1987 01 02 03 04 06 08 14 26 28 30 32 37 39 41 49 50 51 52 53 54 55 95
01731987 * 2006Business Superbrands20062007 High-Flyer * 1987 02
GBS MBELLD DSSc DBA GBS CBE QPM CPM * KBE GBM CMG Hon. RICS CBE GBSLLD DH * GBM GBS LLD * GBS LLD * * * LLM FCCA CPA FCGA Canon s Court 22 Victoria Street Hamilton HM 12 Bermuda 191 Butterfield Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke HM 08 Bermuda 183 The Bank of New York Investor Services P.O. Box 11258 Church Street Station New York, NY 10286-1258 USA http://www.kwih.com 173 173HK 0173.HK 03
+1,639% HK$4,800 07 06 276 4,800 +966% HK$2,451 07 06 230 2,451 +951% HK100.27 07 06 9.54 100.27 +771% HK30.5 2.5 25.0 3.0 07 06 3.5 30.5 12 31 2007 2006 2,445 741 230% 15% 17% 2 HK$3.46 HK$3.07 13% 04
44 J SENSES Permira Funds 38 13.74 2007 186 66,500 15% 188 69,700 25% 11073 60,500 15% 451 60,000 35% 46,000 100% 171,000 100% 2,300,000 25,000,000 930,000 10,000,000 05
06 2007 48 16 1025 2007 32008 5 27 30.5 20068 43.8 Permira
07 2007 21 2008 5 27 2007
4,800,000,0002,451,000,000 276,000,000 230,000,000 1,374,000,000 4,595,884 203,620 4,799,504 (3,432,858) (189,868) (3,622,726) 1,163,026 13,752 1,176,778 43,007 51 147,057 190,115 (133,005) (9,157) (6,249) (148,411) (137,563) (592) (138,155) 1,373,782 1,373,782 351,871 351,871 1,287,336 4,054 1,514,590 2,805,980 2,000,000 (i) 701 100% 380,000 (ii) 68 A B100% 140,000 08
(iii) 99% 100,000 (iv) 100% 323,000 (v) 99.99% 1,147,000 200,000 (vi) 100% 46,000 20 185 711,500,000 40,000,000 171,290 39.6% 72,000 30 (i) 100% 1148 55% 09
(ii) J Senses 3,400 90% (iii) 6 100% 12 (iv) 188 25% 69,700 (v) 11073 15% 60,500 (vi) 186 15% 66,500 (vii) 451 35% 60,000 (i) 100% 24 3,900 (ii) 100% 261,900 100% 12 5,800 10
2,712,077 1,869,707 14,100 203,620 4,799,504 (2,101,790) (1,326,642) (4,426) (189,868) (3,622,726) 610,287 543,065 9,674 13,752 1,176,778 45,688 143,101 1,195 131 190,115 (98,902) (37,742) (2,610) (9,157) (148,411) (69,504) (68,059) (592) (138,155) 1,373,782 1,373,782 258,237 42,176 51,458 351,871 2,119,588 622,541 59,717 4,134 2,805,980 8.42 38 Permira Funds 452,500,000 18.7%4.1%13.7 11.9 7.33 257,000 (1) 140 110 23% (2) 4,545,000,0002,445,000,000 2,100,000,000 11
80% 18 60 15% 17% (3) (4) 3,164,000,000 3,230,000,000 110,000,000 110,000,000 (5) 6,045,000,000 4,557,000,000 775,000,000 1,009,000,000 3,232,000,000 2,030,000,000 438,000,000 642,000,000 40,000,000 40,000,000 (6) 451 4,655,000,000 264 93,000,000 12
13.22 592,343 245,845 20,331,766 5,184,838 (1,271,667) (516,786) 19,652,442 4,913,897 766,774 318,207 917,312 382,709 11,921,657 3,125,921 6,046,699 1,087,060 19,652,442 4,913,897 13
30,000 122 1148 14
15
381 16
17
380,000 3 18
19
72,000 100% 20
21
140,000 22
100,000 23
1,147,000 6 24
323,000 25
1 2 3 4 1-45-8 26
5 6 7 8 27
1 2 3 4 5 6 1502007 10 1 2 6 5 28
3 4 7 8 10 9 11 12 13 8 10 9(7) 11 12 13 29
DHL/2007 60 2007 150 30
2007 11 Permira Funds452,500,00038 Permira Funds HIGH FLYERS Hong Kong BusinessHigh Flyers 2006ARC Awards / 271,900 31
37 38 A.1.8 32
(4) (2) (1) (1) (2) 1 4/4 1/2 2 0/4 0/2 4/4 1/1 2/2 4/4 2/2 3 3/4 1/2 4/4 2/2 2/2 3/4 0/2 4/4 1/1 2/2 3/4 1/1 1/2 4/4 1/1 0/2 4/4 2/2 1/1 2/2 4/4 2/2 1/1 0/1 2/2 41/48 6/6 3/3 3/4 15/24 85% 100% 100% 75% 63% 1. 2. 3. 33
3.13 3.13 34
33 9 10 49 35
33 8(b) 2.07C 13.39(3) (4) A.4.2. 36
GBS MBELLD DSSc DBA DHL/ 2007 GBS CBE QPM CPM KBE GBM CMG Hon. RICS CBE 37
GBSLLD DH GBM GBS LLD GBS LLD Prime Investments Holdings Limited 38
3,076,143 418,257 289,307 275,956 4,799,504 183,220 231,153 393,249 1,008,763 2,850,701 (45,831) 1,461 (142,869) (307,019) (220,621) 137,389 232,614 250,380 701,744 2,630,080 29,757 3,553,418 (17,009) (21,157) (159,750) (472,041) (178,938) 120,380 241,214 3,644,048 229,703 2,451,142 6.2 12.1 157.7 9.5 100.3 2 3.0 6.0 53.7 3.5 30.5 1,136,196 1,090,200 2,140,863 3,491,746 3,799,234 553,128 508,389 577,261 575,502 700,916 433,227 440,947 2,698,833 4,486,676 1,198,107 2,884,322 4,389,180 2,033,802 2,206,072 7,685,719 5,006,873 6,428,716 7,450,759 10,759,996 13,383,976 197,797 201,564 237,792 242,995 245,869 2,333,890 2,471,190 5,078,878 7,221,368 8,256,702 2,531,687 2,672,754 5,316,670 7,464,363 8,502,571 1,083,869 723,354 355,968 856,817 1,056,774 1,302,184 2,773,224 1,567,857 1,914,731 3,297,252 89,133 259,384 210,264 524,085 527,379 5,006,873 6,428,716 7,450,759 10,759,996 13,383,976 1.28 1.34 2.30 3.07 3.46 1 2 39
2003 2004 2005 2006 2007 40
38 50 0.0250.25 0.030.3050.035 15 29 0.5% 32(c) 31 113,713,0004,442,000 17 95 96 37 38 41
109(A) 120,000 100,000 100,000 80,000 50,000 40,000 XV78 352 XV ( ) 7,613,534 7,256,345 (1) 1,326,706,115 (2) 1,341,575,994 54.56 5,878,035 5,878,035 0.24 990,000 990,000 0.04 2,678,046 2,678,046 0.11 9,280,371 9,280,371 0.38 650,000 650,000 0.03 500,000 500,000 0.02 1,101,226 1,101,226 0.04 1,050,000 1,050,000 0.04 1,436,563 1,436,563 0.06 1,107,239 1,107,239 0.05 1,000,000 1,000,000 0.04 42
(1) 7,256,345 (2) 1,326,706,115(i) Best Chance Investments Ltd.35,696,109(ii)3,095,377 (iii) Favor Right Investments Limited8,286,000(iv) Super Focus Company Limited1,086,035,985(v) Premium Capital Profits Limited135,435,613(vi)58,157,031 ( ) XV 336 Super Focus Company Limited 1,086,035,985 (1) 44.17 Penta Investment Advisers Limited 387,574,033 (2) 15.76 John Zwaanstra 387,574,033 (3) 15.76 Star II Limited 193,592,644 (1) 7.87 Penta Asia Fund, Ltd. 163,668,672 (4) 6.66 Todd Zwaanstra 163,668,672 (5) 6.66 Mercurius GP LLC 163,668,672 (6) 6.66 (1) Super Focus Company Limited Star II Limited1,086,035,985193,592,644 (2) John Zwaanstra 100% Penta Investment Advisers Limited 387,574,033 (3) (2) 387,574,033John Zwaanstra Penta Investment Advisers Limited 100% John Zwaanstra Penta Asia Fund, Ltd. Mercurius GP LLCPenta Asia Fund, Ltd. Mercurius GP LLC (4) 163,668,672 Penta Asia Fund, Ltd. Penta Master Fund, Ltd. Penta Investment Advisers Limited (5) Todd Zwaanstra Mercurius Partners TrustPenta Asia Fund, Ltd. Penta Master Fund, Ltd.163,668,672 (6) Mercurius GP LLC Mercurius Partners Trust Todd Zwaanstra Mercurius Partners Trust163,668,672 43
John Zwaanstra Penta Investment Advisers Limited387,574,033387,574,033 163,668,672(a) Todd ZwaanstraPenta Master Fund, Ltd.Penta Asia Fund, Ltd. Todd Zwaanstra Mercurius Partners TrustPenta Asia Fund, Ltd. (b) Mercurius Partners TrustMercurius GP LLC XV23 (1) (2) (i) (ii) (iii) (iv) (v) (vi) (vii) (a)(b)(c)(d) (e) (f) (g) (h) (3) 10%187,563,607 30% 44
128,634,6075.23% (4) 1% (5) (6) (7) 1 (8) (i) (ii) (iii) (9) (a) 1,350,000 1,350,000 1.9060 1,055,000 1,055,000 4.6360 1,340,000 1,340,000 1.9060 263,000 263,000 4.6360 45
(a) 580,000 580,000 (b) 1.9060 410,000 410,000 4.6360 670,000 670,000 (c) 1.9060 433,000 433,000 4.6360 930,000 930,000 1.9060 940,000 940,000 4.6360 150,000 150,000 0.7200 500,000 500,000 4.6360 400,000 400,000 (d) 1.9060 500,000 500,000 4.6360 300,000 300,000 1.9060 500,000 500,000 4.6360 500,000 500,000 4.6360 500,000 500,000 1.9060 500,000 500,000 4.6360 600,000 600,000 1.9060 500,000 500,000 4.6360 500,000 500,000 (b) 1.9060 500,000 500,000 4.6360 33,000 33,000 0.5586 150,000 150,000 0.3600 272,000 223,000 (e) 49,000 0.7200 # 10,839,000 8,719,000 (f) 2,120,000 1.9060 9,034,000 20,000 9,014,000 4.6360 # 530,000 (a) 4.640 (b) 4.800 (c) 4.950 (d) 2.560 (e) 2.807 (f) 3.254 46
15,635,000 4.636 283,000 30 (1) Permira452,500,000 (2) (i) 39.6%18 1802 1803 1804 (ii) 330,000,000 (iii) GE/96/10) 47
39 40 (1) (2) 5% 48
50 94 90 49
7 4,799,504 275,956 (3,622,726) (159,761) 1,176,778 116,195 190,115 134,721 (148,411) (126,605) 8(a) (138,155) (10,890) 1,373,782 351,871 957,958 8(b) 2,805,980 1,071,379 12 (110,751) (71,891) 155,478 9,275 (6) 2,850,701 1,008,763 13 (220,621) (307,019) 2,630,080 701,744 : 2,451,142 229,703 178,938 472,041 2,630,080 701,744 61,368 24,187 614,673 73,771 60,868 15 749,812 85,055 16 100.27 9.54 99.12 9.47 50
17 52,732 54,297 18 3,679,112 3,367,669 19 67,390 69,780 21 700,920 575,502 22 (4) 23 1,191,008 4,477,084 24 7,099 9,592 5,698,257 8,553,924 25 4,800,680 5,309,940 21 2,454,691 22 652,790 26 328,228 283,504 2,762 46,590 27 2,444,742 741,060 10,683,893 6,381,094 16,382,150 14,935,018 29 245,869 242,995 31 8,256,702 7,221,368 8,502,571 7,464,363 1,056,774 856,817 9,559,345 8,321,180 32 3,297,252 1,914,731 33 527,379 524,085 3,824,631 2,438,816 21 56,286 76,507 28 883,928 2,890,998 32 1,282,246 1,196,256 161,041 11,261 614,673 2,998,174 4,175,022 6,822,805 6,613,838 16,382,150 14,935,018 51
20 259,561 259,561 21 438,568 438,568 698,129 698,129 20 3,937,448 2,721,104 26 290 420 1,435 1,435 27 133,704 979 4,072,877 2,723,938 4,771,006 3,422,067 29 245,869 242,995 31 3,282,139 2,908,430 3,528,008 3,151,425 32 187,000 150,000 33 1,885 1,885 188,885 151,885 28 2,440 2,757 32 437,000 116,000 614,673 1,054,113 118,757 1,242,998 270,642 4,771,006 3,422,067 52
() 34 (a) (3,160,319) 1,237,616 (61,607) (47,230) (230,566) (181,844) () (3,452,492) 1,008,542 (4,526) (4,336) (296,852) (5) (2) (9,483) 1,190 183 763 3,713,207 (836) 44,841 46,099 14,713 67,073 30,041 716 () 3,814,316 (211,530) 34 (b) 20,877 6,650 969 1,496,094 1,117,382 (764,592) (693,858) () 639,438 (654,351) (73,440) (16,830) () 1,318,377 (240,038) 1,680,201 556,974 741,060 255,206 23,481 (71,120) 2,444,742 741,060 53
242,995 7,221,368 7,464,363 856,817 8,321,180 189,173 189,173 71,710 260,883 1,109 19,768 20,877 20,877 1,765 (1,765) 48,796 48,796 48,796 11,780 11,780 11,780 (1,072,982) (1,072,982) (1,072,982) 126,331 126,331 126,331 (50,691) (50,691) 2,451,142 2,451,142 178,938 2,630,080 (60,868) (60,868) (60,868) (61,368) (61,368) (61,368) (614,673) (614,673) (614,673) 245,869 8,256,702 8,502,571 1,056,774 9,559,345 237,792 5,078,878 5,316,670 355,968 5,672,638 85,306 85,306 27,839 113,145 3,404 50,548 53,952 53,952 456 6,194 6,650 6,650 1,343 (1,343) 31,387 31,387 31,387 2,384 2,384 2,384 1,786,528 1,786,528 1,786,528 969 969 229,703 229,703 472,041 701,744 (24,030) (24,030) (24,030) (24,187) (24,187) (24,187) 242,995 7,221,368 7,464,363 856,817 8,321,180 54
1. Canon s Court, 22 Victoria Street, Hamilton HM 12, Bermuda191 29 2. 5 1 8 2 9 10 7 17 11 2 1 23 8 55
3. 3.1 3.2 3.3 56
3. 3.4 3.5 20% 50% 57
3. 3.6 3.7 10% 10 25% 3.8 58
3. 3.8 3.9 3.10 (a) 12 (b) 12 59
3. 3.10 (c) 12 3.11 60
3. 3.12 3.13 3.14 3.15 12 3.16 (a) 61
3. 3.16 (a) (b) (a) 3.17 3.18 3.19 62
3. 3.20 3.21 (a) (b) 63
3. 3.22 3.23 (a) (b) (c) (d) (e) 3.24 (a) (b) 64
3. 3.24 (b) (c) (i) (ii) (iii) 3.25 3.26 4 65
4 4.1 4.1.1 (i) 1% 1% 6,000,0003,000,000 (ii) 1% 1% 21,000,00023,000,000 (iii) 4.1.2. 66
4 4.1 4.1.3. 1,490,427 1,653,722 1,949,000 5,093,149 200 36,641 36,841 559,432 559,432 240,508 240,508 56,286 56,286 83,988 83,988 2,430,841 1,690,363 1,949,000 6,070,204 1,344,314 646,555 1,409,352 3,400,221 200 200 36,641 37,041 160,331 160,331 101,773 101,773 76,507 76,507 107,026 107,026 1,790,151 646,755 1,445,993 3,882,899 459,008 191,825 650,833 2,440 2,440 461,448 191,825 653,273 127,679 155,450 283,129 2,757 2,757 130,436 155,450 285,886 67
4 4.2 4,579,498 3,110,987 2,444,742 741,060 2,134,756 2,369,927 13,937,408 14,193,958 15% 17% 4.3 68
5 (a) (b) (c) (d) (e) 69
5 (f) 6 4,595,884 203,620 4,799,504 1,287,336 4,054 1,514,590 2,805,980 (110,751) 155,478 155,478 (6) (6) 2,850,701 (220,621) 2,630,080 (3,956) (570) (4,526) (3,169) (233) (3,402) (9,989) (9,989) 1,373,782 1,373,782 351,871 351,871 12,029,614 12,282 3,639,338 15,681,234 700,920 700,920 (4) (4) 16,382,150 923,939 10,926 5,887,940 6,822,805 70
6 203,075 72,881 275,956 998,981 893 71,505 1,071,379 (71,891) 9,275 9,275 1,008,763 (307,019) 701,744 (4,269) (67) (4,336) (3,061) (104) (3,165) (5,877) (5,877) 957,958 957,958 4,879 4,879 9,077,991 15,838 5,265,687 14,359,516 575,502 575,502 14,935,018 2,953,352 11,377 3,649,109 6,613,838 2,712,077 2,119,588 1,102 8,039,272 1,869,707 622,541 2,835 8,069,370 14,100 59,717 19 248,913 203,620 4,134 570 24,595 4,799,504 2,805,980 4,526 16,382,150 10,780 (34,097) 1,049 7,798,305 177,785 1,091,324 3,192 6,933,816 14,510 13,234 28 181,831 72,881 918 67 21,066 275,956 1,071,379 4,336 14,935,018 71
7 4,383,262 6,263 212,622 196,812 203,620 72,881 4,799,504 275,956 8 (a) 113,713,0004,442,000 (b) 24,913 13,547 863 1,166 20,323 41,208 94,552 56,788 716 4,879 189,869 64,345 2,104,0001,410,000 3,402 3,165 34,818,000 29,440,000 9,989 5,877 (c) 114,516 99,789 113,713 4,442 1,324 1,423 410 519 540 517 716 89 951 2,392 5,648 3,746 2,992 160 332 (c) 11,780,0002,384,000 72
9 (a) 100 4,725 333 480 795 6,433 5,521 80 1,050 83 105 1,318 1,498 130 2,730 217 12 309 3,398 2,911 80 2,555 165 178 326 3,304 2,587 80 2,000 111 176 708 3,075 1,985 80 377 457 80 160 377 537 468 80 377 457 128 80 377 457 138 80 377 457 138 220 377 597 250 200 377 577 219 (b) 80 80 1,984 (c) 2 1,450 13,060 909 951 4,777 21,147 17,909 (a) (b) (c) 10 9 2,495 1,731 12 153 161 215 80 2,722 2,125 11 5% 10% 73
11 20% 22% 4,696,000 4,825,000626,000317,000 1,000 201,000 12 230,365 181,485 1,863 2,414 (121,477) (112,008) 110,751 71,891 5% 6% 4% 5% 13 53,034 2,933 197,407 1,473 33 (29,820) 302,613 220,621 307,019 17.5% 17.5% 30% 60% 25% 33% 74
13 2,850,701 1,008,763 (155,478) (9,275) 6 2,695,229 999,488 578,571 336,301 (246,015) (7,315) 17,222 2,215 (8,091) (33,173) 13,590 8,956 (139,960) 5,304 35 220,621 307,019 14 1,032,039,00057,157,000 15 2.5 1 61,368 24,187 25(a) 614,673 3 2.5(b) 73,771 60,868 749,812 85,055 61,368 8,074 12,072 61,368 20,146 (a) 25 : (b) 2.5 75
16 : 2,451,142 229,703 1,536 1,992 2,452,678 231,695 2,444,603,000 2,407,931,000 21,277,000 30,629,000 8,628,000 7,613,000 2,474,508,000 2,446,173,000 17 55,124 2,500 24,491 82,115 671 100 354 1,125 4,336 4,336 (3,539) (3,539) 55,795 2,600 25,642 84,037 1,047 178 748 1,973 4,526 4,526 (2,489) (1,826) (4,315) 54,353 2,778 29,090 86,221 10,446 17,695 28,141 67 4 220 291 1,162 230 3,183 4,575 (3,267) (3,267) 11,675 234 17,831 29,740 100 25 527 652 1,158 241 4,107 5,506 (775) (1,634) (2,409) 12,158 500 20,831 33,489 42,195 2,278 8,259 52,732 44,120 2,366 7,811 54,297 76
17 42,195,00042,278,000 18 3,367,669 2,016,387 203,809 96,472 296,852 65,763 (310,000) 351,871 957,958 3,679,112 3,367,669 (a) Savills Valuation and Professional Services Limited 3,059,964,000 2,822,590,000 312,000,000 CB Richard Ellis Limited 150,000,000 448,000,000 Chesterton International Property Consultants Pte Ltd. 157,148,000 97,079,000 (b) 3,163,693,0003,229,669,000 (c) 19 69,780 70,502 60 34 (1,714) (736) (756) 67,390 69,780 66,461 67,143 929 2,637 67,390 69,780 67,390,00068,035,000 77
20 259,561 259,561 38(a) 21 575,502 577,261 5 155,478 9,275 37,008 19,007 (67,073) (30,041) 700,920 575,502 245,845 237,966 3,891,153 1,256,942 (466,615) (2,969,463) (919,406) 700,920 575,502 411,707 18,721 155,478 9,275 438,568 438,568 38(b) 78
22 2 (6) (4) 1,293,686 (641,550) (652,140) (4) (6) 38(c) 23 1,191,008 4,477,084 4.1% 18.7% 79
24 7,099 9,592 362,000615,000 25 526,716 1,444,634 1,971,350 1,860,997 626,401 2,202,929 2,829,330 3,448,943 1,153,117 3,647,563 4,800,680 5,309,940 350,920 1,087,794 38,085 1,476,799 1,018,740 494,551 494,551 842,257 845,471 1,087,794 38,085 1,971,350 1,860,997 26 125,175 12,713 31,291 70,447 171,762 200,344 290 420 328,228 283,504 290 420 80
26 : 126,054 178,056 290 420 190,318 89,196 11,651 15,505 205 747 328,228 283,504 290 420 123,689 5,923 1,179 2,492 249 2 58 4,296 125,175 12,713 362,000615,000 2,094,000 3,654,000 3,654 4,199 362 615 (1,922) (1,160) 2,094 3,654 81
27 1,376,505 156,419 1,704 979 1,068,237 584,641 132,000 2,444,742 741,060 133,704 979 3% 3% 1223 426,079,000534,995,000 1,631,930 403,796 133,704 979 328,478 329,208 468,434 3,757 15,900 4,299 2,444,742 741,060 133,704 979 28 559,432 160,331 38,670 18,993 1,738 1,507 83,988 107,026 63,718 17,586 702 1,250 66,988 2,521,869 71,132 65,193 883,928 2,890,998 2,440 2,757 82
28 : 437,139 1,417,409 2,440 2,757 430,717 1,459,103 10,926 11,377 5,146 3,109 883,928 2,890,998 2,440 2,757 506,973 157,736 2,474 2,376 174 77 49,811 142 559,432 160,331 29 5,000,000,000 500,000 5,000,000,000 500,000 2,429,947,502 242,995 2,377,921,049 237,792 (a) 11,092,000 1,109 4,553,000 456 (b) 34,042,547 3,404 17,651,006 1,765 13,430,906 1,343 2,458,690,508 245,869 2,429,947,502 242,995 (a) 11,092,0004,553,000 1,109,000 456,000 22,268,0006,819,000 2,500,000625,000 (b) 64,000,000 34,042,547 3,404,000 83
30 1.8643 18,614,000 1.7865 23,477,000 4.6360 15,635,000 1.8822 (11,092,000) 1.4604 (4,553,000) 2.9709 (466,000) 1.9060 (310,000) 3.7426 22,691,000 1.8643 18,614,000 1.8738 7,339,000 1.8643 18,614,000 3.4732.451 0.72 4.636 0.361.906 7.964.84 0.7200 150,000 150,000 1.9060 5,020,000 7,700,000 4.6360 6,338,000 0.5586 33,000 0.3600 150,000 0.7200 49,000 272,000 1.9060 2,120,000 10,309,000 4.6360 9,014,000 22,691,000 18,614,000 Black-Scholes 23,600,000 4.47 46% 5.5 3% 2.87%5.5 84
31 (a) 1,638,237 4,142 99,089 13 482 8,888 1,298,373 125,674 4,046,470 7,221,368 189,173 189,173 22,268 (2,500) 19,768 (1,765) (1,765) 48,796 48,796 11,780 11,780 (1,072,982) (1,072,982) 126,331 126,331 2,451,142 2,451,142 (60,868) (60,868) (61,368) (61,368) (614,673) (614,673) 1,658,740 13,422 99,089 13 482 8,888 351,722 314,847 5,809,499 8,256,702 1,658,740 13,422 99,089 13 482 8,888 351,722 249,321 5,556,878 7,938,555 65,526 252,627 318,153 (6) (6) 1,658,740 13,422 99,089 13 482 8,888 351,722 314,847 5,809,499 8,256,702 1,567,992 2,383 99,089 13 482 23,109 (488,155) 40,368 3,833,597 5,078,878 85,306 85,306 64,769 (14,221) 50,548 6,819 (625) 6,194 (1,343) (1,343) 31,387 31,387 2,384 2,384 1,786,528 1,786,528 229,703 229,703 (24,030) (24,030) (24,187) (24,187) 1,638,237 4,142 99,089 13 482 8,888 1,298,373 125,674 4,046,470 7,221,368 1,638,237 4,142 99,089 13 482 8,888 1,298,373 97,156 3,950,913 7,097,293 28,518 95,557 124,075 1,638,237 4,142 99,089 13 482 8,888 1,298,373 125,674 4,046,470 7,221,368 85
31 (b) 1,638,237 4,142 213,560 13 8,888 1,043,590 2,908,430 22,268 (2,500) 19,768 (1,765) (1,765) 48,796 48,796 11,780 11,780 1,032,039 1,032,039 (60,868) (60,868) (61,368) (61,368) (614,673) (614,673) 1,658,740 13,422 213,560 13 8,888 1,387,516 3,282,139 1,567,992 2,383 213,560 13 23,109 1,003,263 2,810,320 64,769 (14,221) 50,548 6,819 (625) 6,194 (1,343) (1,343) 31,387 31,387 2,384 2,384 57,157 57,157 (24,030) (24,030) (24,187) (24,187) 1,638,237 4,142 213,560 13 8,888 1,043,590 2,908,430 1,601,076,0001,257,150,000 86
32 (a) 1,885,244 2,185,046 1,969,950 843,021 316,000 250,000 3,855,194 3,028,067 316,000 250,000 (c) 34,435 32,773 3,889,629 3,060,840 316,000 250,000 (a) 689,869 50,147 308,000 16,000 4,579,498 3,110,987 624,000 266,000 (1,282,246) (1,196,256) (437,000) (116,000) 3,297,252 1,914,731 187,000 150,000 592,377 1,146,109 129,000 100,000 1,506,777 558,844 187,000 150,000 1,756,040 1,323,114 3,855,194 3,028,067 316,000 250,000 (a) 5.2% 4.6% (b) : 3,712,387 2,643,677 624,000 266,000 674,805 286,255 192,306 181,055 4,579,498 3,110,987 624,000 266,000 87
32 (c) 864,260,000 0.5% 2.25 1.88 1.86 91.49% 64,000,000 34,042,547 40,000,000 40,000,000 5.6% 6.5% 34,000,00032,000,000 5.5% 33 (1,112) (1,112) 718 125,341 4,901 80,416 211,376 210,264 (44) (44) 556 11,122 2,590 14,268 14,224 (3,016) (3,016) (3,016) (20,977) (923) (21,900) 27,854 305,424 (8,765) 324,513 302,613 (20,977) (2,079) (23,056) 29,128 441,887 1,885 74,241 547,141 524,085 (46) (46) 2,214 26,989 3,957 33,160 33,114 20,977 1,597 22,574 7,900 (39,862) (20,432) (52,394) (29,820) (528) (528) 39,242 429,014 1,885 57,766 527,907 527,379 364,785,000302,785,000 64,037,000 57,260,000 319,487,000 275,218,000 88
33 1,885 4,901 (3,016) 1,885 1,885 34 (a) 2,805,980 1,071,379 3,402 3,165 9,989 5,877 (1,373,782) (4,879) (351,871) (957,958) (46,099) (14,713) (716) 716 89 951 592 1,494 615 11,780 2,384 (41,208) 1,021,944 105,243 1,078,937 (970,483) (2,454,691) (652,790) (45,098) (148,946) 781 (1,943) (2,109,402) 2,253,745 (3,160,319) 1,237,616 89
34 (b) 1,805,784 355,968 3,375,737 5,537,489 27,839 14,426 42,265 625 625 68,173 (48,349) 19,824 472,041 472,041 6,650 969 (230,827) (223,208) 1,881,232 856,817 3,110,987 5,849,036 71,710 95,909 167,619 2,500 2,500 (50,691) (50,691) 178,938 178,938 1,662 1,662 20,877 1,370,940 1,391,817 1,904,609 1,056,774 4,579,498 7,540,881 35 (a) 1,308,684 903,543 (b) 1,147 1,317 1,468 2,615 1,317 90
35 (c) 194,753 198,741 204,485 202,789 715 399,238 402,245 36 6,044,917,000 4,556,608,000 775,000,000 1,008,750,000 3,231,891,0002,030,336,000 437,750,000 641,550,000 40,000,00040,000,000 37 (a) 470 502 13,060 13,536 909 926 951 901 2,138 621 17,528 16,486 (b) 2,015,020 2,015,020 91
38 (a) Sutimar Enterprises Limited 100 1 100 2 1 100 1,000 1 72 1,000 10 100 5,000,000 1 100 2 1 100 1 1 100 2 1 100 1 1 100 1 1 100 2 1 100 1 1 100 1 1 100 2 1 100 1 1 100 2 1 100 100 100 100 1,000 10 100 439,463,724 0.2 100 2 1 100 2 1 100 2 1 100 1 1 100 1 1 100 2 1 100 2 1 100 2 1 100 2 1 100 2 1 100 9,901,000 1 99.9 1 1 100 1 1 100 Asahi Kohatsu Corporation 240 50,000 75 All Smart Profits Limited 10 1 100 Amazing Enterprises Limited 10 1 100 Bestfull Profits Limited 10 1 100 Cyber Point Assets Limited 10 1 100 Greatest Smart Limited 10 1 100 Grow Ever Limited 1 1 100 K. Wah International Finance Limited 10 1 100 League Trend Limited 1 1 100 Leharne Properties Limited 10 1 100 Ontrack Developments Limited 10 1 100 Proper Land Limited 1 1 100 Ragon Properties Limited 10 1 100 Repton Developments Limited 10 1 100 Select Vantage Profits Limited 10 1 100 Top Ridge Management Limited 10 1 100 92
38 (a) 93,600,000 100 300,000,000 100 70,000,000 100 29,880,000 100 29,980,000 100 30,000,000 100 31,000,000 100 200,000,000 99.9 187,000,000 100 10,000,000 100 24,000,000 100 53,000,000 39.6 13,000,000 95 38,000,000 99 93
38 (b) 2 1 50 2 1 25 2 1 50 2 1 50 1 1 35 1 1 25 717,674,797 41.5 1,000 1 25 Homeast Limited 1,000 1 35 (c) 1 1 15 1 1 15 1,000 1 15 Nimble Limited 100 1 15 94
171 187 5,747 100 2068 191 2,926 100 2106 71737577 3,894 100 2841 626 72,000 39.6 2047 148 3,527 100 2033 1,964 18-20 1,873 100 2069 8 13,300 100 2054 6 6,340 100 2070 2010 188 C 69,700 25 2057 2010 11073 60,500 15 2057 2011 186 B 66,500 15 2057 2010 451 60,000 35 2057 2010 95
1,147,000 100 2034 2068 2010 323,000 100 2039 2069 2009 46,000 100 2047 2077 2010 68 A B 140,000 100 2065 2010 100,000 99 2072 2010 701 240,000 100 2073 2009 96
Financial Calendar DATES EVENTS 4 July 2008 Payment of 2007 final cash dividend 27 May 2008 2008 annual general meeting 21 May 2008 to 27 May 2008 (both days inclusive) Closure of registers of members 2 April 2008 Announcement of results for the year ended 31 December 2007 25 January 2008 Payment of 2007 special interim cash dividend 9 November 2007 Payment of 2007 interim cash dividend 13 September 2007 Announcement of results for the six months ended 30 June 2007 Unless otherwise stated, in this annual report: (i) the Company means K. Wah International Holdings Limited and the Group includes the Company and its subsidiaries, (ii) the Board means the board of directors and Directors are the directors of the Company, (iii) Share and Shareholder refer to, respectively, ordinary share of the Company and holder of the Share, (iv) Listing Rules refers to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, Stock Exchange is The Stock Exchange of Hong Kong Limited, (v) SFO is the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong, (vi) Bye-laws refers to the Bye-laws of the Company, (vii) GEG is Galaxy Entertainment Group Limited (Hong Kong listed stock code 0027), (viii) 2007 Financial Statements refers to the audited consolidated financial statements of the Company for the year ended 31 December 2007, and (ix) PwC is PricewaterhouseCoopers, auditors of the Company. (i) K. Wah International Holdings Limited (ii) (iii) (iv) (v) 571 (vi) (vii) 0027(viii) (ix)