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(Incorporated in Bermuda with limited liability) () ANNUAL REPORT 2014

MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM 08 Bermuda 183 22 Clarendon House 2 Church Street Hamilton HM 11 Bermuda 37 39 19 1682 www.fordglory.com.hk 2

894,351 902,878 909,908 1,071,162 937,075 47,960 31,245 11,097 17,776 16,436 (7,115) (10,053) (3,377) (10,507) (4,858) 40,845 21,192 7,720 7,269 11,578 35,480 17,225 7,256 11,178 18,961 5,365 3,967 464 (3,909) (7,383) 40,845 21,192 7,720 7,269 11,578 505,699 557,537 573,145 632,594 592,803 (269,242) (230,957) (231,906) (272,318) (214,543) 236,457 326,580 341,239 360,276 378,260 229,582 315,240 331,682 354,613 379,978 6,875 11,340 9,557 5,663 (1,718) 236,457 326,580 341,239 360,276 378,260 3

77,362,000,000 80,409,000,0003.9% 67,000,000,000 65,900,000,000 13.1% 12.5%937,000,000 1,071,000,000(i)(ii) 3.1%167,000,000 172,000,00017.8% 16.1% 19,000,000 4

69.6% 11,600,000 59.3%7,300,000 10.4%484,000,00051.6% 47% 5

teelocker T teelocker teelocker teelocker 6

Sure Strategy LimitedSure Strategy Merlotte Enterprise LimitedMerlotte Victory City Investments Limited 258,560,0000.808 320,000,000 61.56% Sure Strategy 270,000,000Sure Strategy51% 0.72 i 0.808 / / ii 0.208 0.6000.00010.844 7

8

937,000,000 1,071,000,000 167,000,000 17.8%16.1%19,000,00011,000,000 69.6% 181,000,000 133,000,000 82,000,000 55,000,000 48,000,000 69,000,000 46,000,000 111,000,00015,000,000 14,000,00097,000,000 17.1%4.1%2.01.7 16,000,000 47,000,000 9

26,000,000 27,000,000 4,511 9697321,5751,165 70 10

52 Brilliant Fashion Inc. Ford Glory (Cambodia) Manufacturing LimitedFG CambodiaFord Glory Holdings LimitedFG HoldingsFord Glory Inc. Green Expert Global LimitedGreen ExpertGlobal Trend Investments Limited Global TrendGojifashion Inc. Happy Noble Holdings Limited Jerash Garments and Fashions Manufacturing Company LimitedJerashMT Studio Inc.MT StudioOne Sino Limited PT. Victory Apparel Semarang Top Value Inc. Talent Partner Holdings LimitedTalent Partner (University of Sheffield) 539 56 Kyosei Company 62 FG Holdings 65 FG Holdings35 1234 11

63 FG Holdings Ford Glory Inc. Green ExpertMT Studio Talent Partner37 69 35 997 1198 509 51 23 Sakura Finance Asia Limited HLG Securities Sdn Bhd 678 Genting Securities Limited 53 20 109 15 12

45 242 15 7 59 FG Cambodia FG Holdings 13 47 25 49 9 Namon Ltd. Associated Clothing Company (Hong Kong) Ltd. 50 20Jefferson International Ltd. 48 55PT. Victory Apparel SemarangPT. Victory Apparel Semarang 13

38 32 1.04,488,000 12 16,072,000 14 35 491,000 29 14

108(A) 13.51B(1) 509 36 15

14A.383000 740 14A.38 14A.37 36 14A (i) (ii) (a) (b) (iii) (a) (b) (iv) 3.13 16

571 XV(i)XV7 8 (ii)352 (iii) 1 1 70.53% 0.01 317,552,000 (L) 2 0.47% 0.01 8,198,000 (L) 12,000,000 0.69% (L) 7 Victory City Overseas 700 21.22% Limited 1.00 (L) Sure Strategy 49 49.00% 1.00 (L) 3 5,350,000 1.19% (L) 4 5,350,000 1.19% (L) 4 49 49.00% 1.00 (L) 17

1 1 277,360 (L) 0.06% 3,512,080 (L) 0.78% 5 393,612,000 (L) 22.51% 5 1,200,000 0.07% (L) 8) 4,000,000 50.00% 1.00 (L) Victory City Overseas 1,300 39.39% Limited 1.00 (L) 309,000 (L) 0.07% 3,512,080 (L) 0.78% ( 6) 2,070,000 (L) 0.12% 393,612,000 (L) 22.51% ( 6) 1,200,000 0.07% (L) 8) 4,000,000 50.00% 1.00 (L) Victory City Overseas 1,300 39.39% Limited 1.00 (L) 18

1. L 2. Sure Strategy315,200,000 Merlotte2,352,000 Sure Strategy Victory City Investments Limited Merlotte 51% 49% Merlotte 3. Merlotte 4. 5,350,0005,350,000 0.60 5. Pearl Garden Pacific LimitedPearl Garden Pacific Limited Cornice Worldwide Limited Fiducia Suisse SA Cornice Worldwide Limited 6. Madian Star LimitedMadian Star Limited Yonice Limited Fiducia Suisse SA Yonice Limited 7. 12,000,000 12,000,000 0.782 8. 1,200,0001,200,000 0.782 XV(i) XV 7 8 (ii) 352 (iii) 19

336 XV 2 3 1 Sure Strategy 315,200,000 (L) 70.00% Victory City Investments Limited 2,448,000 (L) 0.55% 315,200,000 (L) 70.00% 2 3 317,648,000 (L) 70.55% Merlotte 2,352,000 (L) 0.53% 315,200,000 (L) 70.00% 2 4 317,552,000(L) 70.53% 58,341,000 (L) 12.96% 5 6 58,341,000 (L) 12.96% 1. L 2. Sure Strategy Sure StrategyVictory City Investments Limited Merlotte 51% 49% 3. Victory City Investments Limited 4. 5. 58,000,000 6. XV2 3 10% 336 20

32 32 32 21

49.1% 12.5% 44.4% 8.4% 15.3% 36 37. 22

A.2.1A.6.7 A.2.1 A.2.1 A.6.7 A.6.7 3.10(1) (2) 3.10A 11 13 23

(a) (b) (c) (d) (e) : (a) (b) (c) (d) ; (e) (f) 24

A.2.1 3.13 3.083.09 3.13 25

B.1.5 1,000,000 5 3,000,0013,500,000 1 13 26

(a) (b) (c) (d) 5/5 1/1 2/2 1/1 1/1 5/5 1/1 0/1 5/5 1/1 0/1 5/5 1/1 1/1 5/5 1/1 1/1 5/5 2/2 1/1 2/2 1/1 1/1 5/5 2/2 1/1 2/2 1/1 1/1 5/5 2/2 1/1 1/1 0/1 5/5 2/2 1/1 1/1 1/1 27

A.6.5 1,244,000 248,000 28

1.1 1.2 65 1.3 74 1.4 1.5 Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda 37-3919 1.6 1.2 21 1.7 18322 is-enquiries@hk.tricorglobal.com (852) 2980 1333 (852) 2861 1465 29

37-3919 enquiry@fordglory.com.hk (852) 2484 6688 (852) 2480 3232 www.fordglory.com.hk 1. 2 79802 (i) (ii) 1,000 2. 1 (a) (b) 100 3. (a) (b) 4. 30

32 100 90 31

7 937,075 1,071,162 (770,226) (899,018) 166,849 172,144 2,545 1,832 9 4,902 4,046 (40,584) (33,586) (114,517) (123,290) (2,759) (3,370) 16,436 17,776 10 (4,858) (10,507) 11 11,578 7,269 512 (845) 447 481 546 1,505 (364) 13,083 6,905 18,961 11,178 (7,383) (3,909) 11,578 7,269 20,464 10,799 (7,381) (3,894) 13,083 6,905 13 4.3 2.6 3.9 2.5 32

14 150,540 156,719 136,305 15 3,492 3,569 3,645 16 5,970 5,970 5,970 17 1,000 1,000 1,000 18 30 2,329 1,835 1,899 163,331 169,093 148,819 19 180,593 132,565 132,335 20 116,800 130,900 110,780 22 81,794 55,340 71,998 15 99 99 99 28 3,705 1,640 1,225 183 466 3,659 24 46,298 142,491 104,230 429,472 463,501 424,326 25 48,477 69,295 71,402 26 31,229 23,257 35,829 23 4,144 2,063 15,319 28 306 132 1,957 15,381 16,360 8,479 27 111,206 157,178 96,613 210,743 268,285 229,599 218,729 195,216 194,727 382,060 364,309 343,546 33

29 4,502 4,381 4,380 375,476 350,232 327,302 379,978 354,613 331,682 (1,718) 5,663 9,557 378,260 360,276 341,239 31 1,494 1,841 721 30 2,306 2,192 1,586 3,800 4,033 2,307 382,060 364,309 343,546 32 100 34

29 4,380 64,626 (22,325) 19,071 6,392 259,118 331,262 9,557 340,819 2 420 420 420 4,380 64,626 (22,325) 19,071 6,392 259,538 331,682 9,557 341,239 11,178 11,178 (3,909) 7,269 466 (845) (379) 15 (364) 466 10,333 10,799 (3,894) 6,905 1 94 (23) 72 72 12,060 12,060 12,060 (228) 228 4,381 64,720 (22,325) 30,880 6,858 270,099 354,613 5,663 360,276 18,961 18,961 (7,383) 11,578 991 512 1,503 2 1,505 991 19,473 20,464 (7,381) 13,083 12 (4,488) (4,488) (4,488) 121 12,340 (4,076) 8,385 8,385 1,004 1,004 1,004 (76) 76 4,502 77,060 (22,325) 27,732 7,849 285,160 379,978 (1,718) 378,260 35

16,436 17,776 20,753 18,675 1,009 356 1,834 1,600 (7,772) (3,935) 546 (84) (656) 2,759 3,370 1,004 12,060 99 99 444 441 37,028 49,786 (49,862) (1,830) 13,875 (19,898) (26,486) 16,424 (20,699) (2,605) 7,989 (9,191) (112) 415 2,081 (13,256) 5,881 1,695 (30,305) 21,540 (2,759) (2,990) (6,004) 1,181 (39,068) 19,731 973 7,651 84 656 (16,072) (46,563) (15,015) (38,256) 36

(3,500) (4,488) 8,385 72 (1,339) (1,297) (44,521) 78,840 (17,393) (41,963) 56,722 (96,046) 38,197 142,491 104,230 (147) 64 46,298 142,491 37

1. Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda 37-3919 Sure Strategy 2. 10 11 12 13 19 27 28 7 10 11 12 1 20 38

2. 10 11 12 2728 10 11 12 27 10 1027 1210 a) b)c) 10 1010 1010 11 11 31 1328 11 1111 31 31 39

2. 11 12 12 12 13 13 13 13 13 13 13 13 1313 13 6 28 13 40

2. 1 1 1 1 1 (a) (b) 19 19 19 10% 19 19 19 1931 41

2. 19 19 19 1,416 425 1,841 270,524 (425) 270,099 19 1,141 (420) 721 259,118 420 259,538 19 512 (845) 512 (845) 42

2. 10 1 12 27 11 6 16 6 38 19 2 9 9 3 7 32 1 36 1 39 1 4 2 9 3 14 5 15 6 1 21 1 2 3 9 4 5 6 3. 2 17 2 36 43

3. 44

3. 45

3. 46

3. 47

3. 48

3. 49

3. 50

3. 51

3. 52

3. 53

3. 4. 116,800,000 130,900,000878,000 878,000 180,593,000 132,565,000 45,687,000 22,322,000 28 54

5. 27 6. (a) 165,511 275,297 3,705 1,640 163,827 228,536 306 132 (b) 55

6. (b) (i) 27,023 23,981 5,829 10,025 20 1,558 1,392 468 2,197 7,501 3,858 2,359 1,880 56

6. (b) (i) 5% 5%5% 5% 5% 5% 2,570 4,272 28 5% 32,276,000 28,464,000 5%1,867,000 2,438,000 57

6. (b) (ii) 2525 2525 232,000 328,000 41%41% 58

6. (b) 25,290 23,187 48,477 48,477 4,144 4,144 4,144 2.45 111,206 111,206 111,206 140,640 23,187 163,827 163,827 (85) (166) (125) 682 306 306 59

6. (b) % 38,938 25,602 4,755 69,295 69,295 2,063 2,063 2,063 2.27 157,178 157,178 157,178 198,179 25,602 4,755 228,536 228,536 (262) (534) (1,151) 407 (1,540) (1,508) 111,206,000 157,178,000 5 60

6. (b) % 2.45 36,249 57,763 3,756 6,477 9,429 113,674 111,206 2.27 65,997 70,788 5,696 6,307 12,171 160,959 157,178 (c) 3,705,000 3 306,000 61

6. (c) 3,705 3,705 306 306 1,640 1,640 132 132 (478) (1,949) 2,427 1,508 1,508 (428) (5,453) 4,373 3,399 3,399 3,399,000 1,508,000 62

7. 936,916 1,066,826 159 4,336 937,075 1,071,162 8. 890,011 47,064 937,075 937,075 128,786 436,580 565,366 (565,366) 1,018,797 483,644 1,502,441 (565,366) 937,075 (3,341) 19,244 15,903 15,903 8,348 (5,056) (2,759) 16,436 63

8. 930,314 140,848 1,071,162 1,071,162 398,845 398,845 (398,845) 930,314 539,693 1,470,007 (398,845) 1,071,162 7,077 24,301 31,378 31,378 5,081 (15,313) (3,370) 17,776 64

8. 201,157 339,114 540,271 52,532 592,803 47,399 38,252 85,651 128,892 214,543 184,038 302,088 486,126 146,468 632,594 45,943 49,667 95,610 176,708 272,318 65

8. 1,360 14,712 16,072 16,072 3,873 16,880 20,753 20,753 99 99 99 1,834 1,834 1,834 7,231 39,332 46,563 46,563 3,704 14,971 18,675 18,675 99 99 99 1,600 1,600 1,600 66

8. 10,811 2,126 29,884 32,417 20,791 107,785 86,702 95,750 566,200 724,224 90 103 106,409 85,109 105,532 88,873 4,537 2,085 27,778 23,071 2,124 659 2,298 4,802 24,013 30,274 14,239 10,685 96,658 30,027 11 430 937,075 1,071,162 161,002 167,258 10% 103,359 182,010 117,091 134,109 99,989 7 67

9. 7,772 3,935 (1,009) (356) (1,315) 467 (546) 4,902 4,046 10. 3,101 3,988 (111) 36 2,990 4,024 1,653 5,563 (81) 1,572 5,563 621 258 66 687 258 30 (391) 662 4,858 10,507 68

10. 16.5% 25% 58/99/M 2 12 16,436 17,776 16.5% 2,712 2,933 2,730 4,275 (411) (593) (238) 3,855 2,804 (4,095) (57) 566 (126) 36 250 724 4,858 10,507 30 69

11. (i) 4,378 4,367 32 1,004 12,060 144,798 155,971 150,180 172,398 1,487 1,371 20,753 18,675 99 99 1,834 1,600 2,325 2,887 434 483 2,759 3,370 84 656 8,457,000 444,000 7,792,000 441,000 31 70

11. (i) 1,170 720 228 180 180 180 180 2,838 1,170 59 270 1,499 15 15 11 41 2,355 794 509 180 180 180 180 4,378 1,170 711 226 180 180 180 180 2,827 1,170 59 270 1,499 15 15 11 41 2,355 785 507 180 180 180 180 4,367 4,134 3,809 45 43 903 10,833 5,082 14,685 71

11. (i) 1,000,000 2 2 3,000,0013,500,000 1 12,500,00113,000,000 1 (i) (ii) 12. 1.04,488,000 13. 18,961 11,178 445,058,499 438,005,129 41,966,467 15,782,715 487,024,966 453,787,844 72

14. 80,917 26,865 19,105 6,814 73,536 207,237 426 94 60 8 212 800 27,430 4,273 9,972 936 3,952 46,563 (5,566) (91) (60) (764) (5,253) (11,734) 103,207 31,141 29,077 6,994 72,447 242,866 431 95 61 7 189 783 697 8,016 345 7,014 16,072 (133) (186) (507) (5,341) (6,167) 103,638 31,800 36,968 6,839 74,309 253,554 7,690 13,772 10,811 2,666 35,993 70,932 36 49 47 6 129 267 3,531 3,451 2,783 1,196 7,714 18,675 (167) (75) (40) (608) (2,837) (3,727) 11,090 17,197 13,601 3,260 40,999 86,147 59 61 55 4 120 299 4,619 3,502 3,892 1,149 7,591 20,753 (103) (148) (387) (3,547) (4,185) 15,768 20,657 17,400 4,026 45,163 103,014 87,870 11,143 19,568 2,813 29,146 150,540 92,117 13,944 15,476 3,734 31,448 156,719 73

14. 4% 15% 25% 5 10 20% 6 2 / 3% 25% 25,688 26,702 60,115 63,124 2,067 2,291 87,870 92,117 15. 3,591 3,668 99 99 3,492 3,569 3,591 3,668 74

16. 5,970 88 10%10% 17. 1,000 8 7 8 10%10% 75

18. 1,340 1,340 (1,340) (1,340) Gojifashion Inc. 50% 19. 81,868 73,309 49,936 40,206 48,789 19,050 180,593 132,565 20. 117,678 131,778 (878) (878) 116,800 130,900 30 150 76

20. 30 52,153 63,981 31 60 24,856 34,890 61 90 13,767 10,622 91 120 19,129 17,828 120 6,895 3,579 116,800 130,900 81 423 188 6,895,000 3,579,000 61 90 120 6,895 3,579 6,895 3,579 365 365 77

20. 878 878 878 878 21. 27 1,086 1,198 (1,086) (1,198) 32,581,000 26,260,000 22. 64,186 36,869 14,416 12,676 3,192 5,795 81,794 55,340 78

23. 4,144 2,063 30 4,144 2,063 31 60 61 90 4,144 2,063 4,144 2,061 24. 0.001% 2.65%0.001% 2.65%) 5,748 9,496 178 201 7,501 3,858 2,171 1,880 79

25. 60 41,087 61,471 61 90 6,314 6,108 90 1,076 1,716 48,477 69,295 3090 7,586 4,114 20 468 2,197 26. 31,229 23,257 80

27. 30,194 35,191 64,633 104,157 15,293 16,632 1,086 1,198 111,206 157,178 15,293 16,632 95,913 140,546 111,206 157,178 * 97,288 141,885 1,412 1,375 1,452 1,412 1,492 1,452 1,533 1,492 8,029 9,562 111,206 157,178 * 1.25%2.5% 1.25%2.50% 1.45% 2.80% 1.45% 2.80% 81

27. 15,293 17,806 28. 3,705 1,640 306 132 29. 0.01 900,000,000 9,000 438,000,000 4,380 120,000 1 438,120,000 4,381 12,142,000 121 450,262,000 4,502 82

30. 2,329 1,835 (2,306) (2,192) 23 (357) 755 (1,115) 673 313 331 (724) (269) (662) (8) (8) 1,086 (1,847) 404 (357) 335 (250) 306 391 (11) (11) 1,421 (2,108) 710 23 45,687,000 22,322,000 83

31. (i) 5%25,000 5% (ii) 84

31. (ii) 55 100% Padma Radya Aktuari 8.00% 5.50% 8.00% 8.00% 2011 2011 TMI3 TMI3 5%TMI3 5%TMI3 30 15% 30 15% 55 0% 55 0% TMI3 85

31. (ii) 358 362 86 79 444 441 (701) 849 189 (4) (512) 845 (68) 1,286 1,494 1,841 721 86

31. (ii) 1,841 721 358 362 86 79 (701) 849 189 (4) (279) (110) (56) 1,494 1,841 100 197,000240,000 1%245,000 204,000 87

32. 30% 10%10% 1% 211 (i) (ii) (iii) 88

32. 2.6.2010 5.10.2010-0.6 5.10.2012-5,350,000 5,350,000 5,350,000 4.10.2012 31.5.2020 2.6.2010 5.10.2010-0.6 5.10.2012-5,350,000 5,350,000 5,350,000 4.10.2012 31.5.2020 2.6.2010 5.10.2010-0.6 5.10.2012-21,000,000 21,000,000 21,000,000 i 4.10.2012 31.5.2020 27.4.2011 27.4.2011-0.844 27.4.2013-37,000,000 37,000,000 37,000,000 26.4.2013 26.4.2016 2.6.2010 5.10.2010-0.6 5.10.2012-8,850,000 (120,000) (650,000) 8,080,000 (7,630,000) (100,000) 350,000 ii 4.10.2012 31.5.2020 27.4.2011 27.4.2011-0.844 27.4.2013-5,465,000 (385,000) 5,080,000 (4,512,000) (103,000) 465,000 26.4.2013 26.4.2016 83,015,000 (120,000) (1,035,000) 81,860,000 (12,142,000) (203,000) 69,515,000 39,780,000 69,515,000 (i) (ii) (iii) 17.03(4) 57 1.43 (iv) 0.84442,920,000 0.844 1.10 0.81 1,004,000 12,060,000 89

33. 25,687,000 26,702,000 34. 11,050 9,118 10,094 10,763 25,283 12,780 35,377 23,543 90

35. 89,405 89,405 104,577 88,119 368 572 194,350 178,096 159 59 847 159 906 194,191 177,190 4,502 4,381 (a) 189,689 172,809 194,191 177,190 91

35. (a) (b)) 168,102 2,856 170,958 (10,281) (10,281) 72 72 12,060 12,060 (228) 228 180,006 (7,197) 172,809 12,100 12,100 (4,488) (4,488) 8,264 8,264 1,004 1,004 (76) 76 189,198 491 189,689 (b) 92

36. (i) (a) 49,115 79,889 (a) 5,071 753 3,678 3,713 492 489 (b) 98,133 94,856 (a) (b) 27,676,000 20,400,000 18,617,000 11,877,000 (ii) 23 (iii) 11 11 93

37. Sure Strategy LimitedMerlotte Victory City Investments Limited 320,000,000 0.01 71.07% Sure Strategy LimitedSure Strategy Limited Ford Glory Holdings Limited 270,000,000 (i) (ii) (iii)25 94

38. % % % % Ford Glory Holdings Limited 100 100 100 Ford Glory Inc. 0.01 51 51 5,000,000 100 100 3,000,000 100 100 100 100 1,000,000 Global Trend Investments Limited 1,100,000 100 100 100 70 70 Jerash Garments and Fashions 50,000 100 100 Manufacturing Company Limited 100 100 31,260,000 1 51 51 100 51 51 95

38. % % % % MT Studio Inc. 1 51 51 PT. Victory Apparel Semarang 300,000 100 100 100 70 70 5,000,000 70 70 Top Value Inc. 1,000 100 100 100 100 100,000 Victory Apparel (Jordan) 50,000 100 100 Manufacturing Company Limited 13 96

38. 38a. 49% 49% 955 610 11,403 10,448 Talent Partner 49% 49% (5,976) (2,713) (8,689) (2,713) (4,432) (2,072) (1,718) 5,663 97

38. 38a. 32,778 22,287 50 100 (9,558) (1,065) 11,867 10,874 11,403 10,448 113,899 111,075 (111,950) (109,829) 1,949 1,246 994 636 955 610 98

38. 38a. 994 636 955 610 1,949 1,246 (10) 569 (10) 569 Talent Partner Talent Partner 5,983 45,734 89 103 (23,804) (51,373) (9,043) (2,823) (8,689) (2,713) 69,221 149,343 (81,417) (154,879) (12,196) (5,536) (6,220) (2,823) (5,976) (2,713) 99

38. 38a. (6,220) (2,823) (5,976) (2,713) (12,196) (5,536) 3,076 (1,421) (6) (125) (28,856) 28,856 (25,786) 27,310 100

19/F, Ford Glory Plaza, 37-39 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong Kong