,644 27,64426,

2015 9 1 2015 9 1 27,644 2003 2013 2014 9 2016 9 2016 20171,000 2014 2013 2013 2013/2014 2014/2015 94.8% 2013/2014 2014/2015 18.4% 21.4% 2013 8 31 2015 8 31 21.1% 27.0% 9 1 2012 2013 2014 2015 13,947 19,354 22,837 27,644 808 1,162 1,359 1,666 111

8 31 5 31 2013 2014 2015 2015 2016 320.1 450.9 568.7 435.7 540.6 89.0 90.9 182.3 135.9 118.9 2015 9 1 2015 9 1 27,644 27,64426,644 2003 20042013 2014 2015 12 31 108,500,000 10.8%2014 2016 92016 20171,000 9 1 (1) 2012 2013 2014 2015 2003 10,528 10,580 10,416 10,417 2004 3,419 4,367 5,130 5,959 2013 4,151 5,820 7,768 2014 256 1,189 2,500 2014 282 1,000 (2) 2016 13,947 19,354 22,837 27,644 (1) (i)2016/2017 10,664(ii)2015/2016 20,922 2016/2017 31,586 (2) 2016 9 112

201220151,2411,842 14.1%20203,255 2015 2020 12.1% 2013/2014 2014/201594.8% 2014/20152015/201638.7% 38.9%2013/2014 2014/2015 18.4% 21.4% 2014/20152015/2016 8.6% 10.0%2016 113

20092011 2015 9 2015 9 1 1,66688% 2012/2013 2013/2014 2014/201583.8% 86.9% 82.4% 47.1% 51.9% 54.9% 201320142015 8 312016 5 31 27.8% 20.2% 32.1% 22.0% 114

2016 9 2014 2015 9 12,500 110.3% 1,000 2003 20 102004 3 2007 10 2003 12 15 115

2003 10 2006 14 2010 14 2007 29 116

2014 9 2016 9 2016 2017 1,000 2016 2017 117

2015 812 2016 2 Dewey Education Group Inc.[] 118

2014 9 2016 9 2016 9 1 2016 20171,000 3 3 3 3 3 3 3 3 3 3 3 3 3 (1) 3 3 (1) 2016 9 119

2016 2 2015 9 169,471.9 123,763.8 1,45510,532 120

2015 9 127,6446,834 10,7489,759303 9 1 9 1 (1) 9 1 (%) (1) 2012 (2) 2013 (3) 2014 (4) 2015 (5) 2012 (2) 2013 (3) 2014 (4) 2015 (5) 2012 (2) 2013 (3) 2014 (4) 2015 (5) (6) 3,806 3,362 2,908 2,744 3,810 3,394 2,954 2,760 99.9 99.1 98.4 99.4 6,695 7,160 7,421 7,588 6,944 7,168 7,424 7,680 96.4 99.9 100.0 98.8 27 58 87 85 32 68 88 92 84.4 85.3 98.9 92.4 10,528 10,580 10,416 10,417 10,786 10,630 10,466 10,532 97.6 99.5 99.5 98.9 3,419 4,367 5,130 5,959 4,466 4,858 5,496 6,062 76.6 89.9 93.3 98.3 1,576 2,260 3,187 3,856 3,416 4,040 40.9 66.2 78.9 1,113 1,523 1,942 1,296 1,592 1,952 85.9 95.7 99.5 1,314 1,885 2,421 1,336 1,926 2,822 98.4 97.9 85.8 148 152 218 208 208 224 71.2 73.1 97.3 4,151 5,820 7,768 6,696 7,142 9,038 62.0 81.5 85.9 372 903 624 1,312 59.6 68.8 166 459 914 576 624 1,208 28.8 73.6 75.7 90 358 683 368 679 945 24.5 52.7 72.3 256 1,189 2,500 944 1,927 3,465 27.1 61.7 72.2 81 304 448 448 18.1 67.9 201 696 240 1,007 83.8 69.1 282 1,000 688 1,455 48.7 68.7 13,947 19,354 22,837 27,644 15,252 23,128 25,719 30,552 91.4 83.7 89.0 90.5 (1) (2) 2012/2013 (3) 2013/2014 (4) 2014/2015 (5) 2015/2016 (6) 121

(i) (ii)(iii) (iv) (v) (i) (ii) A- 122

2013/2014 2014/2015 94.8% 18.4% 21.4%2016 2012/2013 2013/2014 2014/201547.1% 51.9% 54.9% 83.8% 86.9% 82.4% 100,000-123

2012/2013 2013/2014 2014/2015 400,000600,0001,500,000 2012/2013 2013/2014 2014/2015 2015/2016 15.8% 12.4% 11.1% 9.9% 2012/2013 2013/2014 2014/2015 2015/2016 4.0% 3.6% 3.9% 4.0% 124

2012/2013 2013/2014 2014/2015 2015/2016 (1) 2012/2013 2013/2014 2014/2015 2015/2016 2016/2017 18,700-21,200 18,700-21,200 23,000-25,200 23,000-25,200 25,600-30,600 17,100-19,800 17,100-19,800 21,000-23,200 21,000-23,200 23,600-27,600 92,600 92,600 92,600 92,600 92,600 (2) 14,200-18,600 14,200-18,600 15,040-21,000 15,040-21,000 18,180-24,400 (3) 20,000 20,400-22,400 20,400-22,400 22,800-25,800 (3) 18,000 18,000-19,400 18,000-19,400 19,800-23,000 (3) 16,000 16,400-18,000 16,400-18,000 16,600-21,200 (3) 36,200-52,000 50,600-88,600 50,600-88,600 50,600-88,600 (2) (4) (5) 23,000 (6) 23,000 (6) 23,000-25,600 (4) 18,000 18,000 18,000 18,000-20,600 (4) 18,200 18,200 18,200 18,200-20,800 (7) (4) (4) 18,000 18,000 18,000 (5) (4) 13,000-14,200 13,000-14,200 13,000-14,200 (8) (4) (4) (5) (5) 13,000 (4) (4) (5) (5) 11,000 (1) (2) (3) 2013 82013/2014 125

(4) (5) (6) 2014/20152015/20162016 7 15 (7) - (8) 2016 9 90% 70% 50% 30% IC 126

2016 5 31 175.5 127

2003 2015 9 1 10,4172,744 7,58885606 2012/2013 2013/2014 2014/2015 193268 279 2015 9 1 116,231.2 10,532 2012 2012 5 2012 5 50% 50% A 128

2015 9 185 113 A 2004 2015 9 1 5,959321 2015 9 1 68,215.2 6,062 2013 8 2015 9 1 7,7683,1871,9422,421 218 464 2013/2014 2014/20152629 2015 9 1 126,285.5 9,038 2005 A2006 2015 9 12182713 14A 129

2014 2015 9 1 2,500 903914683190 2015/2016 2015 9 1 108,747.9 3,456 2014 20122014 12.1% 2015 9 1 1,000 304696 85 2014 9 2014/2015 2016/2017 2015 9 1 89,901.9 1,455 130

(1) (2) 2016 9 1 7,550 322,670 200,000 2016 5 2017 9 1 9,280 439,800 170,000 [] 2016 7 2017 9 1 10,000 522,000 [] (1) (2) 2016 5 31 (1) 2017 9 1 500-600 2,000 [] (1) 2016 5 31 131

2016 5 3117 2015 4 20 2016 9 2016 20171,000 (1) (2) 7,550 (1) (2) 2015 12 31 930GDP 5,171 132

2016 5 4 2016 7 (1) 2017 8 2017 9 (2) 9,280 (1) (2) 2015 12 311,006 2017 9 133

2016 7 19 (1) (2) 10,000 (1) (2) 2015 12 31 25071 2016 2 10 134

Dewey Education Group Inc. (i) (ii) 2.0 2015 9 1 27,6446,83410,748 9,759303 2012/2013 2013/2014 2014/201583.8% 86.9% 82.4% 47.1% 51.9% 54.9% 135

201320142015 8 31 2016 5 31 4.4 6.3 7.5 10.0 2015 9 11,666 41564556838 9 1 2012 2013 2014 2015 623 622 605 606 185 239 268 321 280 366 464 21 84 190 36 85 808 1,162 1,359 1,666 2015 9 1393 2212015 9 1 88% 2015 9 1 1,66613.7%10.5% 2012/2013 2013/20142014/2015 22.4% 14.5% 9.7% 136

137

2012201320142015 9 12016 5 31 1,3592,0462,3482,7632,793 9 1 2016 2012 2013 2014 2015 5 31 9 9 9 9 10 808 1,162 1,359 1,666 1,678 174 291 342 418 420 244 374 386 396 399 36 66 74 73 74 25 28 32 29 31 63 116 146 172 181 1,359 2,046 2,348 2,763 2,793-20132014 2015 8 31 2016 5 31 5% 20132014 2015 8 312016 5 31 17.1 22.3 29.9 27.4 10.1% 9.3% 10.3% 9.6% 10.3 10.9 12.0 11.3 20132014 2015 8 312016 5 31 10.3 13.9 16.9 16.9 37 5% 138

gmps.cn gmhs.cn gmhs.com.cnc. 2. 2009 2010 2010 2011 2014 2014 2006 2014 2014 2013 139

2013 2010 2008 2006 2006 2015 2013 2011 2009 2008 2008 140

2013 2012 2006 2016 17728,124.2 46 8488,878.7 5.01(2) 12,39816 77,163.8 2016 5 3117728,124.2 3 135,247.2 2053 2 19 7 24,192 3 193,265.3 2055 3 27 2056 3 19 1 64,321.1 2 206,340.7 1 104,758 17 728,124.2 141

24,192 2016 5 3146 8 488,478.4 8 1,475.0 14 138,429.3 6 69,471.9 12 138,525.3 3 63,988.8 11 76,588.2 46 8 488,478.4 1,4752020 12 312013 20142015 8 31 2016 5 31 0.8 1.0 0.9 0.8 29(i) 14867,070(ii) 669,471.9(iii) 12470,229.2 (iv)1176,588.2 27,401.1 142

48,030.0 21,836.0 69,471.9 69,471.9 69,471.9 62,145.5 62,145.5 19,925.0 70,229.2 49,187.12 84,764.6 2016 5 31 2,398 2024 2016 5 3116 77,163.863,008.2 12 13,836 197.1 122.5 12 2 20 2016 11 2016 7 31 201320142015 8 31 2016 5 31 2.2 2.9 3.3 2.7 143

14 1,00010,000 144

(1) 2014 1 1 2019 12 31 2014 11 14 2018 11 13 2014 1 1 2019 12 31 2014 11 14 2018 11 13 (1) 2013 10 15 2016 12 31 2013 11 25 2017 11 24 2015 5 6 2019 5 5 2015 12 17 2019 5 6 (2) 2014 11 27 2016 11 (3) 2016 6 15 2019 6 14 2015 7 28 2020 7 27 (1) 2014/2015 2016 4 29 2016 145

2016 5 17 2015/2016 2015/2016 2014/2015 (2) (3) 2016 9 2014 2015 11 10 2015 3 5,000,000 2015 42014 780,000 2015 11 100,000 146

147

(i) 1. 20132014 2015 8 31 2016 5 31 9,700,000 13,900,000 16,500,00012,500,000 4,200,000 6,100,0004,700,000 3,100,000 0.05% (a) (b) 2017 148

2016 6 1 2017 149

2. 24,192 201320142015 8 312016 5 31 18.7% 17.2% 17.0% 16.1%2016 6 30 2015 12 24 (i) (ii) (iii) 150

3. (i) (ii) (iii) 151

(ii) (a) (i) - (ii) 2015 10 1,700,000 (i) (ii) (iii) 2016/2017 (iv) (i) (ii) (iii) (iv) 152

(b) (A) 12 1. 2008 5 5 2014 3 4 2. 2009 11 16 2014 8 23 3. 2011 6 22 2013 7 31 4. 2011 10 1 2013 8 13 5. 2012 8 2015 8 31 6. 2013 6 29 2016 6 1 7. 2013 6 29 2016 6 1 153

8. 2013 8 26 2013 8 26 9. 2013 8 2 2015 1 31 10. 2013 12 2 2016 6 1 11. 2014 8 19 2015 8 31 12. 2014 7 11 2015 8 31 2008 2014 3 4 2014 8 31 154

- 2014 9 (B) (i) (ii) (iii) 155

2016 6 1 (C) 201320142015 8 312016 5 31 4.2 4.9 2.1 0.03 201320142015 8 312016 5 31 78.1 113.9 151.3 87.3 8,52310,2799,166914 201320142015 8 31 2016 5 31 39.8% 37.0% 35.6% 53.8% 30.8% 42.4% 50.9% 39.0% 201320142015 8 312016 5 31 76.6 114.6 148.6 85.3 3816461,029511 2013 20142015 8 31 2016 5 31 82.6% 83.8% 78.5% 82.8% 17.3% 14.4% 11.3% 7.2% (D) (E) (F) 156

(G) 50,000 50,000 50,000500,000 2016 6 1 (H) (i) (ii) (i) 2015 122016 2 (ii) 2016 46 2016 6 157

[] 2015 122016 2 2016 46 [] 158

2016 6 1-3.08 3.09 8.04[] 159

160