- PDF Free Download

WEST CHINA CEMENT LIMITED 94796 (a) (b) (c) (d) (e) 322(1) (f) (g) (h) (i) (j) (k) S (l) (m)

42.5425 2832.5 32528 9.6 61% 5.0 2.43.55.11.22.2 2.2 0.7 12.5 30 34.0%26.0%32.4%24.5% 21.4%36.0%31.2%37.9%24.8%22.0%20.7% 18.6%

30.539.265.0 25.2 5.21.56.5 3.2 (1)... 104.6 136.4 657.7 72.0 77.5... 60.4 165.1 113.3 23.8 43.8... 273.7 406.4 595.1 205.6 416.4 (2)... 87.2 158.2 150.7 48.0 137.6... 525.9 866.1 1,516.8 349.4 675.3 (1) (2) 0.91.85.50.66.8

525.9 866.11,516.8 69.8% 174.9 283.2616.2 87.7% 150.3246.2 330.5 48.3% 675.3242.5154.3 93.3%75.8%69.9%

(1)... (2) 448.0 320.0 1... 2... 646.1 293.7 (3)... 807.8 448.8 (4)... (5) (2) 153.8 219.7... (5) (2) 365.4 332.2... (2) 405.0 368.2 (6)... (2) 242.4 220.4 (7)

(1) (2) (3) 0.7 (4) 0.2 7 (5) (6) 80 440.9 (7) 350400 318.2363.6 (1) (2)... 1.4 1.4 1.4 (3) 1.4 1.4 1.4 100.0% 100.0% 100.0% 1+ 2... 2.2 2.2 2.2 1.0 (4) 2.0 2.2 83.9% 90.9% 100.0%... 2.0 (5) 1.3 (7) 86.7%... 0.7 (6) 0.2 (8) 68.6%... 1.1 (9)... 1.1 (10)... 3.6 3.6 8.5 (11) 2.4 3.5 5.1 (1) 3100.7 0.250.90.7 0.7

(2) (3) 300,000 (4) 12 (5) 200,000 (6) 248,000 (7) (8) (9) (10) (11) 1.1 0.7... 1.1 330-380 164 166-216... 1.1 370-420 57 313-363

(1) (2) (3) 1.3 1,078 85,300 (3) 0.2 80 7,007 (4) 1.3 2,120 59,360 0.4 1,754 69,500 0.1 400 154,970 0.1 450 8,635 0.3 1,200 13,542 0.2 1,200 27,937 0.6 2,219 110,180 (1) 30 2010 80 158015 (2) (3) (4) 100,000

1.1 2.2 12 18

0.25 0.6

4.5 2.2 0.8 2.8 4.0 1.1 3.7 1.4

499435 250185 257.4258.41,074.4 1,064.9 (i)(ii) 336.2676.31,648.9 1,466.0 (i) (ii) 50 (iii) 300 12

(i) (ii) (iii)(iv) (i)bvi(ii)bvi (iii) BVI (i)(ii) (iii)

BVI

0.10 500.00210,000,000,000 0.002 75%

... 0.0374 0.0347 0.0353 0.0359... 0.0364 0.0325 0.0357 0.0353... 0.0529 0.0331 0.0515 0.0397... 0.0653 0.0487 0.0653 0.0581... 0.0792 0.0626 0.0694 0.0728... 0.0960 0.0682 0.0882 0.0855... 0.0983 0.0865 0.0940 0.0926... 0.0950 0.0869 0.0893 0.0905... 0.0907 0.0790 0.0772 0.0870... 0.0925 0.0792 0.0914 0.0879... 0.1285 0.0982 0.1217 0.1196... 0.1447 0.1200 0.1335 0.1338... 0.1295 0.0900 0.1015 0.1131... 0.1115 0.0935 0.0980 0.1019... 0.1385 0.0940 0.1380 0.1147 0.10 500.002 20,000,00010,000,000,0000.002 50

... 525,929 866,126 1,516,766 349,421 675,309... (350,165) (556,073) (878,087) (198,537) (429,710)... 175,764 310,053 638,679 150,884 245,599... (9,796) (12,018) (15,064) (4,745) (6,082)... (29,038) (55,224) (77,846) (16,778) (24,912) (1)... 35,708 40,617 71,526 8,546 28,444... 2,273 (184) (1,057) 50 (513)... 174,911 283,244 616,238 137,957 242,536... 1,572 2,600 1,190 347 138... (168,451)... (26,210) (28,115) (73,830) (39,855) (58,582)... (24,638) (25,515) (241,091) (39,508) (58,444)... 150,273 257,729 375,147 98,449 184,092... (11,566) (44,687) (7,626) (29,798)... 150,273 246,163 330,460 90,823 154,294... 150,273 246,163 330,460 90,823 154,294... 150,273 246,163 330,460 90,823 153,074... 1,220 (2)... 2.35 3.84 5.12 1.42 2.36 (3)... 2.33 3.83 5.07 1.42 2.34

(1) (2) (3)... 961,507 1,540,533 2,611,502 3,128,079... 17,806 76,521 124,571 178,412... 25,500 27,907 46,373 45,681... 65,104 64,413... 12,364 798 13,540 13,540 1,017,177 1,645,759 2,861,090 3,430,125... 45,653 81,507 128,979 143,633... 101,454 125,770 317,670 382,194... 29,997 37,038 346,258 53,724... 24,336 35,999 19,582 9,415 201,440 280,314 812,489 588,966... 1,218,617 1,926,073 3,673,579 4,019,091... 96,811 96,811 97,623 98,634... 662,636 662,636 672,775 687,922... 5,228 6,708 5,439 686... (341,304) (341,304) (341,304) (341,304)... 36,420 63,163 118,140 118,140... 222,650 442,070 717,553 870,627 682,441 930,084 1,270,226 1,434,705... 25,000 26,220... 682,441 930,084 1,295,226 1,460,925

... 63,800 407,069 360,058 746,336... 32,908... 6,265 6,389... 8,079 8,079... 13,487 17,317 117,049 143,539 77,287 457,294 491,451 904,343... 186,536 269,511 559,395 898,450... 38,639 35,715... 272,353 269,184 1,288,868 719,658 458,889 538,695 1,886,902 1,653,823... 536,176 995,989 2,378,353 2,558,166... 1,218,617 1,926,073 3,673,579 4,019,091... (257,449) (258,381) (1,074,413) (1,064,857)... 759,728 1,387,378 1,786,677 2,365,268... 170,969 323,092 619,676 229,236 261,572... (355,395) (667,923) (847,503) (250,590) (373,978)... 22,034 351,872 537,047 82,460 (180,128)... (162,392) 7,041 309,220 61,106 (292,534) 192,389 29,997 37,038 37,038 346,258 29,997 37,038 346,258 98,144 53,724

(1)... 307.0 351.9 (1) 11.18

BVI AS

4,00012 32 AS 45.69% BVI (www.dcement.com)

43 32 Credit Suisse International 50

D.2. S S

50.42%38.33%3.33%3.33% 3.33%0.83%0.42% 0.002 D.1. 2

Credit Suisse International BVI BVI % 0.87241.00

310 35% 42.5425 28

32.5325 28 5% 90% 5%

13.6%35.1% 8.7%30.1% 26.5 34.037.547.521.5% 525.9866.1 1,516.869.8%150.3 246.2330.548.3% 675.3154.3 93.3%69.9%

359.1669.1750.2374.8 68.3%77.3%49.5%55.5%499 435 250 185 80%

100 355.4667.9847.5374.0 171.0323.1619.7 261.6 336.2676.31,648.9 1,466.0257.4258.4 1,074.41,064.9 29%41%50%49%

330 (i) 50% 40%(ii) 200 450 374.8 200 50% 1,445.0 10% 2.22.62.62.0

BVI (i) BVI(ii)BVI(iii) BVI 21.4%36.0%31.2%37.9% 290492434 559

24.8% 22.0%20.7%18.6% 0.400.400.43 0.480.0367 2.0 3.95.4 8.04.2 27.5 37.574.819.6

34.0%26.0%32.4%24.5% (i) (ii) (iii)(iv)

(i)(ii) 50%

16 25% 15% 162.9 256.3539.0173.6 25% 10% 30.539.265.0 25.220.3%15.9%19.7%16.3%

(i) (ii) (iii) (iv)(v) % AS

50%

0.60.40.31.92.42.70.3 1214

0.61.6 2.51.2 0.51.10.6 (1) (2) (i) (ii)(iii)

70% GB175-1999

200,000 200,000

500,000

25%

[2009]698 10% 10% 10% H 10% [2009]698 (i) 12.5%(ii) 30 10%[2009]698

1% 3,562,000 1% 6,634,000 1% 6,742,000

... 402... 66... 11021... 502... 127... 48 A9... 88 A22... 89 613E

8 39 12 500 100742 Memery Crystal LLP 44 Southampton Buildings London WC2A 1AP United Kingdom Carey Olsen 47 Esplanade St Helier Jersey JE1 0BD 22 979 17

A 1903 47 Esplanade St Helier Jersey JE1 0BD 183 343401-2 HKICPA, FCCA

(PO)(PS)(PC) 32.5R42.5R52.5R 15%50%

(1)(2)(3) (4) 2,7001,450

............ 14.1% 63.0% 211,924 335,35316.5% 109,998224,84626.8% 1,629.01,240.0 9.5%1,620.5 9.9% 9.6%10.0%13.0% 4 81.8%

(%)... 21,192.4 25,730.6 31,404.5 33,535.3 16.5% (%)... 11.6% 13.0% 9.6% 8.7%... 10,999.8 13,732.4 17,229.1 22,484.6 26.8% (%)... 23.9% 24.8% 25.5% 30.1%... 1,240.0 1,360.0 1,400.0 1,629.0 9.5% (%)... 17.0% 9.7% 2.9% 16.4%... 1,220.6 1,344.8 1,368.8 1,620.5 9.9% (%)... 16.4% 10.2% 1.8% 18.4% 4

31.3%16 2.7% 14.1% 17.1% 22.1% 32.8% 44.9% 48.8% 55.0% 63.0% 200,000 70% 30%

5,000 2,0002,000103040 70% 10% 30

130110 40%60%80% 110 80%80% 15% 15.6% 9.6% 6,55335.1% 30.1%

3G... 438.4 537.0 685.1 818.7 23.2%... 12.7% 14.4% 15.6% 13.6% 23.2%... 11.6% 13.0% 9.6% 8.7% 16.5%... 261.0 364.2 483.5 655.3 35.8%... 31.9% 39.5% 32.8% 35.1% 35.8%... 23.9% 24.8% 25.5% 30.1% 26.8%... 23.8 30.3 36.1 44.8 23.5%... 20.8% 27.4% 19.2% 24.1% 23.5%... 17.0% 9.7% 2.9% 16.4% 9.5%... 26.5 34.0 37.5 47.5 21.5%... 20.5% 28.3% 10.3% 26.7% 21.5%... 16.4% 10.2% 1.8% 18.4% 9.9% 23.844.823.5% 9.5%26.547.5 21.5%9.9%

1... 31.0% 2... 23.9% 3... 19.5% 4... 19.0% 5... 17.1% 6... 17.1% 7... 17.0% 8... 16.3% 9... 16.3% 10... 15.7%

40% 1570%... 3,300... 4,400... 3,000... 2,400... 800... 3,500... 17,500... 4,600... 3,700... 4,300... 47,500

1645150,000 7 77.4% 7 1 3,979.3 2 3,422.4 3 2,960.1 4 2,864.1 5 2,397.0 6 1,293.4 7 1,180.0

1 8,680 2 8,120 3 6,510 4 4,640 5 4,120 6 2,170 7 1,090 8 1,090 9 1,090 11.4% 15.6 60%9.9 3.36.6

... 9,880 3,280 6,600... 550 200 350... 950 200 750... 570 280 290... 5,530 1,850 3,680... 2,280 750 1,530... 5,750 3,220 2,530... 1,900 1,090 810... 2,950 1,750 1,200... 900 380 520......... 15,630 6,500 9,130 (www.dcement.com) 124,000 180,000

2005(i) 4,0002,000 (ii)100 (iii)2,000 1,500 2.22.5 1.83 4,000 200,000

4,000 2,000 2,000 2,000 70% 7005,000 2,0003010540 2008 4,000

105 9030 50 3.02.5 2.5 3.0

1 3 20052,000

302010 30

100100 5001,000

1,000 = x x 259 2% 50% 0.520

20.53.0 2

25% 10% 25% 5%10%

25%10% (1) (2) (3) 12 5%5% 15% 70% 15% 17%

30% 100% (1)(2) (3) (4) 30%

1% 5%

75 10% 50%

13... 394,000 35.69%... 238,200 21.58%... 110,800 10.03%... 184,000 16.67%... 119,000 10.78%... 2,000 0.18%... 2,000 0.18%... 20,000 1.81%... 10,000 0.91%... 10,000 0.91%... 2,000 0.18%... 4,000 0.36%... 2,000 0.18%... 1,000 0.09%... 1,000 0.09%... 4,000 0.36%... 1,104,000 100.00% 13

833,550 (i) 21.58%238,200(ii) 10.03% (iii)0.91% 10,000(iv)0.18% 2,000(v) 1.81% 20,000(vi) 1,861,800... 2,494,000 84.10%... 300,800 10.15%... 119,000 4.01%... 10,000 0.34%... 4,000 0.13%... 2,000 0.07%... 1,000 0.03%... 1,000 0.03%... 4,000 0.13%... 10,000 0.34%... 20,000 0.67%... 2,965,800 100.00% 10

18,390,000 18,407,400 70,000 70,000 150,000 2,500 1.4 2,500 2.2 4,000 7 1.1 700,000

1.18.5 30,000,000... 15,470,000 51.57%... 1,861,600 6.21%... 738,500 2.46%... 62,000 0.21%... 24,800 0.08%... 12,300 0.04%... 6,300 0.02%... 6,300 0.02%... 24,800 0.08%... 62,000 0.21%... 121,400 0.40%... 1,750,000 5.83%... 430,000 1.43%... 1,000,000 3.33%... 500,000 1.67%... 500,000 1.67%... 7,430,000 24.77%... 30,000,000 100.00% 18,390,000 18,407,400 2,180,000 2,192,300

30,000,000 60,000,000... 27,487,700 45.81%... 3,804,360 6.34%... 2,289,350 3.81%... 230,200 0.38%... 52,080 0.09%... 25,830 0.04%... 63,230 0.11%... 15,930 0.03%... 52,080 0.09%... 230,200 0.38%... 354,940 0.59%... 1,925,000 3.21%... 973,000 1.62%... 1,100,000 1.83%... 550,000 0.92%... 550,000 0.92%... 20,296,100 33.83%... 60,000,000 100.00% (i)3,000,00010 1(ii) 14,876,900(iii) 8,350,000(iv)3,773,100 43 13,800,00031,200,00060,000,000 105,000,0000.72% 753,500

... 48,558,475 46.24%... 1,925,000 1.83%... 962,500 0.92%... 962,500 0.92%... 5,689,775 5.42%... 4,777,500 4.55%... 735,350 0.70%... 109,025 0.10%... 46,550 0.04%... 329,700 0.31%... 50,575 0.05%... 91,525 0.09%... 686,700 0.65%... 962,500 0.92%... 8,694,900 8.28%... 3,024,875 2.88%... 2,915,500 2.78%... 616,875 0.59%... 506,100 0.48%... 581,000 0.55%... 100,100 0.10%... 235,900 0.22%... 114,625 0.11%... 114,625 0.11%... 199,325 0.19%... 184,625 0.18%... 192,500 0.18%... 8,750,000 8.33%... 2,223,900 2.12%... 1,855,000 1.77%... 1,207,500 1.15%... 889,000 0.85%... 388,500 0.37%... 376,250 0.36%... 793,625 0.76%... 45,500 0.04%... 175,000 0.17%... 175,000 0.17%... 275,000 0.26%... 275,000 0.26%... 102,100 0.10%... 1,000,000 0.95%... 70,000 0.07%... 2,000,000 1.90%... 1,000,000 0.95%... 30,000 0.03%... 105,000,000 100.00%

(i) 1.83%0.92%0.39%1,925,000 962,500412,500(ii) 43 0.05%0.03% 0.17%0.04%50,57528,525 175,00046,500(iii)0.53% 550,000(iv)0.06% 63,000... 48,558,475 46.24%... 5,689,775 5.42%... 4,777,500 4.55%... 735,350 0.70%... 109,025 0.10%... 329,700 0.31%... 686,700 0.65%... 962,500 0.92%... 12,295,550 11.71%... 3,024,875 2.88%... 2,915,500 2.78%... 616,875 0.59%... 506,100 0.48%... 581,000 0.55%... 100,100 0.10%... 235,900 0.22%... 114,625 0.11%... 114,625 0.11%... 199,325 0.19%... 184,625 0.18%... 192,500 0.18%... 8,750,000 8.33%... 2,286,900 2.18%... 1,855,000 1.77%... 1,207,500 1.15%... 889,000 0.85%... 388,500 0.37%... 376,250 0.36%... 793,625 0.76%... 45,500 0.04%... 175,000 0.17%

... 275,000 0.26%... 275,000 0.26%... 102,100 0.10%... 1,000,000 0.95%... 70,000 0.07%... 2,000,000 1.90%... 1,000,000 0.95%... 30,000 0.03%... 550,000 0.53%... 105,000,000 100.00% 39 (i) 11.71%8.33%(ii)37 33.72%43,824,300 127,011,347 10% 13,000,000127,011,347 90%10% BVI BVI BVIBVI BVI42,735,9652020 20 BVI 425,000,000 530,000,000

10,000,000 90%6%4% 6%4% 135,000,000345,000,000 135,000,000 105,000,000140,000,000 35,000,000 105,000,000 21,000,000 84,000,000

125,000,000 80%20% 100,000,00050,000,000 50,000,000 25,000,000 165,320,900(i)1.1 365,320,900(ii) 200,000,000165,320,900 25,000,000 140,320,900 75,000,00050,000,000 80%20% 20%25,000,000

10,000,000 20,000,000 41 180,699,527 700,000 100%

本網上預覽資料集為草擬本本網上預覽資料集所載資料並不完整並可予更改本網上預覽資料集必須與其封面警告一節一併閱讀歷史重組及企業架構重組於二零一零年一月我們開始進行重組下圖載列我們緊接重組及行使AS認股權證前的企業及股權架構附註 1. 馬朝陽先生為非執行董事 2. 張莉莉女士為張先生的女兒 3. 本公司及中國西部BVI各自的主要業務均為投資控股 4. 陝西堯柏藍田堯柏安康堯柏漢中堯柏勉縣堯柏秀山堯柏及西鄉堯柏各自的主要業務均為生產和銷售水泥 5. 西安堯柏的主要業務為批發原材料 6. 龍橋堯柏由陝西堯柏及陝西丹水就其於龍橋堯柏的20%權益而言屬關連人士分別擁有80%及 20%權益根據上市規則由於本公司關連人士在本公司附屬公司層面除外於最後實際可行日期在龍橋堯柏股東大會上概無持有10%或以上投票權故龍橋堯柏並非本公司的關連人士龍橋堯柏的主要業務為生產和銷售水泥成立控股公司於二零一零年一月四日科信於英屬處女群島註冊成立科信的法定股本為50,000美配發及發行予馬朝陽先生並入賬元分為50,000股每股面值1.00美元的股份而100股股份列作繳足馬朝陽先生為科信的唯一股東 98

50,000 50,0001.00100 50,000 50,0001.00100 1.004,273,599 6.49% 6.49% 1.002,830,189 4.30% 4.30% 1.0034,777,478 52.81% 52.81% 10,00010,0001.001Ready- Made Incorporations Limited Ready-Made Incorporations Limited1.00 1BVIBVI BVI

本網上預覽資料集為草擬本本網上預覽資料集所載資料並不完整並可予更改本網上預覽資料集必須與其封面警告一節一併閱讀歷史重組及企業架構據此有關內資公司向香港企業支付的股息的預提稅稅率將為5% 詳情請參閱本文件監管概覽所得稅董事相信集誠對陝西堯柏的控股有助我們符合稅務通知規定的基本要求因此我們將於中國有關主管稅務機關正式批准後享有5%的預提稅稅率根據中國西部BVI 作為賣方與集誠作為買方於二零一零年三月一日訂立的股權轉讓協議中國西部 BVI以代價人民幣 530,000,000元轉讓其於陝西堯柏持有的全部股權予集誠代價乃經參考陝西堯柏的註冊資本釐定並以集誠按溢價向中國西部BVI配發及發行99 股入賬列作繳足的股份支付於二零一零年四月十六日完成轉讓後陝西堯柏由集誠全資擁有下圖載列本集團緊隨重組以及Anthony Schindler先生及Simon Waxley先生於最後實際可行日期行使部分AS認股權證後但於完成前的企業及股權架構附註 1. 馬朝陽先生為非執行董事 2. 張莉莉女士為張先生的女兒 3. 盈亞科信及中耀各自的主要業務均為投資控股 4. 本公司中國西部BVI及集誠各自的主要業務均為投資控股 100

5. 6. 7. 20%80% 20% 10% Robert Sinclair RobertsonBrett Lance Miller Robert Sinclair RobertsonBrett Lance Miller Robert Sinclair RobertsonBrett Lance Miller Robert Sinclair Robertson Brett Lance Miller Sino Vanadium Inc. Sino Vanadium Inc.Sino Vanadium Inc.Sino Vanadium Inc. 0.10500.002 10,000,000,0000.002

(A) 2.0 6060 13.5%(a) 24 50%3650% (b)30 30 24 51 5 5 (a) (b) 50% 20,625476,922.22 618,750(C) 2.6916

2015% 7,802,14236 19% (i)bvi (ii) BVI(iii) BVI(iv) BVI (v) BVI(vi) (vii) BVI(viii) 7,802,142 10.7% 30,187,696 6.56084.001.6402 2.69167,802,142 10% 5%168.5

168.5 (B) 5050 30.2 5 [] 7 19,393,776[] 29.45%

(b) (i)bvi (ii)(iii) (iv) (v) (vi) (vii) (viii) (c) (d) (e) (a) 51%

(b) 51% 51% (f) (g) (h) (i) (j) (k)

(l) (i) (ii) (i) 2.5 (A)(B) (1) (2) (x)(y)(z) (I) (II) (a) (b) (c) (d) (e) (f) (g)

(h) (i) (a)(h) (a) (b) (c) (d) (A) (B) (1) (2) (C) (e) (f)

(g) (A) (B) (h) (i) (j) (k) (l) 330,000,000/ (m) (m) (A)1,125,000,000(B) 2.001(C) EBITDA5.001 (i) (ii) (iii)(iv) (v)

EBITDA EBIT EBIT (i)(ii) (iii) (i) (ii)(iii) 15

(m) (a) (b) (c) (d) (a)(d) 10,000,000 Eastbank Consulting LLPAnthony SchindlerInsinger de BeaufortInsinger de Beaufort Eastbank Consulting LLP Anthony Schindler Eastbank Consulting LLP Eastbank Consulting LLP13,3286,666 Eastbank Consulting LLP 46,662 Anthony Schindler ASAS 0.10AS 420,000[][][]%AS [] 420,000AS(a)100,000AS Insinger de BeaufortAnthony SchindlerInsinger de Beaufort ASAnthony Schindler AS 1.05(b) 320,000ASAnthony Schindler

AS1.577 Anthony Schindler100,000AS AS1.05Anthony SchindlerAnthony Schindler[][]ASAS (i)as[]1.577 0.03154(ii)Anthony Schindler230,000AS Anthony SchindlerAS11,500,000AS AS ASSimon WaxleyAnthony Schindler Anthony Schindler 90,000ASSimon Waxley Simon WaxleyASAS 1.577Simon WaxleyAnthony Schindler AS Anthony Schindler Anthony Schindler BVI []

42.5425 2832.5 32528 9.6 61% 5.0 2.43.55.11.22.2 2.2 0.7 12.5 30 34.0%26.0%32.4%24.5% 21.4%36.0%31.2%37.9%24.8%22.0%20.7% 18.6%

525.9 866.11,516.8 69.8% 174.9 283.2616.2 87.7% 150.3246.2 330.5 48.3% 675.3242.5154.3 93.3%75.8%69.9%

13.6%35.1% 8.7%30.1% 26.534.037.545.1 19.4%

30 1.6 30.5 39.265.025.2 18.4

20 3.3 80%

5.0% 3.5% 5.0% 3 17 PO42.5 (42.5) 22(42.5R)23 PO42.5R (52.5) 27(52.5R)28 PO52.5 42.542.542.5R PO52.5R 52.552.552.5R3 3.5(42.5) 4 42.5R52.5 5(52.5R) 286.542.5 42.5R7.052.552.5R) 3.5% 6.0%3 10 (32.5) 1532.5R PC32.5 42.5) 19(42.5R)28 PC32.5R 32.532.542.5R PC42.5 42.542.542.5R3 PC42.5R 2.5(32.5) 3.5 32.5R 42.5 4.0 (42.5R)28 5.5 32.532.5R 6.542.5 42.5R

3.5% 5% 3 127 2228 PMH42.5 42.53 3 7 4.528 6.53 2517 293 3.5% 5% 7 1328 42.57 PLH42.5 42.528 6.53 230 7 260 3.5% 5% 7 21 28 32.5 PSLH32.5 7 3.0 28 5.53 1977 230 3.5% 5% 3 2128 42.53 PR42.5 4.028 7.0

9.6 (1)... (2) 448.0 320.0 1... 1 646.1 293.7 (3) 2... 2... 807.8 448.8 (4)... (5) (2) 153.8 219.7... (5) (2) 365.4 332.2... (2) 405.0 368.2 (6)... (2) 242.4 220.4 (7) (1) (2) (3) 0.7 (4) 0.2 7 (5) (6) 80 440.9

(7) 350400 318.2363.6 (2) (1)... 1.4 1.4 1.4 (3) 1.4 1.4 1.4 100.0% 100.0% 100.0% 1+ 2... 2.2 2.2 2.2 1.0 (4) 2.0 2.2 83.9% 90.9% 100.0%... 2.0 (5) 1.3 (6) 86.7%... 0.7 (7) 0.2 (8) 68.6%... 1.1 (9)... 1.1 (10)... 3.6 3.6 8.5 (11) 2.4 3.5 5.1 (1) 3100.7 0.250.950.7 0.7 (2) (3) 300,000 (4) 12 (5) 200,000 (6) (7) 248,000 (8) (9) (10) (11) 1.1 0.7

200,000 180.7 700,000 PC32.5PO42.5 80%100.0 50.050.0 1.1PO42.5PC32.5PC32.5R 100% 1.1

100 100 650

1.1 2.2 4 665 580... 1.1 330-380 164 166-216... 1.1 370-420 57 313-363

1,4561,270 250 50110 100500 80 110 ERP 70 1,5002,500

(1)(2)(3) (4) 34.0%26.0%32.4%24.5% 30

7.627.3 31.415.8 0.62.52.71.4 2.5 1.30.61.7 0.6

(1) (2) (2) 1.3 1,078 85,300 1.3 2,120 59,360 0.4 1,754 69,500 0.1 400 154,970 0.1 450 8,635 (3) 0.2 80 7,007 (4) 0.6 2,219 110,180 0.3 1,200 13,542 0.2 1,200 27,937 (1) 30 2010 80 158015 (2) (3) (4) 100,000

21.4%36.0%31.2%37.9% 0.30.40.60.3 290492434559 24.8%22.0%20.7% 18.6% 16,500 0.140.16 0.48 18.4 27,000

49.2% 51.9% 35.6% 51.9% 15.7%16.4%8.8%32.7% 5% 1.71.1

(1)... 104.6 136.4 657.7 72.0 77.5... 60.4 165.1 113.3 23.8 43.8... 273.7 406.4 595.1 205.6 416.4 (2)... 87.2 158.2 150.7 48.0 137.6... 525.9 866.1 1,516.8 349.4 675.3 (1) (2) 0.91.85.50.66.8 146

... 322 13... 412 14... 431 15 144289291 96174272 282387340 255.6362.9413.948.5% 38.0%21.9%

3,9006,60016,80021,000 0.5% 0.91.85.56.8 25.0%19.2% 13.4%12.5%6.6%4.8%7.1%4.1% (i) (ii)(iii)..................... 76.4 152.8133.592.9

5% 6090 165 5150,000

1.6 0.7 1.90.8

50% 2*2500 1*5000

901015 5158040 yaobo.com.cnce08b-ym/ty0027998gh westchinacement.com20061219129921093 2006121912992108320070706130198354 ISO-9000 GB/T 17671-1999 GB/T1 76-1 996

916.59 OHSAS18000 18 0.60.40.31.92.42.70.3 12 14

479,000 290,000 3,186... 384... 194... 2,140... 246... 146... 29... 47... 3,186

30.244.957.7 25.5 0.61.6 2.51.2 0.51.10.6 (1) (2)

221,650,482 94,672.80194 1,228 171,814

(i) (ii)(iii)(iv)

ISO 14001 21.341.874.7 75.4 142.7

30.539.2 65.025.2 15% 25% 1.0

7,802,142 10.7% 30,187,6966.5608 41.6402 2.69167,802,142 10%5% 168.5 168.5

(i) (ii) (i)

(ii) (iii) (iv) 284384103591516

Memery Crystal LLP NCB Stockbrokers Limited (1) (2) (1) (2) (2)

(1) (1) (1) (1)

NCB Stockbrokers Limited

(2) 3A.19 (1)

(2)... Nineyou International Limited... 19... 12... 12 12

[] [] AS 45.69% 5%

[] (i) (ii) (iii) (iv) (v) 19,393,77629.45% 50 50 19,393,776 29.45% []

14A[] 140,320,900 50%50% 80%20% 14A.65(4) (i) (ii) 14A.65(4)

... 55... 46... 35... 49... 42... 55... 49... 61 55 BVI 25

13.51(2) 46 28 13.51(2) 35 Systematic Business Training Centre PricewaterhouseCoopers Consulting Sdn Bhd (Tan Choon Chye & Co.) BDO International

BDO LondonPKF (UK) LLP ACCA 10 13.51(2) 49 13.51(2) 42 Sino Vanadium Inc. Taihua PLC 13.51(2)

55 Kingston UniversityKingston Polytechnic Curtin University of Technology 29 Sino Vanadium Inc. 13.51(2) 49 28 13.51(2) 61 Concordia University

13.51(2)... 50... 49... 45... 32... 41... 42... 31 50 49 17 45

32 41 42 19 31 Curtin University of Science and Technology 10

HSBC International Trustee Limited 3.21C3 3.10(2) B1

23 4.5 8.04.71.4 [][] 4.57.94.7 1.4

Robert Sinclair RobertsonBrett Lance Miller 3,130,000 3,186... 384... 194... 2,140... 246... 146... 29... 47... 3,186 30.244.957.7 25.5

0.61.6 2.51.2 0.51.10.6

10,000,000,000... 20,000,000 3,292,411,850... 6,584,823.70 D.

... 8,624,500 222,055... 1,114,500 33,916... 762,500 30,647... 8,167,200 258,976... 27,287,650 876,850... 3,312,800 128,782... 2,352,250 95,656... 6,022,250 270,408... 4,141,550 179,692... 4,126,950 153,128... 11,915,700 554,297... 2,131,400 92,584... 660,600 32,180... 1,235,050 47,946... 274,050 12,203... 1,459,450 34,830... 7,296,450 154,219... 4,406,900 110,297... 17,467,150 523,371... 2,620,750 64,996... 2,291,500 48,709... 14,227,000 332,110... 1,292,650 23,032... 17,471,450 244,794... 6,083,250 76,180... 9,037,000 111,607... 11,995,750 181,823... 9,207,000 185,355... 12,616,100 369,335... 13,446,600 488,441... 4,590,100 161,036... 9,548,050 421,550... 13,918,000 824,861... 10,252,500 755,512... 10,438,850 915,868... 7,364,900 687,207... 6,030,800 545,523

... 7,704,850 659,490... 7,625,750 657,594... 14,499,600 1,741,663... 15,698,350 2,080,602... 11,813,150 1,302,495... 4,423,320 450,084... 5,840,300 708,336 0.10 500.00220,000,000 10,000,000,0000.002 50

... 525,929 866,126 1,516,766 349,421 675,309... (350,165) (556,073) (878,087) (198,537) (429,710)... 175,764 310,053 638,679 150,884 245,599... (9,796) (12,018) (15,064) (4,745) (6,082)... (29,038) (55,224) (77,846) (16,778) (24,912)... 35,708 40,617 71,526 8,546 28,444... 2,273 (184) (1,057) 50 (513)... 174,911 283,244 616,238 137,957 242,536... 1,572 2,600 1,190 347 138... (168,451)... (26,210) (28,115) (73,830) (39,855) (58,582)... (24,638) (25,515) (241,091) (39,508) (58,444)... 150,273 257,729 375,147 98,449 184,092... (11,566) (44,687) (7,626) (29,798)... 150,273 246,163 330,460 90,823 154,294... 150,273 246,163 330,460 90,823 153,074... 1,220 150,273 246,163 330,460 90,823 154,294 (1)(2)... 2.35 3.84 5.12 1.42 2.36 (1)(3)... 2.33 3.83 5.07 1.42 2.34

(1) (2) (3)... 1,017,177 1,645,759 2,861,090 3,430,125... 201,440 280,314 812,489 588,966... 77,287 457,294 491,451 904,343... 458,889 538,695 1,886,902 1,653,823... (257,449) (258,381) (1,074,413) (1,064,857)... 759,728 1,387,378 1,786,677 2,365,268... 682,441 930,084 1,270,226 1,434,705... 25,000 26,220... 170,969 323,092 619,676 229,236 261,572... (355,395) (667,923) (847,503) (250,590) (373,978)... 22,034 351,872 537,047 82,460 (180,128)... (162,392) 7,041 309,220 61,106 (292,534)... 192,389 29,997 37,038 37,038 346,258... 29,997 37,038 346,258 98,144 53,724

... 687 239 1,581 280 3,679 311 784 304 1,554 309... 1,709 211 1,863 227 1,392 268 416 265 691 265... 2 201 4 191 4 256 3 256 58 221... 2,398 3,448 5,075 1,204 2,303 (1)... 219 251 299 290 295 (2)... 219 251 299 290 293 (1) (i)(ii) (2) (i)(ii)

9.6 2.43.45.12.3 219251 299295 0.72.2 12.5 525.9 866.11,516.8 69.8% 174.9283.2 616.287.7% 150.3 246.2330.5 48.3% 675.3242.5154.3 93.3%75.8%69.9%

35.1% 4 1.4 8.5 359.1669.1629.3 374.8 120.9 64.7% 75.1%

219251299295 239 280311309 211227 268265 0.71.63.71.6 28.6%45.9%72.5%67.5% 31.2%51.2%75.4%71.0%

21.4%36.0%31.2% 37.9% 290492434429 559 24.8%22.0%20.7%18.6% 0.400.400.43 0.480.0367

(1) (2) (3)... 308,707 866,126 1,035,071 567,491... 217,222 481,695 107,818... 525,929 866,126 1,516,766 675,309... 100,538 310,053 496,735 217,133... 75,227 141,944 28,466... 175,764 310,053 638,679 245,599... 32.6% 35.8% 48.0% 38.3%... 34.6% 29.5% 26.4%... 33.4% 35.8% 42.1% 36.4% (1) (2) (3) 217.2 75.234.6%

481.7141.9 7 107.828.5 26.4% 18.0 42.937.8 15% 25% 50%

525.9866.11,516.8675.3 2.43.45.11.22.3 3.68.5 219251 299

% % %... 239 687 28.6 164.3 280 1,581 45.9 443.1 311 3,679 72.5 1,143.4... 211 1,709 71.3 361.2 227 1,863 54.0 422.3 268 1,392 27.4 372.4... 201 2 0.1 0.4 191 4 0.1 0.7 256 4 0.1 1.0... 2,398 100.0 525.9 3,448 100.0 866.1 5,075 100.0 1,516.8... 219 251 299... 219 251 299 % %... 304 784 65.1 238.1 309 1,554 67.5 479.5... 265 416 34.6 110.5 265 691 30.0 183.0... 256 3 0.2 0.9 221 58 (1) 2.5 12.8... 1,204 100.0 349.4 2,303 100.0 675.3 (2)... 290 295 (3)... 290 293 (1) (2) (i)(ii) (3) (i)(ii)

164.3 443.11,143.4 0.8 1.6 361.2 422.3372.4 PO32.5RPO32.5R PO32.5R 0.4 0.7

(i) (ii)... 119,141 34.0 22.7 49.7 144,379 26.0 16.7 41.9 284,543 32.4 18.8 56.1... 75,070 21.4 14.3 31.3 200,209 36.0 23.1 58.1 273,745 31.2 18.0 53.9... 86,859 24.8 16.5 36.2 122,160 22.0 14.1 35.4 182,062 20.7 12.0 35.9... 42,216 12.1 8.0 17.6 57,496 10.3 6.6 16.7 92,035 10.5 6.1 18.1... 17,010 4.9 3.2 7.1 17,486 3.1 2.0 5.1 28,534 3.2 1.9 5.6... 9,869 2.8 1.9 4.1 14,343 2.6 1.7 4.2 17,168 2.0 1.1 3.4... 350,165 100.0 66.6 146.0 556,073 100.0 64.2 161.3 878,087 100.0 57.9 173.0... 49,726 25.0 14.2 41.3 105,226 24.5 15.6 45.6... 71,472 36.0 20.5 59.4 162,888 37.9 24.1 70.6... 44,964 22.6 12.9 37.3 79,974 18.6 11.8 34.7... 17,786 9.0 5.1 14.8 58,111 13.5 8.6 25.2... 7,589 3.8 2.2 6.3 13,324 3.1 2.0 5.8... 7,000 3.6 1.9 5.8 10,187 2.4 1.5 4.3... 198,537 100.0 56.8 164.9 429,710 100.0 63.6 186.2 350.2556.1 878.1429.7

0.62.5 2.71.4 1.30.61.70.6 12.211.011.411.6 15.115.625.4 19.0 49.7 41.956.145.6

49.0 75.1200.2 273.771.5162.9 21.4%36.0%31.2%36.0%37.9% 31.358.153.959.470.6 59.418.9%70.6 86.9122.2182.1 80.024.8%22.0%20.7% 18.6% 8.353.422.0 2.4 18.415.2 36.235.4 35.934.7

175.8310.1 638.7245.633.4%35.8%42.1% 36.4% 43.2%36.4% 14.825.2... 2,187 0.4 3,512 0.4 4,773 0.3 1,413 0.4 2,442 0.4... 5,232 1.0 5,030 0.6 3,773 0.3 1,675 0.5 1,983 0.3... 554 0.1 981 0.1 2,042 0.1 690 0.2 786 0.1... 1,823 0.3 2,495 0.3 4,476 0.3 967 0.3 871 0.1... 9,796 1.9 12,018 1.4 15,064 1.0 4,745 1.4 6,082 0.9

9.8 12.015.16.1 1.9%1.4%1.0%0.9%... 11,010 2.1 23,872 2.8 24,345 1.6 5,302 1.5 9,712 1.4... 5,231 1.0 5,291 0.6 12,116 0.8 3,050 0.9 6,757 1.0... 2,641 0.5 6,888 0.8 11,068 0.7 3,964 1.1 4,759 0.7... 3,034 0.6 5,573 0.6 7,727 0.5 1,618 0.5 1,267 0.2... 7,122 1.3 13,600 1.6 22,590 1.5 2,844 0.8 2,418 0.4... 29,038 5.5 55,224 6.4 77,846 5.1 16,778 4.8 24,912 3.7 29.055.2 77.824.9 5.5% 6.4%5.1%3.7%

... 30,528 39,167 65,035 6,683 25,217... 5,180 1,450 6,491 1,863 3,227... 35,708 40,617 71,526 8,546 28,444... 2,981 1,153 1,344... (689) (1,499) (825) (5) (390)... (425) (74) (2,733) (417)... 406 236 1,157 55 294... 2,273 (184) (1,057) 50 (513)... 37,981 40,433 70,469 8,596 27,931 30.5 39.265.025.2 1.41.72.81.2 290.3 399.4754.1287.8 55.2%46.1%49.7%42.7% 5.21.5 6.53.2 2.30.2 1.10.5

1.62.61.2 0.1 Credit Suisse International 26.228.1242.358.6 168.5 60.0 168.5 58.6... 150,273 257,729 375,147 98,449 184,092 (1)... 49,590 64,432 93,787 24,612 46,023 454 614 1,656... (53,750) (59,654) (101,429) (26,688) (28,252)... (3,772) (4,355) (2)... 4,160 2,536 56,070 9,702 10,371... 7,570... 11,566 44,687 7,626 29,798 (1) 33%25%25%25%

(2) 11.644.729.8 4.5%11.9%16.2% 150.3246.2 330.5154.328.6%28.4%21.8% 22.8%6.6% 168.5 BVI

25% 50% 16 25% 15% 25% 10% 10%

5% 5%

5%............ 20 8 5 12 (a)

(b) 60 Credit Suisse International 19% 30

(i)(ii)(iii)

36.0% 37.9%9.0% 13.5% 150.9 94.7245.6 62.8%43.2% 36.4% 4.7 6.128.2% 1.4 2.4 72.8%0.7 0.813.9% 1.4%0.9% 16.8 24.948.5% 5.39.7 83.2%3.1 6.8121.5% 4.0 4.820.1% 4.8%3.7% 8.6 27.9224.9%

0.3 0.1 39.9 58.6 55.0 7.5 98.4184.1 87.0% 7.6 29.8 25%15% 90.8 154.369.9% 866.11,516.8 75.1% 3.45.150.0% 25129919.1% 2.0

556.1878.1 57.9% 64.2% 57.9%36.0% 31.2% 22.0%20.7% 310.1328.6 638.7106.0% 35.8%42.1% 12.0 15.125.8% 1.4% 1.0%3.54.8 37.1% 5.03.824.0% 1.0 2.0100.0% 55.277.8 40.9%6.4% 5.1%23.91.7% 24.3 5.312.1128.3%

6.911.160.9% 40.430.1 70.5 74.5% 2.61.2 28.1242.3 Credit Suisse International60.0Credit Suisse International 168.5 257.7 375.145.6% 11.644.7 0.0% 7.5% 246.284.3 330.534.2% 525.9866.1 64.7%

2.43.441.7% 219251 14.6% 350.2556.1 58.8% 66.6%64.2% 21.4%36.0% 175.8134.3 310.176.4% 33.4%35.8% 9.822.4% 12.0 1.9% 1.4% 5.25.0 3.8% 2.23.5 59.1% 0.61.066.7% 29.055.2 90.3%5.5%6.4% 11.023.9 117.3% 5.25.3

1.9% 2.6 6.9165.4% 38.02.4 40.46.3% 1.62.6 1.6 26.228.1 7.3% 8.0%15.0% 150.3 257.771.5% 11.6 4.5% 15% 150.395.9 246.263.8%

... 170,969 323,092 619,676 229,236 261,572... (355,395) (667,923) (847,503) (250,590) (373,978)... 22,034 351,872 537,047 82,460 (180,128)... (162,392) 7,041 309,220 61,106 (292,534)... 192,389 29,997 37,038 37,038 346,258... 29,997 37,038 346,258 98,144 53,724... 221,350 350,095 724,607 160,035 306,107... (25,205) (386) (27,869) 96,166 29,140... 196,145 349,709 696,738 256,201 335,247... (25,176) (26,617) (57,975) (21,540) (40,954)... (19,087) (5,425) (32,721)... 170,969 323,092 619,676 229,236 261,572

171.0 (i)150.3(ii) 56.0(iii)44.9 24.6(i)30.3(ii) 29.2(iii)21.7 323.1 (i)257.7(ii) 64.425.5(iii) 61.1(i)35.9(ii) 14.7(iii)11.0 619.7 (i)375.1(ii) 103.1241.1(iii) 59.6(i)52.6 (ii)29.9 229.2 (i)98.4(ii) 21.839.5(iii) 195.0(i) 58.8(ii)22.9(iii) 17.1 261.6 (i)184.1(ii) 58.4(iii)62.9(iv) 108.3(i) 62.6(ii)14.7

355.4 345.5 667.9 603.2 847.5(i)600.0 (ii)120.9(iii)100.0 250.6250.9 374.0374.8 22.0 236.0198.7 351.9 635.1271.6 537.0 1,074.6 356.0206.5

82.5 180.0 103.0 180.1 598.4132.8 529.8... 556,656 449,035 558,336 502,988... 345 484 74... 533 217 209... 504 496 446... 1,382 1,197 729

1.4 1.2 0.8... 140,000 168,000 626,563 332,829 383,986... 115,400 85,400 540,505 386,829 427,786... 28,000 407,069 204,596 639,654 633,944... 35,800 123,462 85,682 59,405... 319,200 660,469 1,495,126 1,444,994 1,505,170... 16,953 15,784 92,800... 29,000... 29,000 18,000 18,000... 3,000 3,000 6,000... 16,953 15,784 153,800 21,000 24,000... 336,153 676,253 1,648,926 1,465,994 1,529,170 1,648.91,466.01,529.2 1,495.11,445.01,505.2 153.8150.8

18 3.6%3 6 676.3 660.5 15.8 336.2319.2 17.0... 319,200 289,200 794,800 770,666... 371,269 700,326 674,328... 319,200 660,469 1,495,126 1,444,994... 7.78% 8.44% 7.27% 7.12%... 20.23% 12.94% 6.64% 80%20%340.3 200.0 140.3

365.3200.0 49.2 150.8 66.410.12% 66.48.43%18.0 3.6%49.2 150.8 132.8 18.0 18.0 66.4 180.7 36.1 32.0 59.9

1,505.2 1,529.2 1,505.2 24.0 (i)384.0 427.8 (ii)634.0 50.050.0 (iii)59.4 24.0 18.0 3.0 1.0 2.0 3.0 330 330.036 110% (i) 50%40% (ii) 200 450 60

374.8 200 50% 330.050.0 50.0 19,393,776 19,393,776 1,811.457.9

... 345,515 603,246 599,998 374,800... 1,124 61,731 27,398 -... 12,500 4,107 1,807 -... 120,922... 359,139 669,084 750,125 374,800 120.9 2,165 []

... 45,653 81,507 128,979 143,633 145,722... 101,454 125,770 317,670 382,194 411,260... 29,997 37,038 346,258 53,724 97,790... 24,336 35,999 19,582 9,415 9,420... 201,440 280,314 812,489 588,966 664,192... 186,536 269,511 559,395 898,450 850,001... 38,639 35,715 37,853... 272,353 269,184 1,288,868 719,658 (1) 811,773 (1)... 458,889 538,695 1,886,902 1,653,823 1,699,627... 257,449 258,381 1,074,413 1,064,857 1,035,435 (1) 300.0 257.4258.4 1,074.4 1,064.9 269.2 1,288.9(i) 50.0341.4(ii) Credit Suisse International55.0 41.3281.7(iii)

330.066.0(iv) 478.0(v) 121.8 Credit Suisse International 330.0 50.0 50.030.0 50.050.0 330.036 110% 111,3553,366 (i)140.3 50%50% (ii)52.0 (iii)18.0

300.0 50.0 50% 55.0 50.0(i)(ii) 5%7%500,000 500,000 1,064.9 589.0 382.2143.653.7 1,653.8 898.5719.7 35.7 664.2 107.21,699.6 811.8300.0 1,035.4

1,288.9 811.8 12 (1)... 0.44 0.52 0.43 0.36 (2)... 29% 41% 50% 49% (1) (2) 0.440.520.430.36 0.440.52 458.9 538.7201.4 280.3 0.52 0.43

330.0 538.71,886.9 280.3 812.5 0.43 0.36 29%41%50%49% 29%41% 41% 50% 49% (i) (ii)(iii)(iv) 1,529.2

6591,506... 28,856 51,719 81,751 87,346... 10,515 18,585 23,618 40,943... 8,411 13,332 25,739 17,473... 47,782 83,636 131,108 145,762... (2,129) (2,129) (2,129) (2,129)... 45,653 81,507 128,979 143,633 (1)(2)... 36 42 44 38 (1) 365 (2) 120 3642 4244 38 45.7 81.5

81.5 129.0 129.0 143.6 92.464%... 56,006 69,291 95,676 92,598... (2,800) (3,465) (4,881) (4,881)... 53,206 65,826 90,795 87,717 (1)(2)... 28 25 19 16 (1) 365 (2) 120 60 90 53.265.890.8 87.728 2519 16 6090

90... 42,209 45,340 64,220 63,518 90180... 4,189 12,651 9,198 15,598 180360... 3,801 4,880 6,947 6,906 360720... 1,607 2,923 11,365 3,546 720... 4,200 3,497 3,946 3,030 56,006 69,291 95,676 92,598 190... 5,331 15,578 12,731 12,286 91180... 4,290 6,742 6,723 11,934 181360... 1,342 4,091 12,045 3,482 360720... 674 507 6,102 720... 1,361... 12,998 26,918 31,499 33,804 23.2% 38.8%32.9%36.5% 1.80.71.4 43.249%

... 24,929 28,550 154,605 139,675... 18,969 25,675 66,900 144,452... 4,350 5,719 5,370 10,350 100.0 24.9 28.6 154.6 100.0 30.0 30.0 30.0 30.0 100.0 100.0 39.7 36.792.4%

25.7 66.9 66.9 144.5 100% 10.4... (4,007) (2,800) (3,465) (4,881)... (1,776) (691) (1,416)... 26... 2,983... (2,800) (3,465) (4,881) (4,881)... (191) (414) (370)... (191) (486) (190)... 263 234... (191) (414) (370) (370)

... 57,532 83,802 185,950 301,577 (1)(2)... 58 46 56 68 (1) 365 (2) 120 4560 57.5 83.8 186.0301.6 186.061.2% 301.6 90.930%4560 5846 5668 (i) (ii)

56 68... 15,000 15,000... 70,161... 36,050 823... 6,000 6,000 6.000... 20,057 22,959 56,920 91,270... 4,894 9,219 17,204 15,513... 975 1,932 3,007 2,029... 16,000 32,021 32,288 19,897... 20,771 43,323 141,343 434,062... 51,307 55,255 10,472 27,279... 129,004 185,709 373,445 596,873 43.3 141.3 434.1 20.8434.1 43.3 141.3 434.1 70.2 36.1

6.0 25 36.10.8 65.164.4 45.319.8 45.345.3 19.819.1 91 10

25.527.946.4 45.7 32.9 206.4 (A) 4.8%5.9%-0.7%

... 101,454 24,598 24,336 150,388... 5,391 5,391... 8 8... 125,744 32,834 21,340 179,916... 445 14,659 15,104... 26 3,755 3,781... 5 6... 303,077 318,497 5,010 626,584... 22,380 14,572 36,952... 14,593 5,378 19,971... 3 3... 355,751 50,693 9,415 415,859... 2,766 2,766... 26,443 264 26,707... 1 1... 185,029 336,153 13,487 534,669... 1,507 1,507...... 261,295 304,984 17,317 583,596... 404,177 404,177... 8,216 8,216...... 548,604 948,600 117,049 1,614,254... 3,007 700,326 700,326... 7,784 10,790...... 887,232 791,666 143,539 1,820,841... 674,328 674,328... 11,218 12,813...

1% 3,562,000 1% 6,634,000 1% 6,742,000 7.78% 8.44%7.27%7.12% 20.23%12.94%6.64% 11.82%11.64%9.16%3.09% 10% 2.22.62.62.0

18 1 12 25 5... 272,353 28,000 35,800 336,153... 173,355 173,355... 1,900 11,100 487 13,487 445,708 29,900 46,900 487 522,995... 269,184 445,876 715,060... 46,593 46,593... 241,379 241,379... 3,700 7,400 487 11,587 510,563 496,169 7,400 487 1,014,619... 1,288,868 254,888 135,000 1,678,756... 532,421 532,421... 73,860 3,700 487 78,047 1,821,289 328,748 138,700 487 2,289,224... 719,658 662,113 102,000 1,483,771... 878,553 878,553... 101,993 3,700 105,693 1,598,211 764,106 105,700 2,468,017

2.72.70.7 0.9 1.1 (i) (ii) 12 424.7687.9 263.3 168.5

12 13.13 13.19 13.17 50.0 19,393,776 13.1313.19 307.0

1,228.1 7.0 5.07... 879,559... 160,389... 178,412 1,218,360... 11,824... (9,049)... 1,221,135... 6,960 1,228,095... 1,228,095

1.1 2.2... 1.1 330-380 164 166-216... 1.1 370-420 57 303-363 0.25 0.6

499435 4.5

2.2 0.8 2.8 4.0 1.1 3.7 1.4

50.0 (B) 50.025.0 (C)

3.340 [] IIII II 1 PKF (UK) LLPPricewaterhouseCoopers LLP II1

3.340 III I2 2410 II2

I.... 6 961,507 1,540,533 2,611,502 3,128,079... 7 17,806 76,521 124,571 178,412... 8 25,500 27,907 46,373 45,681... 9 65,104 64,413... 10 12,364 798 13,540 13,540 1,017,177 1,645,759 2,861,090 3,430,125... 12 45,653 81,507 128,979 143,633... 13 101,454 125,770 317,670 382,194... 14 29,997 37,038 346,258 53,724... 14 24,336 35,999 19,582 9,415 201,440 280,314 812,489 588,966... 1,218,617 1,926,073 3,673,579 4,019,091... 15 96,811 96,811 97,623 98,634... 15 662,636 662,636 672,775 687,922... 16 5,228 6,708 5,439 686... 17 (341,304) (341,304) (341,304) (341,304)... 17 36,420 63,163 118,140 118,140... 18 222,650 442,070 717,553 870,627 682,441 930,084 1,270,226 1,434,705... 25,000 26,220... 682,441 930,084 1,295,226 1,460,925

... 19 63,800 407,069 360,058 746,336... 20 32,908... 21 6,265 6,389... 10 8,079 8,079... 22 13,487 17,317 117,049 143,539 77,287 457,294 491,451 904,343... 23 186,536 269,511 559,395 898,450... 38,639 35,715... 19 272,353 269,184 1,288,868 719,658 458,889 538,695 1,886,902 1,653,823... 536,176 995,989 2,378,353 2,558,166... 1,218,617 1,926,073 3,673,579 4,019,091... (257,449) (258,381) (1,074,413) (1,064,857)... 759,728 1,387,378 1,786,677 2,365,268

... 11 447,285 447,285 447,285 447,285... 13 287,361 658,673 741,283 716,807... 3,026 44,078 44,078... 14 5,391 4,200 27,758 2,958... 14 14,659 14,572 292,752 680,558 827,691 763,843... 740,037 1,127,843 1,274,976 1,211,128... 15 96,811 96,811 97,623 98,634... 15 662,636 662,636 672,775 687,922... 16 5,228 6,708 5,439 686... 18 (26,145) (50,705) (211,977) (263,254)... 738,530 715,450 563,860 523,988... 19 371,269 77,258 503,671... 20 32,908 404,177 77,258 503,671... 1,507 8,216 10,790 12,811... 19 623,068 170,658 1,507 8,216 633,858 183,469... 1,507 412,393 711,116 687,140... 740,037 1,127,843 1,274,976 1,211,128... 291,245 672,342 193,833 580,374... 738,530 1,119,627 641,118 1,027,659

... 5 525,929 866,126 1,516,766 349,421 675,309... 24 (350,165) (556,073) (878,087) (198,537) (429,710)... 175,764 310,053 638,679 150,884 245,599... 24 (9,796) (12,018) (15,064) (4,745) (6,082)... 24 (29,038) (55,224) (77,846) (16,778) (24,912)... 26 35,708 40,617 71,526 8,546 28,444... 27 2,273 (184) (1,057) 50 (513)... 174,911 283,244 616,238 137,957 242,536... 28 1,572 2,600 1,190 347 138... 28 (168,451)... 28 (26,210) (28,115) (73,830) (39,855) (58,582)... (24,638) (25,515) (241,091) (39,508) (58,444)... 150,273 257,729 375,147 98,449 184,092... 29 (11,566) (44,687) (7,626) (29,798)... 150,273 246,163 330,460 90,823 154,294...... 150,273 246,163 330,460 90,823 154,294... 150,273 246,163 330,460 90,823 153,074... 1,220... 30(a) 2.35 3.84 5.12 1.42 2.36... 30(b) 2.33 3.83 5.07 1.42 2.34...

... 96,191 655,370 (341,304 ) 4,646 20,463 88,334 523,700 523,700... 18 150,273 150,273 150,273... 18 15,957 (15,957 )... 1,962 1,962 1,962... 15 620 7,266 (1,380 ) 6,506 6,506... 96,811 662,636 (341,304 ) 5,228 36,420 222,650 682,441 682,441... 96,811 662,636 (341,304 ) 5,228 36,420 222,650 682,441 682,441... 18 246,163 246,163 246,163... 18 26,743 (26,743 )... 1,480 1,480 1,480... 96,811 662,636 (341,304 ) 6,708 63,163 442,070 930,084 930,084... 96,811 662,636 (341,304 ) 6,708 63,163 442,070 930,084 930,084... 18 330,460 330,460 330,460... 18 54,977 (54,977 )... 1,161 1,161 1,161... 15 812 10,139 (2,430 ) 8,521 8,521... 35 25,000 25,000... 97,623 672,775 (341,304 ) 5,439 118,140 717,553 1,270,226 25,000 1,295,226... 97,623 672,775 (341,304 ) 5,439 118,140 717,553 1,270,226 25,000 1,295,226... 18 153,074 153,074 1,220 154,294... 285 285 285... 15 1,011 15,147 (5,038) 11,120 11,120... 98,634 687,922 (341,304) 686 118,140 870,627 1,434,705 26,220 1,460,925... 96,811 662,636 (341,304) 6,708 63,163 442,070 930,084... 90,823 90,823... 328 328... 143 1,669 (317) 1,495... 96,954 664,305 (341,304) 6,719 63,163 532,893 1,022,730

... 31 196,145 349,709 696,738 256,201 335,247... (25,176) (26,617) (57,975) (21,540) (40,954)... (19,087) (5,425) (32,721)... 170,969 323,092 619,676 229,236 261,572... 31 2,172 138 1,899 684... 1,572 1,023 803 340 138... 34 (120,922)... 13 (100,000)... (345,515) (603,246) (599,998) (250,930) (374,800)... (1,124) (61,731) (27,398)... 8 (12,500) (4,107) (1,807)... 9 (80)... (355,395) (667,923) (847,503) (250,590) (373,978)... 6,506 8,521 1,495 11,120... 231,850 625,104 1,066,205 180,000 529,832... 4,162 10,031 8,374 911... 14 (21,768) (11,663) 16,417 4,221 10,167... (162,354) (260,400) (302,848) (103,000) (598,447)... (36,362) (11,200) (53,167) (1,167) (132,800)... 20 (206,455)... 22,034 351,872 537,047 82,460 (180,128)... (162,392) 7,041 309,220 61,106 (292,534)... 14 192,389 29,997 37,038 37,038 346,258... 14 29,997 37,038 346,258 98,144 53,724

II. 1. 47 Esplanade, St Helier, Jersey JE1 0BD 4A1903 % % (a) 7,800 100% BVI 100 100% (b) 100% * 530,000,000 100% * 100,000,000 100% * 345,000,000 100% * 135,000,000 100% * 140,000,000

% % 100% * 35,000,000 100% * 21,000,000 80% 75,000,000 (c) 100% * 20,000,000 2. 2.1 4

19... 9... 1,064,857,000 3.1(c)37) 2.2 (a) 3

3 2.9 (b) 27 2.3 2.4 (a)

(b) 2.5 (a)(b) 2.9

(a) (b) 2.6 2.7 2.8 (a)

(b) (c) 2.9 2.10 12 2.122.132.14 2.11

2.12 2.13 2.14 2.15 2.16 2.17

2.18 2.19

2.20 (a) (b) (c)

2.21 2.22 (a) (b) 2.23

2.24 2.25 3. 3.1 (a) (i)

1% 3,562,000 1% 6,634,000 1% 6,742,000 (ii) 19 19 10% 2,214,0002,567,0002,649,0002,042,000 (b) (c)

1 12 25 5... 272,353 28,000 35,800 336,153... 173,355 173,355... 1,900 11,100 487 13,487 445,708 29,900 46,900 487 522,995... 269,184 445,876 715,060 46,593 46,593... 241,379 241,379... 3,700 7,400 487 11,587 510,563 496,169 7,400 487 1,014,619... 1,288,868 254,888 135,000 1,678,756... 532,421 532,421... 73,860 3,700 487 78,047 1,821,289 328,748 138,700 487 2,289,224... 719,658 662,113 102,000 1,483,771... 878,553 878,553... 101,993 3,700 105,693 1,598,211 764,106 105,700 2,468,017 330,000,000 320,665,00099,000,000 221,665,000 221,665,000

3.2 1920... 336,153 709,161 1,648,926 1,465,994 14... (54,333) (73,037) (365,840) (63,139)... 281,820 636,124 1,283,086 1,402,855... 682,441 930,084 1,295,226 1,460,925... 964,261 1,566,208 2,578,312 2,863,780... 29% 41% 50% 49% 60 1920 5033019 3.3

4. (a) (b) (c) 2.8 (d) (e)

(f) (g) (h) 21 (i) 5.

6.... 171,305 4,503 2,094 222,250 20,066 300,461 720,679... (39,452) (1,108) (945) (55,973) (2,302) (99,780)... 131,853 3,395 1,149 166,277 17,764 300,461 620,899... 131,853 3,395 1,149 166,277 17,764 300,461 620,899... 167,324 304,653 9,389 (481,366)... 263 7,795 3,096 3,568 17,180 356,409 388,311... (1,356) (381) (537) (323) (2,597)... (13,199) (1,153) (693) (28,873) (1,188) (45,106)... 284,885 9,656 3,015 445,302 43,145 175,504 961,507... 336,670 11,296 4,596 529,031 46,635 175,504 1,103,732... (51,785) (1,640) (1,581) (83,729) (3,490) (142,225)... 284,885 9,656 3,015 445,302 43,145 175,504 961,507... 284,885 9,656 3,015 445,302 43,145 175,504 961,507... 8,261 31 60,456 (68,748)... 796 2,231 754 6,363 15,510 616,183 641,837... (183) (29) (212)... (16,597) (1,591) (844) (41,014) (2,553) (62,599)... 277,345 10,113 2,956 471,078 56,102 722,939 1,540,533... 345,727 13,103 5,382 595,809 62,145 722,939 1,745,105... (68,382) (2,990) (2,426) (124,731) (6,043) (204,572)... 277,345 10,113 2,956 471,078 56,102 722,939 1,540,533... 277,345 10,113 2,956 471,078 56,102 722,939 1,540,533 34... 69,827 1,905 3,809 52,308 11,500 1,126 140,475 35... 176,591 1,869 4,827 153,939 337,226... 291,232 487,695 85,923 (864,850)... 1,108 9,902 7,813 5,319 7,878 665,662 697,682... (1,962) (2,093) (65) (512) (4,632)... (15,404) (2,061) (2,548) (72,902) (6,867) (99,782)... 798,737 19,635 16,792 1,096,925 154,536 524,877 2,611,502... 874,493 23,511 21,742 1,293,466 167,446 524,877 2,905,535... (75,756) (3,876) (4,950) (196,541) (12,910) (294,033)... 798,737 19,635 16,792 1,096,925 154,536 524,877 2,611,502

... 798,737 19,635 16,792 1,096,925 154,536 524,877 2,611,502... 98,105 386 23,577 248,335 33,316 (403,719)... 121 2,890 3,278 8,826 563,669 578,784... (1,101) (1,101)... (17,404) (1,053) (3,422) (37,956) (1,271) (61,106)... 879,559 20,757 40,225 1,316,130 186,581 684,827 3,128,079... 972,719 25,686 48,597 1,550,627 200,762 684,827 3,483,218... (93,160) (4,929) (8,372) (234,497) (14,181) (355,139)... 879,559 20,757 40,225 1,316,130 186,581 684,827 3,128,079 513,000 39,607,00040,789,00010,017,00028 12%19%13%9% 28 430,296,000389,109,0001,627,328,000 1,423,384,000 19... 42,307 57,496 92,035 17,786 58,111... 2,346 4,821 7,251 3,175 2,841 (a)... 453 282 496 68 154 45,106 62,599 99,782 21,029 61,106 (a)

7.... 15,068... (833)... 14,235... 14,235... 3,775... (204)... 17,806... 18,843... (1,037)... 17,806... 17,806... 59,081... (366)... 76,521... 77,924... (1,403)... 76,521... 76,521... 27,397 34... 6,924 35... 15,165... (1,436)... 124,571... 127,410... (2,839)... 124,571... 124,571... 54,375... (534)... 178,412... 181,785... (3,373)... 178,412

7,556,00041,527,000 38,763,00019 3650 8....... 25,500...... 25,500... 25,500...... 25,500... 25,500... 4,107... (1,700)... 27,907... 29,607... (1,700)... 27,907... 27,907... 1,807 34... 5,250 35... 12,930... (1,521)... 46,373... 49,594... (3,221)... 46,373... 46,373... (692)... 45,681... 49,594... (3,913)... 45,681

1040 25,500,000 9.... 45 45... (45) (45)......... 80 80 34... 45,274 20,610 65,884... (859) (1) (860)... 45,274 19,751 79 65,104... 45,274 20,610 80 65,964... (859) (1) (860)... 45,274 19,751 79 65,104... 45,274 19,751 79 65,104... (687) (4) (691)... 45,274 19,064 75 64,413... 45,274 20,610 80 65,964... (1,546) (5) (1,551)... 45,274 19,064 75 64,413 20,610,000 1010

10. 12... 8,874 8,874 12... 12,364 798 4,666 4,666 12,364 798 13,540 13,540 12... (7,366) (7,366) 12... (713) (713) (8,079) (8,079) (a)... 11,342 1,022 12,364... (11,342) (224) (11,566)... 798 798... 2,679 9,357 706 12,742... 3,477 9,357 706 13,540 (a)

... 34... (8,376)... 297... (8,079) 11.... 447,285 447,285 447,285 447,285 BVI17 12.... 28,856 51,719 81,751 87,346... 10,515 18,585 23,618 40,943... 8,411 13,332 25,739 17,473 47,782 83,636 131,108 145,762... (2,129) (2,129) (2,129) (2,129)... 45,653 81,507 128,979 143,633 281,968,000467,713,000742,513,000348,088,000

13.... 4,350 5,719 5,370 10,350 (a)... 56,006 69,291 95,676 92,598 (c).. (2,800) (3,465) (4,881) (4,881) 57,556 71,545 96,165 98,067 (b)... 25,120 28,964 54,975 40,045 (d)... 100,000 100,000 (c).. (191) (414) (370) (370) 24,929 28,550 154,605 139,675... 18,969 25,675 66,900 144,452... 101,454 125,770 317,670 382,194 (a) 90... 42,209 45,340 64,220 63,518 90180... 4,189 12,651 9,198 15,598 180360... 3,801 4,880 6,947 6,906 360720... 1,607 2,923 11,365 3,546 720... 4,200 3,497 3,946 3,030 56,006 69,291 95,676 92,598 6090 2,800,0003,465,0004,881,000 4,881,000

40,208,00038,908,00059,296,000 53,913,000 190... 5,331 15,578 12,731 12,286 91180... 4,290 6,742 6,723 11,934 181360... 1,342 4,091 12,045 3,482 360720... 674 507 6,102 720... 1,361 12,998 26,918 31,499 33,804 (b)... 11,705 20,307 17,839 30,264 35(c)... 30,000... 13,415 8,657 7,136 9,781 25,120 28,964 54,975 40,045 (c)... (4,007) (2,800) (3,465) (4,881)... (1,776) (691) (1,416)... 26... 2,983... (2,800) (3,465) (4,881) (4,881)

... (191) (414) (370)... (191) (486) (190)... 263 234... (191) (414) (370) (370) (d) 100% 100 100 (a)... 287,361 658,647 726,691 690,323... 26 14,592 26,484 287,361 658,673 741,283 716,807

(a) BVI... 189,143 410,063 417,866 417,873... 98,218 248,584 308,825 272,450 287,361 658,647 726,691 690,323 14. (a)... 54,333 73,037 365,840 63,139 (b)... (24,336) (35,999) (19,582) (9,415)... 29,997 37,038 346,258 53,724... 24,598 32,832 318,497 50,693... 5,391 3,755 5,378 2,766... 445 22,380 264... 8 6 3 1 29,997 37,038 346,258 53,724... 24,336 21,340 5,010 9,415... 14,659 14,572 24,336 35,999 19,582 9,415

(a)... 5,391 18,859 42,330 2,958 (b)... (14,659) (14,572)... 5,391 4,200 27,758 2,958... 5,391 3,755 5,378 2,766... 445 22,380 192 5,391 4,200 27,758 2,958 (a) (b) (c) 1.26%1.61%0.37%0.20%

15.... 63,688 96,191 655,370 751,561... 425 620 7,266 7,886... 64,113 96,811 662,636 759,447... 749 812 10,139 10,951... 64,862 97,623 672,775 770,398... 986 1,011 15,147 16,158... 65,848 98,634 687,922 786,556 10,00010,0001 11010 199,900,0001010,000 20,000,000BVI42,735,965 20,952,38110 2000.1 BVI 1.05 0.1 500.002

16.... 1.05 2,070 1.05 1,645 1.13 1,965 1.22 1,466... 1.56 320 1.42 250... 1.05 (425) 1.05 (749) 1.10 (986)... 1.05 1,645 1.13 1,965 1.22 1,466 1.49 480 1.61 2.156.50... 1.05 849 849... 1.05 100... 1.05 796 796 796... 1.56 320 320 230... 1.42 250 250 1,645 1,965 1,466 480

0.26 0.64... 0.96 1.39... 1.56 1.42... 42% 51%... 0% 0%... 5 5... 4.09% 2.55% 17. BVI3 BVI BVIBVI42,735,965 10BVI BVI 10% 50% 25%

10% 5% [2008]1 18.... 88,334 222,650 442,070 442,070 717,553... 150,273 246,163 330,460 110,904 153,074 (a)... (15,957) (26,743) (54,977)... 222,650 442,070 717,553 552,974 870,627... (5,114) (26,145) (50,705) (50,705) (211,977)... (21,031) (24,560) (161,272) (13,340) (51,277)... (26,145) (50,705) (211,977) (64,045) (263,254) (a)

19. (a)... 88,800 430,069 704,522 994,994 (b)... 32,000 21,000... (25,000) (23,000) (376,464) (269,658) 63,800 407,069 360,058 746,336 (a)... 230,400 230,400 790,604 450,000 (b)... 16,953 15,784 121,800... 25,000 23,000 376,464 269,658 272,353 269,184 1,288,868 719,658... 336,153 676,253 1,648,926 1,465,994 (a)... 319,200 289,200 745,600 770,666 35... 49,200 60(iii)... 371,269 358,921 50(iv)... 341,405 339,496 50(v)... 334,832 319,200 660,469 1,495,126 1,444,994

(i)... 319,200 289,200 478,000 450,000 (ii)... 316,800 320,666 (iii)... 371,269 358,921 (iv)... 341,405 339,496 (v)... 334,832 319,200 660,469 1,495,126 1,444,994 (i) (ii) 437,852,000389,109,000 681,764,000496,091,0007 6 330,000,000 987,091,000966,056,000 76 100% (iii) 60,000,000 20100% (iv) 50,000,000 19,393,776 v 50 6050 60 (a)bvi (b)bvi (c) (d)bvi (e)(f)

19,393,776 6... 140,000 168,000 626,563 332,829 612... 115,400 85,400 540,505 386,829 12... 28,000 407,069 204,596 639,654 25... 35,800 123,462 85,682 319,200 660,469 1,495,126 1,444,994 (i)... 371,269 77,258 503,671 (ii)... 63,800 35,800 250,800 221,665 63,800 407,069 328,058 725,336 (i)... 371,269 114,819 503,671 (ii)... 63,800 35,800 250,800 221,665 63,800 407,069 365,619 725,336 (i) (ii) 60,000,00020

... 7.78% 8.44% 7.27% 7.12%... 20.23% 12.94% 6.64% (b)... 16,953 15,784 35... 150,800 18,000... 3,000 3,000 16,953 15,784 153,800 21,000 6 (i)... 16,953 15,784 92,800 612 (i)... 29,000 12... 29,000 18,000 25... 3,000 3,000 16,953 15,784 153,800 21,000 3,000,000 11.82%11.64%9.16%3.09%

20. 60 60 13.5%50%2450% 36 30 30 50% (i) (ii) (1) 2.69167,802,142 2015% 36 (2) (3) 6019% 30

60 30,188,000 206,435,000 60 606030 6053,106,000 4,414,000 3060 39 6075%

60 60... 371,269 358,921... 32,908 60... 20.23% 20.23%... 17.78% 5 21....... 6,265... 6,265 28... 124... 6,389

22. (a)... 13,000 11,100 7,400 7,400 (b)... 5,730 39,002 37,846 35(b)... 70,160 98,293... 487 487 487 13,487 17,317 117,049 143,539 (a) (b) 23.... 15,000 15,000... 57,532 83,802 185,950 301,577... 20,771 43,323 141,343 434,062 35(b)... 70,161 34(b)... 36,050 823... 6,000 6,000 6,000... 20,057 22,959 56,920 91,270... 4,894 9,219 17,204 15,513... 975 1,932 3,007 2,029 (a)... 16,000 32,021 32,288 19,897... 51,307 55,255 10,472 27,279 186,536 269,511 559,395 898,450

90... 41,663 56,622 147,187 247,076 90180... 6,825 9,198 21,926 51,309 180360... 4,012 9,821 12,851 825 360720... 1,365 8,161 3,967 2,324 720... 3,667 19 43 57,532 83,802 185,950 301,577 (a) (i)... 11,065 24,453 20,433 3,461... 4,935 7,568 11,855 16,436 16,000 32,021 32,288 19,897 (i) 17%