100%

2014 China Huishan Dairy Holdings Company Limited ( ) 06863

100%

02 03 04 08 27 32 42 53 55 56 57 59 60 61 64 148

6863 16 29 02 ir@huishangroup.com www.huishandairy.com 16 29 02 Floor 4, Willow House Cricket Square PO Box 2804 Grand Cayman KY1-1112 Cayman Islands 101 110163 183 22 18 20 253 110013 10 8 41 6 8 11

3,530,419 3,530,419 2,552,438 2,552,438 62.4% 20.1% 54.0% 17.3% (1) 1,401,489 1,401,308 1,022,132 953,613 1,249,410 1,249,229 1,013,889 945,370 (2) 0.10 0.08 2.16 38.3% 46.9% 32.1% (1) (2) 9413(a)

AsiaMoney Best IPO Award IPOFTSE All- World Index FTSE All-Emerging IndexFTSE China (HK Listed) Index(MSCI) 25.5238.3%35.30 9.5446.9%14.01 9.45 12.4932.1% 04

144,19159 240,000 9 50.175,017 3.6% UHT 287,528 16.8% 6,935 7,957 22.88 13.7% 19.5% 9% 05

1,744 3,00028.9 5,000 40% 21 3.6% 06

153.6 D90 07

08 870 1,44810.7% 109 162 8.3% 10.6% 268 2 %

24.7% 11.4% 27.0% 09

Huishan Dairy, The MostOriginal

100% 11

35.3025.52 38.3% 1 (i) (ii) (iii) 61,286 49,889 82,905 62,962 144,191 112,851 59 50 144,191 112,851 50.17 36.51 37.4% 1 12

9.0 5,017 4,515 120,00020,000 140,000 40,000 14 92 20,000 400 600 800 13

100,000 60% 70% 240,000 280,000 TMR 14

UHT UHT 3.6% 3.3% UHT 3.3% 2.9% 400392 13.7% 19.5% 15

100% 22.88 17.07 34.0% 65.5%54.0% 90,000 260,000 375,000 418 69 1,416 9% 16

2,000 7,471D90 (FrieslandCampina) SGS SGS 17

SGS GMPGMP 18

400 988,862 1,431,699 2,420,561 680,608 910,387 1,590,995 2,287,789 2,287,789 1,707,132 1,707,132 253,768 253,768 88,052 88,052 76,646 76,646 3,530,419 2,552,438 25.52438.3% 35.304 19

988,862 196,119 5,042 680,608 151,431 4,495 1,431,699 286,309 5,001 910,387 200,980 4,530 2,420,561 482,428 5,017 1,590,995 352,411 4,515 17.071 34.0%22.878 64.8% 66.9% 246,1622 16.8%287,528 UHT 2,287,789 287,528 7,957 1,707,132 246,162 6,935 20

0.881188.1% 2.5387.2% 253,768 4,875 52,055 88,052 759 116,011 1,504,303 62.1 951,995 59.8 613,557 62.0 399,446 58.7 652,431 28.5 377,278 22.1 1,499,118 65.5 922,113 54.0 47,877 18.9 45,642 51.8 91,936 36.2 53,356 60.6 3,255 4.2 9.52058.0%15.043 3.99453.6% 6.136 62.1% 59.8% 21

3.77372.9%6.524 9.22162.6% 14.991 22.1%28.5% 4,5644.9% 4,788 5,33672.3%9,194 51.8% 18.9% 9.542 63.9%15.639 6,843 8,678 1,403 682 22

344,228 105,688 117,040 35,039 8,243 217,468 83,219 713,775 197,150 1.972 7.138 680,085,000 1.17 3,504 824 1.41645.3% 2.057 2.49 0.854.4%34.6% 59.833 50.626 23

46.605 7.616 43.634 3.461 16.4123.55%6.60% 46.792 283.76%7.58% 42.449 39.216 36 35(d) 75.446 24

5.261 3.9239,9478,715 9,181 3.527 1.732 42 207 25

485 7(e) 120 2013 2013 26

56 20 2010 2009 IDF 39 15 27

45 20 (ACCA) (ACCA) 37 15 48 2017 INSEAD University of Strathclyde 28

36 1929 17 55 59, 600361 (0047) 1165267 0552 F17 600015 University of Sheffield 29

6530 (IDF) 5120 53 3899 38 15 30

38 40 10 31 31

A.2.1 27 31 32

33

www.huishandairy.com www.hkexnews.hk 34

www.huishandairy.com www.hkexnews.hk 35

36 A B C D A B C D A B D A B C D A B C D A B A B A C C D A B A B C D A B C D

www.huishandairy.com www.hkexnews.hk 37

5,000,0015,500,000 1 8,000,0018,500,000 3 4 1659 10 38

2/2 1/1 1/1 2/2 1/1 1/1 1/1 2/2 1/1 1/1 1/1 2/2 1/1 2/2 1/1 2/2 2/2 2/2 1/1 1/1 1/1 1/1 2/2 1/1 1/1 1/1 1/2 0/1 0/1 0/1 2/2 1/1 1/1 1/1 1/1 3.13 39

5,858,000 400,000 1,300,000 40

15 3.2915 (i)(ii) 1629 02 41

34 (i)(ii) (iii) 18 55147 2.16 3.11 148 33 42

33 8,913.2 4,091.8 14 43

18.9% 5.1% 30.6% 18.2% 5% 104(1) 44

45

1,440,778,800 10% 12 1%1% 14 1.00 10 46

680,085,000236,250,000 443,835,000 680,085,0000.10 680,085,000 2.67 (i) 2.59 (ii) 2.67 (iii) 0.1 (i) 30% (ii) 20% (iii) 15% (iv) 15% (v) 20% 101,250,000 101,250,000 101,250,000 101,250,000 33,750,000 33,750,000 443,835,000 443,835,000 2.67 2.67 2.67 2.67 47

XV352 10 (i) (1)(2) 7,386,138,388 51.26% (3) 7,386,138,388 51.26% (4) 101,250,000 0.70% (4) 101,250,000 0.70% (4) 33,750,000 0.23% 800,000 0.01% (ii) (5) Champ Harvest Limited 10,000 100% Champ Harvest ) (5) Champ Harvest 10,000 100% (1) Champ Harvest6,639,011,388Champ Harvest 70% King Pavilion LimitedChamp Harvest 20% Champ Harvest 6,639,011,388 Champ Harvest (2) Talent Pool Holdings Limited ("Talent Pool")747,127,000Mighty Global LimitedTalent PoolTalent Pool 747,127,000Champ Harvest 6,639,011,388 48

(3) Gain Excellence LimitedChamp Harvest 10% Champ Harvest7,386,138,388 (4) 101,250,000101,250,00033,750,000 101,250,000101,250,00033,750,000 (5) Champ Harvest 7,000 Champ Harvest 70%Champ Harvest 2,000 Champ Harvest 20%Champ Harvest 1,000 Champ Harvest 10%Champ Harvest 10,000 XV352 336 Champ Harvest (1) 6,639,011,388 46.08% Mighty Global Limited Mighty Global ) (2) 747,127,000 5.18% Talent Pool (2) 747,127,000 5.18% (3) 1,293,922,409 8.98% (3) 1,293,922,409 8.98% Well Ease Limited (3) 1,293,922,409 8.98% JPMorgan Chase & Co. (4) 48,388,000 0.34% 20,470,000 679,533,000 0.14% 4.71% Norges Bank 720,390,000 5.00% 49

(1) Champ Harvest6,639,011,388Champ Harvest 70% King Pavilion LimitedChamp Harvest 20%Champ Harvest 1,000 Champ Harvest 10%Champ Harvest 10,000 (2) Talent Pool747,127,000Mighty Global LimitedTalent Pool (3) XV 23 Well Ease Limited Chow Tai Fook Nominee Limited 80%Crown Castle Investment Holdings Limited20% Crown Castle Investment Holdings Limited Well Ease Limited 1,293,922,409 (4) JPMorgan Chase & Co. 727,921,00020,470,000 48,388,000JPMorgan Chase & Co.JPMorgan Chase & Co., JPMorgan Chase Ban, N.A.679,533,000 XV23 336 37 14A 14A 50

(i)(ii) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) 242 840,000 290 840,000 188.5 360,000 208 420,000 630 1,680,000 405 840,000 340 840,000 340 840,000 152.4 840,000 7,500,000 7,500,000 7,500,0007,500,0007,500,000 3,125,0007,500,000 7,500,0007,500,000 A 51

(1) (2) (3) 3000 740 14A.3850 52 38 1,000,000 25% 52

55 147 53

10 8 54

4 5 3,530,419 3,530,419 2,552,438 2,552,438 5 7(a) (1,325,808) (1,495,629) (2,821,437) (1,174,268) (935,927) (2,110,195) 2,204,611 (1,495,629) 708,982 1,378,170 (935,927) 442,243 7(b) 1,563,881 1,563,881 954,187 954,187 7(c) (68,433) (68,433) (86,779) (86,779) 6 9,298 9,298 41,528 41,528 (344,228) (344,228) (105,688) (105,688) 117,040 31 35,039 8,243 (369,547) (369,547) (91,462) (91,462) 1,500,134 (181) 1,499,953 1,222,548 (68,519) 1,154,029 60,522 60,522 4,336 4,336 (266,172) (266,172) (145,950) (145,950) 7(d) (205,650) (205,650) (141,614) (141,614) 5 7 1,294,484 (181) 1,294,303 1,080,934 (68,519) 1,012,415 8(a) (45,074) (45,074) (67,045) (67,045) 1,249,410 (181) 1,249,229 1,013,889 (68,519) 945,370 1,249,229 945,370 1,249,229 945,370 13 0.10 0.08 33(b) 64 147 55

1,249,229 945,370 12 (17,956) (488) 1,231,273 944,882 1,231,273 944,882 1,231,273 944,882 64 147 56

14 4,317,163 3,636,753 1,019,766 195,143 15 931,985 931,985 16 3,043,258 521,309 17 4,297,651 3,241,872 61,647 32(b) 66,064 37,784 13,737,534 8,564,846 19 915,383 446,618 20 220,375 172,583 21 784,169 501,095 22 300,000 23 5,062,619 825,673 7,282,546 1,945,969 24 737,711 910,465 25 26,059 13,685 26 489,664 434,558 27 14,702 28 1,641,192 908,534 32(a) 24,527 10,147 2,919,153 2,292,091 4,363,393 (346,122) 18,100,927 8,218,724 64 147 57

28 4,679,156 2,102,771 29 16 30 226,577 232,993 4,905,733 2,335,780 13,195,194 5,882,944 33 1,142,619 74 33 12,052,575 5,882,870 13,195,194 5,882,944 13,195,194 5,882,944 64 147 58

18 8,723,825 1,185,760 21 15,243 2,902,599 23 1,314,374 5,087 1,329,617 2,907,686 26 12,353 6,277 27 12,011 12,353 18,288 1,317,264 2,889,398 10,041,089 4,075,158 10,041,089 4,075,158 33 1,142,619 74 33 8,898,470 4,075,084 10,041,089 4,075,158 64 147 59

33(c) 33(d)(1) 33(d)(2) 33(d)(3) 33(d)(4) 65 110,694 20,885 62,475 688,305 882,424 882,424 945,370 945,370 945,370 (488) (488) (488) (488) 945,370 944,882 944,882 42,488 (42,488) 33(d)(1)(ii) 907,446 907,446 907,446 33(d)(1)(iii) 1,994,167 1,994,167 1,994,167 33(d)(1)(i) 9 1,190,214 1,190,223 1,190,223 33(d)(2) (33,941) (2,257) (36,198) (36,198) 9 4,091,827 (33,941) 42,488 (44,745) 4,055,638 4,055,638 74 4,091,827 76,753 63,373 61,987 1,588,930 5,882,944 5,882,944 74 4,091,827 76,753 63,373 61,987 1,588,930 5,882,944 5,882,944 1,249,229 1,249,229 1,249,229 (17,956) (17,956) (17,956) (17,956) 1,249,229 1,231,273 1,231,273 68,859 (68,859) 33(c)(ii) 911,486 (911,486) 33(c)(iii) 231,059 5,938,216 6,169,275 6,169,275 33(c)(iii) (205,338) (205,338) (205,338) 31 117,040 117,040 117,040 1,142,545 4,821,392 117,040 68,859 (68,859) 6,080,977 6,080,977 1,142,619 8,913,219 193,793 132,232 44,031 2,769,300 13,195,194 13,195,194 64 147 60

1,249,229 945,370 7(f) 163,679 68,865 7(c) 68,433 86,779 7(b) (68,252) (18,260) 6 (16) (16,029) 7(d) (60,522) (4,336) 7(d) 238,368 144,159 7(d) 20,163 535 6 (14,027) (6,822) 7(f) 117,040 6 (1,423) 6 1,344 1,053 8(a) 45,074 67,045 (348,570) (6,369) (47,792) (22,477) (36,657) (49,603) (172,754) 381,672 12,583 (97,517) 56,524 22,163 1,222,424 1,496,228 32(a) (70,390) (53,794) 1,152,034 1,442,434 64 147 61

(1,670,859) (488,448) (2,623,352) (75,722) (366,335) (197,453) (848,388) (805,760) (801,500) (2,000,000) 22,933 25,952 107,826 56,592 33,455 4,336 23,309 77,104 500,000 1,700,000 34(a) 35,906 (5,922,911) (1,367,493) 64 147 62

33(d)(1)(ii) 907,446 33(c)(iii) 6,169,275 5,720,299 1,241,905 (2,405,466) (856,018) (262,833) (190,831) (192,989) 34(b) (33,276) 71,748 (83,231) (14,702) (769,334) 9,052,056 249,937 4,281,179 324,878 825,673 512,865 (44,233) (12,070) 23 5,062,619 825,673 64 147 63

1 2 (a) 6229 1176 87 32 2(d) (b) 2(k) 2(l) 2(h) 64

2 (b) 3 (c) (d) 1 10 12 13 7 65

2 (d) 1 10 10 27 12 10 12 12 12 13 13 13 35 13 66

2 (d) 34 5 7 32 32 7 (e) (i) (ii) 67

2 (f) 2(o)(ii) 68

2 (g) (i) (ii) (ii)(i) 2(o)(ii) (h) (i) 2(o)(ii) 2(y) ) 20 40 10 15 3 5 5 10 69

2 (i) (j) (i) (ii) (k) 2(l) 2(l) 70

2 (l) (m) 2(o)(i) 2(o)(i) (n) 71

2 (o) (i) 72

2 (o) (ii) 73

2 (o) (iii) 34 2(o)(i) 2(o)(ii) (p) (q) (r) (i) (ii) 74

2 (r) (ii) (iii) (s) 75

2 (s) 76

2 (t) (u) (v) (i) (ii) (iii) (w) 77

2 (w) (x) (y) (z) 78

2 (aa) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (bb) 79

3 35(f) (a) (b) 2(o)(ii) (c) 80

4 988,862 680,608 2,287,789 1,707,132 253,768 88,052 76,646 3,530,419 2,552,438 10% 666.29 519.2835(a) 5 UHT 81

5 (a) EBITDA EBITDA 82

5 (a) (i) 988,862 2,287,789 253,768 3,530,419 1,431,699 1,431,699 2,420,561 2,287,789 253,768 4,962,118 375,305 1,635,358 205,891 2,216,554 540,953 540,953 916,258 1,635,358 205,891 2,757,507 1,504,303 652,431 47,877 2,204,611 EBITDA 1,482,550 410,398 (43,512) 1,849,436 3,824 5,482 1,586 10,892 153,887 21,078 48,812 223,777 105,733 14,308 43,282 163,323 13,953,422 6,643,513 2,589,001 23,185,936 4,438,156 135,247 179,658 4,753,061 3,906,820 145,887 220,266 4,272,973 9,064,279 852,676 1,510,217 11,427,172 (i) 83

5 (a) 680,608 1,707,132 88,052 76,646 2,552,438 910,387 910,387 1,590,995 1,707,132 88,052 76,646 3,462,825 281,162 1,329,854 42,410 73,391 1,726,817 357,838 357,838 639,000 1,329,854 42,410 73,391 2,084,655 951,995 377,278 45,642 3,255 1,378,170 EBITDA 973,404 268,414 48,616 (186) 1,290,248 352 3,779 117 88 4,336 115,745 8,206 11,232 135,183 42,764 10,588 15,459 68,811 6,960,181 2,973,916 1,748,387 11,682,484 1,173,843 62,310 633,159 (4,443) 1,864,869 630,123 6,714 150,028 786,865 4,014,001 680,497 1,139,839 1,280 5,835,617 84

5 (b) 4,962,118 3,462,825 (1,431,699) (910,387) 3,530,419 2,552,438 2,757,507 2,084,655 1,495,629 935,927 (1,431,699) (910,387) 2,821,437 2,110,195 2,204,611 1,378,170 (1,495,629) (935,927) 708,982 442,243 85

5 (b) 1,849,436 1,290,248 60,522 4,336 (238,368) (144,159) (163,679) (68,865) (213,443) (16,655) 68,252 18,260 (68,433) (86,779) 16 16,029 1,294,303 1,012,415 23,185,936 11,682,484 931,985 931,985 66,064 37,784 7,047,149 5,494,202 (10,211,054) (7,635,640) 21,020,080 10,510,815 86

5 (b) 11,427,172 5,835,617 16 6,608,768 2,103,428 (10,211,054) (3,311,190) 7,824,886 4,627,871 (c) 6 14,027 6,822 8,511 1,820 (3,685) 9,160 29 16 16,029 (1,344) (1,053) 1,423 (1,000) (139) 239 9,298 41,528 87

7 (a) 17(b) * 914,012 639,000 7(b) 1,495,629 935,927 * 411,796 535,268 2,821,437 2,110,195 * 280.49129.21 7(e) 7(f) (b) 1,563,881 954,187 7(a) 1,477,369 935,927 # 86,512 18,260 1,563,881 954,187 # 2(l) 156.13 86.51 22.61 18.26 88

7 (c) 17(b) 68,433 86,779 (d) (60,522) (4,336) 239,541 132,366 24,823 58,813 * (25,996) (47,020) 7,641 1,256 20,163 535 266,172 145,950 205,650 141,614 * 3.55% 7.32% 3.76% 9.17% (e) 128,090 45,653 (i) 20,810 6,513 (ii) 20,472 4,523 103,814 43,268 13,175 10,577 286,361 110,534 89

7 (e) (i) 20% 5%25,000 (ii) (f) 163,679 68,865 35,039 8,243 31 117,040 5,858 2,750 6,007 3,129 8 (a) 32(a) 73,354 62,358 32(b) (28,280) 4,687 45,074 67,045 90

8 (b) 1,294,303 1,012,415 (i) (ii) (iii) 324,879 249,919 (iv) 30,703 1,795 (20) (3,074) 20,103 5,566 (v) (105,671) (76,677) (iii) (224,920) (110,484) 45,074 67,045 (i) (ii) (iii) 25% (iv) 31 (v) (iii) 91

9 6221178 32 161 (i) 550 72 622 737 71 808 737 72 17,425 18,234 613 72 5,808 6,493 3,000 25 17,425 20,450 5,167 332 5,808 11,307 204 204 205 205 205 205 204 204 818 10,804 644 46,466 58,732 267 23 290 254 20 274 269 23 292 241 23 264 1,883 1,883 2,914 89 3,003 92

9 (i) 2(r)(ii) 31 (ii) 10 9 1,302 3,348 11,616 144 54 13,062 3,402 1,000,000 3 2,000,0012,500,000 1 8,000,0018,500,000 2 2 4 93

11 1.26 3.7833(a) 12 (17,956) (17,956) (488) (488) 13 (a) 1,249.23 945.3713(b) 12,978,958,997 11,494,254,000 (b) 4 1 11,494,254 10,000 0.001 11,494,254 0.10 896,552 (10,597,702) (607,702) 1,494,254 11,493,357,448 11,493,357,448 1,484,704,997 12,978,958,997 11,494,254,000 (c) 31 94

14 1,738,806 362,620 33,738 56,372 722,768 2,914,304 34(a) 23,005 167,626 9,749 9,193 409,791 619,364 1,269 46,925 26,084 46,734 166,789 287,801 454,501 187,313 (641,814) (587) (10,844) (11,431) 2,217,581 764,484 68,984 101,455 657,534 3,810,038 (40,036) (22,548) (5,908) (6,284) (74,776) 34(a) (278) (6,405) (914) (942) (8,539) (36,842) (36,762) (9,061) (9,335) (92,000) 205 1,825 2,030 (77,156) (65,715) (15,678) (14,736) (173,285) 2,140,425 698,769 53,306 86,719 657,534 3,636,753 2,217,581 764,484 68,984 101,455 657,534 3,810,038 11,877 130,236 30,533 43,044 627,587 843,277 762,669 209,443 (972,112) (4,824) (651) (12,698) (18,173) 2,992,127 1,099,339 98,866 131,801 313,009 4,635,142 (77,156) (65,715) (15,678) (14,736) (173,285) (57,303) (64,233) (11,641) (14,603) (147,780) 133 25 2,928 3,086 (134,459) (129,815) (27,294) (26,411) (317,979) 2,857,668 969,524 71,572 105,390 313,009 4,317,163 95

14 (a) 14 15810 (b) 2,029.40 164.21 15 931,985 931,985 931,985 931,985 931,985 931,985 931,985 34(a) 96

15 931,985 931,985 3%3% 18.60%11.11% 97

16 568,762 446,036 34(a) 90,145 2,639,961 32,581 (7,188) 3,201,535 568,762 (47,453) (28,530) 34(a) (4,845) (111,327) (14,078) 503 (158,277) (47,453) 3,043,258 521,309 214.34 1,506.18 147.14 98

17 (a) 61,286 49,889 68,087 49,964 14,818 12,998 144,191 112,851 14 10 6 300 6 60 70 60 70 243,800 120,300 99

17 (a) 35(e) (i) (ii) (b) 97,689 1,261,911 914,141 4,137 2,277,878 245,019 2,034 247,053 # 117,881 741,936 639,000 1,498,817 47,862 47,862 287,260 975,676 1,262,936 (287,260) (975,676) (1,262,936) * 248,540 (180,544) (154,208) (567) (86,779) 713,566 240,621 954,187 (1,352,566) (288,483) (1,641,049) (596) (10,416) (45,085) (56,097) 176,254 1,369,490 1,690,524 5,604 3,241,872 100

17 (b) 176,254 1,369,490 1,690,524 5,604 3,241,872 299,986 1,758 2,944 304,688 # 191,656 738,847 914,012 1,844,515 79,631 101,759 181,390 446,666 923,598 1,370,264 (446,666) (923,598) (1,370,264) * 288,166 (147,005) (208,478) (1,116) (68,433) 1,204,452 243,219 116,210 1,563,881 (2,118,464) (322,850) (220,913) (2,662,227) (4,608) (6,963) (96,464) (108,035) 204,802 1,777,423 2,309,180 6,246 4,297,651 # * 35(f) 101

17 (c) 501,688 365,066 137,510 113,440 361,758 18 1,185,760 7 1,190,223 (4,050) (4,470) 1,181,710 1,185,760 1,181,710 1,185,760 7,542,115 8,723,825 1,185,760 102

18 1,000 100% 100% *** * 210,000,000 100% 100% 65,000,000 100% 100% ** 65,000,000 100% 100% ** 20,000,000 100% 100% ** 260,000,000 100% 100% ** 100,000,000 100% 100% ** 70,000,000 100% 100% ** 62,000,000 100% 100% ** 65,000,000 100% 100% ** 103

18 90,000,000 100% 100% ** 75,000,000 100% 100% ** 60,000,000 100% 100% ** 45,000,000 100% 100% ** 90,000,000 100% 100% ** 60,000,000 100% 100% ** ** 78,000,000 100% 100% ** 77,000,000 100% 100% ** 48,000,000 100% 100% ** 50,000,000 100% 100% ** 72,610,000 100% 100% ** 46,000,000 100% 100% 104

18 900,000,000 100% 100% ** ** 50,000,000 100% 100% 30,000,000 100% 100% ** 110,000,000 100% 100% ** 5,000,000 100% 100% ** ** 60,000,000 100% 100% 10,000 100% 100% *** 100,000,000 100% 100% ** 50,000,000 100% 100% ** 1,320,000,000 100% 100% * 1,853,000,000 100% 100% * 105

18 225,000,000 100% 100% **** 6,300,000 100% 100% * 5,000,000 100% 100% ** 588,000,000 100% 100% * 58,800,000 100% 100% *** 456,000,000 100% 100% *** ** 20,000,000 100% 100% 1,000,000 100% 100% ** ** 300,000 100% 100% 100,000,000 100% 100% ** 100,000,000 100% 100% ** 106

18 20,000,000 100% 100% ** 120,000,000 100% 100% ** 100,000 100% 100% ** 100,000 100% 100% ** 100,000 100% 100% ** 20,000,000 100% 100% ** 100,000 100% 100% ** 1,000,000 100% 100% ** 100,000 100% 100% ** 500,000 100% 100% ** 107

18 500,000 100% 100% ** 1,000,000 100% 100% ** 100,000 100% 100% ** * 200,000,000 100% 100% ** 50,000,000 100% 100% 30,000,000 100% 100% ** 100,000 100% 100% ** * ** *** **** 108

19 (a) 599,258 311,206 126,345 78,200 22,701 24,893 167,079 33,100 915,383 447,399 (781) 915,383 446,618 (b) 7(a) 2,821,437 2,110,195 109

20 220,375 172,583 220,375 172,583 (a) 3 191,235 151,933 36 16,173 11,594 612 12,967 9,056 220,375 172,583 35(a) (b) 2(o)(i) 110

20 (c) 193,947 153,601 1 5,694 4,746 13 6,812 4,482 36 7,505 5,511 6 6,417 4,243 26,428 18,982 220,375 172,583 111

21 (a) 76,318 128,874 1,095 20,287 209,563 196,306 9,914 57,932 19,611 7,168 84,599 64,569 11,416 15,156 27,067 3 (i) 302,923 2,748 26,507 23,211 784,169 501,095 784,169 501,095 (i) 301.502.80% 5.80% 112

21 (b) 2,902,536 15,181 62 63 15,243 2,902,599 15,243 2,902,599 1.50 2(o)(i) 22 3.50 3.80% 113

23 (a) 4,961,119 825,673 3 (i) 101,500 5,062,619 825,673 (i) 101.50 3 (b) 1,314,374 5,087 4,875.65 359.35 114

24 546,917 544,162 44,118 546,917 588,280 190,794 322,185 737,711 910,465 1 248,118 214,624 13 204,769 271,920 36 267,646 338,155 61 12,326 63,425 1 2 4,852 20,523 2 1,818 737,711 910,465 115

25 26,013 13,430 46 255 26,059 13,685 26 (a) 33,601 143,417 138,896 2,956 3,647 2,960 11,090 3,129 6,762 6,035 23,247 23,121 6,207 7,970 25,025 14,696 27,476 21,604 10,613 9,082 11,545 7,091 (i) 160,033 143,253 12,349 2,748 17,429 5,194 27,868 15,178 489,664 434,558 (i) 116

26 (b) 12,349 6,271 4 6 12,353 6,277 5.46 27 28 1,641,192 908,534 1,483,185 575,662 2,223,121 1,296,286 972,850 230,823 4,679,156 2,102,771 6,320,348 3,011,305 117

28 559,212 574,822 684,367 143,868 1,069,000 165,000 102,497 200,000 310,000 43,019 497,000 224,250 31,000 11,849 49,675 200,000 794,000 394,000 2,057,037 185,000 244,057 256,000 15,000 21,000 400,000 100,000 6,320,348 3,011,305 3,921.61311.35 35(b) 118

29 16 16,045 6 (16) (16,029) 16 Champ Harvest Limited 35(f) 30 226,577 232,993 119

31 680,085,000204,025,500 136,017,000102,012,750 102,012,750136,017,000 2.67 0.4739 2.59 2.67 35.21% 6 0% 1.22% 35% 117.04 5.5 120

32 (a) 10,147 1,583 8(a) 73,354 62,358 (70,390) (53,794) 13,111 10,147 24,527 10,147 21(a) (11,416) 13,111 10,147 121

32 (b) * 34(a) 37,589 1,347 3,535 42,471 8(a) (1,536) 1,536 (1,152) (3,535) (4,687) 36,053 1,536 195 37,784 8(a) 28,514 (39) (195) 28,280 64,567 1,497 66,064 * (c) 2(s) 117.54 38.50 5.1616.6515.1080.63 (d) 1,317.08541.09 2(s) 122

33 (a) 33(c) 33(d)(1) 33(d)(4) 65 (1) (39) 25 (3,779) (3,779) (12,924) (12,924) (12,924) (3,779) (16,703) 33(d)(1)(ii) 907,446 907,446 33(d)(1)(iii) 1,994,167 1,994,167 33(d)(1)(i) 9 1,190,214 1,190,223 9 4,091,827 4,091,836 74 4,091,827 (12,925) (3,818) 4,075,158 123

33 (a) 33(c) 33(d)(1) 33(d)(4) 74 4,091,827 (12,925) (3,818) 4,075,158 (1,256) (1,256) 3,250 3,250 3,250 (1,256) 1,994 33(c)(ii) 911,486 (911,486) 33(c)(iii) 231,059 5,938,216 6,169,275 33(c)(iii) (205,338) (205,338) 1,142,545 4,821,392 5,963,937 1,142,619 8,913,219 (9,675) (5,074) 10,041,089 124

33 (b) (i) 0.0216 311,208 (ii) (c) 0.001(i) 50,000,000 50 0.1(i) 20,000,000,000 2,000,000 125

33 (c) 110,000 0.001 11,494,254 0.1 896,551.812 896,552 74 10,000 65 110,000 0.00110,000,000 9,990,000 0.001 33(d)(1) 1,494,254 9 0.1 (ii) 11,493,357,448 911,486 0.1(iii) 2,913,534,000 231,059 14,407,788,000 1,142,619 11,494,254 74 (i) 50,00050,0001 150,000 0.00150,000,000 0.120,000,000,000 0.001 50,000,0002,000,000,000 126

33 (c) (ii) 1,149,335,744.82911,486,000 0.1011,493,357,448 (iii) 0.102,913,534,000 2.67291,353,400231,059,000 7,487,782,3805,938,216,000 205,338,000 (d) (1) (i) 1,494,2520.001 100% 34(a) (ii) 100% Talent Pool Holdings Limited 144.31 1 0.001 (iii) Champ Harvest Limited317.19 10.001 Champ Harvest Limited 127

33 (d) (2) (i) (ii) (iii)2(r)(ii) 31 (3) (4) 2(x) (e) 8,913.224,091.83 0.0216 311.21 33(b) 128

33 (f) 45% 6,320,348 3,011,305 13,195,194 5,882,944 48% 51% 129

34 (a) Talent Pool Holdings Limited Hero Beteiligungen AG 747,126 747,1260.001 Talent Pool Holdings Limited 50%Hero Beteiligungen AG 50% 18 Hero Beteiligungen AG 2(e)(ii) 14 610,825 16 85,300 32(b) 42,471 9,312 2,550 21,940 71,381 35,906 (4,936) (75) (268,900) (5,589) (341,947) 258,238 1,494,252 100% 258,238 1,190,223 15 931,985 35,906 130

34 (a) 88.4831.12 2,556.18924.63 (b) 100%5.36 100%0.10 0.50 131

34 (c) Great Soar Investments Limited Sino Venture Investments Limited L&D Group Investments Limited L&D International Holdings Limited15,785 50,920 (d) 132

35 (a) 15 90 7 17% 13% 52% 52% 20 (b) 133

35 (b) 1 1 2 2 5 5 737,711 737,711 737,711 484,208 5,456 489,664 489,664 1,995,743 1,801,433 2,575,677 1,220,195 7,593,048 6,320,348 3,217,662 1,806,889 2,575,677 1,220,195 8,820,423 7,547,723 1 1 2 2 5 5 910,465 910,465 910,465 434,558 434,558 434,558 14,702 14,702 14,702 1,106,047 682,375 1,486,279 246,679 3,521,380 3,011,305 2,465,772 682,375 1,486,279 246,679 4,881,105 4,371,030 134

35 (b) 1 1 12,353 12,353 6,277 6,277 12,011 12,011 12,353 12,353 18,288 18,288 3,217.6612.35 23 135

35 (c) (i) (i) % % 6.74% 4,244,853 5.41% 382,498 6.31% 2,075,495 6.72% 2,628,807 6,320,348 3,011,305 67.16% 12.70% (ii) 100 28.71 18.31 136

35 (d) (i) 27,067 62 300,000 2,179,019 18,035 9 (9,684) (574,042) (21,030) 2,506,086 (555,945) (30,714) 9 63 2,701 138,949 296 (1,951) (6,035) (36,155) (463,223) (71,128) (326,162) (77,163) (33,158) 137

35 (d) (i) 15,181 62 2,902,599 1,265,435 409 5,085 (9,174) (6,277) 1,280,616 (8,703) 2,901,407 (ii) 5% 115,194 5% (5%) (115,194) (5%) 5% (27,729) 5% (17,481) (5%) 27,729 (5%) 17,481 10% (2,304) 10% (5,787) (10%) 2,304 (10%) 5,787 5% 1 5% (1,367) (5%) (1) (5%) 1,367 138

35 (d) (ii) (e) (f) (i) 13 139

35 (f) (i) 1,982,225 1,982,225 2,309,180 2,309,180 6,246 6,246 4,297,651 4,297,651 1,545,744 1,545,744 1,690,524 1,690,524 5,604 5,604 3,241,872 3,241,872 16 16 17 29 140

35 (f) (ii) 14 14 22,850 22,109 14 14 14 14 14 10,977 10,855 14 13,255 12,837 14 14 141

35 (f) (ii) 10% 100% 8.510.2 8.5 10.6 5,107 4,580 12.5% 12.7% 142

35 (f) (ii) 1.8 2.0 2.4% 2.1% 29 KMV-Merton 4,612 5,883 945 (iii) 143

36 (a) 302,139 276,647 302,139 276,647 (b) 3,506 1,878 7 3,513 1,878 144

37 (a) 72,659 218 2,058 12,955 14,250 73,620 7,665 7,665 5,758 80 15,151 10,320 14,702 779,654 1,325,000 1,214,634 29 (b) 5,000 (44,118) (14,046) (36,730) (14,702) 24 26(a) 27 145

37 (c) 910 12,924 6,745 788 189 58,082 71,794 6,934 (d) 37(a) 14A 14A 14A 38 (a) (b) 33(b) 39 19.51 146

40 Champ Harvest Limited 41 10 12 27 32 39 36 9 622 9 358 2014 3 3 9 147

3,530,419 2,552,438 1,332,794 374,045 (1) 1,401,308 953,613 449,720 327,913 1,249,229 945,370 449,720 327,913 1,249,229 945,370 449,720 288,638 39,275 (2) 0.10 0.08 0.04 0.03 2.16 21,020,080 10,510,815 7,189,601 5,506,816 7,824,886 4,627,871 6,307,177 5,118,780 13,195,194 5,882,944 882,424 388,036 (1) (2) 9413(a) 148

China Huishan Dairy Holdings Company Limited 1629 02 ir@huishangroup.com www.huishandairy.com