993,458 253,679 1,903,521 1,674,064 65,862 65,862 65,862 432,838 432,838 432,838 9.8 3,156 6,312 418,403 427,871 390,000 7.7 5,638 11,276 198,589 520,480 292,765 1,028,748 885,500 2015831 507,494 17,588 616,992 520,480 292,765 1,955,319 1,774,200 92,821 92,821 92,821 908,649 908,649 908,649 4.6 190 381 51,713 52,284 50,000 6.6 4,779 9,558 174,349 471,999 290,407 951,092 846,700 2016531 1,006,439 9,939 226,062 471,999 290,407 2,004,846 1,898,170 I-46

% 2013831 27 27 27 2014831 61 61 61 2015831 63 63 63 2016531 4,320 4,320 4,320 759 759 759 5,079 5,079 5,079 (c) 32. (a) 2013831250,000,000 125,098 138,000 587 4,798 8,767 26,712 651 (33,348) (5,713) (1,640) (74) (9,930) (253,908) I-47

(250,000) 50,000 50,000 8,767 (141,233) 250,000 (253,908) (3,908) 3,908,000 20138312013831 2012912013831 370,734,00092,667,000 201291 (b) 201653120,000 20 20 (20) I-48

33. 201653160% 600,0001,000,000200,000 30 56 3 4,744 (794) (645) (402) 2,992 1,800 1,800 (2,992) (229) (1,421) (2,353) 932 (1,421) 1,000,000 (30) (30) 34. 831 531 2013 2014 2015 2015 2016 2,260 3,502 4,814 3,298 4,146 I-49

831 2016 2013 2014 2015 531 2,616 3,181 4,788 4,589 9,157 13,365 13,720 13,958 40,504 37,965 35,302 34,543 52,277 54,511 53,810 53,090 20132014201583120155312016531 815,0001,046,000896,000672,000 764,000 831 2016 2013 2014 2015 531 896 896 1,043 1,116 1,195 299 4,705 4,277 409 2,091 1,195 6,157 5,393 35. 831 2016 2013 2014 2015 531 183,491 61,777 31,404 306,125 2016531 36. 2015319 5,000,000 I-50

37. 2013201420158312016531 831 531 2013 2014 2015 2015 2016 10,303 10,943 11,957 10,250 11,307 2,622 3,754 3,431 5,086 655 1,656 2,987 2,559 3,105 24 45 364 72 250 504 5,158 47,320 130,000 10 720 80 2013201420158312016531 5,351 29,937 29,937 51,774 590,000 [] I-51

831 531 2013 2014 2015 2015 2016 1,659 1,695 1,989 1,396 1,610 59 62 123 48 96 1,718 1,757 2,112 1,444 1,706 I-9I-10I-11I-12 1924253233 B. 2016831 315,000 C. 201671 D 2016531 Wisdom Education International Holdings Company Limited I-52

[ ] [] II-1

[ ] [] II-2

[ ] [] II-3

[ ] [] II-4

[ ] [] II-5

Wisdom Education International Holdings Company Limited2016630 1 16 Wisdom Education International Holdings Company Limited 20166 30 2012 12 2012 III-1

III-2

Victor Li 201512Victor Li2 10 68 Wisdom Education International Holdings Company Limited 2016 28 III-3 MSc., M.H.K.I.S.

2016 630 2016 630 (%) 1. 102 16011608 18,300,000 100 18,300,000 18,300,000 18,300,000 2. 251,000,000 100 251,000,000 3. 100 III-4

2016 630 2016 630 (%) 4. 239,000,000 100 239,000,000 5. 100 6. 100 490,000,000 490,000,000 III-5

2016 630 2016 630 (%) 7. 100 8. 100 III-6

2016 630 2016 630 (%) 9. 100 10. 100 III-7

2016 630 2016 630 (%) 11. 100 12. 100 13. 572 123201 100 III-8

2016 630 2016 630 (%) 14. 3197 33-601 100 508,300,000 508,300,000 III-9

2016 630 1. 102 1601 1608 17 2007 168 1,475.95 2055525 202012 31 201611 2018630 1,115,818 201871 20201231 1,227,400 18,300,000 100% 18,300,000 (1) 1 0400036704 200973 1601 173.70 2 0400041756 2009716 1602 171.98 3 0400041759 2009716 1603 243.65 4 0400041760 2009716 1604 171.98 5 0400041757 2009716 1605 173.70 6 0400041755 2009716 1606 168.28 7 0400041761 2009716 1607 188.17 8 0400041758 2009716 1608 184.49 1,475.95 (2) 20141013441900000068478 83,400,00020021010 (3) (i) (ii) (iii) III-10

(4) (5) 64 5.5% 5080 5%6% III-11

2016 630 2. 135,247.21 20032008 138,429.90 251,000,000 100% 251,000,000 120,923.28 23,940.81 49,264.00 11,564.58 24,232.19 11,621.70 120,623.28 17,806.52 2053219 (1) 17,806.52 III-12

(2) 135,247.21 1 (2003) 115 2003326 2053219 28,245.76 2 (2003) 116 2003326 2053219 51,918.00 3 (2003) 117 2003326 2053219 55,083.45 135,247.21 (3) 1 0200949203 2016520 11,621.70 2 0200949204 2016520 11,822.88 3 0200949205 2016520 17,821.43 4 0200954200 2016530 6,410.76 5 0200954201 2016530 12,117.93 6 0200954202 2016530 11,564.58 71,359.28 67,070.00 (4) 135,247.00 1 02988 20021211 55,087.00 2 02989 20021211 28,245.00 3 02990 20021211 51,915.00 135,247.00 III-13

(5) 97,776.10 1 A2003035 2003129 12,182.00 2 A2003036 2003129 17,924.00 3 A2003037 2003129 11,805.00 4 A2003038 2003129 A/B 1,379.00 5 A2004112 200462 12,541.90 6 A2004113 200462 13,208.10 7 A2004114 200462 21,110.00 8 A2004115 200462 7,626.10 97,776.10 (6) 1 441900200302120301 2003212 12,182.00 2 441900200302120401 2003212 17,924.00 3 441900200302120501 2003212 11,805.00 4 441900200302120601 2003212 A/B 5 441900200303060301 200336 30,224.00 6 441900200503070401 200537 19,040.00 7 441900200503070501 200537 13,692.90 8 441900200503070601 200537 11,967.45 9 441900200503070701 200537 6,928.41 123,763.76 (7) 123,763.76 1 441900200711200001 20071120 19,040.00 2 441900200711200002 20071120 11,967.45 3 441900200711280006 20071128 13,692.90 4 441900200711280007 20071128 6,928.41 51,628.76 (8) 20141013441900000068478 83,400,00020021010 III-14

(9) (i) (ii) (iii) (iv) (10) III-15

2016 630 3. 24,192.04 20082010 69,471.88 20,962.30 3,747.70 15,209.60 4,114.00 25,438.28 69,471.88 (2) (1) III-16

(2) (i) : (ii) : 11,700.00 (iii) : 8,190,000 (i) : (ii) : 4,157.00 (iii) : 12,500,000 (i) : 48 (ii) : 1,355.00 (iii) : 7,000,000 (i) : (ii) : 212.00 (iii) : 148,400 (i) : (ii) : 455.00 (iii) : 318,500 III-17

(i) : (ii) : 2,138.44 (iii) : 7,400,000 (i) : (ii) : 4,174.60 (iii) : 8,000,000 (3) 20141013441900000068478 83,400,00020021010 (4) (i) (ii) (5) III-18

2016 630 4. 193,265.27 20032015 138,525.57 239,000,000 100% 239,000,000 76,379.78 30,743.85 8,083.70 37,552.23 76,379.78 62,145.79 50 (2) (1) 62,145.79 III-19

(2) 193,265.27 1 (2005)1522 2013716 2055327 131,211.65 2 (2006)882 2013716 2056319 15,269.87 3 (2007)68 2013716 2056319 46,783.75 193,265.27 (3) 1 3300965574 2016617 A 10,247.95 2 3300965575 2016617 A1 10,247.95 3 3300965576 2016617 A2 10,247.95 4 3300965577 2016617 A 7,592.86 5 3300965575 2016617 A1 7,592.86 6 3300965579 2016617 A2 7,592.86 7 3300965580 2016617 B 7,387.65 8 3300965581 2016617 C 7,386.00 68,296.08 70,229.49 (4) 2004352004-29-10008 327,314.70 (5) 2004352004-29-10005 8,084.00 III-20

(6) 1 441900200406301001 2004630 8,083.70 2 441900200406300801 2004630 A, A1, A2 32,199.00 3 441900200406300901 2004630 A, B, C 43,781.70 84,064.40 (7) 69,127.26 1 441900200806190001 2008619 32,199.00 2 441900200806200003 2008620 36,928.26 69,127.26 (8) 20131125010475 50,434,793.862013112520171129 (9) (i) (ii) (iii) (iv) (10) III-21

2016 630 5. 64,321.10 20132015 63,988.76 22,913.39 41,075.37 63,988.76 (1) (2) 201442(2014)13020100008 64,321.10 (3) 1 100380113 201641 22,913.39 2 100380114 201641 12,627.64 3 100380117 201641 28,447.73 63,988.76 III-22

(4) 2012413 179,575.00 (5) 97,776.10 1 441302(2013)10149 2013314 21,180.00 2 441302(2013)10150 2013314 26,969.00 3 441302(2013)10151 2013314 11,782.00 4 441302(2013)10602 201396 32,679.00 92,610.00 (6) 1 442501201306190101 2003212 59,931.00 2 442501201404040101 201444 32,679.00 92,610.76 (7) 12,193.20 1 (2014)0054 2014421 1,736.90 2 (2014)0055 2014421 5,074.10 3 (2014)0056 2014421 5,383.20 12,194.20 (8) 2014721441300000084474 20,000,0002009723 III-23

(9) (i) (ii) (iii) (iv) (10) III-24

2016 630 6. 206,340.70 2014 76,588.22 32,755.52 5,573.00 5,900.00 31,879.70 480.00 76,588.22 (1) (2) 201655(2016)300124(2016)300125 104,729.20101,611.50 III-25

(3) 312,095.40 1 211100201330019 2013823 132,225.70 2 211100201430002 2014126 179,869.70 312,095.40 (4) 192,108.70 1 211100201330045 20131111 50,187.10 2 211100201430005 2014228 141,921.60 192,108.70 (5) 20111021130000400003614 80,000,0002013313 (6) (i) (ii) (iii) (iv) (7) III-26

2016 630 7. 64,321.10 32,679 2016 (1) (2) 201442(2014)13020100008 64,321.10 (3) 2012413 179,575.00 (4) 201396 441302(2013)1060232,679.00 (5) 201444 (6) 2014721441300000084474 20,000,0002009723 (7) (i) (ii) (iii) (iv) III-27

(8) III-28

2016 630 8. 104,758.00 2016 84,764.00 (1) (2) 2016714(2016)B57 104,758.00 (3) 2015122807022015WK018 104,758.0094,823.50 (4) 84,764.60 1 3707022016WK067 201682 16,869.80 2 3707022016WK068 201682 180.32 3 3707022016WK069 201682 26,648.22 4 3707022016WK070 201682 3,858.67 5 3707022016WK071 201682 4,325.38 6 3707022016WK072 201682 6,060.63 7 3707022016WK073 201682 6,214.93 8 3707022016WK074 201682 20,606.65 84,764.60 (5) 200,000,000 50,000,000 III-29

(6) 201510991370702MA3BX2CX19 30,000,0002015109 2065108 (7) (i) (ii) (iii) (iv) (8) III-30

2016 630 9. 206,340.70 235,507.18 (1) (2) 201655(2016)300124(2016)300125 104,729.20101,611.50 (3) 312,095.40 1 211100201330019 2013823 132,225.70 2 211100201430002 2014126 179,869.70 312,095.40 III-31

(4) 192,108.70 1 211100201330045 20131111 50,187.10 2 211100201430005 2014228 141,921.60 192,108.70 (5) 1 211103201512150101 20151215 43,352.70 2 211103201510270501 20151027 33,235.52 76,588.22 (6) 20111021130000400003614 80,000,0002013313 (7) (i) (ii) (iii) (iv) (8) III-32

2016 630 10. 104,758.00 10,059.50 (1) (2) 2016714(2016)B57 104,758.00 (3) 2015122807022015wk018 104,758.0094,823.50 (4) 201510991370702MA3BX2CX19 30,000,0002015109 2065108 (5) (i) (ii) (iii) (iv) (6) III-33

2016 630 11. 2,398.00 63,008.31 201610302036321 248,633 12. 13,836 118,800 III-34

2016 630 13. 57 212 3201 2123 122.50 2015812016731 9,000 14. 3197 3 3-601 3 197.09 20151110 20161191,706 III-35

2010713 1. (a) (b) 27(2) 2. [] (a) (i) (ii) (iii) (i) IV-1

(ii) (iii) (iv) (v) (iv) (30) (v) IV-2

(vi) (vii) 20 (14) 20 (b) (i) IV-3

(aa) (bb) (cc) (6) (dd) (ee) (ff) (ii) (a) (b) IV-4

(iii) (iv) (v) IV-5

(vi) (vii) 622 (viii) IV-6

(aa) (bb) (cc) (dd) (ee) (c) (d) IV-7

(e) (i) (15) (ii) IV-8

(iii) (15)(18) (iv) (21)(20) (14)(10) (aa) (bb) (cc) (dd) (ee) (ff) (20%) (gg) (v) IV-9

(vi) (f) (21) IV-10

(g) (i) (ii) (a) (b) IV-11

(h) (2) 2.50 1.00 (i) 3(f) (j) (i) (ii) IV-12

(k) 3. (a) (b) (a)(b) (c)37(d)(e) IV-13

(f) (a)(b) (c) (a)(b) (c) (d) (g) (h) (i) (ii)(iii) IV-15

(i) (j) 20116 (1) (2) 20 2010 (k) (l) (m) (n) IV-16

(o) (60) (p) (a)(b)(c) 21 IV-17

(q) (75%) (r) (4) (90%)(4) (2) (1) (s) 4. Conyers Dill & Pearman IV-18

A. 1. 2010713 1 362015111762216 1 36 2016512Bright Education Group Co. Ltd. Wisdom Education Group Company Limited 2016610 2016628Wisdom Education Group Company Limited Wisdom Education International Holdings Company Limited 201684 2. 50,00050,000 1.0 (a) (b) 2010713Bright Education Holdings Bright Education Holdings(ii) Bright Education Investment 2016624Bright Education HoldingsBright Education Investment6327Bright Education Holdings8Bright Education InvestmentBright Education HoldingsBright Education Investment6238 62%38% V-1

[] [] 3. 2016 (a) [] (b) [][] 2016 [] (c) [] (i) [][] (ii) [][] (iii) [][] (d) [ V-2

][][] 20%(e) (e) [][]10% [] (f) (e) (d)(e)(f) 4. (a) 201411 5233 (b) 201411 586 V-3

5. (a) (i) 2016 [][]10%[] (i) (ii) (iii) (ii) (iii) 10% 30 V-4

5% (iv) (v) (a) (b) (vi) 30 (vii) V-5

(b) (c) (d) [][][][] [] 26 V-6

(g) 201671 (h) (i) (j) [] 2. (a) A) B) 36 2014314 2024313 36 2014314 2024313 41 2014314 2024313 41 2014414 2024313 16 2015314 2025313 16, 3641 2015106 2025105 11589782 11589840 11589933 11589979 11590192 303556099 100,000 2016125 (b) www.gmhs.cn 20161129 V-8