全面物流解決方案 先豐服務集團有限公司 : 00500 2014 年報

2 3 4-8 9-17 18-24 25-28 29-35 36-37 38 39 40-41 42 43 44 45-143 144

Erik D. Prince Gregg H. Smith William J. Fallon Harold O. Demuren William J. Fallon Erik D. Prince William J. Fallon Erik D. Prince William J. Fallon Kaplan & Stratton Clarendon House 2 Church Street Hamilton HM11 Bermuda 16 39 3902 MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM08 Bermuda 183 22 (852) 3766 1077 (852) 3007 0386 www.fsgroup.com www.irasia.com/listco/hk/frontier ir@fsgroup.com 2

284,624 16 25,820 27,676 310,444 27,692 295 1,796 2,852 295 4,648 310,739 32,340 138,973 18,259 201 4,434 139,174 22,693 (139,037) (170,293) 8,065 (12,102) (130,972) (182,395) (11.58) (14.93) 0.67 (1.06) (10.91) (15.99) 1,400,773 886,278 703,958 638,884 57 56 698,701 711,760 303 78 6.02 8.86 0.41 0.15 1.94 2.16 3

Harold O. Demuren William J. Fallon Demuren CAADemuren DemurenCAA Demuren Fallon CENTCOM PACOM Fallon Thoma 4

Charles Thompson Peter Phillips Thompson Hawke Aerospace Group Edgeview Partners, LLC Thompson20 Phillips25 6 59 Phillips 220 Phoenix Aviation Limited Phoenix Aviation Malta Limited ( PAM ) PAM 5

20 3.1 45% 6

7

Erik D. Prince 8

310,444 295 310,739 27,692 4,648 32,340 (171,471) (94) (171,565) (9,433) (214) (9,647) 138,973 201 139,174 18,259 4,434 22,693 (48,246) 2,147 (46,099) 4,434 7,359 11,793 (8,079) (258) (8,337) (4,799) (1,346) (6,145) (199,374) (4,052) (203,426) (71,981) (8,485) (80,466) (9,990) (78) (10,068) (23,086) (4,175) (27,261) (59,702) (59,702) (126,716) (2,040) (128,756) (136,875) (2,213) (139,088) (8,630) (8,630) (1,108) 9,577 8,469 (2,230) 13,863 11,633 (4,585) (4,585) (4,588) (4,588) (141,039) 7,537 (133,502) (143,693) 11,650 (132,043) 2,002 528 2,530 (26,600) (371) (26,971) (139,037) 8,065 (130,972) (170,293) 11,279 (159,014) (23,094) (23,094) (287) (287) (23,381) (23,381) (139,037) 8,065 (130,972) (170,293) (12,102) (182,395) 9

284,624 16 25,820 27,676 310,444 27,692 295 1,796 2,852 295 4,648 310,739 32,340 310,739,000 8.6 32,340,000 Phoenix Aviation Limited 5.1 70% 45% 10

19,405 17,858 605 894 866 1,203 91 1,506 (46,721) (7,837) (2,103) (20,270) (3,292) (10,248) 4,766 823 6,230 340 1,578 (46,099) 11,793 1.57 56,976,571 2.40 17,805,178 46,721,000 7,837,0002,103,000 20,270,000 3,292,00010,248,000 11

1.4 42,263,000 8,776 21,541 413 (1,269) 2,634 476 707 172 3,879 10,068 27,261 310,444 13,534 296,910 283,376 138,973 7,586 131,387 123,801 (126,716) (131,411) 4,695 136,106 (80,725) (27,975) (52,750) (45,991) (103,436) 57,445 160,881 12

13,534,000 296,910,000 7,586,000131,387,000 131,411,0004,695,000 80,725,000 (a) 42,263,000 (b)29,174,000 (c) 8,831,000 45,991,000103,436,000 57,445,000 65,895,00056,711,000 51,793,00010% 9,184,000 27,048,000 5,446,000 370 217,256,000 96,439,000 13

25,820,000 7% 4,055,000 68,598,000 20 14

115,477,828 32,395,000 303 78 1,400,773,000886,278,000 580,565,000130,612,000 116,250,000 116,782,000 703,958,000638,884,000 0.570.56 698,701,000 711,760,000 413,146,000 9,665,000 440,928,000 344,384,113116,477,828 338,000,000 15

14,000,000 108,493,000 4,055,000 413,146,000 16

Cheetah Logistics SARL 1,300,000 10,140,000 13,198,000 17

A.6.7 Erik D. Prince Gregg H. Smith William J. FallonHarold O. Demuren 18

3.13 3.13 William J. Fallon 19

Erik D. Prince William J. Fallon Erik D. Prince William J. FallonHarold O. Demuren Erik D. PrinceWilliam J. FallonHarold O. Demuren Erik D. PrinceWilliam J. Fallon 20

1 3 12 2 3 7 Erik D. Prince (i) 1/1 0/2 9/11 2/2 6/6 1/1 2/3 12/12 3/3 7/7 1/1 0/3 11/12 Gregg H. Smith 1/1 1/3 12/12 1/1 0/3 11/12 (ii) 0/1 1/1 (iii) 0/2 3/4 1/1 1/3 11/12 2/2 3/3 7/7 (iv) 1/1 0/1 8/8 1/1 1/1 4/4 William J. Fallon (v) 1/1 0/1 6/6 1/1 3/3 Harold O. Demuren (v) 1/1 0/1 6/6 (vi) 0/1 1/1 1/1 1/1 (vii) 2/2 5/6 1/1 3/3 4/4 (i) (ii) (iii) (iv) (v) (vi) (vii) Erik D. Prince William J. FallonHarold O. Demuren 21

A.6.5 Erik D. Prince Gregg H. Smith William J. Fallon Harold O. Demuren 36 37 1,538 1,219 2,757 22

15 23

7458 10% 5% 100 79 24

Erik D. Prince45 Prince Frontier Resource Group Prince Prince Presidential Airways 70 Prince Hillsdale College 63 TMT 56 Gregg H. Smith52 Smith CIT (MBA) Smith 25

40 69 62 Thoma Value Chain Innovation Initiative Pericom Semiconductor Corporation Synnex Corporation Esquel Enterprises Limited 26

William J. Fallon70 FallonCylance, Inc. CounterTack, Inc. NeurallQ Government Services, Inc. Fallon Tilwell Petroleum, LLC SM&A, Inc.Fallon Robert E. Wilhelm Fallon Fallon Harold O. Demuren69 Demuren Harold Demuren ConsultingDemuren 40 Demuren ( CAA ) Afrijet Airlines Evergreen Apple Nigeria CAA Demuren Kiev Institute of Aeronautical Engineers Peter C. Phillips48 Phillips 25 6 59 27

Charles H. Thompson43 Hawke Aerospace Group Edgeview Partners, LLC Thompson 20 Colby College 41 55 28

18 38 388,000 144 16 33 34 35 558,899,000 558,899,000 29

Erik D. Prince Gregg H. Smith William J. Fallon Harold O. Demuren 30

39 25 28 XV 352 Erik D. Prince 575,000 575,000 307,673,485 307,673,485 308,248,485 25.07% Prince (i) 2,040,816 280,753,290 282,794,106 22,790,628 22,790,628 305,584,734 24.85% (ii) (iii) (iv) Gregg H. Smith 11,545,000 11,545,000 11,545,000 0.94% 9,556,000 9,556,000 9,556,000 0.78% 1,400,000 1,400,000 1,400,000 0.11% (v) 1,400,000 1,400,000 1,400,000 0.11% (v) William J. Fallon 1,400,000 1,400,000 1,400,000 0.11% (v) Harold O. Demuren 1,400,000 1,400,000 1,400,000 0.11% (v) 31

(i) (ii) (iii) Prince 307,673,485 (a) (b) (c) First Gain International Limited First Gain International Limited 48,276,719 Rich Hill Capital Limited Rich Hill Capital Limited 175,500,000 56,976,571 (iv) (v) 22,790,628 34 352 34 336 5% 32

237,592,607 237,592,607 237,592,607 19.32% CITIC Investment (HK) Limited 237,592,607 237,592,607 237,592,607 19.32% (i) 237,592,607 237,592,607 237,592,607 19.32% (ii) 237,592,607 237,592,607 237,592,607 19.32% (iii) 237,592,607 237,592,607 237,592,607 19.32% (iv) Rich Hill Capital Limited 175,500,000 175,500,000 175,500,000 14.27% (viii) 56,976,571 56,976,571 22,790,628 22,790,628 79,767,199 6.49% (v) (viii) Gainhigh Holdings Limited 56,976,571 56,976,571 22,790,628 22,790,628 79,767,199 6.49% Gainhigh (vi) (viii) Insula Holdings Limited 56,976,571 56,976,571 22,790,628 22,790,628 79,767,199 6.49% Insula (vii) (viii) (i) (ii) (iii) (iv) (v) CITIC Investment (HK) Limited 237,592,607 CITIC Investment (HK) Limited 237,592,607 237,592,607 237,592,607 (a) (b) 56,976,571 22,790,628 (vi) (vii) (viii) Gainhigh Insula Gainhigh Gainhigh Rich Hill Capital Limited 33

336 82% 24% 70% 9% 65% 63%25% 22% 5% 39 A 39(a)(ii) 39(a)(ix) (i) (ii) (iii) 34

3000 740 14A.38 25% Erik D. Prince 35

38 143 90 36

37

6 310,444 27,692 (171,471) (9,433) 138,973 18,259 (48,246) 4,434 (8,079) (4,799) (199,374) (71,981) (9,990) (23,086) 15(b) (59,702) (126,716) (136,875) 7 (8,630) (1,108) (2,230) (4,585) (4,588) (141,039) (143,693) 8 2,002 (26,600) (139,037) (170,293) 9(b) 8,065 (12,102) 10 (130,972) (182,395) (138,505) (170,125) 8,065 (12,102) 35 (130,440) (182,227) (532) (168) (532) (168) (130,972) (182,395) 13 (11.58) (14.93) 0.67 (1.06) (10.91) (15.99) 38

(130,972) (182,395) (6,093) 19,212 24 27,420 21,327 19,212 (109,645) (163,183) (109,113) (163,015) (532) (168) (109,645) (163,183) (116,939) (154,282) 7,826 (8,733) (109,113) (163,015) 39

16 342,878 4,703 17 125,237 94,975 19 19,318 20 9,664 33,339 28 413,146 21 226 22 43,426 23 1,673 24 70,264 1,006,288 152,561 25 5,524 26 70,413 4,340 27 32,993 17,527 90 28 2,260 2,268 28 283,295 709,492 394,485 733,717 29 18,746 7,026 30 33,981 64,674 31 10,516 2,249 11,116 65,492 82,816 328,993 650,901 1,335,281 803,462 31 436,003 21 79,070 47,796 515,073 47,796 820,208 755,666 40

33 122,950 113,953 35 581,008 524,931 703,958 638,884 36 116,250 116,782 820,208 755,666 Erik D. Prince Gregg H. Smith 41

113,953 547,421 661,374 116,250 777,624 (182,227) (182,227) (168) (182,395) 19,212 19,212 19,212 19,212 19,212 19,212 (163,015) (163,015) (168) (163,183) 287 287 287 8,138 8,138 8,138 132,100 132,100 700 132,800 113,953 524,931 638,884 116,782 755,666 113,953 524,931 638,884 116,782 755,666 (130,440) (130,440) (532) (130,972) (6,093) (6,093) (6,093) 24 27,420 27,420 27,420 21,327 21,327 21,327 (109,113) (109,113) (532) (109,645) 33 5,698 83,756 89,454 89,454 33 3,299 23,756 27,055 27,055 (5,098) (5,098) (5,098) (5) (5) (5) 39(a)(viii) 20,518 20,518 20,518 42,263 42,263 42,263 122,950 581,008 703,958 116,250 820,208 42

37 (90,981) 76,798 (12,824) (2,008) (103,805) 74,790 16 (187,136) (1,007) 37 654 180 (97,839) (22,523) (37,703) 38,158 (8,169) 8 (2,268) 22 (9,335) 24 27,436 DBOSS 3,180 9,190 18,463 24 22 (4,349) 1,207 (288,785) 16,954 (10,811) (413,146) 27,055 372,295 (2,482) (27,089) (419,679) 91,744 709,492 600,993 (6,518) 16,755 28 283,295 709,492 43

16 413 18 446,400 512,075 19 24 70,153 516,966 512,075 27 1,367 522 28 51,376 8,307 52,743 8,829 30 8,851 36,343 8,851 36,343 43,892 (27,514) 560,858 484,561 33 122,950 113,953 35 437,908 370,608 560,858 484,561 Erik D. Prince Gregg H. Smith 44

1 16 39 3902 9 2 2.1 32 4 45

46 2 2.1 36 1336 1 16 38 16 41 19 27 9 10 28 10 12 28 11 14 15

2 2.1 622 3589 6229 2.2 2.2(b) (a) 47

2 2.2 (a) 39 2.8 (b) 48

2 2.2 (b) 2.8 2.11 2.8 49

2 2.2 (c) 2.3 2.4 (a) (b) 50

2 2.4 (c) (i) (ii) (iii) 51

2 2.5 45 45 2.5% 5% 10% 12.5% 38% 18% 20% 18% 32% 12.5% 32% 2.8 2.6 52

2 2.6 2.7 2.8 53

2 2.9 (a) i. ii. iii. 54

2 2.9 (b) (c) 55

2 2.10 (a) (i) (ii) (iii) (iv) (v) (vi) 56

2 2.10 (a) 2.13 (b) 2.9(a) 2.11 (a) 57

2 2.11 (b) (c) 2.12 2.13 58

2 2.14 2.15 2.16 2.17 59

2 2.18 2.19 (a) 60

2 2.19 (b) 61

2 2.19 (c) (d) 2.20 (a) (b) 62

2 2.21 (a) (b) (c) 63

2 2.21 (d) 2.22 2.23 (a) 64

2 2.23 (b) (c) 2.24 (a) (b) (c) 65

2 2.25 (a) (b) (c) (d) (e) (f) (g) (h) (i) (ii) (iii) (a) (a) 2.26 3 3.1 66

3 3.1 (a) i. 2% 1% 35,000213,000 11,184,0006,734,000 8% 15,361,000 7,157,000 67

3 3.1 (a) ii. 25 25 2,449,0001,642,000 2,449,0001,642,000 iii. 24 10% 7,015,000 iv. 68

3 3.1 (b) (c) 69

3 3.1 (c) 17,792 954 18,746 24,375 24,375 14,313 463,125 13,016 490,454 17,792 39,642 463,125 13,016 533,575 7,026 7,026 51,781 51,781 58,807 58,807 8,851 8,851 36,343 36,343 70

3 3.2 50% 50% 580,565 130,612 1,400,773 886,278 41% 15% 3.3 (a) (b) (c) 71

3 3.3 70,259,000 5,000 1,851,0008,081,000 4 72

4 4.1 2.2(c) 17 Frontier Services Limited FSL FSL 20%7,111,000 FSL 20%6,694,000 Phoenix Aviation Limited 10% 6,729,000 4.2 FSL Kijipwa Aviation Limited KAL 49% KAL KAL KAL 50% KAL 4.3 73

4 4.4 15 4.5 74

5 (i) (ii) (iii) (iv) (v) 9 75

5 284,624 25,820 310,444 295 295 310,739 7,572 151 838 8,561 193 193 8,754 727 727 727 74,279 (5,141) (68,598) (127,256) (126,716) (2,040) (2,040) (128,756) (8,630) (8,630) (8,630) (1,108) (1,108) 9,577 9,577 8,469 (4,585) (4,585) (4,585) (141,039) 7,537 (133,502) 2,002 528 2,530 (139,037) 8,065 (130,972) 1,256,371 10,744 86,717 46,941 1,400,773 1,400,773 9,664 9,664 9,664 534,002 9,520 9,046 27,997 580,565 580,565 195,058 349 1,064 196,471 196,471 17,243 24 174 17,441 1,964 1,964 19,405 76

5 16 27,676 27,692 1,796 2,852 4,648 32,340 2 143 1,290 1,435 428 428 1,863 (60,163) (3,235) (13,540) (59,937) (136,875) (8,331) (16,976) (25,307) (162,182) (2,230) (2,230) 13,863 13,863 11,633 (4,588) (4,588) (4,588) (143,693) (11,444) (155,137) (26,600) (658) (27,258) (170,293) (12,102) (182,395) 96,790 20,865 52,578 612,073 782,306 103,972 103,972 886,278 10,158 10,158 9,160 9,160 19,318 33,339 33,339 33,339 497 9,323 15,041 92,183 117,044 13,568 13,568 130,612 40 832 872 135 135 1,007 17,416 17,416 1,047 894 1,941 19,357 77

5 284,624 284,624 16 16 295 295 4,648 4,648 17,723 17,723 18,818 18,818 8,097 8,097 8,858 8,858 310,444 295 310,739 27,692 4,648 32,340 10% 217,256 1,353,832 274,205 46,941 612,073 1,400,773 886,278 78

5 510,077 510,077 96,001 96,001 11,393 11,393 45,577 9,642 55,219 1,280 1,280 1,002 1,002 128 128 113 113 522,878 522,878 142,693 9,642 152,335 6 284,624 284,624 16 16 25,820 25,820 27,676 27,676 2,852 2,852 295 295 1,796 1,796 310,444 295 310,739 27,692 4,648 32,340 79

7 5,020 980 859 1,839 6,859 1,771 8,630 8 10 10 (3,221) (3,221) 68 (371) (303) (436) 528 92 (66) (66) (3,657) 528 (3,129) 12 (371) (359) 5,659 5,659 (26,612) (287) (26,899) 2,002 528 2,530 (26,600) (658) (27,258) 80

8 16.5% 16.5% 25% 25% 10% 10% 3,840,000 26,612,000 30% 30% 10% 10% 81

8 (141,039) (143,693) 7,537 (11,444) (133,502) (155,137) 29,284 24,433 11,155 3,430 (30,279) (17,354) 582 755 (13,695) (11,854) 1,551 3,840 (26,612) 92 (56) 2,530 (27,258) 82

9 (a) (I) Crystal Cube Limited 100% (II) 21 Sinofocus Media (Holdings) Limited SMHL 97,000,000 (III) 5 83

9 (b) 5 6) 295 295 1,796 2,852 4,648 (94) (94) (214) (214) 201 201 1,582 2,852 4,434 2,147 2,147 4,093 3,266 7,359 (258) (258) (1,346) (1,346) (4,052) (4,052) (8,485) (8,485) (i) (78) (78) (4,175) (4,175) (2,040) (2,040) (8,331) 6,118 (2,213) 9,577 9,577 13,863 13,863 8 528 528 (252) (119) (371) 8,065 8,065 5,280 5,999 11,279 24 (23,094) (23,094) 8 (287) (287) (23,381) (23,381) 8,065 8,065 5,280 (17,382) (12,102) 8,065 8,065 5,280 (17,382) (12,102) 8,065 8,065 5,280 (17,382) (12,102) 84

9 (b) (i) 23 23 (2,887) (2,887) 764 764 55 55 (c) (3,688) (3,688) 114,208 114,208 20,188 20,188 1,637 1,637 (848) (848) (44,153) (44,153) 15,652 15,652 71,692 71,692 9(b) 85

9 (c) 16 7 18,637 200 101,400 (3,706) (19,156) 97,382 (4,437) 4,055 97,000 97,000 97,000 (101,400) (4,400) 86

10 (i) (i) 162,310 15 9,161 9,418 94 214 16 8,754 1,863 23 20 1,538 1,310 1,219 559 11 141,132 60,231 9,510 6,246 4,911 204 579 235 45,880 2,990 1,069 24 23,094 8,776 21,541 37 476 26 23 (2,887) 2,634 390 1,618 17 707 (19,405) (17,858) (605) (894) (4,766) (823) 37 (91) (471) (866) (1,203) (1,506) 24(i) 46,721 19 7,837 2,103 20 20,270 3,292 10,248 30(ii) (6,230) (340) (1,107) 87

10 (i) 11 91,100 47,994 42,263 7,924 1,227 1,321 1,544 1,360 135 101 4,863 1,531 141,132 60,231 88

11 (a) (i) Erik D. Prince (ii) 912 34,673 1,081 36,666 120 120 Gregg H. Smith 3,504 11,283 121 3,672 411 18,991 (iii) (iv) 311 5,740 12 14 6,077 1,560 5,740 50 104 7,454 (v) 39 39 (vi) 12 12 443 460 903 (vii) 419 460 879 William J. Fallon (viii) 396 460 856 Harold O. Demuren (viii) 396 460 856 1,825 6,287 22,763 183 40,185 1,610 72,853 (i) 120 1,600 1,720 Gregg H. Smith 366 11,629 414 116 12,525 1,356 5,000 45 2,503 54 8,958 1,556 1,600 76 2,503 51 5,786 144 144 144 144 144 144 552 3,278 19,829 121 5,420 221 29,421 89

11 (a) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) Erik D. Prince Prince William J. Fallon Harold O. Demuren (b) 2,699 2,488 1,958 1,643 460 536 31 51 5,148 4,718 2,000,001 2,500,000 1 2,500,001 3,000,000 1 5,000,001 5,500,000 1 90

12 130,413,00063,319,000 13 36 1,195,704,316 1,139,531,432 (138,505) (170,125) 8,065 (12,102) (130,440) (182,227) 91

14 15 (a) FSL 14,000,000 108,493,000 FSG Aviation Limited 6,000,000 46,497,000 92

15 (a) 108,493 39(a)(iv) 3,881 4,895 8,776 (108,493) 10,654 (97,839) 165,204 24,238 31,808 1,747 126 (i) 31,742 5,662 10,654 (50,560) (80,780) (38,077) 101,764 (ii) 6,729 108,493 93

15 (a) (i) 31,742,000 29,807,000 (ii) 6,729,000 101,764,000 (iii) 65,895,000 5,446,000 162,427,000 8,579,000 (b) FSL Frontier Management Holdings Limited FMHL Prince FSL 100% 3,000,000 23,256,000 0.73205,115,657 FSL 94

15 (b) FSL FSL 23,256 (i) 132,100 155,356 39(a)(iv) 20,518 1,023 21,541 (23,256) 272 (22,984) 1,026 226 (ii) 213 272 (358) 1,379 (iii) (700) (iv) 94,975 95,654 (i) 59,702 155,356 95

15 (b) FSL (i) FMHL 0.73205,115,657 132,100,000 59,702,000 PrinceFSL FSL 34 (ii) 213,000 157,000 (iii) (iv) 94,975,000 1,379,000 (v) 16,000 60,163,000 59,702,000 728,00064,117,000 96

16 (i) (ii) 2,329 5,436 5,802 930 14,497 (2,169) (1,914) (4,811) (493) (9,387) 160 3,522 991 437 5,110 160 3,522 991 437 5,110 519 473 15 1,007 311 659 21 27 8 1,026 (50) (463) (143) (656) (8) (8) 10 (324) (931) (456) (152) (1,863) (2) 81 6 2 87 664 659 21 2,622 570 167 4,703 3,186 659 21 5,337 4,076 468 13,747 (2,522) (2,715) (3,506) (301) (9,044) 664 659 21 2,622 570 167 4,703 664 659 21 2,622 570 167 4,703 3,042 178,453 256 1,248 2,961 1,176 187,136 15 3,383 158,185 1,693 1,245 475 223 165,204 37 (534) (29) (563) (4) (3) (7) 10 (572) (6,079) (424) (953) (442) (284) (8,754) (183) (4,490) (13) (37) (84) (34) (4,841) 6,334 326,728 1,533 3,587 3,448 1,248 342,878 9,448 332,713 2,002 5,291 7,062 1,850 358,366 (3,114) (5,985) (469) (1,704) (3,614) (602) (15,488) 6,334 326,728 1,533 3,587 3,448 1,248 342,878 97

16 414 414 (414) (414) 414 414 (414) (414) 531 531 (118) (118) 413 413 531 414 945 (118) (414) (532) 413 413 (i) 10,880,000 (ii) 92,363 (2,804) 89,559 98

17 (i) (iii) (i) 94,975 94,975 94,975 94,975 94,975 94,975 15 6,729 24,238 30,967 94,975 94,975 10 (707) (707) 2 2 101,704 23,533 125,237 94,975 94,975 101,704 24,240 125,944 94,975 94,975 (707) (707) 101,704 23,533 125,237 94,975 94,975 99

17 (i) FSL FSL 3% 3% 18% 18% 7% 7% 3% 18% 12.8% 4% (ii) FSL (iii) 100

18 225,151 229,312 (67,716) (73,418) 157,435 155,894 371,679 560,933 (82,714) (204,752) 288,965 356,181 446,400 512,075 5,702,000 133,588,000 11,550,000 101

18 Frontier Services Limited 1,000 100% FSG Aviation Limited 1 100% Phoenix Aviation Limited 550,488,000 100% Frontier Logistics 50,000 100% Consultancy DMCC Frontier Services Group 10,000 100% East Africa Limited Kijipwa Aviation Limited 7,496,900 49% 4.2 Phoenix Aviation Malta 1,500 100% Limited * 100,000,000 100% 102

18 DVN (Group) Limited 10 100% 15,000,000 5,000,000 100% * 10,000,000 100% 40,000,000 100% Dynamic Network Limited 1 100% 10,000 100% Telequote Network 2 100% (Singapore) Pte Limited * 103

19 19,318 8,019 8,469 11,633 10 (7,837) (18,637) (461) (1,202) (111) 127 19,318 14,200 14,200 (14,200) (14,200) 30,000,000 50% # # 14,200,000 104

19 33.3% 10% 20 7,837,000 20 33,339 41,230 (4,585) (4,588) 1,202 10 (20,270) (3,292) (22) (11) 9,664 33,339 105

20 1,818,100 45% 125 20% * 17,300,000 20% 10,000,000 10%^ 19 63,800,000 10%^ * ^ 20% 20,270,000 106

20 40% 35% 45% 10%30 (11,265) (15,456) (4,585) (4,588) (22) (11) (4,607) (4,599) 107

21 226 (79,070) (47,796) (79,070) (47,570) 342 96 342 96 1,778 226 1,439 18 3,235 226 (2,004) 20 648 (1,356) 20 (116) (116) (44) (22) (66) 342 1,395 644 2,039 342 (i) 138,192,000 172,996,000 24,939,000 31,161,000 22,231,000 2,167,000 108

21 143 143 27,008 6,118 20,761 20,128 47,912 26,389 34,041 7,271 41,312 (2,963) (3,840) 26,612 (212) 307 (7,015) 26,919 (116) (116) (6,594) (6,594) (865) (54) 396 6 169 (71) 633 (984) 1,198 30,240 143 23,114 27,008 7,065 20,690 20,761 81,109 47,912 231,141,000 266,124,000 23,114,00027,008,000 118,825,000 64,791,000 11,883,000 5,520,000 109

22 15 31,808 31,808 3,350 9,335 12,685 (1,068) 1 (1,067) 34,090 9,336 43,426 110

23 15 1,747 10 (20) (54) 1,673 1,693 (20) 1,673 45 111

24 (i) (ii) (iii) (iv) 48,944 48,944 (i) 42,733 42,733 15 121 5 126 9(b) 10 (23,094) (23,094) 35 27,420 27,420 (27,436) (27,436) (22) (22) 894 894 7 7 692 692 70,153 106 5 70,264 42,733 35 27,420 70,153 112

24 (i) 1.57 56,976,571 33 2.40 17,805,178 46,721,000 10 70,153,000 (ii) (iii) (iv) 23,094,000 25 5,524 26 70,413 4,340 70,413 4,340 113

26 30 30 48,722 48 31 60 10,053 1,446 61 90 5,140 90 6,498 2,846 70,413 4,340 70,413 4,340 21,236,000 2,846,000 30 10,053 31 60 5,140 60 6,043 2,846 21,236 2,846 114

26 37,793 29,521 1,824 47 820 455 4,293 70,413 4,340 3,259 23 (2,887) (426) (23) 54 23,000 2,887,000 115

27 8,682 1,876 1,042 6 3,392 6,901 6,960 6,614 5,296 325 516 10,215 581 3 32,993 17,527 1,367 522 12,043 (i) 2,493 11,866 177 14,536 12,043 (i) 2,103,000 116

28 31 413,146 2,260 2,268 149,008 496,043 51,376 3,307 134,287 213,449 5,000 283,295 709,492 51,376 8,307 698,701 711,760 51,376 8,307 694,538 711,569 51,376 8,307 (i) (ii) 60,968 21,531 50,994 7,353 27,352 3,568 382 954 58,654 2,702 546,663 685,194 2,362 1,467 698,701 711,760 51,376 8,307 (iii) (iv) 117

29 30 13,811 312 31 60 1,476 61 90 256 90 3,203 6,714 18,746 7,026 (i) 7,356 6,506 4,121 763 312 6,714 18,746 7,026 (ii) 118

30 (i) 7,195 7,193 (ii) 1,851 8,081 7,295 7,945 952 955 16,688 19,982 8,851 15,825 (iii) 20,518 20,518 33,981 64,674 8,851 36,343 (i) 900,000 6,962,000 900,000 6,960,000 30,000 233,000 30,000 233,000 (ii) 8,081 7,800 10 (6,230) 281 1,851 8,081 (iii) 0.80 22,790,628 35 119

31 372,295 67,782 440,077 (4,074) 436,003 10,516 10,516 446,519 (a) 221,063 151,232 372,295 (4,074) 368,221 2.2% 3.0% 325,919,000 413,146,00028 120

31 (b) 94,802 (16,504) 78,298 (10,516) 67,782 10,516 11,159 44,118 12,505 78,298 3.37% 7.65% 89,559,000 121

31 (c) 2.46% 3.65% 3.42% 7.76% 32 26 70,413 4,340 27 12,918 5,268 1,042 6 28 698,701 711,760 51,376 8,307 782,032 721,368 52,418 8,313 24 70,264 70,153 852,296 721,368 122,571 8,313 29 18,746 7,026 22,524 43,700 8,851 36,343 31 446,519 487,789 50,726 8,851 36,343 30 1,851 8,081 489,640 58,807 8,851 36,343 122

33 0.10 3,000,000,000 300,000 1,139,531,432 113,953 24 56,976,571 5,698 34 32,995,000 3,299 1,229,503,003 122,950 34 (a) 10 (i) (ii) (iii) 123

34 (a) 1 1% 115,477,828 119,650,800 10% 106,730,800 10/01/2014 34,185,942 1.50 10/01/2015 10/01/2014 0.5646 1.154% 0% 48% 1.49 10/01/2014 09/01/2018 09/01/2018 10/01/2014 34,185,943 1.50 10/01/2016 10/01/2014 0.5691 1.154% 0% 48% 1.49 10/01/2014 09/01/2018 09/01/2018 10/01/2014 34,185,943 1.50 10/01/2017 10/01/2014 0.5730 1.154% 0% 48% 1.49 10/01/2014 09/01/2018 09/01/2018 08/04/2014 9,800,000 0.97 08/04/2015 08/04/2014 0.4475 1.613% 0% 59% 0.89 08/04/2014 07/04/2020 07/04/2020 18/09/2014 1,560,000 1.53 18/09/2015 18/09/2014 0.8082 1.650% 0% 63% 1.51 18/09/2014 17/09/2020 17/09/2020 24/09/2014 1,560,000 1.53 18/09/2015 24/09/2014 0.7774 1.560% 0% 61% 1.51 24/09/2014 17/09/2020 17/09/2020 124

34 (a) 1.99 1,000,000 1.99 1,000,000 0.82 32,995,000 1.46 115,477,828 0.82 32,995,000 0.82 (32,995,000) 1.46 115,477,828 0.82 32,995,000 116,477,828 33,995,000 116,477,828 33,995,000 1,000,000 22,600,000 0.82 32,995,000 125

34 (a) 1.99 1,000,000 1,000,000 1.50 102,557,828 0.82 32,995,000 0.97 9,800,000 1.53 3,120,000 115,477,828 32,995,000 126

34 (a) 1.99 500,000 500,000 1.99 500,000 500,000 0.82 (i) 7,000,000 (7,000,000) 7,000,000 (7,000,000) 1.10 7,000,000 (7,000,000) 1.22 600,000 (7,600,000) 7,000,000 1.10 21,600,000 (21,600,000) 0.82 Gregg H. Smith 11,395,000 (11,395,000) 1.10 127

34 (a) 1.50 Prince 34,185,942 34,185,942 1.50 Prince 34,185,943 34,185,943 1.50 Prince 34,185,943 34,185,943 0.97 1,400,000 1,400,000 1,400,000 1,400,000 William J. Fallon 1,400,000 1,400,000 Harold O. Demuren 1,400,000 1,400,000 4,200,000 4,200,000 9,800,000 9,800,000 128

34 (a) 1.53 1,560,000 1,560,000 1.53 1,560,000 1,560,000 (i) 129

34 (b) Prince (i) 205,115,657 205,115,657 (ii) 22,790,628 22,790,628 205,115,657 22,790,628 227,906,285 (i) 205,115,657 0.73 (ii) 0.8022,790,628 0.9003 22,790,628 0.80 0.67% 0% 51% 1.57 205,115,657 130

35 (i) (ii) (iii) (iv) (v) (vi) (vii) 1,724 628,235 46,165 12,801 (287) 879 (142,096) 547,421 (182,227) (182,227) 19,212 19,212 287 287 8,138 8,138 132,100 132,100 3,040 (3,040) 1,724 628,235 65,377 15,841 132,100 9,017 (327,363) 524,931 1,724 628,235 65,377 15,841 132,100 9,017 (327,363) 524,931 (130,440) (130,440) (6,093) (6,093) 24 27,420 27,420 (5,098) (5,098) (5) (5) 83,756 83,756 20,518 20,518 42,263 42,263 23,756 23,756 11,811 (11,811) 16,392 (16,392) 121,047 628,235 54,181 32,233 180,038 39,469 (474,195) 581,008 131

35 (i) (ii) (vi) (vii) 1,724 558,899 879 (267,813) 293,689 (63,319) (63,319) 8,138 8,138 132,100 132,100 1,724 558,899 132,100 9,017 (331,132) 370,608 1,724 558,899 132,100 9,017 (331,132) 370,608 (130,413) (130,413) 24 27,420 27,420 83,756 83,756 20,518 20,518 42,263 42,263 23,756 23,756 11,811 (11,811) 121,047 558,899 180,038 39,469 (461,545) 437,908 132

35 (i) (ii) (iii) 2.4 (iv) 10% 50% (v) (vi) (a) FSL (b) 0.80 22,790,628 (vii) 2.19(b) 36 15,000,000116,250,000 DVN (Group) Limited 31,250,000 3.72 20 10 133

37 ( ) (139,037) (170,293) 8,065 (12,102) (130,972) (182,395) (2,530) 27,258 8,630 8,754 1,863 727 42,263 8,138 23,094 46,721 413 8,979 (i) (91) 476 (4,766) (823) 20,270 3,292 7,837 2,103 (6,230) 59,702 (19,405) (19,357) (8,469) (11,633) 4,585 4,588 138 (45,648) 154,988 (21,138) (2,479) 5,827 1,107 (90,981) 76,798 134

37 (i) 16 563 656 10 91 (476) 654 180 (ii) 1.57 56,976,571 35 2.40 17,805,178 24 0.80 22,790,628 22,790,62830 38 (a) 13,198 135

38 (b) 6 35 1,552 11,056 394 13,002 136

38 (c) 353 353 8,859 1,996 1,116 8,995 1,153 837 4,581 22,435 3,149 1,953 183 235 9,212 2,414 1,116 8,995 1,153 837 4,581 22,788 3,567 1,953 (d) 137

39 (a) (i) 323 137 (ii) 3,984 (iii) 2,466 (iv) 3,881 20,518 3,881 20,518 480 138

39 (a) (v) 1,793 (vi) 4 (vi) 293 (vii) 89,454 89,454 (vii) 42,733 42,733 (viii) 20,518 20,518 1,544 605 1,506 139

39 (a) (i) KAL Bridgeporth Holdings Limited Prince 42,000 323,000 (ii) FSL Frontier Opportunities Limited FOL Prince FOL FSL FOL 514,000 3,984,000 (iii) Mwongozo East Africa Limited Mwongozo KAL Mwongozo 26,500 206,000 Mwongozo 318,000 2,466,000 (iv) 500,000 3,881,000 3,881,000 (v) A.C.L. Aviation Limited ACL ACL 45,500 358,600 ACL 227,500 1,793,000 140

39 (a) (vi) Quadco Two Hundred and Seventy Seven Limited Quadco Phoenix House Quadco 35 (i) 104,300 9,000 (ii) 135,590 12,000 (iii) 176,267 16,000 Quadco Phoenix House (i) 72,000 558,000 (ii) 75,600 586,000 (iii) 79,380 616,000 Quadco Quadco 43,000 4,000 38,000 293,000 (vii) (viii) (ix) 1.57 56,976,571 2.40 17,805,178 46,721,000 FSL 0.80 22,790,62820,518,000 (x) iix 14A 141

39 (b) 39,667 23,880 329 121 40,994 5,420 80,990 29,421 (c) 27 66 662 352 142

39 (d) 3,392 6,901 6,960 185 1,551 20,518 1,551 6,962 15,044 970 1,424 40 Cheetah Logistics SARL 1,300,000 10,140,000 143

310,739 32,340 303,145 567,724 787,710 (133,502) (155,137) (185,371) (130,218) 76,605 2,530 (27,258) (29,353) 12,373 (34,869) 532 168 52 124 (130,440) (182,227) (214,672) (117,721) 41,736 342,878 4,703 5,110 19,120 18,182 125,237 94,975 413,146 70,264 10,680 51,694 139,429 32,852 37,233 9,664 52,657 49,249 97,386 60,383 45,099 226 110,970 141,125 328,993 650,901 738,878 841,644 861,294 1,335,281 803,462 803,917 1,153,666 1,257,646 (515,073) (47,796) (26,293) (24,190) (37,125) 820,208 755,666 777,624 1,129,476 1,220,521 703,958 638,884 661,374 1,011,535 1,102,763 116,250 116,782 116,250 117,941 117,758 820,208 755,666 777,624 1,129,476 1,220,521 144