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China Southern Airlines Company Limited 中國南方航空股份有限公司 2014 廣州之路全球航空樞紐年度報告 2014 年度報告 www.csair.com 南航手機客戶端南航微信服務號 H 股份代號: 1055 A 股份代號: 600029 ADR 代號: ZNH

2 3 4 7 12 14 18 24 26 34 60 71 76 90 100 107 108 112 113 114 115 117 119 120 121 201 204

2015 3 3010 9 2014 12 313.939,817,567,000 10 0.42014 AH 2015 8 6 002

003 ASK ATK RPK RTK RFTK 571

2014 2014 12 31787 777 737 380 330 320 612 2014 12 312000 40210 1052 1772014 1 1 36 15 6 25 64 004

公司簡介二零一四年年度報告中国南方航空股份有限公司 005

公司簡介 006 中国南方航空股份有限公司二零一四年年度報告

007 China Southern Airlines Company Limited CSN +86-20-86124462 +86-20-86659040 ir@csair.com 278 15 17 233 203 278 95 9 B1 www.csair.com webmaster@csair.com

(A A www.sse.com.cn H www.hkexnews.hk A A A 600029 A 16636 H H H 01055 H 183 17M N N China Southern Air N ZNH N BNY Mellon Shareowner Services P.O.Box 30170 College Station TX 77842-3170 USA 1995 3 25 008

440000400012565 10001760-0 440101100017600 440191100017600 202 2 11 1022 009

2014 2 19787 787

5,792 5,110 2,619 1,986 1,802 120000 100000 80000 76,495 90,395 99,514 98,547 108,584 6000 5000 4000 5,792 5,110 60000 3000 2,619 40000 2000 1,986 1,777 20000 1000 0 2010 2011 2012 2013 2014 0 2010 2011 2012 2013 2014 200000 175000 150000 125000 100000 75000 50000 111,335 129,412 142,454 165,207 189,688 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.70 0.52 0.27 0.20 0.18 25000 0.1 0 2010 2011 2012 2013 2014 0.0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 76,495 90,395 99,514 98,547 108,584 5,792 5,110 2,619 1,986 1,777 0.70 0.52 0.27 0.20 0.18 111,335 129,412 142,454 165,207 189,688 0.70 0.52 0.27 0.20 0.18 012

2014 2013 % 108,584 98,547 10.18 1,777 1,986 (10.52) 2014 12 31 2013 12 31 % 35,748 34,329 4.13 189,688 165,207 14.82 2014 2013 % 0.18 0.20 (10.00) 0.18 0.20 (10.00) 013

12 31 2014 2013 % (RPK) 127,681.88 116,105.71 9.97 3,214.52 2,574.27 24.87 35,732.78 29,736.57 20.16 166,629.18 148,416.55 12.27 (RTK) 12,916.60 11,765.27 9.79 300.65 241.05 24.73 6,562.71 5,462.27 20.15 19,779.96 17,468.59 13.23 (RTK) 11,287.71 10,285.77 9.74 282.65 226.65 24.71 3,154.04 2,628.76 19.98 14,724.40 13,141.18 12.05 (RTK) 1,628.89 1,479.50 10.10 18.00 14.40 25.00 3,408.66 2,833.51 20.30 5,055.55 4,327.41 16.83 89,363.18 82,172.28 8.75 2,385.37 2,019.28 18.13 9,170.47 7,599.41 20.67 100,919.02 91,790.97 9.94 200,000 150,000 111,328 122,344 135,535 148,417 166,629 20,000 15,000 13,104 14,461 16,160 17,469 19,780 100,000 10,000 50,000 5,000 0 0 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 014

12 31 2014 2013 % 1,014.90 923.73 9.87 16.40 13.70 19.71 401.95 338.92 18.60 1,433.25 1,276.35 12.29 (ASK) 160,482.40 144,732.62 10.88 4,379.07 3,594.29 21.83 44,945.99 38,472.93 16.82 209,807.46 186,799.84 12.32 (ATK) 18,640.00 16,486.17 13.06 497.79 407.59 22.13 9,315.94 8,058.23 15.61 28,453.73 24,951.99 14.03 (ATK) 14,443.42 13,025.94 10.88 394.12 323.49 21.83 4,045.14 3,462.56 16.83 18,882.68 16,811.99 12.32 (ATK) 4,196.59 3,460.23 21.28 103.67 84.11 23.26 5,270.80 4,595.67 14.69 9,571.06 8,140.01 17.58 250,000 200,000 150,000 140,498 151,064 169,569 186,800 209,807 30,000 25,000 20,000 15,000 19,140 20,795 23,065 24,952 28,454 100,000 10,000 50,000 5,000 0 2010 2011 2012 2013 2014 0 2010 2011 2012 2013 2014 015

12 31 2014 2013 % (RPK/ASK)(%) 79.60 80.22 (0.77) 73.40 71.62 2.49 79.50 77.29 2.86 79.40 79.45 (0.06) (RTK/ATK)(%) 69.30 71.36 (2.89) 60.40 59.14 2.13 70.40 67.78 3.87 69.50 70.01 (0.73) 0.60 0.61 (1.64) 0.78 0.84 (7.14) 0.50 0.50 0.58 0.59 (1.69) 1.31 1.42 (7.75) 5.56 6.02 (7.64) 1.45 1.49 (2.68) 1.42 1.48 (4.05) 016

12 31 2014 2013 % 6.10 6.24 (2.24) 8.64 9.33 (7.40) 3.50 3.49 0.29 5.27 5.42 (2.77) 3.73 3.94 (5.33) 1,275.57 1,147.07 11.20 1,652.46 1,516.01 9.00 41.64 34.44 20.91 332.06 278.99 19.02 2,026.16 1,829.44 10.75 791.45 731.61 8.18 19.86 17.25 15.13 72.76 61.01 19.26 884.07 809.87 9.16 017

2014 12 31 A380 0 2 3 5 A330-300 8 7 0 4 15 A330-200 2 11 3 16 A321 22 23 30 12 75 A320 40 40 42 9 1 122 A319 29 6 8 1 43 B787 0 12 0 4 12 B777-300ER 0 5 0 5 5 B777-200 0 0 4 4 4 B757-200 0 0 19 19 B737-800 67 58 83 30 1 208 B737-700 9 14 27 4 50 B737-300 0 0 3 7 3 EMB190 20 4 1 25 EMB145 0 0 0 6 0 197 182 223 64 24 602 B747-400F 0 0 2 2 B777-200F 0 4 4 8 0 4 6 10 197 186 229 64 24 612 114 B737-800 2 B737-700 5 EMB190 018

2014 197 229 186 2014 57 545 019

020 250 200 150 100 50 0 197 2014 182 2013 186 137 250 200 150 100 50 0 2014 2013 229 242 250 200 150 100 50 0 2014 2013 57 48 2014 2013 0 10 20 30 40 50 60 545 503 2014 2013 600 500 400 300 200 100 0 602 551 2014 2013 0 100 200 300 400 500 600

2014 12 31 A380 2.65 506 A330-300 3.96 275/284 A330-200 5.65 218/258 A321 5.56 179 A320 6.09 152 A319 8.27 122/138 B787 0.98 228/237 B777-300ER 0.42 309 B777-200 18.52 360 B757-200 16.98 174/180/192/196/197/204 B737-800 4.54 159/160/161/164/170 B737-700 8.36 120/128 B737-300 16.78 126 EMB190 2.67 98 B747-400F 12.43 / B777-200F 3.64 / 5.92 / 021

2015 2017 2014 2015 2016 2017 A380 5 5 5 5 A330-300 15 4 19 3 22 2 24 A330-200 16 16 16 16 A321 75 4 79 10 89 18 107 A320 122 6 128 12 140 5 145 A319 43 43 6 37 37 B787 12 4 16 16 16 B777-200 5 4 4 4 B777-300ER 4 2 7 3 10 10 B757-200 19 9 10 10 10 B737-800 208 33 4 237 22 259 22 281 B737-700 50 50 9 41 3 38 B737-300 3 3 3 3 EMB190 25 25 25 25 602 53 13 642 50 15 677 47 3 721 B747-400F 2 2 2 2 B777-200F 8 4 12 12 12 10 4 14 14 14 612 57 13 656 50 15 691 47 3 735 022

(%) 800 700 600 500 400 300 561 612 656 691 735 14 12 10 8 6 14.26 9.09 7.19 5.34 6.37 200 4 100 2 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 2014 12 31 S76 0 0 12 1 1 13 S92A 0 0 6 1 1 7 0 0 18 2 1 1 20 2015 2017 2014 2015 2016 2017 S76 13 S92A 7 3 0 10 10 10 20 23 23 23 023

024 1 11 2014 (Sydney Festival) 4 25 2014 62 7 7 30 8 6 13500 8 23 B-2008777-300ER 600 600 6 12 6 23 2 19 787 787 2 26 777-300ER 44 123

025 12 31 2014 1.019.9% 1 1350 246 11 11 A380 11 17 11 21 9 19 12 16 787 2014 12 16 11 17 2015

1,352 2014 2021,352 12,486182246 026

6417 72014 8600 182 600 027

+ 67.9 % 2014(HCC) 67.9% 2 97.8%55% 7.3% PAD 10-12 028

20141.019.9% 1 2014 2.2%628 628 285.4 029

+ 6.6 2014 285.45.8% 58.34.1%97.74% 2013-20142013-2014 2013-2014 2014 6.625.3% TMC 16.5%12.9% 45.5% 2014 2014 2.165% 2014 2013 + 65% 8.115.5% 99% 97%1.6 1113 19% 98,1659.7% 5.7619%10 030

2014 11 2014 98,165 2013 + 9.7 % 201418 379109 18 379 109 031

230,000 2014 20147,529 292386% 1591,160 203 19 90 203 032

2014108,584 1,777 2014 3.939,817,567,00010 0.42014 393 2015 3 30 033

201417.772013 19.862013 985.47100.3710.18% 2014 1,085.84201379.45%0.05 2014 79.40%2013 0.591.69% 2014 0.58 2013 5.422014 5.27 2.77%2013 982.8077.46 2014 1,060.267.88% 201447.482013 15.1032.38 034

2014 2013 % % % 104,328 96.08 94,684 96.08 10.19 97,145 88,271 10.05 76,647 71,277 7.53 2,497 2,162 15.49 18,001 14,832 21.37 7,183 6,413 12.01 4,256 3.92 3,863 3.92 10.17 1,335 1,040 28.37 576 484 19.01 508 565 (10.09) 459 684 (32.89) 293 349 (16.05) 108,584 100.00 98,547 100.00 10.18 (13,746) (13,062) 94,838 85,485 7,183 (6.89%) 6,413 (6.77%) 2014 2013 97,145 (93.11%) 88,271 (93.23%) 035

2,497 (2.57%) 18,001 (18.53%) 14,832 (16.80%) 2,162 (2.45%) 2014 2013 76,647 (78.90%) 71,277 (80.75%) 2014201396.08%2014 93.11%6.89%1,043.28 96.4410.19%(RPK)12.27% 2013 882.7110.05% 2014 971.45 20149.94% 10,09220131,484.1712.27% 2014 1,666.292013 0.59 2014 0.58 201478.90%2013 712.772014 766.47 7.53%10.88% 9.97% 201380.22%0.62 201479.60% 2013 0.612014 0.60 2.57%2013 21.622014 24.97 15.49%21.83% 24.87% 201371.62%1.78 201473.40% 20142013 0.840.78 18.53%2013 148.322014 180.01 21.37% 16.82%20.16% 201377.29%2.21 201479.50% 20142013 0.50 6.89%6.62%2013 64.13 2014 71.8312.01%16.83% 2013 38.6310.17% 2014 42.56 036

20141,060.26201377.467.88% 201399.73% 201497.64% 2014 2013 58,901 55.55% 54,010 54.96% 37,728 35,538 5,383 4,767 6,803 5,799 8,304 7.83% 7,805 7.94% 16,402 15.47% 15,091 15.36% 7,841 7.40% 7,754 7.89% 2,337 2.20% 2,470 2.51% 10,828 10.21% 9,347 9.51% 215 0.20% 536 0.55% 1,198 1.14% 1,267 1.28% 106,026 100.00% 98,280 100.00% 2014 0.20% 10.21% 2.20% 7.40% 1.14% 15.47% 7.83% 55.55% 037

2014 2013 0 10000 20000 30000 40000 50000 60000 55.55%2013 540.109.06% 2014 589.01 64.05%2013 355.386.16% 2014 377.28 7.83%2013 78.056.39% 2014 83.04 15.47%2013 150.918.69% 2014 164.02 2013 95.1010.37% 2014 104.96 7.40%2013 77.541.12% 2014 78.41 2.20%2013 24.705.38% 2014 23.37 201447.482013 15.10 2013100.3710.18%77.467.88% 2013 12.439.472014 21.90 2013 16.515.422014 21.93 20142.92 20142013 29.032013 038

6.682013 7.340.66 2014 12 31265.452014 12 31 135.7097.60 1.31 36.79 2014 2013 13,570 9,703 (9,760) (12,205) (131) 4,168 3,679 1,666 1 1 11,748 10,082 (13) 12 31 15,414 11,748 2014 2014 12 31 1,871.332013 1,662.702014 12 31 1,267.032013 1,209.04 2015 12 3112 12 2014 2013 112,956 92,497 22.12% 8,587 4,974 72.64% 104,369 87,523 19.25% 039

8,587 (7.60%) 4,974 (5.38%) 2014 2013 104,369 (92.40%) 87,523 (94.62%) 2014 2013 105,393 88,970 5,204 670 2,359 2,857 112,956 92,497 2014 2013 1 26,971 23,878 1 2 22,713 14,805 2 5 35,772 30,553 5 27,500 23,261 112,956 92,497 2014 2013 145,195 122,756 18.28% 189,688 165,207 14.82% 77% 74% 3 040

145,195 122,756 2014 2013 189,688 165,207 2014 12 31 77%2013 12 3174% 2014 12 31991.192013 802.33 2014 12 31645.892013 513.53 594.6751.22 2014 12 31 2014 2013 70 70 52 58 122 128 171 122 299 041

(a) 1997 5 22 22 24 (b) (c) (d) (e) 6.462013 12 316.562014 12 31 4.862013 12 314.64 0.02 20130.06 2011 7 11 46121981 35A2012 142013 7 25 28 2014 12 1728 18 2014 5 31ICCSASOF TR-81 AVIATION IRELAND LIMITED 132014 7 31ICC 8.2 2016 042

2014 2013 2014 2013 12 31 12 31 1,773 1,895 35,554 34,139 1 1 3 (31) (32) 2 (28) 133 323 351 3 23 (23) 4 (2) (2) 6 8 9 (33) (79) (88) 1 (10) (25) (26) 1,777 1,986 35,748 34,329 1 2 3 4 2010 1 1 043

59,467 1 118,146 12 211,628 23 310,081 319,612 122 1,512 28,798 1 15,072 15 515,496 58,230 2014 1,871.33 044

1 1.6260%3.52 7.4999.23% (1) (%) 000099 9 0.57 40 11 601328 16 0.013 64 2 21 0696.HK 33 2.25 33 9 58 137 11 32 (2) (%) 246 33.98 233 38 11 246 233 38 11 2 (1) (2) 3 045

1 % % % 20,504.07 20.3 210,782.8 14.7 124 20.3 3,098.82 3.1 22,417.2 1.6 14 2.3 1,581.18 1.6 11,851.2 0.8 9 1.5 2,601.67 2.6 21,563.9 1.5 16 2.6 2,521.98 2.5 19,911.7 1.4 11 1.8 4,392.56 4.4 41,577.4 2.9 24 3.9 2 1984 7 25 5051% 34% 15% 2014 12 3111327.7 14.3%2,035.69.6%20.9 9.0%74.5% 0.465.1% 0.6 2014178.317.43%172.30 11.30% 7.5542.45%2014 12 31 392.80131.74 046

3 (%) 280,000,000 60 250,000,000 60 650,000,000 60 1,200,000,000 60 6,000,000,000 60 65,000,000 50 58,444,760 51 724,330,000 21.09 12.89 350,000,000 39 200,000,000 40 153,300,000 45 047

20082012 2014 12 2012-2016 2012-2016 048

2009 049

2014 2014 6.20 6.16 6.12 6.1050 6.1214 6.1521 6.1580 6.1695 6.1528 6.1675 6.1647 6.1525 6.1461 6.1345 6.1190 6.08 6.04 6.00 1 2 3 4 5 6 7 8 9 10 11 12 2014 120 100 106.40 109.07 107.76 108.07 109.41 112.36 106.02 103.19 94.67 85.86 80 60 70.15 57.33 40 20 0 1 2 3 4 5 6 7 8 9 10 11 12 2014 2014 12 31 1%767 201410% 3,773 050

+ SMS + 051

SKYTRAX (1) 201467.9% A380 B787B777-300ER (2) 052

(3) SKYTRAX SKYTRAX SKYTRAX 053

2015 2015 054

2015 2015 2015 57132015 65620147.19% 055

056

20154 B777 14 2015Sikorsky S92A S92A10 23VIP 057

2014 6 23

2014 12 31 2014 2014 12 31 113200 2014 12 31204 36 37 2014 12 31 4.172013 3.21 2014 12 31 22 17.19%2014 32.47%5% 201430% 19 30 10% HH 060

10% 1994 5 13[1994]020 47 25 2014 12 31 2014 12 31 2014 12 31 2014 12 31 061

2014 (1) 1995 3 25 1997 5 22 (2) A 2014 1 9 2014 1 12016 12 31 160 2014 12 31119 062

B 40% 60% 2013 4 19 2013 1 1 (a) (b) 98105113 2014 12 3175 2014 12 29 113 118.5 (a) (b) 063

C 66%21%13% (a) 2013 11 8 2014 1 12016 12 31 60 5 2013 12 26 2013 2014 12 314,264 (b) 2014 11 21 2014 6 122017 5 31 B2CVOS 5 2014 12 312016 12 31 2017 5 3114.2430.2742.38 24.72 2014 12 3120.872014 5 31 7.052014 12 3113.82 064

D 2013 11 82014 1 1 2016 12 31 250 2014 12 318 4632 E 2012 12 28 2012 1 12014 12 31 110KV 2013 1 11 2012 1 12014 12 31 065

2013 12 31 2014 12 31 42.7027.30 2014 12 31 61 2014 12 29 2015 1 12017 12 31 110KV 201520162017 12 31 909296 F 50.1% 2013 4 19 2013 1 1 2015 12 31 100115132.25 2014 12 31 89 066

G 50%MTU 2009 9 28 MTU MTUMTU MTU2031 4 5 (3) (4) 2014 12 31 780 1997 5 22 (China Southern) (China Southern Airlines) 2007 5 A 2012 9 25 2012 1 1 2014 12 31 2014 12 3136 2013 4 19 2013 1 12014 12 31 30 2014 12 3166 2014 12 29 2015 1 12017 12 31 2015 1 12017 12 31 86.26 067

B C 1997 5 22 2014 1 9 2014 1 12016 12 31 2016 12 31 4064 2014 12 3140 64 (5) 95.40% 2014 10 13 95.40%6.80 6.8095.40%2014 4 30 068

(a) (b) (c) 3000 740 14.56 (a) (b) (c) (d) 50 14A 14A 069

2014 12 3111.2 2014 12 31 53 2014 12 31 2015 2015 2015 3 30 070

2013 12 31 2014 1 12 2014 12 31 0 0 0 0 0 0 1 7,022,650,000 71.53% 0 0 7,022,650,000 71.53% 2 2,794,917,000 28.47% 0 0 2,794,917,000 28.47% 9,817,567,000 100% 0 0 9,817,567,000 100% 9,817,567,000 100% 0 0 9,817,567,000 100% 260,564 58,536,278 4,208,586,278 42.87% 0 (119,100) 1,745,649,197 17.78% 0 0 1,033,650,000 10.53% 0 0 159,000,000 1.62% 0 (24,858,200) 123,020,024 1.25% 0 (91,700,000) 50,350,000 0.51% 0 34,145,990 34,145,990 0.35% 0 300 317,441 19,209,426 0.20% 0 18,803,880 18,803,880 0.19% 0 17,999,929 17,999,929 0.18% 0 071

300 4,208,586,278 1,745,649,197 1,033,650,000 159,000,000 123,020,024 50,350,000 34,145,990 19,209,426 18,803,880 17,999,929 H 31,120,000H 072

1 2002 10 11 10000589-6 11,196,046,000 11.94% 2 100% 100% 100% 42.87% 10.53% 100% 0.32% 073

3 2002 10 11 4 1992 9 1,674,497,600 074

2014 12 31 336 A H A 4,208,586,278 (L) 59.93% 42.87% H 1,064,770,000 (L) 38.10% 10.85% 5,273,356,278 (L) 53.72% H 1,064,770,000 (L) 38.10% 10.85% 1,064,770,000 H31,120,000 H H 1.11%1,033,650,000 HH 36.98% 31,120,000 H 2014 12 31 336 075

1 57 2013 12 26 2016 12 26 50 2013 12 26 2016 12 26 60 2013 12 26 2015 3 25 58 2013 12 26 2016 12 26 59 2013 12 26 2016 12 26 56 2013 12 26 2016 12 26 49 2013 12 26 2016 12 26 65 2013 12 26 2016 12 26 49 2013 12 26 2016 12 26 63 2013 12 26 2016 12 26 50 2013 12 26 2016 12 26 52 2013 12 26 2016 12 26 53 2013 12 26 2016 12 26 48 2013 12 26 2016 12 26 54 2013 12 26 2016 12 26 56 2013 12 26 2016 12 26 50 2013 12 26 2016 12 26 50 2013 12 26 2016 12 26 61 2013 12 26 2014 4 30 53 2013 12 26 2016 12 26 46 2013 12 26 2015 2 27 52 2013 12 26 2016 12 26 48 2013 12 26 2016 12 26 51 2013 12 26 2016 12 26 52 2013 12 26 2014 4 30 53 2014 4 30 2016 12 26 42 2013 12 26 2016 12 26 52 2014 8 15 2016 12 26 48 2015 3 27 2016 12 26 1 2 2014 4 302014 4 30 2014 8 15 2015 2 27 2015 3 25 2015 3 27 2015 4 9 2014 12 30 2015 1 5 076

2 (1) 2009 1 2002 9 2014 12 2007 9 2009 5 2010 11 2008 10 (2) MTU () 077

3 13.51B (1) 13.51B(1)2014 1. 2. 3. 4. MTU 13.51B(1) 078

4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 76.6 0 0 15 0 0 15 0 0 15 0 0 15 0 0 0 0 0 76.8 0 0 0 0 0 43.4 0 0 50.7 0 0 76.8 0 0 139.7 2014 4 30 0 0 48.6 0 0 134.8 0 0 103.7 0 0 6.6 0 0 69.7 0 0 69 2014 4 30 0 0 44.4 2014 4 30 0 0 56 0 0 69.4 2014 8 15 0 0 111.1 2015 3 27 0 0 0 1. 76.676.6137.3 69.5 2. 079

2014 12 31 XV 352 5 2011 11 30H 51(c) 18 14 51 2014 2013 0-500,000 1 1 500,001-1,000,000 7 8 1,000,001-1,500,000 2 1 1,500,001-2,000,000 3 3 13 13 6 2014 12 31 080

7 57(EMBA)1975 2004 102009 1 2004 12 31 2009 1 501990 2006 12007 22007 2 2009 12009 12009 2 2009 22011 5 2011 5 2006 6 15 2013 1 24 581976 12 2002 42007 92007 9 2008 72011 11 30 591973 2000 9 2002 102004 9 2009 52010 72012 8 2013 1 24 081

56(EMBA)1976 2005 22007 12 2007 122009 22009 2 2009 6 30 491984 2004 5 2006 32012 82012 8 2013 1 24 65 1993 32008 11 2008 112010 82010 12 29 49 1990 2010 12 29 082

631996 2000 CEO 2005 2008 200920102014 2010 2011 11 30 50 1985 (MPAcc) 2013 12 26 52 1986 2005 12007 11 2007 112010 11 2010 112010 12 29 083

53 (EMBA)1976 2003 122007 122007 12 2012 22009 6 30 48 (EMBA)1988 2007 10 2008 10 2008 10 2008 6 54 2002 52004 6 56 1976 2009 4 2013 12 084

50 (EMBA)1986 2005 32007 12007 12009 4 2009 5 50(EMBA) 2007 8 531981 2004 102009 2 2009 22012 72012 8 52 (EMBA) 2000 72007 11 2007 12 48 (EMBA) 1988 2004 1 511980 2005 122008 22008 22009 5 2009 52009 92012 9 2012 92014 72014 7 085

53 (EMBA)1983 7 2005 12012 4 2012 42014 4 2014 4 43 (EMBA) 2007 11 52 EMBA1983 2004 92006 22006 2 2014 7 2014 8 48 EMBA 1991 7 2007 32007 10 2007 102008 2 2008 22015 32012 3 2015 32015 3 27 086

1 2014 12 31 82,1322013 12 3180,175 61,122 21,010 82,132 5,288 6,908 13,797 1,004 11,981 2,302 8,820 5,564 9,053 914 2,326 19,463 82,132 2,390 30,498 26,488 22,756 82,132 087

2 6,908 2,390 19,463 13,797 22,756 30,498 2,326 914 1,004 9,053 11,981 5,564 2,302 8,820 26,488 3 2014 12 31 82,1322013 12 3180,175 088

4 2015 500 3509005001500100 36 600 PC 15 100 10003-5 089

2014 12 31 1. 2. 3. 4. 5. 6. 090

2014 12 31 2015 1 5 2015 3 25 2015 4 9 2014 322014 1 32 4 28 0 0 1 32 2 28 2 0 1 32 4 28 0 0 1 32 4 28 0 0 1 32 2 28 2 0 1 32 3 28 1 0 1 32 3 28 1 0 1 32 4 28 0 0 1 32 4 28 0 0 1 32 3 28 1 0 1 32 4 28 0 0 1 3.10 3.13 2014 091

2014 2014 12 31 2014 8 29 2014 12 31 092

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1 2013 1 242013 10% 100

2 10 10 10 (%) 2014 0 0.4 0 393 1,777 22.1 2013 0 0.4 0 393 1,986 19.8 2012 0 0.5 0 491 2,619 18.7 2014 2014 2014 12 313.939,817,567,000 10 0.42014 AH 2015 8 6 101

2014 10 13 95.40%6.80 0.693.83% 99.23% 2014 10 14 2011 11 30 2011H H 2011 12 3111824,660,000 3.92 2011 12 22 2012 5 31H0.20.25 2013 6 18H0.050.06 2014 6 26 H 0.040.05H 3.56 8,326,667 H17,646,667 HH7,013,333 102

1 2 3 2014 12 31197 186 2007 6 282006 2008 6 25 2007 2007200820092010 201120072008200920102011 20072008200920102011 9,085.8 21,360 18,475 17,926.968,385 2009 12 29 500,0002011 12 31 1 103

2014 12 31646 55.2 2 0 2014 5 16 2014 5 1630A320 50 A320 NEO 201620202014 12 3112.1%2014 6 26 5% 2015 1 5 104

2014 6 262013 1. 1997 5 22 2. 1995 1995 3 25 1997 5 22 105

3. 2007 8 14 88,013.99 1113,948.25 (1) 2008(2)(3) A B 2016 12 31 2016 12 31 4. A B C D 106

2014 12 31 2014 12 31 2007 62008 42009 12 107

2008 2014 91329138 2014 APEC 2014 2014640220100 320 20141,70921,73654,650 286,3211,168 108

2014 1 2013/14 2 2014 3 2013 4 Now Travel Asia2014 5 2014 6 2014 7 2014 8 2013-2014 9 2013 10 2014 109

2014 12 16787 2014 12 16

113 200 2014 12 31 2014 12 31 2015 3 30 112

2014 12 31 2014 2013 5 104,328 94,684 7 4,256 3,863 108,584 98,547 8 58,901 54,010 9 8,304 7,805 10 16,402 15,091 11 7,841 7,754 12 2,337 2,470 13 10,828 9,347 22 215 536 1,198 1,267 106,026 98,280 15 2,190 1,243 4,748 1,510 376 307 16 (2,193) (1,651) 26 261 294 27 140 96 36(e) (292) 2,903 17 26 25 3,066 3,484 19 (668) (734) 2,398 2,750 21 1,777 1,986 621 764 2,398 2,750 21 RMB0.18 RMB0.20 47 393 393 113

2014 12 31 2014 2013 2,398 2,750 29 43 (8) 21 (3) 30 (11) 2 2,451 2,741 1,813 1,981 638 760 2,451 2,741 114

2014 12 31 12 31 12 31 2014 2013 22 134,453 119,777 23 19,347 17,459 24 2,349 2,267 26 1,583 1,305 27 1,338 1,197 28 136 162 651 566 29 104 61 30 966 1,251 34 300 31 920 589 162,147 144,634 32 1,661 1,647 33 2,683 2,173 34 5,864 3,431 35 15,414 11,748 438 440 995 803 40 486 331 27,541 20,573 36 20,979 20,242 37 5,992 3,636 38 1,657 1,407 6,101 5,815 39 1,160 1,244 296 495 40 458 457 41 12,122 11,898 42 5,321 4,019 54,086 49,213 2(a(i)) (26,545) (28,640) 135,602 115,994 115

2014 12 31 12 31 12 31 2014 2013 36 42,066 37,246 37 43,919 31,373 39 1,750 2,069 43 1,623 1,076 44 25 41 45 853 858 30 873 880 91,109 73,543 44,493 42,451 46 9,818 9,818 47 25,930 24,511 35,748 34,329 8,745 8,122 44,493 42,451 2015 3 30 116

2014 12 31 12 31 12 31 2014 2013 22 105,495 100,399 23 12,030 12,315 24 1,348 1,347 25 3,549 3,036 26 467 437 27 483 483 28 100 100 600 484 29 40 25 30 939 1,221 31 478 488 125,529 120,335 32 1,179 1,251 33 2,160 1,800 34 3,402 2,231 35 10,060 5,467 93 87 606 518 40 3,463 449 20,963 11,803 36 17,811 16,547 37 5,277 3,558 38 338 486 5,413 5,153 39 1,072 1,154 220 480 40 3,171 2,256 41 10,024 10,057 42 3,293 3,004 46,619 42,695 (25,656) (30,892) 99,873 89,443 117

2014 12 31 12 31 12 31 2014 2013 36 30,844 29,093 37 38,357 30,482 39 1,525 1,860 43 1,184 689 44 23 39 45 786 808 72,719 62,971 27,154 26,472 46 9,818 9,818 47 17,336 16,654 27,154 26,472 2015 3 30 118

2014 12 31 2013 1 1 9,818 14,131 24 1,226 7,640 32,839 6,895 39,734 2013 1,986 1,986 764 2,750 (2) (3) (5) (4) (9) (2) (3) 1,986 1,981 760 2,741 113 (113) 2012 (491) (491) (491) (6) (6) 560 560 (87) (87) 2013 12 31 9,818 14,131 22 1,336 9,022 34,329 8,122 42,451 2014 1 1 9,818 14,131 22 1,336 9,022 34,329 8,122 42,451 2014 1,777 1,777 621 2,398 22 14 36 17 53 22 14 1,777 1,813 638 2,451 137 (137) 2013 47 (393) (393) (393) 108 108 (1) (1) (1) (2) 6 6 (128) (128) 2014 12 31 9,818 14,131 44 1,486 10,269 35,748 8,745 44,493 119

2014 12 31 2014 2013 35(b) 15,826 11,546 360 220 (1,991) (1,538) (625) (525) 13,570 9,703 (657) 1,611 205 86 33 5 13 14 (3,286) (8,402) 1,254 8,481 25 (8,649) (12,308) (72) (172) (51) 87 142 (1,656) (277) 1,609 (9,760) (12,205) 47(b) (393) (491) 32,488 38,324 6,000 500 (31,126) (31,243) (4,072) (2,895) (3,000) (500) 108 560 (128) (87) (8) (131) 4,168 3,679 1,666 1 1 11,748 10,082 (13) 12 31 15,414 11,748 120

1 1995 3 25 233 203 2015 3 30 2 (a) 32 2(e) 3 121

2 (a) (i) 2014 12 31265.45 2014 12 31 1,8712013 1,663 1,2672013 1,209 (ii) 32 10 12 27 12 36 13 36 39 39 2137 122

2 (a) (ii) 20122010-20127 2 3 937 39 32 (iii) 9 939 9 39 9 39 9 15 18 11 15 123

2 (a) (iv) 622 6229 2015 12 31358 6229 (b) 2(n) 2(o) 2(e) 2(c) 2(k) 124

2 (b) 39 (c) 1111 2(e) 2(k) 2(k) 125

2 (d) (i) (ii) (ii)(i) 2(k) (e) 2(w)(iv)2(k) 2(k) (f) 2(k) 2(w)(iii) 126

2 (g) 2(k) 2(z) 3 12 5 35 15 20 15 20 3 15 4 10 6 8 (h) 2(k) 127

2 (i) (i) (ii) 2(g) 2(k) (iii) 30 70 (iv) 128

2 (j) 2(k) (k) (i) 2(c) 2(k)(ii) 2(k)(ii) 129

2 (k) (i) (ii) 130

2 (k) (ii) (iii) 34 2(k)(i) (ii) (l) 131

2 (m) 2(k) (n) (o) 2(q)(i) (p) (q) (i) (i) (ii) 2(q)(ii) 132

2 (q) (ii) (r) (s) (t) (u) (v) 133

2 (v) 134

2 (w) (i) (ii) (iii) (iv) 135

2 (w) (v) (vi) (x) (y) (z) 136

2 (aa) (i) (ii) (iii) (ab) (ac) (a) (i) (ii) (iii) 137

2 (ac) (b) (i) (ii) (iii) (iv) (v) (vi) (vii) (a) (a)(i) (ad) 138

3 444(g) (a) (b) 36 (c) 139

3 (d) (e) (f) (g) (h) 19 51(a) 14 140

4 (a) 2014 12 31265.45 2014 12 31 135.70 97.60 1.3136.79 2014 12 31 1,871.332013 1,662.70 1,267.032013 1,209.04 2015 12 3112 12 2014 12 3136 37 (b) 36 37 2014 12 31100 5.692013 4.43 2013 2013 141

4 (c) 3736 48(b) 2014 2013 1% 767 1% 654 (1%) (767) (1%) (654) 2% 6 2% 7 (2%) (6) (2%) (7) 10% 145 10% 177 (10%) (145) (10%) (177) 2013 142

4 (d) 2014 12 31 9.902013 10.46 33 6.462013 12 316.562014 12 31 4.862013 12 314.64 0.022013 0.06 (e) 10% 201310%) 37.732013 35.54 (f) 2014 12 31 77% 2013 74%) 143

4 (g) (i) 7 1 2 3 2014 12 31 2014 104 104 40 40 2013 61 61 25 25 2014201312 (a) 1 11 A 144

6 (a) 2014 12 31 * 107,790 523 108,313 1,364 (1,364) 107,790 1,887 (1,364) 108,313 2,422 257 416 3,095 1,800 202 416 2,418 622 55 677 369 7 376 2,155 38 2,193 10,915 88 11,003 205 205 263 263 140 140 29,523 98 29,621 2013 12 31 * 97,659 471 98,130 1,147 (1,147) 97,659 1,618 (1,147) 98,130 2,796 123 431 3,350 2,118 100 431 2,649 678 23 701 300 7 307 1,611 40 1,651 9,425 80 9,505 567 1 568 296 296 96 96 28,780 82 28,862 146

6 (a) 2014 12 312013 12 31 * 2014 12 31 184,661 2,427 (568) 3,177 189,697 144,782 1,209 (568) 145,423 2013 12 31 160,759 2,304 (658) 2,740 165,145 122,320 1,271 (658) 122,933 * (b) (1) (2) 2014 2013 82,764 76,828 22,952 19,053 2,597 2,249 108,313 98,130 147

6 (c) 2014 2013 108,313 98,130 (i) 459 684 (ii) (188) (267) 108,584 98,547 2014 2013 3,095 3,350 (iii) (28) 133 (iv) 1 3 (2) (2) 3,066 3,484 2014 2013 189,697 165,145 (iii) 323 351 (iv) (259) (210) (73) (79) 189,688 165,207 2014 2013 145,423 122,933 (iv) (228) (178) 1 145,195 122,756 148

6 (c) (i) (ii) (iii) (iv) 7 2014 2013 1,335 1,040 459 684 508 565 576 484 293 349 272 226 236 176 156 137 421 202 4,256 3,863 8 2014 2013 37,728 35,538 6,803 5,799 5,383 4,767 2,497 2,295 2,279 2,036 1,003 784 202 194 3,006 2,597 58,901 54,010 149

9 2014 2013 5,525 5,334 1,966 1,712 813 759 8,304 7,805 10 2014 2013 10,496 9,510 5,906 5,581 16,402 15,091 11 2014 2013 4,263 4,356 2,465 2,303 542 526 116 118 455 451 7,841 7,754 12 2014 2013 2,195 2,334 18 16 124 120 2,337 2,470 13 2014 2013 8,021 6,861 2,768 2,477 (156) (146) 195 155 10,828 9,347 150

14 2014 2013 14,667 12,938 1,554 1,324 167 175 44 7 12 16,395 14,449 8 9 51(c) 15 2014 2013 1,700 1,155 344 (8) (77) (70) 223 166 2,190 1,243 (i) (ii) 2014 12 31 16 2014 2013 1,628 1,275 978 692 44 4 5 (417) (321) 2,193 1,651 20142.37% 20132.25% 151

17 2014 2013 25 ( 49) 26 18 (a) 2014 12 31 26 25 (i) (i) (i) (i) (i) (i) (ii) 636 130 766 636 132 768 (i) 294 140 434 (iv) 367 140 507 150 150 150 150 150 150 (iv) 150 150 600 1,933 542 3,075 152

18 (a) 2013 12 31 (i) (i) (i) (i)&(ii)) (i) (i) (ii) 639 120 759 (i) 636 120 756 (i) 291 122 413 (iii) 300 122 422 (iv) (iii) 150 150 150 150 150 150 150 150 (iv) 600 1,866 484 2,950 2015 1 52014 12 31 636 130 7662013 12 31 636 121 757 51(c) (i) (ii) (iii) (iv) 2013 1 24 2013 12 26 2013 12 26 153

18 (b) 2014 52013 520135 2014 2013 7,180 6,268 661 595 7,841 6,863 520135 2014 2013 1,500,0002,000,000 1,183,3501,577,800 5 5 19 (a) 2014 2013 430 705 (29) (31) 401 674 30 267 60 668 734 25% 2013 25%15% 154

19 (b) 2014 2013 3,066 3,484 738 863 11 19 (104) (108) 63 32 (11) (41) (29) (31) 668 734 25% 201325%)15% 25% 201315% 25% 20 2014 12 3110.64 2013 9.45 21 2014 12 3117.772013 19.86 9,817,567,00020139,817,567,000 20142013 12 31 155

22 (a) 2013 1 1 667 8,599 83,011 38,667 16,570 5,076 152,590 17 41 2,772 10,935 1,120 507 15,392 23 68 4,707 9,363 353 11 14,502 (72) 72 69 (69) 327 (327) (39) (1,953) (320) (566) (248) (3,126) 2013 12 31 681 8,672 88,864 58,318 17,477 5,346 179,358 2014 1 1 681 8,672 88,864 58,318 17,477 5,346 179,358 151 726 8,521 821 608 10,827 23 1 444 382 11,546 957 133 13,463 (99) 99 (21) (21) 84 (84) (49) 539 1,931 261 23 2,754 (77) (5,390) (443) (946) (227) (7,083) 2014 12 31 646 9,205 85,121 79,873 18,570 5,883 199,298 156

22 (a) 2013 1 1 186 2,440 29,109 8,098 9,515 3,202 52,550 22 339 5,023 2,477 1,106 371 9,338 (39) 39 4 (4) 15 (15) (20) (1,665) (320) (346) (227) (2,578) 500 36 536 (170) (95) (265) 2013 12 31 173 2,794 32,812 10,240 10,216 3,346 59,581 2014 1 1 173 2,794 32,812 10,240 10,216 3,346 59,581 21 292 6,095 2,768 1,063 550 10,789 (22) 22 (4) (4) 19 (19) (61) (3,966) (429) (701) (211) (5,368) 22(f) 176 39 215 22(e) (317) (51) (368) 2014 12 31 187 3,028 34,800 12,579 10,566 3,685 64,845 2014 12 31 459 6,177 50,321 67,294 8,004 2,198 134,453 2013 12 31 508 5,878 56,052 48,078 7,261 2,000 119,777 157

22 (b) 2013 1 1 329 5,627 63,936 37,430 15,060 3,579 125,961 22 2,724 10,933 1,022 349 15,050 23 52 2,212 9,058 353 9 11,684 (67) 67 327 (327) (11) (1,908) (320) (555) (163) (2,957) 2013 12 31 262 5,757 67,291 56,774 15,880 3,774 149,738 2014 1 1 262 5,757 67,291 56,774 15,880 3,774 149,738 20 569 6,396 650 378 8,013 23 380 222 9,075 714 119 10,510 (9) 9 57 (57) (250) (10,934) (408) (913) (331) (12,836) 2014 12 31 310 5,859 57,148 71,837 16,331 3,940 155,425 158

22 (b) 2013 1 1 96 1,622 23,378 7,637 8,834 2,378 43,945 11 260 3,747 2,410 934 213 7,575 (38) 38 15 (15) (8) (1,621) (320) (346) (157) (2,452) 500 36 536 (170) (95) (265) 2013 12 31 69 1,912 25,849 9,712 9,363 2,434 49,339 2014 1 1 69 1,912 25,849 9,712 9,363 2,434 49,339 7 185 4,694 2,591 917 396 8,790 5 (5) (123) (6,405) (408) (674) (258) (7,868) 22(f) 176 39 215 (495) (51) (546) 2014 12 31 81 1,969 23,819 11,895 9,594 2,572 49,930 2014 12 31 229 3,890 33,329 59,942 6,737 1,368 105,495 2013 12 31 193 3,845 41,442 47,062 6,517 1,340 100,399 (c) 2014 12 3116.231.082013 17.641.20 2014 12 3113.371.082013 16.561.20 (d) (e) 2014 12 31991.19810.49 2013802.33696.2036 37) 2014 12 317737-3006 EMB-1453.17 159

22 (f) 2014 12 312747-400F 1.760.39 (g) (h) 2014 12 31 2014 12 31 35.7225.04201335.57 26.46 1 14 0.942013 0.85 2014 2013 1 54 45 1 5 72 54 5 11 2 137 101 160

23 2013 1 1 18,115 574 18,689 12,721 795 13,516 22 (14,423) (79) (14,502) (244) (244) 2013 12 31 16,413 1,046 17,459 2014 1 1 16,413 1,046 17,459 13,742 1,342 15,084 49 484 2 486 22 (12,885) (578) (13,463) (219) (219) 2014 12 31 17,754 1,593 19,347 2013 1 1 14,461 348 14,809 8,761 581 9,342 22 (11,623) (61) (11,684) (152) (152) 2013 12 31 11,599 716 12,315 2014 1 1 11,599 716 12,315 9,556 866 10,422 22 (10,011) (499) (10,510) (197) (197) 2014 12 31 11,144 886 12,030 161

24 20140.612013 0.58 307020202073 2014 12 312014 12 31 10.387.812013 10.567.91 25 (a) 2014 2013 3,592 3,079 (43) (43) 3,549 3,036 2014 12 312013 (i)&(ii) 6,000,000,000 60% (ii) 5,000,000,000 (ii) 1,200,000,000 (ii) 280,000,000 (ii) 251,332,832 51% 60% 60% 51.84% 162

25 (a) (ii) 250,000,000 60% (ii)&(v) 650,000,000 60% (iii) 120,000,000 (ii) 50,000,000 (ii) 18,000,000 (ii) 10,200,000 3,270,000 55% 61% 100% 100% 51% (i) (ii) (iii) (iv) (v) 2014 2816.8 13.33.5 11.2 2014 8 2.720141.621.08 163

25 (b) 2014 12 3187.6864.20 2014 2013 6,397 5,517 (8,527) (6,974) (2,130) (1,457) 32,883 23,574 (17,579) (9,757) 15,304 13,817 13,174 12,360 2014 2013 17,831 16,598 993 1,750 (238) (438) 755 1,312 32 (8) 787 1,304 3 74 164

25 (b) 2014 2013 2,660 3,152 140 86 (377) (209) (180) (477) 2,243 2,552 (4,866) (4,171) 1,850 1,833 ( (773) 214 3,809 3,595 3,036 3,809 26 2014 2013 1,583 1,305 2014 2013 474 474 (7) (37) 467 437 2014 12 31 0.072013 0.37 165

26 2014 12 31 33.98% 21.09% 12.89% 33.98% 39% 39% 39% 40% 40% 40% 2014 2013 1,583 1,305 261 294 21 (3) 282 291 27 2014 2013 1,338 1,197 2014 2013 483 483 166

27 2014 12 31 50% 50% 50% 51% 51% 50% China Southern West Australian Flying College Pty Ltd ( Flying College ) 50% 50% 50% 48.12% 48.12% 50% 2014 2013 1,338 1,197 140 96 140 96 167

28 2014 2013 2014 2013 136 162 100 100 2014 12 31 0.1020130.11 29 2014 2013 2014 2013 104 61 40 25 104 61 40 25 2014 12 31 300(2013 300 30 (a) 2014 2013 2014 2013 12 390 443 458 413 12 576 808 481 808 966 1,251 939 1,221 12 (873) (880) 93 371 939 1,221 168

30 (b) 2014 12 31 847 (286) 561 173 123 296 75 1 76 393 (158) 235 69 13 82 1,557 (307) 1,250 (363) (363) (707) 18 (689) (9) (11) (20) (107) 22 (85) (1,186) 40 (11) (1,157) 371 (267) (11) 93 2013 12 31 870 (23) 847 145 28 173 106 (31) 75 345 48 393 47 22 69 1,513 44 1,557 (319) (44) (363) (643) (64) (707) (11) 2 (9) (111) 4 (107) (1,084) (104) 2 (1,186) 429 (60) 2 371 169

30 (c) 2014 12 31 741 (262) 479 172 124 296 373 (159) 214 30 (2) 28 1,316 (299) 1,017 (4) (4) (8) (91) 21 (70) (95) 21 (4) (78) 1,221 (278) (4) 939 2013 12 31 724 17 741 145 27 172 40 (40) 320 53 373 15 15 30 1,244 72 1,316 (3) (1) (4) (60) (31) (91) (63) (31) (1) (95) 1,181 41 (1) 1,221 170

30 (d) 2014 12 310.232013 0.29 52014 12 31 9.322013 2.36 2014 2013 2014 32 2015 95 2016 98 4 2017 201 2018 250 200 2019 288 932 236 2014 12 3149 171

31 2013 1 1 270 75 68 67 480 15 9 24 136 46 182 (10) (52) (23) (12) (97) 2013 12 31 260 174 91 64 589 2014 1 1 260 174 91 64 589 18 37 8 63 ( 49) 5 290 295 63 45 108 (1) (1) (10) (72) (36) (16) (134) 2014 12 31 250 187 137 346 920 2013 1 1 270 44 42 48 404 1 3 4 136 16 152 (10) (41) (11) (10) (72) 2013 12 31 260 140 47 41 488 2014 1 1 260 140 47 41 488 1 1 69 24 93 (1) (1) (10) (71) (16) (6) (103) 2014 12 31 250 137 55 36 478 172

32 2014 2013 2014 2013 1,587 1,799 1,137 1,455 178 153 90 74 1,765 1,952 1,227 1,529 (104) (305) (48) (278) 1,661 1,647 1,179 1,251 2014 2013 2014 2013 1 1 305 372 278 345 21 21 (201) (88) (230) (88) 12 31 104 305 48 278 173

33 2014 2013 2014 2013 2,716 2,200 2,188 1,821 (33) (27) (28) (21) 2,683 2,173 2,160 1,800 (a) 13 2014 2013 2014 2013 1 2,133 1,810 1,665 1,513 1 3 535 345 480 274 3 12 25 25 23 21 1 23 20 20 13 2,716 2,200 2,188 1,821 (33) (27) (28) (21) 2,683 2,173 2,160 1,800 1 (b) (i) 2(k) 2014 2013 2014 2013 1 1 27 26 21 22 12 13 10 11 (2) (4) (12) (3) (12) 12 31 33 27 28 21 174

33 (b) (ii) 2014 12 31 0.052013 0.11 2014 2013 3 12 5 11 (iii) 2014 12 31 0.432013 0.342014 12 310.332013 0.27 2014 2013 3 12 20 14 12 23 20 (c) 43 34 2014 2013 2,668 2,155 175

33 (d) 2014 2013 2014 2013 2,231 1,795 1,763 1,443 134 135 126 135 118 73 107 73 36 38 35 38 30 18 20 18 38 30 36 30 129 111 101 84 2,716 2,200 2,188 1,821 34 2014 12 31 2014 2013 2014 2013 1,562 1,114 1,434 1,095 1,018 919 905 862 2,454 422 602 239 215 126 110 20 11 73 79 51 40 695 574 392 223 6,167 3,433 3,404 2,231 (3) (2) (2) 6,164 3,431 3,402 2,231 (300) 5,864 3,431 3,402 2,231 2014 12 31 24.542013 12 314.22 32014 12 31 3.06% 2014 12 31 176

35 (a) 2014 2013 2014 2013 4,445 4,844 1,780 982 10,969 6,904 8,280 4,485 15,414 11,748 10,060 5,467 2014 12 31 42.6440.322013 26.7525.5050(d)(i) 2014 12 31 2014 2013 2014 2013 13,649 10,976 8,652 4,655 1,296 401 962 375 136 80 136 80 5 17 5 17 60 26 49 11 268 248 256 329 15,414 11,748 10,060 5,467 177

35 (b) 2014 2013 3,066 3,484 13 10,789 9,338 13 195 155 13 (156) (146) 22 215 536 26 (261) (294) 27 (140) (96) 15 (267) 78 17 (26) (25) (376) (307) 16 2,193 1,651 28 & 29 (13) (14) 292 (2,903) 15 61 (391) (321) 108 (959) (203) (205) (154) 118 45 (418) 261 961 308 648 369 200 (410) 463 244 (421) (28) (31) 151 (7) 15,826 11,546 178

36 (a) 2014 12 31 2014 2013 2014 2013 (i) (iii) 19,846 21,888 12,575 14,767 22,220 15,358 18,269 14,326 42,066 37,246 30,844 29,093 (i) (ii) ) 3,834 2,867 2,530 1,803 6,902 2,963 6,288 2,371 (ii) 232 265 10,011 14,147 8,993 12,373 20,979 20,242 17,811 16,547 63,045 57,488 48,655 45,640 20,979 20,242 17,811 16,547 17,226 10,666 12,799 9,245 19,991 19,479 15,252 15,167 4,849 7,101 2,793 4,681 63,045 57,488 48,655 45,640 (i) (ii) (iii) 2014 12 31229.46151.052013247.55 165.70318.25211.072013321.55 225.58 2014 12 315.322013 2.653.242013 2.77 2014 12 314.3420131.192013 (b) 2014 12 313.30% 3.34% 2013 2.10% 2.45% 179

36 (c) 1 2014 2013 2014 2013 2014 12 31 5.45% 6.40%2022 226 200 2014 12 31 90% 95% 100% 2016 570 640 2014 12 31 1.89% 3.30%2017 927 311 2014 12 311 0.80% 2.20%2021 1,832 2,149 1,534 1,810 2014 12 313 0.35% 3.25%2024 38,546 33,758 30,834 28,337 2014 12 316 0.4% 5.5%2023 10,701 6,218 7,094 3,120 52,802 43,076 39,662 33,267 1 (10,736) (5,830) (8,818) (4,174) 42,066 37,246 30,844 29,093 180

36 (d) 2014 2013 2014 2013 1 22,293 21,528 18,774 17,517 12 18,098 11,603 13,417 9,944 25 20,758 20,711 15,690 15,988 5 5,040 7,454 2,873 4,885 66,189 61,296 50,754 48,334 (e) 2014 2013 2014 2013 4,444 670 3,597 58,601 56,818 45,058 45,640 63,045 57,488 48,655 45,640 2014 12 31 37 2.92201329.03 (f) (g) 2014 12 311.052013 5.2050(d)&(i) 2014 12 312 37 10 12 2015 2025 17 17 181

37 2014 12 31 2014 2013 1 5,992 7,312 1,320 3,636 4,498 862 12 5,487 6,643 1,156 4,139 4,887 748 25 15,781 18,277 2,496 11,074 12,690 1,616 5 22,651 24,345 1,694 16,160 17,356 1,196 49,911 56,577 6,666 35,009 39,431 4,422 1 (5,992) (3,636) 43,919 31,373 2014 2013 1 5,277 6,389 1,112 3,558 4,379 821 12 4,759 5,735 976 4,058 4,770 712 25 13,313 15,475 2,162 10,346 11,894 1,548 5 20,285 21,822 1,537 16,078 17,271 1,193 43,634 49,421 5,787 34,040 38,314 4,274 1 (5,277) (3,558) 38,357 30,482 182

2014 12 3163.00% 37 2014 2013 2014 2013 2014 12 313.20% 6.01% 4,176 4,431 3,483 3,693 2014 12 313 0.18% 3.30% 25,819 15,946 20,995 15,715 2014 12 316 0.03% 3.30% 16,797 11,775 16,797 11,775 2014 12 316 1.44% 418 476 418 476 2014 12 313 0.75% 1.90% 1,610 1,985 1,610 1,985 2014 12 316 3.00% 331 396 331 396 2014 12 31 30% 438 2014 12 31 322 49,911 35,009 43,634 34,040 2014 12 31 672.94599.422013 480.78470.62 499.11436.342013350.09 340.40 2014 12 312 183

38 2014 2013 2014 2013 1 755 987 90 386 1 3 633 252 190 37 3 6 107 79 2 20 6 1 76 73 4 40 1 86 16 52 3 1,657 1,407 338 486 2014 12 31 2014 2013 2014 2013 1,558 1,066 246 225 86 329 79 257 13 12 13 4 1,657 1,407 338 486 39 40 (a) 2014 2013 2014 2013 78 74 78 74 284 95 30 89 124 162 123 162 3,232 124 50(c) 486 331 3,463 449 1 184

40 (b) 2014 2013 2014 2013 144 168 139 168 112 78 1 51 13 15 1 11 119 96 116 93 70 100 1 2,913 1,933 50(c) 458 457 3,171 2,256 41 1 2014 2013 2014 2013 3,518 3,286 3,323 3,052 1,814 2,337 1,367 1,924 2,385 2,259 1,794 1,679 2,240 2,128 1,620 1,674 338 462 181 308 43 112 415 84 348 471 269 417 224 311 215 397 331 44 20 32 20 31 913 495 821 486 12,122 11,898 10,024 10,057 185

42 2014 2013 2014 2013 1,379 1,213 1,107 1,092 703 573 592 515 418 390 394 333 397 377 265 179 188 103 114 92 a 758 1,478 1,363 821 793 5,321 4,019 3,293 3,004 (a) 2014 49 43 2014 2013 2014 2013 1 1 1,491 1,912 1,037 1,438 682 300 588 251 (438) (721) (357) (652) 12 31 1,735 1,491 1,268 1,037 41 (112) (415) (84) (348) 1,623 1,076 1,184 689 186

44 2014 2013 2014 2013 1 1 73 104 70 102 14 7 12 7 11 16 4 5 4 5 (39) (48) (38) (48) 12 31 45 73 43 70 41 (20) (32) (20) (31) 25 41 23 39 45 2014 2013 2014 2013 (i) 184 249 184 249 (ii) 367 319 367 319 (iii) 103 121 103 121 177 144 111 97 22 25 21 22 853 858 786 808 (i) (ii) (iii) 187

46 2014 2013 4,208,586,2781.00 20134,150,050,0001.00 4,209 4,150 2,814,063,722 A 1.00 (20132,877,000,0001.00 2,814 2,873 2,794,917,000 H 1.00 (20132,794,917,0001.00 2,795 2,795 9,818 9,818 HA 47 2014 2013 2014 2013 1 112 31 14,131 14,131 13,878 13,878 1 1 22 24 13 11 22 (2) 4 2 12 31 44 22 17 13 1 1 1,169 1,056 1,169 1,056 (a) 137 113 137 113 12 31 1,306 1,169 1,306 1,169 1 1 167 170 144 146 14 (3) 7 (2) (1) 12 31 180 167 151 144 1 1 9,022 7,640 1,450 1,109 1,777 1,986 1,064 945 (137) (113) (137) (113) (393) (491) (393) (491) 12 31 10,269 9,022 1,984 1,450 25,930 24,511 17,336 16,654 188

47 (a) 10%50% 25% (b) 2014 2013 100.4 (2013100.4 393 393 2015 3 30 100.42013100.43.93 2013 3.932014 12 31 189

48 (a) 2014 12 31 2014 2013 2014 2013 59,467 47,651 37,439 24,875 59,467 47,651 37,439 24,875 2,529 2,880 70 70 70 70 52 58 52 58 122 128 2,651 3,008 1,000 171 171 122 299 3,651 3,179 1,512 1,411 653 1,097 3,610 2,291 2,574 1,431 5,122 3,702 3,227 2,528 64,711 51,652 44,317 30,582 2014 12 31 2014 2013 2014 2013 2014 20,945 14,388 2015 18,146 14,417 10,680 7,835 2016 11,628 6,365 6,170 2,567 2017 10,081 5,924 4,941 85 2018 19,612 15,648 59,467 47,651 37,439 24,875 190

48 (b) 49 2014 12 31 2014 2013 2014 2013 1 5,072 4,608 4,323 3,844 15 15,496 14,740 13,715 12,779 5 8,230 6,874 7,845 6,274 28,798 26,222 25,883 22,897 2014 12 157.49 () 99.23% 0.26 2014 12 15 680 69 749 22 (a)) 2,754 23 486 31 295 29 119 109 23 81 (724) (1,331) (206) (25) (9) (29) (791) 781 17 (6) (26) 749 191

49 287,0002014 12 31 2014 12 150.940.52 2014 1 11,098.59 21.62 50 (a) 18 2014 2013 13,013 12,412 2,359 2,074 15,372 14,486 2014 2013 18(a) 3,241 3,108 12,131 11,378 15,372 14,486 14 192

50 (b) 2014 2013 (i) 32 107 (ii) 1 (i) 1 (iii) 780 796 (iv) 170 169 (v) 119 121 (vi) 61 63 (ii) 89 84 (i) 46 33 (i) 8 19 (vii) 4 (viii) 1,335 1,783 (ix) 316 270 (x) 169 120 (xi) 111 14 (xii) 102 (xiii) 75 77 (xiv) 29 (viii) 24 (xiii) 34 32 (ix) 33 31 (xv) 40 12 (xiv) 17 14 (xiv) 10 18 (xvi) 8 7 (xv) 2 (xvii) 2 (xii) 1 (xviii) 12 12 (xix) 435 444 (xviii) 20 10 193

50 (b) (i) (ii) 2011 11 (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) Flying College 194

50 (b) (xiii) (xiv) (xv) (xvi) (xvii) (xviii) (xix) 195

50 (d) (i) 2014 12 31 1.052013 5.20. 2014 1.052014 3 102015 3 9 90% 2014 2013 1 105 56 12 8 25 456 36(f) 105 520 2014 12 31 0.11(2013 0.28 5.04% 5.70% 20135.54% 5.84% (ii) 2014 12 31 2014 2013 35 4,264 2,675 2014 12 310.682013 0.66 197

50 (e) 2014 12 312.072013 0.66 51 (a) 11% 21% 201310% 22% 2014 20144.07 (b) (i) (ii) 2002 9 2012 198

51 (c) 2011 11 30H H 2011 12 3111824,660,0003.92 HH 2012 5 312013 6 182014 6 26H 0.200.250.050.060.04 0.0547(b)H 3.568,326,667 H Black-Scholes 2014 12 3102013 1,893,000) 1,893,0002013 410,000 52 2014 12 31 191.622013 172.68 53 (a) 1997 5 22 22 24 199

53 (b) 6.462013 12 31 6.562014 12 31 4.862013 12 31 4.64 0.022013 0.06 (c) (d) (e) 2011 7 11 46121981 35A2012 142013 7 25 28 2014 12 172818 2014 5 31ICCSASOF TR-81 AVIATION IRELAND LIMITED 132014 7 31ICC 8.2 2016 54 2014 12 31 200

2014 12 31 2014 2013 108,313 98,130 95,151 87,061 188 267 7,947 7,855 2,582 2,689 2,251 (1,294) 205 568 416 431 405 1,415 2,822 2,070 132 135 3,095 3,350 677 701 2,418 2,649 1,773 1,895 645 754 2,418 2,649 2014 2013 27,840 20,571 2,937 2,543 153,248 136,563 4,627 4,129 1,045 1,339 189,697 165,145 54,086 49,213 873 880 90,464 72,840 145,423 122,933 35,554 34,139 8,720 8,073 44,274 42,212 189,697 165,145 201

2014 12 31 (1) 2014 2013 1,773 1,895 (c) 1 3 (a) (28) 133 (b) 23 (d) (2) (2) 9 (33) 1 (10) 1,777 1,986 (2) 2014 2013 2014 2013 35,554 34,139 (a) 323 351 (b) (23) (c) (31) (32) (d) 6 8 (79) (88) (25) (26) 35,748 34,329 202

2014 12 31 (a) (b) (c) (d) 2010 1 1 203

12 31 2014 2013 2012 2011 2010 108,584 98,547 99,514 90,395 76,495 (106,026) (98,280) (95,877) (87,063) (70,689) 2,190 1,243 1,462 1,021 476 4,748 1,510 5,099 4,353 6,282 376 307 235 179 93 (2,193) (1,651) (1,376) (1,067) (1,265) 261 294 317 456 56 140 96 121 125 112 1,078 (292) 2,903 267 2,755 1,746 26 25 75 129 (13) 3,066 3,484 4,738 6,930 8,089 (668) (734) (954) (840) (1,677) 2,398 2,750 3,784 6,090 6,412 1,777 1,986 2,619 5,110 5,792 621 764 1,165 980 620 2,398 2,750 3,784 6,090 6,412 0.18 0.20 0.27 0.52 0.70 12 31 2014 2013 2012 2011 2010 162,147 144,634 125,667 109,927 95,476 26,545 28,640 31,944 24,928 16,466 91,109 73,543 53,989 47,222 48,694 35,748 34,329 32,839 32,175 26,817 8,745 8,122 6,895 5,602 3,499