2014

2 3 5 14 17 22 30 39 41 42 44 45 47 49 130

11 31 Clarendon House 2 Church Street Hamilton HM 11 Bermuda Codan Services Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda 183 22 88 1 15 1512 00346 www.yanchangpetroleum.com 2

2014 150 2104 197 260 2014 Novus Energy Inc. Novus Novus Novus 2014 Novus4,251 6%1.27% 2,43464% 2014 12 31 Novus 2P2,239 3% 669 Novus 2014 Flaxcombe12.6563 750 610 1.3 2015 3

Novus Novus 2014 2604119% 17221 14%6,119 95% 2015 2014 BGP 2104 197 9 2,313 3113 3113 470 BGP 2015 Office Des Mines Nationales Et Des Industries StrategiquesOMNIS 2015 11 2015 Novus 4

% 22,346,997 19,354,899 15% 20,429 16,365 25% (21,385,786) (19,202,100) 11% (88,022) (111,985) (4,163) (48,839) (2,171) 2,150% (127,069) (61,733) 106% (300,158) (6,370) 4,612% (4,878,047) 1,226 (45,038) (22,008) 105% (36,744) (25,274) 45% (4,658,425) 52,834 (39.08) 0.38 (i) (ii) 5

2014 1 20Novus Novus2014 Novus150 816,425,000 163,821,000 201421,530,572,00019,354,899,000 11% 26076,614,000 20,429,00016,365,000 4,064,000 19,202,100,00021,385,786,000 Novus Novus 88,022,000 6

Novus 111,985,000 4,163,000 Novus 2,171,00048,839,000Novus 45,859,000 65,336,000 Novus Novus 6,370,000 300,158,000 Novus (i) 4,921,058,000 2,371,000(ii) 25,563,000(iii) 1,099,000(iv) 15,156,000(v) 2,144,000 (vi) Novus1,420,000 7

45,038,000(i) Novus 36,367,000 (ii) Novus 3,205,000 (iii)novus16 5,466,000 (i) Novus 13,075,000(ii) 25,837,000 (iii) 2,168,000 4,921,058,000 51,981,000 2014 210,652,000201352,834,0003 8

% 2,927,654 171,102 1,611% 19,935 20,962 (5%) 29,663 29,099 2% 78,543 293,120 (73%) 4,165,163 8,584,612 (51%) 196,072 51,418 51,418 0% 60,859 28,106 117% 209,399 151,795 130,790 16% 18,687 575,602 848,460 (32%) 474,057 153,197 209% 928,118 320,000 190% 111,227 Novus Novus (i)(ii) 78,543,000 214,577,000 9

(i) 2104 3113(ii)2104 3113 (iii) Novus 2104 3113 4,517,062,000 Gold Grand Investment LimitedGold Grand21% Gold Grand 70%51,418,000 Novus 3113 3113 Novus 10

575,602,000 848,460,000 272,858,000 320,860,000Novus Novus Novus 1,018,410 1,007,356 8,290,786 10,353,741 1,402,175 481,831 1,704,876 567,391 6,585,910 9,786,350 25.9% 5.8% 72.6% 209.1% 11

160,000,000199,664,000 Novus 109,050,000 728,454,000 928,118,000 320,000,000 1,300,000,000 1,622,270,000 130,000,000 868,400,000 575,602,000 848,460,000 25.9% 5.8% 72.6% 209.1% Novus Novus Novus NovusNovus 232,450,000 1,643,492,000 0.4 1,600,000,000 Novus Novus 12

Novus1,600,000,0000.4 4,000,000,000 Gold Grand 21% 24,991,000 79,344,000 1,974,000 Novus130,000,000 200,000,000 Novus 13290 42,637,000 12,830,000 13

18 A. Society of Petroleum Evaluation Engineers (Calgary Chapter) Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society) Canadian Oil and Gas Evaluation Handbook COGEHCOGEH National Instrument 51-101 a. 90% b. 50% Sproule Associates Limited 14

A. Mbbl MMcf Mboe Novus 12,115.2 13,552.8 14,374.0 1,447.2 1,255.0 1,656.4 (1,284.6) (1,203.8) (1,485.2) 7.2 520.0 93.8 12,285.0 14,124.0 14,639.0 Mbbl MMcf Mboe Novus 6,268.6 6,247.0 7,309.8 1,491.0 781.0 1,621.2 (1,291.8) 647.0 (1,184.0) 6,467.8 7,675.0 7,747.0 Mbbl MMcf Mboe Novus 18,383.8 19,799.8 21,683.8 2,938.2 2,036.0 3,277.6 (1,284.6) (1,203.8) (1,485.2) (1,284.6) 1,167.0 (1,090.2) 18,752.8 21,799.0 22,386.0 1. 6 2. 3. boe= bbl= Mbbl= Mcf= MMcf= 15

B. 5,400 2104 197 105 105 3,712 bbl 3,260 mcf C. 16,805 32,449 49,254 650,692 650,692 111,985 111,985 16

49 SH.600248 (EMBA) Yanchang International (Canada) LimitedYC CanadaNovus 49 SH.600753 YC Canada Novus YC Canada Novus 35,000 36,000 17

41 (CFA) SWIFTTRADE 61 17 11911 9 58 18

42 50 45 19

40 University of Wollongong 61 57 20

51 YC Canada Novus 21

25 7 4144 22,346,997 19,354,899 7,572,880 512,210 1,020,769 (4,621,681) 78,108 (75,468) (138,823) 25,335 (36,744) (25,274) (1,785) (5,465) (2,322) (4,658,425) 52,834 (77,253) (144,288) 23,013 (4,634,817) 30,920 (77,656) (149,335) 23,013 (23,608) 21,914 403 5,047 (4,658,425) 52,834 (77,253) (144,288) 23,013 22

7,272,376 9,346,385 9,303,904 9,193,510 8,534,034 1,018,410 1,007,356 975,623 216,528 331,854 8,290,786 10,353,741 10,279,527 9,410,038 8,865,888 (1,402,175) (481,831) (491,922) (358,251) (104,521) (302,701) (85,560) (84,881) (85,425) (1,345) (1,704,876) (567,391) (576,803) (443,676) (105,866) 6,585,910 9,786,350 9,702,724 8,966,362 8,760,022 18 20 32 33 23

4,098,772,000 54,045,000 6,400,774,000 (1) 85%45% (2) 91%29% 5% 5% 44 39 57 24

86(2) 87(1) 3.13 1720 25

11 44 XV 352 300,000 0.002% 600,000 0.005% 300,000230,00070,00070,000 26

32 336 6,496,729,547 53.49% 6,496,729,547 53.49% 6,496,729,547 5% 27

44 (1) 18,000,000,000 22,537,800,000 (2) (a)(b) (c) 3000 740 14A.38 10 28

30 38 25% 29

14 1. A.4.1 A.4.1 2. A.4.2 3. A.6.7 4. E.1.2 10 30

(a) (b) 3.10(1) 3.10(2) 3.13 31

(i) (ii)(iii) (iv) (3) 14 32

(i) (ii)14a 33

B.1.2(c)(ii) 34

6/10 10/10 10/10 2/2 2/2 0/10 1/10 0/3 0/3 0/7 5/7 6/10 2/2 2/2 6/10 2/2 2/2 6/10 2/2 2/2 2/2 6/10 35

1,511,0001,500,00011,000 21 39 40 (1) ( ) (21) 74(3) 36

(2) 88 1 15 1512 3528 5228 3528 5238 info@yanchangpetroleum.com (3) 88 13.51(2) 37

(www.yanchangpetroleum.com) 20 13.39(4) 38

11 31 41129 90 39

3 4,658,425,000 383,765,000 3 P05895 40

8 22,346,997 19,354,899 8 20,429 16,365 22,367,426 19,371,264 (21,385,786) (19,202,100) (88,022) (111,985) (4,163) (48,839) (2,171) (127,069) (61,733) (300,158) (6,370) 9 (4,878,047) 1,226 (26,944,069) (19,271,148) 10 (4,576,643) 100,116 13 (45,038) (22,008) (4,621,681) 78,108 14 (36,744) (25,274) (4,658,425) 52,834 (142,179) 9,630 (142,179) 9,630 (4,800,604) 62,464 (4,634,817) 30,920 (23,608) 21,914 (4,658,425) 52,834 (4,773,595) 37,667 (27,009) 24,797 (4,800,604) 62,464 17 (39.08) 0.38 (39.08) 0.38 41

18 2,927,654 171,102 19 19,935 20,962 20 29,663 29,099 21 78,543 293,120 22 4,165,163 8,584,612 23 196,072 24 51,418 51,418 7,272,376 9,346,385 27 60,859 28,106 28 209,399 29 151,795 130,790 30 18,687 2,068 31 575,602 848,460 1,018,410 1,007,356 8,290,786 10,353,741 32 242,911 162,911 33 6,236,050 9,483,765 6,478,961 9,646,676 106,949 139,674 6,585,910 9,786,350 42

34 474,057 153,197 8,634 35 928,118 320,000 1,402,175 481,831 36 111,227 37 191,474 85,560 302,701 85,560 1,704,876 567,391 8,290,786 10,353,741 (383,765) 525,525 6,888,611 9,871,910 43

25 6,173,933 6,339,900 18 156 98 6,174,089 6,339,998 492 1,400 244,323 442,625 244,815 444,025 6,418,904 6,784,023 32 242,911 162,911 33 5,861,831 6,299,610 6,104,742 6,462,521 25 311,089 311,094 3,073 10,408 314,162 321,502 314,162 321,502 6,418,904 6,784,023 (69,347) 122,523 6,104,742 6,462,521 44

i ii iii iv v vi 162,911 6,639,269 3,156 10,453 385,259 2,285,265 159,246 836 (38,927) 9,444,557 95,256 9,702,724 30,920 30,920 21,914 52,834 6,747 6,747 2,883 9,630 6,747 30,920 37,667 24,797 62,464 (158,501) 158,501 (745) 745 18,961 18,961 1,541 1,541 660 2,201 7,690 (7,690) 162,911 6,639,269 3,156 17,200 385,259 2,285,265 8,526 1,541 143,549 9,483,765 139,674 9,786,350 (4,634,817) (4,634,817) (23,608) (4,658,425) (138,778) (138,778) (3,401) (142,179) (138,778) (4,634,817) (4,773,595) (27,009) (4,800,604) (6,280) (6,280) 383,041 383,041 383,041 (63,202) (63,202) (63,202) 80,000 1,524,564 (319,839) 1,204,725 1,284,725 1,316 1,316 564 1,880 7,646 (7,646) 242,911 8,163,833 3,156 (121,578) 385,259 2,285,265 16,172 2,857 (4,498,914) 6,236,050 106,949 6,585,910 45

(i) (i) 6,400,774,000 4,876,210,000(ii) 1,763,059,000 1,763,059,000 (ii) (iii) Madagascar Energy International Limited 7%385,000,000 93% 259,000 (iv) 0.716 1,000,000,000 24 144,100,000 0.73 210,000,000 24 11,625,000 323,521,000 (v) 10% 50% (vi) 1,316,000 1,541,000 46

(4,621,681) 78,108 (11,373) (13,794) 18 299,634 5,835 524 535 20 (1,099) 6,331 (2,144) 198 2,371 21 207,924 22 4,517,062 23 196,072 1,880 2,201 (15,156) (28,265) 40 (1,420) 45,038 22,008 589,367 101,422 (103,155) (33,570) 50,185 (15,841) 140,878 (5,168) 121,894 (117,363) 553,527 175,122 11,373 13,794 (49,083) (26,784) 515,817 162,132 40 (1,643,492) (35,974) (650,127) (30,769) 2,126 13 (2,327,467) (30,756) 47

1,191,665 383,310 (36,367) (22,008) (1,180,734) (282,094) 1,600,000 (3,140) 18,961 1,571,424 98,169 (240,226) 229,545 848,460 634,146 (32,632) (15,231) 575,602 848,460 575,602 848,460 48

1. 2. 10 12 27 32 39 21 49

2. 10 12 27 10 12 27 10 12 27 10 32 32 32 39 39 39 50

2. 21 21 21 21 2 1 3 9 6 10 3 28 10 3 12 28 11 3 14 4 15 5 1 3 19 1 27 3 16 3 38 16 3 41 1 2 3 4 5 6 51

2. 9 99 9 a b 9 39 9 9 39 399 52

2. 9 9 10 28 28 10 10 10 28 53

2. 10 12 28 10 12 28 11 113 3 3 11 11 14 14 14 14 14 54

2. 15 15 15 18 11 15 1 2 3 4 5 15 1515 15 1 1 55

2. 19 19 19 27 9 9 39 28 272810 1 27 56

2. 16 38 1638 a) b) 16 38 16 41 16 41 1641 41 16 41 3. (a) 32 57

3. (b) 217 2 36 1 21 3 4,658,425,000 383,765,000 35 12 58

3. (c) 59

3. (c) (i) (ii) 39 (d) (i) 12 19 (ii) 2 (iii) 5 60

3. (d) 39 37 61

3. (e) (f) 62

3. (g) 63

3. (h) 20% 30% 20% 20% 30% 50 64

3. (i) (j) (k) 65

3. (l) 66

3. (m) 67

3. (n) (i) (ii) (iii) (o) 68

3. (p) 69

3. (p) (q) 70

3. (r) 71

3. (r) 30 72

3. (r) 73

3. (r) 74

3. (r) 75

3. (s) 76

3. (t) (u) (v) 77

3. (w) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) 78

3. (x) (y) 79

4. 3 (a) (b) 22 (c) (i) (ii) (iii) 80

4. (c) (d) 16 (e) 78,543,000 293,120,000 207,924,00021 (f) 81

4. (g) Canadian Oil and Gas Evaluation Handbook COGEH (h) 82

5. (a) 28 209,399 29 16,295 334 575,602 848,460 801,296 848,794 23 196,072 30 18,687 819,983 1,044,866 34 394,351 27,581 35 928,118 320,000 36 111,227 1,433,696 347,581 83

5. (a) 25 3,442,336 1,742,809 244,323 442,625 3,686,659 2,185,434 25 311,089 311,094 3,073 10,408 314,162 321,502 (b) 84

5. (b) (i) (ii) 35 100 100 8,557,0005,285,000 85

5. (b) (iii) 5,00034,0002,275,000 86

5. (b) 3(b)(i)12 (ii) % 394,351 394,351 394,351 4.03 937,530 937,530 928,118 3.25 174,175 174,175 111,227 1,506,056 1,506,056 1,433,696 27,581 27,581 27,581 6.00 325,961 325,961 320,000 353,542 353,542 347,581 87

5. (b) % 311,089 311,089 311,089 3,073 3,073 3,073 314,162 314,162 314,162 311,094 311,094 311,094 10,408 10,408 10,408 321,502 321,502 321,502 (c) (i) (ii) (i) 1 (ii) 2 1 (iii) 3 88

5. (c) 18,687 2 6. 1,704,876 567,391 6,585,910 9,786,350 25.9% 5.8% 89

7. (a) (b) 816,425 21,530,572 19,354,899 22,346,997 19,354,899 247,797 (2,936) 108,225 121,144 356,022 118,208 20,429 16,365 1,099 (6,331) 1,420 15,156 7,557 (196,072) (4,517,062) (207,924) (49,711) (35,683) (4,576,643) 100,116 (45,038) (22,008) (4,621,681) 78,108 (36,744) (25,274) (4,658,425) 52,834 90

7. 7,066,731 8,846,414 977,511 997,577 8,044,242 9,843,991 246,544 509,750 8,290,786 10,353,741 1,145,539 9,945 555,889 544,207 1,701,428 554,152 3,448 13,239 1,704,876 567,391 1,301 176 5,422 5,386 105 273 6,828 5,835 292,806 292,806 2,371 2,371 19 20 505 515 524 535 196,072 196,072 4,517,602 4,517,602 207,924 207,924 * 703,459 11,641 71,300 30,738 168 31 774,927 42,410 * 91

7. 816,425 2,760,396 21,530,572 19,354,899 402,231 556,656 4,109,510 8,789,553 239 176 22,346,997 19,354,899 7,272,376 9,346,385 21,530,572,000 19,354,899,000 15,725,800,000 15,773,213,000 10% 10% A 9,993,683 10,821,510 B 5,732,117 4,951,703 92

8. 816,425 21,530,572 19,354,899 22,346,997 19,354,899 11,373 13,794 3,922 2,571 5,134 20,429 16,365 9. 15,156 7,557 20 1,099 (6,331) 40 1,420 2,144 (2,371) 21 (207,924) 22 (4,517,062) 23 (196,072) (2,702) 28,265 (4,878,047) 1,226 93

10. 21,385,786 19,202,100 1,500 1,000 18 299,634 5,835 19 524 535 12,764 5,469 198 42,231 12,703 406 127 94

11. 250 250 250 250 3,383 2,428 3,383 2,428 450 250 450 250 250 250 250 250 250 250 250 250 90 90 90 5 95 161 250 161 250 161 250 8 12 169 262 William Rakotoarisaina 75 75 128 128 128 128 128 128 128 128 128 128 128 128 128 130 128 130 512 514 5,085 4,003 13 12 5,610 4,529 95

11. 1,000,000 12 11 2,000,001 2,500,000 1 3,000,001 3,500,000 1 13 12 512,000 514,000 12. (a) 11 7,945 2,657 54 7,945 2,711 96

12. (a) 1,000,000 3 1,000,001 1,500,000 1 1,500,001 2,000,000 3 2,000,001 2,500,000 1 4 4 (b) 1,000,000 2 1,000,001 1,500,000 1 3 97

13. 36,367 22,008 38 5,466 36 3,205 45,038 22,008 14. (a) 25,837 26,876 13,075 37 (2,168) (1,602) 36,744 25,274 98

14. (b) % % % % % (43,883) (105,832) 239,287 (4,711,253) (4,621,681) (7,241) (16.5) (26,458) (25.0) 62,095 25.9 (942,250) (20.0) (913,854) (19.8) 2,158 4.9 52,040 49.2 (5,604) (2.3) 941,489 20.0 990,083 21.4 (3) (51,901) (49.1) 6,405 2.7 156 (45,343) (1.0) 4,184 9.5 56 0.1 623 0.3 761 5,624 0.2 199 0.2 199 35 35 (902) (2.1) (26,064) (24.6) 63,554 26.6 156 36,744 0.8 % % % % (17,397) 98,031 (2,526) 78,108 (2,871) (16.5) 24,508 25.0 (505) (20.0) 21,132 27.1 (467) (2.7) 1,093 1.1 (78) (3.1) 548 0.7 61 0.4 (738) (0.7) 78 3.1 (599) (0.8) 3,277 18.8 133 0.1 644 25.5 4,054 5.2 200 0.2 200 0.3 (61) (2.4) (61) (0.1) 25,196 25.7 78 3.1 25,274 32.4 99

15. 45,840,000 10,868,000 16. 17. (4,634,817) 30,920 11,860,642 8,145,573 100

18. 133,053 3,240 1,669 2,677 8,732 149,371 274 272 488 29,735 30,769 (113) (652) (765) 3,631 87 35 56 292 4,101 136,684 3,488 1,976 2,569 38,759 183,476 40 1,080 411 2,444,833 2,446,324 2,311 3,774 659 21 667,034 68,216 742,015 (69) (69) 22 10,338 10,338 (3,428) (95) (101) (92) (23) (139,993) (1,202) (144,934) 133,256 5,704 6,729 3,136 409 2,982,143 105,773 3,237,150 4,992 692 786 438 6,908 4,388 523 343 581 5,835 (65) (489) (554) 144 18 18 5 185 9,524 1,168 1,147 535 12,374 4,300 514 1,195 468 351 292,806 299,634 (5) (5) (253) (31) (30) (15) (4) (2,174) (2,507) 13,571 1,651 2,312 988 347 290,627 309,496 119,685 4,053 4,417 2,148 62 2,691,516 105,773 2,927,654 127,160 2,320 829 2,034 38,759 171,102 101

18. 275 135 410 121 56 177 77 254 156 98 102

19. 21,497 21,471 (524) (535) (516) 561 20,457 21,497 20,457 21,497 29 522 535 19,935 20,962 20,457 21,497 524,000 535,000 20. 34,697 (6,331) 733 29,099 1,099 (535) 29,663 1,099,000 6,331,000 103

20. 21,083 5.5% 10% 12 2,500 50 8,700 8,580 104

20. 21,299 5.50% 10.50% 8 269 49 7,800 105

21. 285,334 249,842 535,176 7,786 7,786 293,120 249,842 542,962 (7,351) (7,351) 285,769 249,842 535,611 249,842 249,842 207,924 207,924 (698) (698) 207,226 249,842 457,068 78,543 78,543 293,120 293,120 106

21. 207,924,000 5% 21.2%21.4% 107

22. 12,330,030 11,641 12,341,671 4,897 40 65,229 44,357 (2,905) 18 (10,338) (3,627) 12,439,284 3,757,059 4,517,062 8,274,121 4,165,163 8,584,612 a. (i) 21043113 (ii)21043113 (iii) b. 3113 3113 c. 6 36 4,517,062,000 2104 3113 d. 108

23. 196,072 196,072 (196,072) 196,072 Gold Grand Investment LimitedGold Grand Gold GrandGold Grand 196,072,000 109

24. 51,418 51,418 51,418 51,418 19.4% 20.0%5% 110

25. 4,847,011 4,847,011 (2,115,414) (249,920) 2,731,597 4,597,091 3,520,426 1,769,889 (78,090) (27,080) 3,442,336 1,742,809 6,173,933 6,339,900 311,089 311,094 249,920 250,289 (369) 1,865,494 2,115,414 249,920 27,080 20,588 (115) 51,125 6,492 78,090 27,080 111

25. Madagascar Energy International Gas Station Group Limited 10,000,000 100 Dolaway Group Limited 100 100 Madagascar Petroleum International Limited 1,000 100 Madagascar Energy International Limited 1,000 93 7 1 100 30,000,000 25,500,000 35,000,000 100 100 70 Metro City Group Limited 1 100 100 100 * 50,000,000 70 ** 1 100 1 100 Yanchang International (Canada) Limited*** 238,022,520 100 Novus Energy Inc.Novus**** 131,671,475 100 Madagascar Energy and Petroleum Investments Limited ***** 2,000,000 100 * ** *** Yanchang International (Canada) Limited **** Novus ***** Madagascar Energy and Petroleum Investments Limited 112

25. 30% 30% (23,799) 22,007 88,125 120,562 605,709 440,835 248,862 505,238 (530,325) (459,862) (30,495) (84,337) 293,751 401,874 21,530,572 19,354,899 (21,385,786) (19,202,100) (79,329) 73,357 (9,741) 8,796 (89,070) 82,153 83,166 175,998 (8,960) (30,725) (130,796) 80,208 (56,590) 225,481 113

26. 3113 31% 211,553 211,553 (125) (125) (176) 27. 114

28. 30 9030 0 30 207,903 31 60 382 61 90 241 90 873 209,399 873,000 29. 19 522 535 100,148 101,886 34,472 27,783 358 252 16,295 334 151,795 130,790 115

30. 18,687 750 104.19 WTI-NYMEX 31. 494,972,000 666,564,000 32. 0.02 100,000,000 100,000,000 2,000,000 2,000,000 0.02 8,145,573 8,145,573 162,911 162,911 4,000,000 80,000 0.02 12,145,573 8,145,573 242,911 162,911 116

32. 1,600,000,000 0.40 0.02 4,000,000,0000.02 10% 1% (i) (ii)(iii) 281 117

32. * 2010(A) 1,000,000 (1,000,000) 10/12/2010 10/12/2011 9/12/2015 2010(A) 1,000,000 (1,000,000) 10/12/2010 10/12/2012 9/12/2015 2010(B) 10,000,000 (10,000,000) 10/12/2010 10/6/2011 9/12/2013 0.7 0.68 0.7 0.68 0.7 0.68 12,000,000 (12,000,000) 118

32. 10% 1% (i) (ii)(iii) 281 119

33. 45 i ii 6,639,269 54,045 159,246 (535,924) 6,316,636 (158,501) 158,501 (745) 745 (17,026) (17,026) 6,639,269 54,045 (393,704) 6,299,610 383,041 383,041 (63,202) (63,202) 1,524,564 (319,839) 1,204,725 (1,962,343) (1,962,343) 8,163,833 54,045 (2,356,047) 5,861,831 (i) (i)6,400,774,000 4,876,210,000(ii) 1,763,059,000 1,763,059,000 (ii) (iii) 4,098,772,000 4,536,551,000 54,045,000 54,045,000 6,400,774,000 4,876,210,000 120

34. 271,319 23 79,706 125,616 123,032 27,558 474,057 153,197 0 30 262,988 23 31 60 5,619 61 90 1,565 90 1,147 271,319 23 35. a 199,664 320,000 b 728,454 928,118 320,000 121

35. 3.49 6.00% 6.00% (a) 160,000,000199,664,000250,000,000 320,000,000 (b) Novus130,000,000 109,050,000 728,454,000 Novus 0.5% 2.5%1.75% 3.75% 1.5% 3.0%0.2% 0.45% 1 1 3 1 0.75%2% 1.75% 0.25% 200,000,000 Novus Novus1 1 1.6 1 122

36. 40 103,261 16,342 (5,168) (616) 13 3,205 (5,797) 111,227 26,100,000 174,000,000 3.25% 2% Novus 123

37. 7,424 1,797 4,326 71,334 84,881 (61) (61) (1,602) (1,602) 203 49 144 1,946 2,342 7,627 1,846 2,807 73,280 85,560 40 230,364 (26,807) (128,292) (1,080) 41,708 115,893 14 49,035 236 (51,981) (3,563) (2,978) 1,028 2,071 4,886 (902) (2,168) 63,202 63,202 (62,300) (62,300) (13,273) (46) (40) (1,663) 1,507 7,104 52 (2,318) (36) (8,713) 273,753 1,800 3,003 19,636 (28,863) (124,166) 41,461 4,850 191,474 124

38. 16 0.40 100 100 4,000,000,000 5 9.54% 1,600,000 1,216,959 383,041 1,216,959 13 5,466 (1,222,425) 4,000,000,000 125

39. 406,000 127,000 40. 232,450,000 1,643,492,000Novus NovusNovus Viking 18 1,646,151 800,173 2,446,324 22 65,229 65,229 112,592 112,592 4,938 4,938 (113,956) (113,956) (641,146) (641,146) (9,915) (9,915) 36 (103,261) (103,261) 37 91,832 (207,725) (115,893) 9 1,052,464 592,448 1,644,912 (1,420) 1,643,492 126

40. 1,643,492 (1,643,492) (1,643,492) (i) 44,092,000 (ii) Novus 816,425,000163,821,000 (iii) Novus (iv) 22,391,044,0004,630,566,000 (v) 112,592,000112,592,000 127

41. 8,985 5,642 12,886 6,885 21,871 12,527 2,608 2,675 6,889 6,748 48 50 9,545 9,473 42. 24,991,000 79,344,000 1,974,000 128

43. 44. 11 12 7,231 6,776 29 51 7,260 6,827 2,557,372 4,619,739 14A 45. 46. 129

Villa NY Ambaniandro Propsper Emphyteose, the whole lot being 59441/59442A Section Bd No 1 Vol II 230/N 1205 Soanierana District, Antananarivo, The Republic of Madagascar 100% 107 70% 70% 70% 20 70% 22 70% 16 16 1601 1609 70% 70% 130