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* CHINAINFO HOLDINGS LIMITED * 18 19 28 168-200 21 2115-2116 109 110 48 183 17 1712-1716 7 www.hkgem.com www.hk6.com *

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SA SA 1

SA 30,000,000 GH GameHi Inc. GameHi Inc. OL 160,000,000 156,863,000260,000,000 254,902,000150,000,000 147,059,000 2

SA 6 SA 20 4.5 OL 40% SA 3

SA 425,000,000 2 Success Advantage Investments Limited SA 620,000,000 SA 571 0.01 % 1.021.00 4

CHINAINFO HOLDINGS LIMITED * P.O. Box 309 GT Ugland House South Church Street Grand Cayman Cayman Islands 168-200 21 2115-2116 SA620,000,000 SA * 5

SA SA OL 40% SA (a) (b) (c) 620,000,000 SA (i) 736,700,000 722,255,000 (ii)(iii) 6

620,000,000 736,700,000722,255,000 14.2% 620,000,000 (a) 20,000,000 SA (b) 40,000,000 (c) 135,000,000 (d) 425,000,000 20,000,000 SA 60,000,000 30,000,000 4.68% 4.47% 4.5 (i) 4.00 12.5% (ii) (5) 3.868 16.3% 7

(iii) (10) 3.641 23.6% (iv) 0.362 1,143% SA425,000,000 2 SA SA 45 10SA 8

SA SA 160,000,000156,863,000260,000,000 254,902,000150,000,000147,059,000 SA45 (i) (ii) (iii) SA (a) SA (b) SA (c) SA 9

(d) 700,000,000 (e) (f) SA (g) OL (h) (b) (d) (e) SA SASA SA SASA GHOL GH OL SA SA SA 10

IP 75%13.34% 100% 13.34% 75% 25% OLFPS OLGameHi Inc. GameHi Inc.FPS Dekeron OL Paran GameGameHi Inc. 11

OL CJ Internet Corp. Netmarble CJ Internet Corp. OL160,000CJ Internet Corp. OL www.gametrics.com OL 11.33% GameHi Inc.GH GameHi Inc.OL GameHi Inc. GHGameHi Inc.GH GH GHGameHi Inc. GH OL SA GH OL SA CJ Internet Corp. GameHi Inc. OLOL OL OL OL 19.69(4)(b) OL FPS 12,000,000 OL OL 12

OL 20 40 FPS OL OL (i) (ii) (iii) 99 227 OL OL 13

1 85,542,000 13.34 115,542,000 17.22 1,660,000 0.26 1,660,000 0.25 Supreme System Investments Limited 2 79,001,144 12.32 79,001,144 11.77 Superhero Limited 3 74,979,195 11.70 74,979,195 11.17 68,905,798 10.75 68,905,798 10.27 330,998,624 51.63 330,998,624 49.32 641,086,761 100.00 671,086,761 100.00 1 2 3 Supreme System Investments Limited Superhero Limited 13.34% 19 14

SA 116,492,460 6,260,540 768,885,643400,738,218 52.1%0.09% 368,147,425 56.6% 15

6,260,540 3,270,1731.480.82 95 103 5.05 48 183 17 1712-1716 16

76 (a) (b) (c) (d) SA SA 17

CHINAINFO HOLDINGS LIMITED * SA SA 5 1721 27 SA SASA SA * 18

SA 60 7 SA SA 620,000,000 SA75% 25% OL 40% 13.34% 19

SA SA SA (i) SA (ii) (iii) SA SA SA 20

SA SA SA (i) (ii) (iii) SA OL 40% OL 21

OL The Korea Times OL 29,000,000 21,000,000 16,800,000 21.1%22.3% 26.1% 81,000,000 34.9% 61 41 28 143 OL SA 620,000,000 620,000,000 (a) 20,000,000 SA (b) 40,000,000 (c) 135,000,000 (d) 425,000,000 22

SA(i) 736,700,000 722,255,000 (ii)(iii) SA (i)(ii) (iii) 23

736,700,000722,255,000 14.2% SA 160,000,000 156,863,000260,000,000254,902,000 150,000,000147,059,000 SA 570,000,000558,824,000 SA 60,000,000 425,000,000 135,000,000SA 30,000,000 4.68% 4.47% 4.500 (i) 4.000 12.5% (ii) 24

3.868 16.3% (iii) 3.641 23.6% (iv) 0.362 1,143% (v) 4.010 12.2% 0.300 0.240 0.300 0.215 0.290 0.235 1 0.265 0.240 1 0.620 0.300 1.000 0.570 1.730 0.990 2 1.800 1.560 1.760 1.510 2.125 1.740 2.200 1.850 3.060 2.230 3 4.180 2.880 4.180 3.430 25

1. 2. 3. 0.215 4.180 4.500 13.34% 17.22% 51.63% 49.32% 425,000,000 425,000,000 2 7.75 2 26

(1) SA (2) 14.2% (3) (4) (5) SA 6,260,000 116,490,000 SA SA 235,150,000 635,086,761 0.370 368,150,000 641,086,761 27

671,086,761 0.549 348,529,000 SA SA SA SA 28

10,411,138 1,286,907 7,765,796 4,569,961 2,693,048 (7,541,790) (226,500) (4,322,010) (1,451,860) (487,022) 2,869,348 1,060,407 3,443,786 3,118,101 2,206,026 693,818 1,020,855 158,674 396,208 33,481 62,594 (154,348) (263,100) (331,496) (245,119) (5,773,781) (2,279,851) (5,881,756) (3,889,804) (3,575,242) (3,361,540) (632,855) (3,066,841) (1,648,508) (1,786,878) (4,551,300) (1,847,973) (5,371,703) (2,718,226) (3,338,619) (880,261) (70,968) (353,524) (496,846) (838,364) (1,650,448) (551,947) (5,928,407) (2,757,305) (7,375,675) (3,270,173) (3,338,619) 1,115,135 (5,928,407) (2,757,305) (6,260,540) (3,270,173) (3,338,619) 0.99 0.66 1.48 0.82 0.83 29

277,623 452,388 103,621 250,989 1,115,135 1,115,135 138,750,000 146,250,000 3,529,162 4,026,008 5,569,353 4,622,641 143,671,920 151,843,531 5,672,974 4,873,630 1,884,615 1,884,615 1,850,436 29,760 21,360 30,080 18,440 14,423,077 4,807,692 2,543,594 412,164 221,945 746,594 72,803,677 2,850,589 4,683,667 9,486,992 91,684,723 9,976,420 6,786,128 10,252,026 5,370 6,866 160,221 147,189 239,287 144,187 4,805,083 41,497 41,497 124,905 1,113,549 201,718 4,993,769 369,562 1,264,602 91,483,005 4,982,651 6,416,566 8,987,424 235,154,925 156,826,182 12,089,540 13,861,054 69,733,626 235,154,925 87,092,556 12,089,540 13,861,054 6,350,868 5,135,520 4,000,000 4,000,000 228,804,057 81,957,036 8,089,540 9,861,054 235,154,925 87,092,556 12,089,540 13,861,054 30

5 7,765,796 4,569,961 (4,322,010) (1,451,860) 3,443,786 3,118,101 396,208 33,481 (263,100) (331,496) (5,881,756) (3,889,804) (3,066,841) (1,648,508) 6 (5,371,703) (2,718,226) 7 (353,524) (1,650,448) (551,947) (7,375,675) (3,270,173) 8 1,115,135 (6,260,540) (3,270,173) 10 (1.48 ) (0.82 ) 31

13 452,388 103,621 14 1,115,135 15 146,250,000 16(a) 4,026,008 5,569,353 151,843,531 5,672,974 16(b) 1,884,615 1,850,436 18 21,360 30,080 19 4,807,692 412,164 221,945 2,850,589 4,683,667 9,976,420 6,786,128 20 5,370 147,189 239,287 21 4,805,083 41,497 124,905 4,993,769 369,562 4,982,651 6,416,566 156,826,182 12,089,540 23 69,733,626 87,092,556 12,089,540 22 5,135,520 4,000,000 81,957,036 8,089,540 87,092,556 12,089,540 32

17 48,134,229 10,585,794 479,556 3,922,647 22,969 24,000 4,805,083 4,828,052 24,000 (4,348,496) 3,898,647 43,785,733 14,484,441 22 5,135,520 4,000,000 38,650,213 10,484,441 43,785,733 14,484,441 33

4,000,000 15,195,487 8,320,333 (13,654,766) 13,861,054 (3,270,173) (3,270,173) 1,498,659 1,498,659 4,000,000 15,195,487 8,320,333 1,498,659 (16,924,939) 12,089,540 (6,260,540) (6,260,540) 1,118,420 33,353,340 34,471,760 34,179 34,179 107,103 107,103 317,241 317,241 20,000 74,000 94,000 (100,000) (100,000) (329,582) (329,582) (2,900) (91,300) (94,200) 448,441 448,441 46,314,614 46,314,614 5,135,520 48,201,945 8,320,333 1,498,659 46,314,614 141,282 348,441 317,241 (23,185,479) 87,092,556 34

4,000,000 15,195,487 (2,143,313) 17,052,174 (2,567,733) (2,567,733) 4,000,000 15,195,487 (4,711,046) 14,484,441 (5,506,368) (5,506,368) 1,118,420 33,353,340 34,471,760 317,241 317,241 20,000 74,000 94,000 (100,000) (100,000) (329,582) (329,582) (2,900) (91,300) (94,200) 448,441 448,441 5,135,520 48,201,945 348,441 317,241 (10,217,414) 43,785,733 35

25 (6,433,824) (2,910,158) (100,000) (6,533,824) (2,910,158) (465,588) (44,361) (10,000,000) (1,850,436) 76,116 1,630 (10,389,472) (1,893,167) 263,000 (94,200) 10,257,000 94,000 (429,582) 5,000,000 15,090,218 (1,833,078) (4,803,325) 4,683,667 9,486,992 2,850,589 4,683,667 2,850,589 4,683,667 1. 150,000,000 116,048,240 23,951,760 36

P.O. Box 309GT, Ugland House, South Church Street, Grand Cayman, Cayman Islands 168-200 21 2115-2116 1 a 19 b 21 b 39 b 39 b 39 b 4 6 b 7 a 4 b 5 b c 6 d 29 7 37

a b c d (a) (b) 20% 50% 38

33 1 / 3% 50% 25% 33 1 / 3% 39

(a) 40

(b) (a) (b) (c) 41

(a) (b) (c) 9% 42

43

: 4,807,692 1,482,712 1,344,068 1,381,392 2,572,493 94,000 653,400 7,765,796 4,569,961 1,057,692 1,334,792 1,153,408 1,059,742 1,928,693 (8,440) 36,000 3,443,786 3,118,101 396,208 33,481 (9,211,697) (5,869,808) (5,371,703) (2,718,226) (353,524 ) (1,650,448) (551,947 ) (7,375,675) (3,270,173) 1,115,135 (6,260,540) (3,270,173) 44

151,057,692 21,360 30,080 151,079,052 30,080 10,740,899 12,429,022 161,819,951 12,459,102 69,733,626 41,497 69,276 1,800 87,100 69,776,923 156,376 4,950,472 213,186 74,727,395 369,562 465,588 44,361 116,821 191,297 45

2,958,104 4,569,961 4,807,692 7,765,796 4,569,961 2,386,094 3,118,101 1,057,692 3,443,786 3,118,101 396,208 33,481 (9,211,697) (5,869,808) (5,371,703) (2,718,226) (353,524) (1,650,448) (551,947) (7,375,675) (3,270,173) 1,115,135 (6,260,540) (3,270,173) 4,650,420 4,838,042 157,169,531 7,621,060 161,819,951 12,459,102 4,993,769 369,562 69,733,626 74,727,395 369,562 465,588 44,361 116,821 191,297 46

76,116 1,630 90,000 100,000 13 116,821 191,729 15 3,750,000 934,297 300,362 12 4,472,375 3,403,943 353,524 17.5% 17.5% (7,375,675) (3,270,173) 17.5% (1,290,743) (572,280) 34,423 (854,666) (42) (289,520) (1,305,442) 2,336,804 837,888 (1,088) (10,469) (1,115,135) 5,506,368 2,567,733 47

6,260,5403,270,173 423,933,836400,000,000 (6,260,540) (3,270,173) 423,933,836 400,000,000 (1.48) (0.82) 4,041,733 3,299,139 317,241 113,401 104,804 4,472,375 3,403,943 (a) (b) 198,710 3,000 201,710 1,200,000 12,000 1,212,000 (c) 342,000 12,000 354,000 (d) 500,000 10,000 510,000 2,240,710 37,000 2,277,710 48

1,200,000 100,000 12,000 1,312,000 240,400 24,000 9,920 274,320 (e) 68,000 2,400 70,400 (f) 66,000 2,000 68,000 1,574,400 124,000 26,320 1,724,720 (a) (b) (c) (d) (e) (f) 201,290 472,233 3,000 21,160 204,290 493,393 1,000,000 1 3 49

1,941,915 250,058 166,500 2,358,473 45,557 361,271 58,760 465,588 (55,930) (250,059) (57,053) (363,042) 1,931,542 361,270 168,207 2,461,019 1,868,381 250,058 136,413 2,254,852 54,541 41,280 21,000 116,821 (55,930) (250,059) (57,053) (363,042) 1,866,992 41,279 100,360 2,008,631 64,550 319,991 67,847 452,388 73,534 30,087 103,621 8 (1,115,135) (1,115,135) 9,204 9,204 50

(1,124,339) (1,124,339) 7,304,000 1,124,000 15,505,00015,409,0002,713,000 2,696,000 150,000,000 6 (3,750,000) 146,250,000 150,000,000 (3,750,000) 146,250,000 3,750,000 51

5,569,353 4,622,641 1,498,659 (1,650,448) (551,947) 107,103 4,026,008 5,569,353 49% 5 3,293,008 3,293,008 45,019,015 8,157,816 (177,794) (865,030) 48,134,229 10,585,794 52

* HK6 Investment Limited 2,614.00 100% 1,307.00 100% 2.00 100% 2.00 100% * HK6 Investment China 1.00 100% (BVI) Limited Sino Key International Ltd. 1.00 100% Pro-Concept Development 1.00 100% Ltd. 100% 1,000,000.00 * 30 730 30 5,000,0004.0 0.42 53

9% 5,000,000 (448,441) 4,551,559 7 353,524 (100,000) 4,805,083 1,000,000,000 0.01 10,000,000 10,000,000 513,552,000 0.01 5,135,520 4,000,000 116,048,240 46,314,614 69,733,626 5 54

4,807,692 16(b) 1,884,615 1,850,436 23 69,733,626 5 4,807,692 (7,375,675) (3,270,173) 13 116,821 191,729 15 3,750,000 317,241 6 (76,116) (1,630) 7 353,524 16(a) 1,650,448 551,947 (1,263,757) (2,528,127) 8,720 (11,640) (4,807,692) (190,219) 524,649 (5,370) (1,496) (92,098) 95,100 (83,408) (988,644) (6,433,824) (2,910,158) 806,598 551,845 288,552 1,095,150 551,845 55

800,000 (a) (b) 5,000,000 0.42 11,904,761 Superhero Limited Superhero Superhero 1.50 100,000,000 85,540,000 Superhero 14,460,000 Superhero Superhero 1.50 97,230,000 97,230,000 56

3 10,411,138 1,286,907 (7,541,790) (226,500) 2,869,348 1,060,407 693,818 3 1,020,855 158,674 (154,348) (5,773,781) (2,279,851) (3,361,540) (632,855) 4 (4,551,300) (1,847,973) 5 (880,261) (70,968) (496,846) (838,364) (5,928,407) (2,757,305) 6 (5,928,407) (2,757,305) 7 0.99 0.66 7 57

9 277,623 452,388 1,115,135 1,115,135 10 138,750,000 146,250,000 11(a) 3,529,162 4,026,008 143,671,920 151,843,531 11(b) 1,884,615 1,884,615 12 29,760 21,360 14,423,077 4,807,692 2,543,594 412,164 72,803,677 2,850,589 91,684,723 9,976,420 160,221 147,189 13 4,805,083 41,497 41,497 201,718 4,993,769 91,483,005 4,982,651 235,154,925 156,826,182 14 69,733,626 235,154,925 87,092,556 15 6,350,868 5,135,520 228,804,057 81,957,036 235,154,925 87,092,556 58

(6,850,721) (12,969,240) 1,020,827 814,297 75,782,982 15,076,118 69,953,088 2,921,175 2,850,589 4,683,667 72,803,677 7,604,842 72,803,677 7,604,842 59

4,000,000 15,195,487 8,320,333 1,498,659 (16,924,939 ) 12,089,540 (2,757,305 ) (2,757,305 ) 263,000 10,257,000 10,520,000 17,000 62,900 79,900 (100,000 ) (100,000 ) (329,582 ) (329,582 ) (2,900 ) (91,300 ) (94,200 ) 448,441 448,441 4,277,100 25,094,505 8,320,333 1,498,659 348,441 (19,682,244 ) 19,856,794 5,135,520 48,201,945 8,320,333 1,498,659 46,314,614 141,282 348,441 317,241 (23,185,479 ) 87,092,556 (5,928,407 ) (5,928,407 ) 13 119,048 4,963,509 (348,441 ) 4,734,116 972,300 144,872,700 145,845,000 (3,077,340 ) (3,077,340 ) 3,562,200 3,562,200 124,000 4,071,763 (1,268,963 ) 2,926,800 6,350,868 199,032,577 8,320,333 1,498,659 46,314,614 141,282 2,610,478 (29,113,886 ) 235,154,925 60

P.O. Box 309GT, Ugland House, South Church Street, Grand Cayman, Cayman Islands 168-200 21 2115-2116 34 18 19 21 39 39 39 4 6 4 5 6 29 7 61

1 a 7 a b 2 8 c 9 c 10 a b c 9,615,385 766,581 725,947 560,960 29,172 10,411,138 1,286,907 2,115,385 724,791 631,747 428,660 29,172 2,869,348 1,060,407 693,818 1,020,855 158,674 (9,135,321) (3,067,054) (4,551,300) (1,847,973) (880,261) (70,968) (496,846) (838,364) (5,928,407) (2,757,305) (5,928,407) (2,757,305) 62

795,753 1,286,907 9,615,385 10,411,138 1,286,907 753,963 1,060,407 2,115,385 2,869,348 1,060,407 693,818 1,020,855 158,674 (9,135,321) (3,067,054) (4,551,300) (1,847,973) (880,261) (70,968) (496,846) (838,364) (5,928,407) (2,757,305) (5,928,407) (2,757,305) 558,810 25,971 1,020,827 34,174 693,818 66,500 124,500 3,750,000 7,500,000 30,000 22,500 60,000 45,000 86,027 17,161 174,765 34,055 2,137,203 535,000 4,168,002 972,000 196,728 142,560 373,770 285,120 336,102 382,679 913,655 824,812 63

871,671 50,000 8,590 70,968 50,000 880,261 70,968 17.5% 4,020,480 1,348,549 5,928,407 2,757,305629,865,022427,885,109 597,073,417420,148,798 452,388 103,621 465,588 (174,765) (116,821) 277,623 452,388 64

146,250,000 150,000,000 (7,500,000) (3,750,000) 138,750,000 146,250,000 49% 5 30 30 730730 5,000,000 4.0 9% 65

4,805,083 4,551,559 353,524 (70,967) (100,000) (4,734,116) 4,805,083 5,000,000 0.4211,904,761 69,733,626 116,048,240 871,671 (46,314,614) (69,911,479) (693,818) 69,733,626 5% 69,911,479 0.01 1,000,000,000 10,000,000 1,000,000,000 10,000,000 0.01 635,086,761 6,350,868 513,552,000 5,135,520 66

4,807,692 9,615,385 SA 620,000,000 67

2,693,000 5,383,000 50.0% 7.0% 53.0% 40.0% 62.2% 26.4% 11.4% 2,206,000 2,982,00026.0%81.9% 55.4% 26.5% 95.3% 33.1%5,607,000 4,212,000 3,339,000 1,203,000 68

8,987,000 17,056,000 9,487,000 16,713,000 18,000 228,000 747,000 557,000 7,000 31,000 144,000 174,000 1,114,000 237,000 8.4% 2.5% 17 20 2,900,000 2,159,000 69

4,570,000 2,693,000 69.7% 14.3% 29.4% 56.3% 7.0% 53.0% 40.0% 3,118,000 2,206,00041.3%68.2% 81.9% 13.7% 5,870,000 5,607,000 3,270,000 3,339,000 70

800,000 6,417,000 8,987,000 4,684,000 9,487,000 1,850,00030,000 18,000 222,000 747,000 5,000 7,000 239,000 144,000 125,000 1,114,000 3.0% 8.4% 23 71

1717 3,404,000 2,900,000 7,766,000 4,570,000 69.9% 61.9% 19.1% 17.8%0% 29.4% 56.3% 3,444,000 3,118,00010.5%44.3% 68.2%35.0% 9,212,000 5,870,000 72

6,261,0003,270,000 5,000,000 4,800,000 116,000,000 69,700,000 4 4,983,000 6,417,000 4,808,000 2,851,000 4,684,0001,885,000 1,850,00021,000 30,000 412,000 222,000 147,000 239,000 41,000 125,000 4,805,000 46.2%3.0% 116,000,000 113,842,00026,300,000 85,542,000 2,000,000 290,000 73

5,000,000 4.0 0.425,000,000 11,904,761 1717 4,472,000 3,404,000 74

10,411,000 1,287,000 709% 92.4% 7.4% 0% 56.4% 2,869,000 1,060,000 171% 27.6% 82.4% 54.8% 9,135,000 3,067,000 5,928,000 2,757,000 5,000,0004,800,000 116,000,00069,700,000 75

Pro-Concept Development Limited Pro-Concept Pro-Concept Pro-Concept116,050,000 69,911,478 69,911,478 69,730,000 5.1 91,483,000 4,983,000 72,804,0002,851,000 14,423,000 4,808,0001,884,000 1,884,000 2,544,000 412,00030,000 21,000160,000 147,000 41,00041,000 0.086%46.2% 121,534,76197,230,000 12,400,000 11,904,761 76

Superhero Limited Superhero Superhero1.50 100,000,000 Superhero Superhero1.50 97,230,000 142,800,000 0.425,000,000 11,904,761 17 19 5,082,000 1,834,000 SA 620,000,000 77

SA 78

12 79

OL 40% GameHi Inc. GameHi GH GameHi GH GameHi Inc. GH GH 80

(1) (2)(3) (4) 25% 75% GameHiGH OL GHGameHi IC OL DWDM SDH IP 81

75% 13.34% GameHi1,500,000 GameHi MMORPGFPS Dekeron OL Paran Game OL GameHi CJ Internet CJ Internet CJ Internet CJ CJ Internet Netmarble Netmarble22,000,00060 MYM CJ Internet 93.3% CJ Internet Sina Corp. Softbank MMORPG iresearch 1 62% MMORPG 55% Shanda NetEase Webzen NCSoft Shandall NCSoft 1 iresearch Consulting Group, China Online Game Research Report 2005, 13 82

MMORPG 2,000,000 5,000,000 10,000,000 40% 22,700,000,000 2 2006-2010 250 200 150 36.10% 41.26% 43.40% 112.21 42.30% 159.67 226.89 42.10% 50.00% 40.00% 30.00% 100 50 55.39 78.25 20.00% 10.00% 0 2006 2007 2008 2009 2010 0.00% 2005-2006 44 GAPP GAPP 2 2005-2006, 44 83

FPS GameHiCJ Internet FPS 12,000,000 OL 20 40FPS 6,500,000 CJ Internet 70,000 160,000GameHi CJ Internet 20,000,000 11% 84

20.00% 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% OL 0.00% Gametrics.com game.sina.com.cn OL 85

40% GH SA GH GameHi GH GH GH 86

DCF CAPM CAPM CAPM beta CAPM 20.71% 87

CAPM Ibbotson Associates 3 SBBI Valuation Edition 2006 Yearbook Ibbotson Ibbotson 3.95% 3% 3% CAPM WACC WACC WACC WACC = E k e + D k d (1 T c ), E + D E + D E= k e = D= k d = T c = 3 Ibbotson Associates, SBBI Valuation Edition 2006 Yearbook, 284 88

100% 20.71% WACC 2005-2006 168-200 21 2115-2116 ASA ASA Ph.D. MA. 89

SA OL (Hong Kong Standard on Related Services) 4400 ( Engagements to Perform Agreed-upon Procedures Regarding Financial Information ) 4400 19.62(2) 90

1. 2. 3. a. 1 b. 2 c. (Hong Kong Standards on Review Engagements) (Hong Kong Standards on Assurance Engagements) 168-200 21 2115-2116 91

OL 40% 19.62(3) 19.64(3) 168-200 21 2115-2116 92

93

277,623 277,623 1,115,135 1,115,135 138,750,000 138,750,000 3,529,162 3,529,162 (a) 60,000,000 553,529,000 (b) 135,000,000 (c) 358,529,000 143,671,920 697,200,920 1,884,615 1,884,615 29,760 29,760 14,423,077 14,423,077 2,543,594 2,543,594 72,803,677 (a) (20,000,000) 52,803,677 91,684,723 71,684,723 160,221 (d) 1,970,000 2,167,721 (e) 37,500 41,497 (a) 40,000,000 40,041,497 201,718 42,209,218 91,483,005 29,475,505 235,154,925 726,676,425 (c) 358,529,000 358,529,000 235,154,925 368,147,425 6,350,868 (b) 300,000 6,650,868 228,804,057 (b) 134,700,000 361,496,557 (d) (1,970,000) (e) (37,500) 235,154,925 368,147,425 94

SA 620,000,000 (a) (b) (c) (d) (e) SA 20,000,000 40,000,000 30,000,000 2.69 SASA 95

7,765,796 7,765,796 (4,322,010) (4,322,010) 3,443,786 3,443,786 396,208 (a) 156,863,000 157,259,208 (263,100) (263,100) (5,881,756) (5,881,756) (3,066,841) (b) (1,970,000) (5,036,841) 149,521,297 (5,371,703) (353,524) (c) (32,140,000) (32,493,524) (1,650,448) (1,650,448) (7,375,675) 115,377,325 1,115,135 1,115,135 (6,260,540) 116,492,460 (a) (b) (c) (d) 2.6 9 OL SA SASA OL 96

138 7 93 96 731 7 731(7) 97

Hong Kong Standard on Investment Circular Reporting Engagements 300 Accountants Reports on Pro Forma Financial Information in Investment Circulars 731(1) (a) (b) (c) 7 31(1) 168-200 21 2115-2116 98

(1) (2) (3) 1,000,000,000 10,000,000 641,086,761 6,410,867.61 30,000,000 SA 300,000.00 671,086,761 6,710,867.61 40,900,000 11,500,000 99

XV (i)xv 7 8 (ii)352 (iii)5.46 5.67 1.09 2,000,000 0.31 1.09 2,000,000 0.31 0.047 400,000 0.06 100

XV (i)xv7 8 (ii)352 (iii)5.46 5.67 XV2 3 10% (i) 1 85,542,000 13.34% 85,542,000 13.34% 2 80,661,144 12.58% Supreme System 79,001,144 12.32% Investments Limited 3 74,979,195 11.70% Superhero Limited 74,979,195 11.70% 68,905,798 10.75% 101

(1) (2) Supreme System Investments Limited 1,660,000 Supreme System Investments Limited79,001,144 (3) Superhero Limited XV 2 3 10% 1 6 6 102

46 55 42 RBC Capital Markets RBC Capital Markets Pacific Group RBC RBC 103

18 8 31 University of Central Lancashire 36 47 24 100,000 104

True Corporation Public Company Limited TeleCard Limited XV Pandora Interactive Studio Pte. Ltd.Pandora i-stt Hong Kong Limitedi-STTPandorai-STT Pandora 1,250,000i-STT 100,000,000 17.50(2)(h) (v) 105

(a) Pro-Concept Development Limited ( Pro-Concept ) (b) Pro-Concept Pro-Concept 106

(c) 5,000,000 (d) Superhero Limited Superhero Superhero Superhero 0.4050,000,000 26,300,000 (e) Superhero 100,000,000 1.50 97,230,000 (f) SA (a) P.O. Box 309 GT, Ugland House, South Church Street, Grand Cayman, Cayman Islands (b) 168-200 21 2115-2116 (c) Bank of Butterfield International (Cayman) LimitedButterfield House, 68 Fort Street P.O. Box 705, George Town, Grand Cayman, Cayman Islands (d) 183 17 1712-1716 (e) CPA (f) 5.19 107

168 20021 2115 2116 (a) (b) 18 (c) 19 28 (d) (e) (f) (g) (h) (i) (j) (k) (l) 108

CHINAINFO HOLDINGS LIMITED * * 168-20021 2115-2116 1. (a) 620,000,000 OL 40%A (b) 4.5 30,000,000 0.01 (a) 135,000,000 109

(c) SA 2. P.O. Box 309 GT Ugland House South Church Street Grand Cayman Cayman Islands 168-200 21 2115-2116 1. 2. www.hkgem.com 48 183 17 1712-1716 3. 4. 5. 110