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China Life Insurance Company LimitedChina Life 16 86-10-63631244 86-10-66575112 ir@e-chinalife.com 16 86-10-63631068 86-10-66575112 lanyuxi@e-chinalife.com * 16 100033 16 100033 86-10-63633333 86-10-66575722 www.e-chinalife.com ir@e-chinalife.com 313 14 1403 852-29192628 852-29192638 A 3

www.sse.com.cn H www.hkexnews.hk www.e-chinalife.com 16 12 A H 601628 2628 LFC H 183 17 1712-1716 Deutsche Bank 60 Wall Street, New York, NY 10005 2003 6 30 16 2014 6 19 16 4

100000000037965 11010271092841X 71092841-X 1 16 1 22 5

1 2014 2013 2012 2011 2010 440,766 417,883 5.5% 371,485 370,899 385,838 330,105 324,813 1.6% 322,126 318,276 318,088 404,275 391,557 3.2% 363,554 352,599 346,601 315,294 312,288 1.0% 300,562 290,717 279,632 40,402 29,451 37.2% 10,968 20,513 41,008 32,211 24,765 30.1% 11,061 18,331 33,626 78,247 68,292 14.6% 132,182 133,953 178,600 12 31 2,246,567 1,972,941 13.9% 1,898,916 1,583,907 1,410,579 2 2,100,870 1,848,681 13.6% 1,790,838 1,494,969 1,336,245 1,959,236 1,750,356 11.9% 1,675,815 1,390,519 1,200,104 284,121 220,331 29.0% 221,085 191,530 208,710 / 1.14 0.88 30.1% 0.39 0.65 1.19 10.05 7.80 29.0% 7.82 6.78 7.38 2.77 2.42 14.6% 4.68 4.74 6.32 (%) 12.83 11.22 1.61 5.38 9.16 16.02 3 (%) 87.21 88.72 1.51 88.25 87.79 85.08 4 (%) 5.36 4.86 0.50 2.79 3.51 5.11 1. 2. 3. / 4. / / //2) 6

2014 7

4,407.665.5%322.11 30.1%1.1430.1% 232.539.2% 2014 2 26.1% 22,465.67 201313.9%4,549.06 32.9% 2014 12 31 294.48% 0.40 2015 5 28 2014 16 3,000 3,600 B 2015 2 2014 8

2015 3 24 9

2014 2014 322.1130.1% 232.53 9.2%4,549.06 32.9% 3,301.052013 1.6% 2,855.742013 1.8% 326.242013 34.9%119.07 2013 20.3% 2013 1.4% 2013 15.5% 201335.05% 39.94% 2013 22.0%201352.40% 55.33%2013 1.4%201358.45% 56.82% 2014 12 31201311.3%(14 26 3 89.00% 86.00% 4 5.46%2013 1.60 3 4 14/26 14/26 / + 10

3.9% 8.3%8.7% 17.0% 96.03% 68.36% 10.23 4.893.0% 74.3 201313.8% 12.7% 14.5% 1.9 7.3%0.4%41.0% 98.5%6.1 7.1 2014 11

21,008.70201313.6% 2013 47.25% 44.77% 2013 35.93%32.85% 2013 8.39%11.23% 5 2013 3.14%4.32% 6 4.71% 5.36% 7 5.45% 8 8.56% 2014 41 6 30 app e e71 47 8.9%95519 58 5 6 7 8 //2 / // /2 / / / /2 12

158 404 COSO(2013) 12 31 2014 2013 330,105 324,813 285,574 290,738 32,624 24,180 11,907 9,895 93,548 82,816 7,120 5,793 / 5,808 137 4,185 4,324 440,766 417,883 1 1.8% 2 34.9% 13

3 20.3% 12 31 2014 2013 285,619 290,778 111,346 110,946 70,006 74,629 41,340 36,317 174,273 179,832 33,192 24,713 19,525 13,829 14,459 9,995 5,066 3,834 13,667 10,884 12,199 10,799 12,049 10,788 11,888 10,633 161 155 150 11 331,010 326,290 14

12 31 2014 2013 205,417 197,698 34,455 31,815 335 413 34,120 31,402 165,131 160,302 5,831 5,581 17,440 17,658 2,989 4,720 2,878 4,561 111 159 506 563 13,945 12,375 99,825 107,658 77,881 78,178 65,918 69,695 11,963 8,483 21,815 29,387 129 93 1 8,328 3,276 1,262 280 889 18 373 262 638 475 6,428 2,521 331,010 326,290 1 2 15

12 31 2014 2013 1,677 1,542 23,029 19,596 25,357 22,588 34,934 32,667 8,138 5,773 413 650 93,548 82,816 1 8.8% 2 17.5% 3 12.3% 4 6.9% 5 41.0% 16

22.9% / / 4,139.4% 3.2% 12 31 2014 2013 315,294 312,288 288,868 293,932 22,434 15,055 3,992 3,301 1,958 1,818 24,866 18,423 27,147 25,690 4,726 4,032 25,432 24,805 4,151 3,864 701 637 404,275 391,557 17

1 1.7% 2 49.0% 3 20.9% 7.7% 35.0% 5.7% 17.2% 2.5% 7.4% 18

9 12 31 2014 2013 30,651 22,038 3,252 2,739 1,546 608 4,953 4,066 40,402 29,451 1 39.1% 2 18.7% 3 154.3% 4 21.8% 78.8877.5% 9 19

322.1130.1% 2014 2013 12 31 12 31 2,100,870 1,848,681 690,156 664,174 517,283 503,075 607,531 491,527 53,052 34,172 11,925 8,295 47,034 21,330 166,453 118,626 6,153 6,153 1,283 1,329 145,697 124,260 2,246,567 1,972,941 3.9% 2.8% 23.6% 20

55.2% 120.5% 40.3% 3.5% 2014 12 31 2013 12 31 1,804,598 85.90% 1,662,770 89.94% 690,156 32.85% 664,174 35.93% 940,619 44.77% 873,585 47.25% 1 62,348 2.97% 55,107 2.98% 2 111,475 5.31% 69,904 3.78% 236,030 11.23% 154,957 8.39% 94,933 4.52% 79,727 4.31% 83,620 3.98% 58,991 3.19% 3 57,477 2.73% 16,239 0.89% 1,283 0.06% 1,329 0.07% 4 58,959 2.81% 29,625 1.60% 2,100,870 100% 1,848,681 100% 1 2 3 4 21

2014 2013 12 31 12 31 1,603,446 1,494,497 72,275 65,087 46,089 20,426 74,745 49,536 25,617 23,179 2,623 67,989 67,985 19,375 4,919 47,077 24,727 1,959,236 1,750,356 7.3% 11.0% 125.6% 50.9% 10.5% 2014 6 5 2.75 26.23 22

2013 2014 293.9% 2,841.2129.0% 470.34 6,901.56 23

12 31 2014 2013 78,247 68,292 (69,257) (60,233) 16,704 (56,105) / 10 (76) / 25,704 (48,122) 14.6% 15.0% 2014 2013 12 31 12 31 236,151 168,501 80,193 74,485 294.48% 226.22% 24

500 500 20148 (World Brand Lab) 500 5005 1,745.36 74.3 1.9 6.1 7.1 2014 12 31 1.97 2014 12 31282.65 22,465.6720141,438.65 2014 12 3121,008.70201313.6% 25

4,000 60% 6,819 5,898 779 2,500 3,208 2,811 (161) 70.74% 3.53% 15,000 40% 52,769 16,893 1,407 2014 12 312,500 3,4002014 12 31 2,500 441 87.4% 70.74%4.8% 3.53% 2015 1 15 10% 26

2015 (1) 2015 (2) (3) 27

2015 2015 28

211 1 2 3 29

212 1 2 100% 150% (i) (ii) 3 213 30

1 2014 2015 3 242014201410% 31.6028,264,705,000 0.40113.06 2015 5 282014 2 10 10 10 2014 4.0 11,306 32,211 35% 2013 3.0 8,479 24,765 34% 2012 1.4 3,957 11,061 36% 31

3 35 97 6 34 / A 2014 6 18H 2014 5 29 H 2014 32

571 XV 352 2014 33

(1) (2) (3) 2014 12 31 30% (2015 3 24 25 34

2012 2012 /2013 2014 2 / // / 2014 / / 42.80 10.70 2015 5 282014 2015 2015 3 24 35

1 2 2014 6 3 2014 2013 2014 2014 36

4 2014 5 37

1 2 2014 3 4 5 2015 3 24 38

14A.76(2) 40% 60% 14A 14A 2013 2015 14A 39

1 2003 9 30 2011 12 15 2011 2012 1 12014 12 31 332014 12 31 11.88 2014 12 29 20152015 1 12017 12 31 2017 12 31 10.37 2014 12 31 9.87 2 (1) 2003 11 30 2012 12 31 2012 12 27 20122013 1 1 2015 12 31 33 2015 12 31 12 2014 12 31 8.86 40

(2) 2003 11 30 2011 12 31 2011 12 29 2011 2012 1 12014 12 31 332014 12 31 3.0 3.1 3.2 2014 12 31 2015 2015 1 1 2015 12 31 2015 12 313.2 2014 12 31 1.28 (3) 2013 3 22 2013 2014 12 31 332014 12 31 1.5 2.5 2014 2014 12 31 2015 2015 1 1 2015 12 31 41

2015 12 31 5 1,500 400 2014 12 31 0.89 3 2008 11 18 20082011 11 172012 3 82012 2015 3 7 332014 12 31 6.6 12.5 19.52015 3 8 2015 2015 3 8 30 2017 12 3113.86 17.38 22.22 2014 12 31 10.13 42

4 (1) 2013 2014 5 30 2016 12 31 2016 12 31 300 660 726 300 660 726 1 3 4 0.1 0.2 0.2 0.5 1 1 2014 12 31 11,460.00 4,414.71 0 0 0.47 (2) 2013 2014 9 4 2016 12 31 2016 12 31 50 100 100 50 100 100 0.5 1 1 43

0.5 1 1 2014 12 31 0 0 00 (3) 2013 2014 5 30 2016 12 31 2016 12 31 50 100 100 50 100 100 2014 12 31 4,380.23 3,927.47 (4) 2013 2014 6 6 2016 12 31 2016 12 31 50 100 100 50 100 100 0.5 1 1 0.5 1 1 0.5 1 1 0.5 1 1 44

2014 12 31720.00 726.450 0 0 0.02 (1) (2) (3) (4) (1) (2) (3) (4) 45

1 2012 6 27 1,198803,424.09 17 2 2009 7 27 2012 12 1 1 2013 12 1 2014 3 22 2013 12 2 2016 12 31 3 20132014 6 9 1.0028 42 40% 60%28 42 2014 7 7 60 40% 60% 46

4 2014 9 3010 1 30 102014 12 5 59.6 159.6 100 72 14A.76(2) 2013 14A 47

1 10%10% 2 3 5% A 2006 11 30 4 10,421.12 68,639.76 A 4 6 2 2 2 48

2014 9 12100 2.8% 2014 9 15 2015 2 13 100 1 49

1 A 167,266 H 33,551 5 A 222,011 H 33,095 68.37% 19,323,530,000 HKSCC Nominees Limited 1 25.81% 7,294,438,508 +8,149,255 0.21% 58,984,669 +58,984,669 0.11% 31,546,972 +14,967,002 2 0.07% 20,000,000 2 0.07% 18,452,300 A50ETF 0.05% 14,369,446 +195,759 0.05% 13,108,818 +13,108,818 0.04% 11,112,836 +11,112,836 0.04% 10,984,726 50

1 HKSCC Nominees Limited HKSCC Nominees Limited 2 2006 12 A 2007 1 9 2008 1 9 3 2 2003 7 211999 1 2003 10002372-8 46 2014 12 31 231,141,935A 2.1% 227,226,064 A 0.67% 51

100% 68.37% 10% 2014 12 31 571 XV 2 3336 A 19,323,530,000(L) 92.80% 68.37% BlackRock, Inc. H 532,568,789(L) 7.16% 1.88% JPMorgan Chase & Co. H 448,698,262(L) 6.02% 1.59% 36,726,613(S) 0.49% 0.13% / 325,782,986(P) 4.37% 1.15% LSP 52

XVBlackRock, Inc. 532,568,789 H BlackRock Investment Management, LLC, BlackRock Financial Management, Inc., BlackRock Institutional Trust Company, N.A., BlackRock Fund Advisors, BlackRock Advisors, LLC, BlackRock Japan Co Ltd, BlackRock Asset Management Canada Limited, BlackRock Investment Management (Australia) Limited, BlackRock Asset Management North Asia Limited, BlackRock (Netherlands) B.V., Blackrock Advisors (UK) Limited, BlackRock International Limited, BlackRock Asset Management Ireland Limited, BlackRock (Luxembourg) S.A., BlackRock Investment Management (UK) Ltd, BlackRock Asset Management Deutschland AG, BlackRock Fund Managers Ltd BlackRock Life Limited3,897,305 H2,181,000 H110,954,051 H174,758,000 H 2,062,000 H7,120,352 H2,207,480 H3,217,000 H54,535,895 H3,140,000 H 69,371,822 H 4,446,700 H 54,443,186 H 22,665,000 H 12,389,998 H 704,000 H4,357,000 H118,000 HBlackRock, Inc. XVJPMorgan Chase & Co. 448,698,262 H J.P. Morgan Securities LLC, J.P. Morgan Clearing Corp, JF Asset Management Limited, J.P. Morgan Investment Management Inc., J.P. Morgan Trust Company of Delaware, J.P. Morgan Whitefriars Inc., J.P. Morgan Securities plc, JPMorgan Chase Bank, N.A. JPMorgan Asset Management (UK) Limited3,630 H2,353,139 H 6,916,000 H 401,000 H 1,860 H 90,678,761 H 22,279,366 H 325,788,506 H 276,000 H JPMorgan Chase & Co. 448,698,262 H 325,782,986 H (4.37%) 5(4) JPMorgan Chase & Co. 36,726,613 H (0.49%) XV 2014 12 31 336 53

1 / 59 2012 7 10 0 0 / 44.55 40.29 84.84 0 56 2012 7 10 0 0 / 39.99 37.09 77.08 0 52 2014 7 1 0 0 / 19.83 18.44 38.27 0 56 2014 7 1 0 0 / 19.83 18.43 38.26 0 50 2012 7 10 0 0 / 0 0 0 80.08 59 2012 7 24 0 0 / 0 0 0 76.90 53 2012 7 24 0 0 / 0 0 0 76.90 65 2012 7 10 0 0 / 32.00 0 32.00 0 68 2012 7 10 0 0 / 30.00 0 30.00 0 66 2014 10 20 0 0 / 8.00 0 8.00 0 51 2014 10 20 0 0 / 8.00 0 8.00 0 / / / / 0 0 / / / 316.45 233.88 1 2 3 2013 2014 7 1 4 2014 2014 10 20 5 54

2 / 60 2012 7 10 0 0 / 39.65 37.15 76.80 0 55 2012 7 24 0 0 / 61.55 37.89 99.44 0 50 2012 7 24 0 0 / 61.55 38.14 99.69 0 44 2012 7 24 0 0 / 58.98 37.40 96.38 0 46 2014 10 20 0 0 / 0 0 0 18.65 / / / / 0 0 / / / 372.31 18.65 1 2 3 2014 2014 10 20 4 55

3 56 2014 4 0 0 / 39.99 37.09 77.08 0 52 2008 8 0 0 / 39.65 37.15 76.80 0 56 2009 12 0 0 / 39.65 37.07 76.72 0 51 2013 3 0 0 / 39.65 41.06 80.71 0 56 2014 11 0 0 / 37.87 35.42 73.29 0 55 2014 11 0 0 / 6.61 6.18 12.79 0 45 2014 11 0 0 / 37.87 33.81 71.68 0 2012 3 44 2014 11 0 0 / 37.87 33.31 71.18 0 52 2013 6 0 0 / 51.64 34.48 86.12 0 47 2014 12 0 0 / 3.08 2.74 5.82 0 / / / / 0 0 / / / 632.19 0 1 2 3 2014 4 29 4 2014 11 5 5 2014 12 19 56

4 / 56 2012 7 10 2014 3 25 0 0 / 10.03 9.37 19.40 33.51 2007 9 2014 3 25 2014 3 252014 8 5 56 2012 7 10 2014 3 25 0 0 / 9.91 9.31 19.22 0 2006 1 2014 3 25 72 2012 7 102014 10 20 0 0 / 0 0 0 0 68 2012 7 242014 10 20 0 0 / 0 0 0 0 64 2012 7 24 2014 5 29 0 0 / 6.25 0 6.25 0 52 2003 8 2014 3 25 0 0 / 9.91 9.41 19.32 0 61 2008 8 2014 4 3 0 0 / 13.22 12.93 26.15 0 / / / / 0 0 / / / 90.34 33.51 / 57

1955 2012 5 2012 3 2012 32013 1 2013 12 20072012 19802007 1997 2003 1958 2008 102014 3 2003 2014 3 2006 112014 3 1982 33 58

1963 2014 7 2008 8 2006 1 2008 72006 11 2006 122014 5 200320061983 1998 2011 7 30 1958 2014 72009 12 2006 9 2004 92002 4 1996 31 1965 2008 10 40 2009 60 60 59

1955 2012 72006 10 2008 8 19932006 1961 2012 7 2004 6 2000 2003 (Bruce D. Moore) 1949 2009 5 20022007 19952000 2000 2001 2002 19821995 1971 FSA FCAS MAAA CFA 36 60

1946 2010 6 19961998 1990 1976 2003 2009 2002 112005 12 2004 92006 3 2004 8 2013 9 2014 12 1948 2014 10 2004 20072013 30 1964 2014 10 2011 8 2013 6 2000 52009 2/ / 1993 82000 4 61

1955 2006 3 1997 7 1998 6 1998 7 2000 6 2000 7 2001 10 2001 112005 12 1978 2 1984 11 (CIA) 1959 2009 52008 9 2003 9 2008 9 2002 3 2003 8 1965 2012 72014 10 2011 1 2014 9 1984 7 62

1970 2012 72014 7 2011 1 2014 6 1997 11 1994 7 1997 10 1994 1968 2014 10 1993 7 2003 8 2003 9 2006 8 2008 9 2010 12 2013 6 63

1963 2013 3 2013 22013 22014 112012 122013 2 20092012 20062009 2008 20032006 1985 2006 25 1958 2014 11 2010 82007 4 2002 12 1998 91996 7 34 64

1959 2014 11 2014 2 20062014 1982 1996 2007 30 1969 2014 11 2012 3 1996 1991 1996 2010EMBA 2011 (FCAA)(FIA) 1970 2014 11 2013 42006 2005 20092011 201420002005 MOLEX/1993 2000 (AICPA)(ACCA) 65

1962 2013 6 1996 8 1997 10 1967 2014 122011 10 20052011 19992005 20042005 1985 2005 1977 66

2012 3 2013 10 2008 8 2004 6 1 101,972 1,151 103,123 1 (1) 22,304 34,783 6,287 31,291 3,838 4,620 103,123 67

(2) 3,166 51,874 39,110 3,347 5,626 103,123 4% 4% 22% 30% 6% 34% 3% 6% 3% 38% 50% 68

2 3 2014 2014 69

1 2 70

3 4 5 6 7 71

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2014 8 18 2014 <> 4 2014 12 29 2014 2 3 2 0 0 1 67% 3 3 0 0 0 100% 1 2 0 0 0 2 0 2 2 2 0 0 0 100% 3 2 0 0 1 67% 3 2 0 0 1 67% 3 2 0 0 1 67% 3 1 0 0 2 33% 3 2 0 0 1 67% 3 1 0 0 0 1 0 4 1 0 0 0 1 0 1 2014 7 1 2 2014 7 1 3 2014 10 20 4 2014 10 20 73

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1 2014 7 61 7 7 0 0 0 100% 7 7 0 0 0 100% 3 3 0 0 0 100% 3 3 0 0 0 100% 7 3 0 4 1 0 43% 7 6 0 1 2 0 86% 7 6 0 1 3 0 86% 7 6 1 4 0 0 100% 7 6 1 5 0 0 100% 2 2 0 0 0 100% 2 2 0 0 0 100% 1 2014 3 25 2014 5 29 2014 8 27 2014 10 28 2 2014 8 27 3 2014 4 25 4 2014 6 30 5 2014 6 30 76

2014 (2015 3 24 1 1 1 0 0 0 100% 1 1 0 0 0 100% 1 1 0 0 0 100% 1 1 0 0 0 100% 1 0 0 1 0 0 1 1 0 0 0 100% 1 1 0 0 0 100% 1 1 0 0 0 100% 1 1 0 0 0 100% 1 1 0 0 0 100% 1 1 0 0 0 100% 2015 3 24 2014 1 0/1 2/4 2/3 2 3 0/2 3/5 2/3 4/4 4 1/2 5/5 3/3 4/4 77

1 2014 3 252014 8 5 2014 5 29 2014 6 30 2014 5 29 2 2014 3 25 2014 3 2014 10 202014 6 30 2014 8 27 2014 8 27 2014 8 27 4 2014 10 20 2 2014 2014 78

2014 2014 2013 2014 2014 79

1 2014 6 6/6 100% 6/6 100% 6/6 100% 5/6 1 83% 2/2 100% 1 2014 10 28 2 2014 5 29 2014 100% 80

2014 1 1/1 100% 1/1 100% 1/1 100% 1/1 100% 1/1 100% 2 3 2003 6 30 2014 / 1 2014 4 4/4 100% 1/1 100% 1/1 100% 81

2014 1 1/1 100% 1/1 100% 1/1 100% 2 (1) 20132014 2014 2014 (2) 20142013 201420142014 (3) 20132014 2014 (4) 4042013 2014 2014 (5) <2013> < 2013 > <2014 > < > < > 82

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1 2014 5 1/1 100% 5/5 100% 5/5 100% 2014 6 30 2014 1 1/1 100% 1/1 100% 1/1 100% 2 2014 2014 < 2013 > < 20132014> 84

2003 6 30 1 2014 3 3/3 100% 3/3 100% 1/1 100% 85

2014 1 1/1 100% 1/1 100% 1/1 100% 2 2014 2014 < 20132014> < 2013 > < 2014 > < > 2015 < 2013> 2013 2003 6 30 2010 10 86

1 2014 6 2/2 100% 5/6 83% 6/6 100% 6/6 100% 3/3 100% 2014 4 25 2014 1 1/1 100% 0/1 1 0 0/1 2 0 1/1 100% 1/1 100% 87

1. 2015 3 24 2. 2015 3 24 2 2014 2014 2014 4 95519 88

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2014 2014 2014 90

2014 2014 3,000 117 500 171,000 230 1,500 1,000 2014 2014 2014 2014 2014 2013 2014 2014 5 292013 11 12 2014 7 1 2014 5 13 2013 91

(2014 2014 2014 404 (SEC) 20-F 2014 12 31 2014 12 31404 2014 12 31 SEC 20-F 404 2014 92

2011 3 15 2014 12 31 93

2014 9 94

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Forbes 2014 Millward Brown 2014 21 21 2014 2014 2000 66 2014 500 11 2014 2014 2014 BrandZ81 2014 2014 2014 2014 96

98 216 2015 3 24 97

2014 2013 12 31 12 31 6 25,348 23,393 7 1,283 1,329 8 44,390 34,775 9.1 517,283 503,075 9.2 166,453 118,626 9.3 690,156 664,174 9.4 6,153 6,153 9.5 607,531 491,527 9.6 53,052 34,172 9.7 11,925 8,295 9.8 44,350 34,717 11 11,166 9,876 12 1,032 1,069 13 19,411 20,430 47,034 21,330 2,246,567 1,972,941 107 216 98

2014 2013 12 31 12 31 14 1,603,446 1,494,497 15 72,275 65,087 74,745 49,536 16 2,623 17 67,989 67,985 10,890 18 46,089 20,426 25,617 23,179 15,850 6,305 19 20,062 18,233 28 19,375 4,919 52 5 20 223 184 1,959,236 1,750,356 34 28,265 28,265 35 145,919 97,029 109,937 95,037 284,121 220,331 3,210 2,254 287,331 222,585 2,246,567 1,972,941 2015 3 24 107 216 99

2014 2013 12 31 12 31 6 24,792 22,818 7 1,345 1,394 38 11,705 4,165 8 27,044 23,976 9.1 516,710 502,517 9.2 165,913 118,286 9.3 685,471 662,402 9.4 5,653 5,653 9.5 605,245 489,642 9.6 38,822 34,005 9.7 11,841 8,266 9.8 43,981 34,624 11 11,166 9,876 12 1,032 1,069 13 17,969 19,849 42,984 20,395 2,211,673 1,958,937 107 216 100

2014 2013 12 31 12 31 14 1,603,446 1,494,497 15 72,275 65,087 74,745 49,536 17 67,989 67,985 18 44,538 20,058 25,617 23,179 15,850 6,305 19 19,431 17,690 28 19,023 4,683 20 223 184 1,943,137 1,749,204 34 28,265 28,265 35 145,006 97,205 95,265 84,263 268,536 209,733 2,211,673 1,958,937 2015 3 24 107 216 101

2014 2013 331,010 326,290 (515) (556) 330,495 325,734 (390) (921) 330,105 324,813 21 93,548 82,816 22 7,120 5,793 / 23 5,808 137 4,185 4,324 440,766 417,883 24 (192,659) (193,671) 24 (16,752) (11,263) 24 (105,883) (107,354) 25 (1,958) (1,818) (24,866) (18,423) (27,147) (25,690) 26 (4,726) (4,032) (25,432) (24,805) (4,151) (3,864) 20 (701) (637) (404,275) (391,557) 8 3,911 3,125 27 40,402 29,451 28 (7,888) (4,443) 32,514 25,008 32,211 24,765 303 243 30 1.14 0.88 107 216 102

2014 2013 / 70,342 (25,135) (7,120) (5,793) (11,035) 2,635 120 (332) 28 (13,023) 7,050 39,284 (21,575) 39,284 (21,575) 71,798 3,433 71,443 3,203 355 230 107 216 103

34 35 2013 1 1 28,265 112,509 80,311 2,016 223,101 24,765 243 25,008 (21,562) (13) (21,575) (21,562) 24,765 230 3,433 88 88 35 6,082 (6,082) (3,957) (3,957) (80) (80) 6,082 (10,039) 8 (3,949) 2013 12 31 28,265 97,029 95,037 2,254 222,585 2014 1 1 28,265 97,029 95,037 2,254 222,585 32,211 303 32,514 39,232 52 39,284 39,232 32,211 355 71,798 826 692 1,518 35 8,832 (8,832) 32 (8,479) (8,479) (91) (91) 9,658 (17,311) 601 (7,052) 2014 12 31 28,265 145,919 109,937 3,210 287,331 107 216 104

2014 2013 40,402 29,451 (93,548) (82,816) (12,928) (5,930) (683) 108,955 109,843 2,124 2,026 / (268) 437 (3,911) (3,125) (13,698) (449) 9,704 41,330 23,300 (1,923) (5,343) 1,902 1,002 106 579 78,247 68,292 21,242 20,623 22,407 15,244 285,647 231,864 437 159 (115,808) (122,952) (312,544) (223,449) (5,048) (3,724) (5,671) (2,386) (25,972) (23,456) (3,630) (7,401) 78,903 72,667 4,258 2,861 (13,478) (20,283) (69,257) (60,233) 107 216 105

2014 2013 / 25,663 (48,073) 2,881 (10) (4,618) (4,083) (8,479) (3,957) (91) (80) 1,358 88 16,704 (56,105) / 10 (76) / 25,704 (48,122) 21,330 69,452 47,034 21,330 45,439 20,036 1,595 1,294 107 216 106

1 2003 6 30 16 2015 3 24 2 2.1 622 1176 87 9 32 3 107

2 2.1 2.1.1 2014 1 1 / 32 36 39 10 12 27 2 (i)(ii) 3 (i)(ii) 13 (i) 1 (iii) (i) 2010-2012 (ii) 2014 7 1 (iii) 2011-2013 32 36 1336 108

2 2.1 2.1.1 2014 1 1 39 101227 10 10 2 (i) (ii)(iii) (iv)(v) 3 939 13 1 109

2 2.1 2.1.2 2014 1 1 / 27 2016 1 1 10 2016 1 1 28 11 2016 1 1 15 2017 1 1 9 2018 1 1 27 2016 1 1 10 28 1028 2016 1 1 11 11 3 2016 1 1 2014 12 31 110

2 2.1 2.1.2 2014 1 1 15 5 2017 1 1 9 2014 79 39 9 2018 1 1 2.1.1 2013 122010-2012 2011-2013 2014 9 2012-2014 622 2015 111

2 2.2 2014 12 31 112

2 2.2 113

2 2.3 20% 50% 114

2 2.4 (1) (2) (3) 2.5 38 2.6 2003 6 30 115

2 2.6 15 35 5 11 4 8 2003 6 30 116

2 2.7 15 35 50 2.8 2.8.a (i) (ii) 117

2 2.8 2.8.a (iii) (iv) 2.8.b 118

2 2.8 2.8.c 50% 6 20% 119

2 2.9 4.3 7 10 2.10 90 90 120

2 2.11 2.11.1 2.11.2 2.11.2.a (i) (ii) 121

2 2.11 2.11.2 2.11.2.a (ii) (a) (b) 122

2 2.11 2.11.2 2.11.2.a (ii) (c) (iii) 2.11.3 2.11.2.b 2.11.2.c 123

2 2.11 2.11.3 2.11.4 70% 2.12 2.13 180 2.14 124

2 2.15 2.16 / 125

2 2.17 2.18 2.19 126

2 2.20 127

2 2.21 2.22 2.23 128

3 3.1 14 3.2 2.8.c 129

3 3.2 4.3 3.3 3.4 2.2 2014 12 31 38 130

4 4.1 4.1.1 4.1.2 131

4 4.1 4.1.2 2014 2013 % % (A(a) 62,635 20.56% 92 0.03% (b) 24,623 8.08% 25,672 8.40% (c) 16,293 5.35% 29,235 9.56% (d) 12,367 4.06% 18,881 6.18% (e) 149 0.05% 631 0.21% (f) 188,610 61.90% 231,209 75.62% 304,677 100.00% 305,720 100.00% (A(a) 56 0.06% (b) 3,556 3.74% 3,339 2.59% (c) 482 0.51% 432 0.34% (d) 2,659 2.79% 2,719 2.11% (e) 10,255 10.77% 300 0.23% (f) 78,170 82.13% 122,102 94.73% 95,178 100.00% 128,892 100.00% 2014 12 31 2013 12 31 % % (A(a) 63,701 4.01% 91 0.01% (b) 191,865 12.08% 172,055 11.60% (c) 187,274 11.79% 179,258 12.09% (d) 124,381 7.83% 114,531 7.72% (e) 92,985 5.85% 107,477 7.25% (f) 928,694 58.44% 909,534 61.33% 1,588,900 100.00% 1,482,946 100.00% 132

4 4.1 4.1.2 (a) (A 300% (b) 200% 300% (c) 300%300% 200% 200% (d) 1% 110% (e) 300% 300% 133

4 4.1 4.1.2 (f) 4.1.3 10% 12,971 13,5542013 12 3112,120 12,660 10% 5,1915,4782013 12 315,460 5,765 50 41,300 46,8682013 12 3139,833 45,292 100 258 2013 12 31 193 134

4 4.1 4.1.3 2010 2011 2012 2013 2014 8,826 8,002 8,056 11,476 16,499 8,967 8,279 8,164 11,872 8,640 8,090 8,123 8,640 8,090 8,640 8,640 8,090 8,123 11,872 16,499 53,224 (8,640) (8,090) (8,123) (11,419) (9,636) (45,908) 453 6,863 7,316 2010 2011 2012 2013 2014 8,741 7,889 7,916 11,331 16,379 8,879 8,161 8,035 11,743 8,557 7,977 7,997 8,557 7,977 8,557 8,557 7,977 7,997 11,743 16,379 52,653 (8,557) (7,977) (7,997) (11,292) (9,553) (45,376) 451 6,826 7,277 135

4 4.2 9 4.2.1 (i) 2014 12 3150 8832013 12 31 934 6,675 2013 12 31 10,720 136

4 4.2 4.2.1 (ii) 2014 12 31 10%1,0542013 12 31 164 12,881 2013 12 31 15,154 (iii) 137

4 4.2 4.2.1 (iii) 2014 12 312013 12 31 2014 12 31 8,303 8,303 54 54 260 260 8,774 8,774 3,662 68 54 3,784 12,750 8,371 54 21,175 2,623 2,623 2,623 2,623 2013 12 31 2,985 2,985 39 39 266 266 10,400 10,400 1,823 222 2,045 12,528 3,207 15,735 138

4 4.2 4.2.1 (iii) 2014 12 31 10%1,0252013 12 31 1,275 830 2013 12 31 299 268 2013 437 4.2.2 2014 12 312013 12 31 139

4 4.2 4.2.2 2014 12 31 99.1% AA/ A-22013 12 3199.1%)2014 12 31 99.6% AA/A-22013 12 3199.7%) 2014 12 31 99.7% 2013 12 3199.6%) 2014 12 312013 12 31 2014 12 312013 12 31 4.2.3 140

4 4.2 4.2.3 / 2014 12 31 1 1 3 3 5 5 236,030 236,030 941,836 72,234 186,342 186,285 982,202 166,453 85,652 27,423 44,344 36,144 690,156 212,356 367,662 155,236 26,621 6,153 182 2,620 4,434 11,925 11,925 44,350 31,928 8,413 4,009 11,166 11,166 47,034 47,034 2,155,103 236,030 472,477 592,460 394,308 1,044,967 1,603,446 (60,896) (118,434) (22,634) (2,463,567) 72,275 (14,703) (15,192) (9,827) (84,013) 46,089 (46,089) 10,890 (10,890) 25,617 (25,617) 2,623 (106) (213) (2,783) 67,989 (3,424) (73,198) 1,828,929 (10,890) (150,835) (207,037) (35,244) (2,547,580) / 326,174 225,140 321,642 385,423 359,064 (1,502,613) 141

4 4.2 4.2.3 / 2013 12 31 1 1 3 3 5 5 154,957 154,957 873,817 67,013 142,017 201,242 994,360 118,626 63,142 16,740 26,382 29,326 664,174 87,700 355,944 295,967 10,050 6,153 378 891 6,253 8,295 8,295 34,717 28,358 32 6,327 9,876 9,876 21,330 21,330 1,891,945 154,957 286,092 515,624 536,171 1,033,736 1,494,497 (30,721) (120,270) (109,561) (2,237,733) 65,087 (14,692) (11,642) (8,564) (77,315) 20,426 (20,426) 23,179 (23,179) 67,985 (3,424) (36,848) (39,774) 1,671,174 (92,442) (168,760) (157,899) (2,315,048) / 220,771 154,957 193,650 346,864 378,272 (1,281,312) 142

4 4.2 4.2.3 2014 12 31 74,745 2013 12 31 49,5362014 12 3144,515 2013 12 31 33,671 2014 12 3147,589 24,064 2013 46,19618,364 4.2.4 9.4 35 20 143

4 4.2 4.2.4 2014 2013 12 31 12 31 236,151 168,501 80,193 74,485 294% 226% 100% 100% 150% 100% 4.3 144

4 4.3 2014 12 31 33.91% 2014 12 31 62.58% 2014 12 31 3.51% 3.2 145

4 4.3 2014 12 31 151,817 23,479 21,635 196,931 25,437 369,403 501 395,341 22,716 582 542 23,840 18,805 10,407 29,212 218,775 403,871 22,678 645,324 (10,890) (10,890) (21) (21) (10,911) (10,911) 2014 301 13,588 13,889 200 5,935 6,135 363 473 836 (377) (377) 69 69 2,126 2,126 501 21,635 542 22,678 146

4 4.3 2013 12 31 134,085 3,868 13,588 151,541 34,020 305,665 301 339,986 3,416 3,416 9,333 21,423 30,756 180,854 330,956 13,889 525,699 (25) (25) (25) (25) 2013 301 3,649 85 4,035 9,349 9,349 362 362 (205) (85) (290) (144) (144) 577 577 301 13,588 13,889 147

4 4.3 2014 22,436 201310,194 10,344 201313,368 2014 2013 2014 12 312013 12 31 5 5.1 (i) (ii) (iii) 148

5 5.1 (iv) 33 5.2 / 5.3 149

5 2014 12 31 285,619 33,192 12,199 331,010 2,871 29,767 217,662 35,319 285,574 32,624 11,907 330,105 89,814 2,236 315 1,183 93,548 6,970 174 24 (48) 7,120 / 6,179 154 22 (547) 5,808 898 67 4,148 (928) 4,185 928 (928) 389,435 35,255 12,268 4,736 (928) 440,766 (191,291) (1,355) (13) (192,659) (12,883) (3,869) (16,752) (97,577) (8,196) (110) (105,883) (1,806) (152) (1,958) (24,742) (124) (24,866) (18,126) (4,770) (3,354) (897) (27,147) (4,451) (111) (16) (148) (4,726) (16,677) (4,092) (2,576) (2,087) (25,432) (3,608) (204) (705) (562) 928 (4,151) (903) (22) (3) 928 (506) (116) (79) (701) (358,784) (32,003) (10,722) (3,694) 928 (404,275) 3,911 3,911 30,651 3,252 1,546 4,953 40,402 (7,888) 32,514 32,211 303 38,270 951 134 (123) 39,232 1,427 324 221 152 2,124 150

5 2014 12 31 2,059,641 50,013 6,961 27,421 2,144,036 7,881 3,985 312 44,390 56,568 2,067,522 53,998 7,273 71,811 2,200,604 25,348 20,615 2,246,567 1,558,714 38,872 5,860 1,603,446 63,710 8,565 72,275 43,310 1,076 152 1,551 46,089 90,703 2,732 372 13,513 107,320 1,756,437 51,245 6,384 15,064 1,829,130 130,106 1,959,236 151

5 2013 12 31 290,778 24,713 10,799 326,290 2,327 29,782 209,034 49,635 290,738 24,180 9,895 324,813 80,640 1,665 253 258 82,816 5,679 117 18 (21) 5,793 / 149 3 (15) 137 870 66 4,266 (878) 4,324 878 (878) 378,076 26,031 10,166 4,488 (878) 417,883 (192,621) (1,047) (3) (193,671) (8,027) (3,236) (11,263) (101,311) (5,981) (62) (107,354) (1,749) (69) (1,818) (18,369) (54) (18,423) (17,529) (4,408) (3,012) (741) (25,690) (3,931) (81) (12) (8) (4,032) (16,968) (3,384) (2,581) (1,872) (24,805) (3,090) (149) (577) (926) 878 (3,864) (857) (18) (3) 878 (470) (92) (75) (637) (356,038) (23,292) (9,558) (3,547) 878 (391,557) 3,125 3,125 22,038 2,739 608 4,066 29,451 (4,443) 25,008 24,765 243 (20,696) (428) (66) (372) (21,562) 1,392 271 221 142 2,026 152

5 2013 12 31 1,831,849 38,363 5,578 6,279 1,882,069 7,991 2,609 303 34,863 45,766 1,839,840 40,972 5,881 41,142 1,927,835 23,393 21,713 1,972,941 1,461,121 28,229 5,147 1,494,497 57,991 7,096 65,087 19,592 404 62 368 20,426 89,003 2,318 322 91,643 1,627,707 38,047 5,531 368 1,671,653 78,703 1,750,356 153

6 2014 1 1 19,949 6,730 1,448 6,125 1,166 35,418 2,781 268 (3,194) 100 (45) 175 361 2 3,614 13 4,165 (128) (683) (58) (212) (33) (1,114) 2014 12 31 22,777 6,676 1,392 6,333 1,246 38,424 2014 1 1 (5,910) (4,349) (883) (858) (12,000) (788) (778) (167) (111) (1,844) 58 654 54 26 792 2014 12 31 (6,640) (4,473) (996) (943) (13,052) 2014 1 1 (25) (25) 1 1 2014 12 31 (24) (24) 2014 1 1 14,014 2,381 565 6,125 308 23,393 2014 12 31 16,113 2,203 396 6,333 303 25,348 154

6 2013 1 1 19,247 6,282 1,531 5,126 1,080 33,266 1,263 18 (1,389) 108 127 822 155 3,373 4,477 (624) (811) (1,435) (64) (392) (238) (174) (22) (890) 2013 12 31 19,949 6,730 1,448 6,125 1,166 35,418 2013 1 1 (5,265) (3,973) (932) (736) (10,906) (744) (727) (169) (138) (1,778) 83 83 16 351 218 16 601 2013 12 31 (5,910) (4,349) (883) (858) (12,000) 2013 1 1 (25) (25) 2013 12 31 (25) (25) 2013 1 1 13,957 2,309 599 5,126 344 22,335 2013 12 31 14,014 2,381 565 6,125 308 23,393 155

6 2014 1 1 19,286 6,606 1,429 6,125 1,142 34,588 2,781 268 (3,194) 100 (45) 175 336 2 3,613 12 4,138 (128) (683) (58) (212) (32) (1,113) 2014 12 31 22,114 6,527 1,373 6,332 1,222 37,568 2014 1 1 (5,764) (4,275) (870) (836) (11,745) (762) (761) (166) (108) (1,797) 57 654 54 25 790 2014 12 31 (6,469) (4,382) (982) (919) (12,752) 2014 1 1 (25) (25) 1 1 2014 12 31 (24) (24) 2014 1 1 13,497 2,331 559 6,125 306 22,818 2014 12 31 15,621 2,145 391 6,332 303 24,792 156

6 2013 1 1 18,676 6,155 1,511 5,126 1,056 32,524 1,263 18 (1,389) 108 113 810 155 3,373 4,451 (702) (811) (1,513) (64) (377) (237) (174) (22) (874) 2013 12 31 19,286 6,606 1,429 6,125 1,142 34,588 2013 1 1 (5,155) (3,911) (922) (726) (10,714) (719) (713) (166) (126) (1,724) 96 96 14 349 218 16 597 2013 12 31 (5,764) (4,275) (870) (836) (11,745) 2013 1 1 (25) (25) 2013 12 31 (25) (25) 2013 1 1 13,496 2,244 589 5,126 330 21,785 2013 12 31 13,497 2,331 559 6,125 306 22,818 157

7 2014 1 1 1,435 2014 12 31 1,435 2014 1 1 (106) (46) 2014 12 31 (152) 2014 1 1 1,329 2014 12 31 1,283 2014 1 1 2,045 2014 12 31 2,080 158

7 2013 1 1 1,435 2013 12 31 1,435 2013 1 1 (23) (83) 2013 12 31 (106) 2013 1 1 2013 12 31 1,329 2013 1 1 2013 12 31 2,045 159

7 2014 1 1 1,513 2014 12 31 1,513 2014 1 1 (119) (49) 2014 12 31 (168) 2014 1 1 1,394 2014 12 31 1,345 2014 1 1 2,195 2014 12 31 2,231 160

7 2013 1 1 1,513 2013 12 31 1,513 2013 1 1 (23) (96) 2013 12 31 (119) 2013 1 1 2013 12 31 1,394 2013 1 1 2013 12 31 2,195 2014 12 31 2014 12 31 2,080 2,231 2013 12 31 2,0452,195 161

7 8 2014 2013 1 1 34,775 28,991 (i) 5,671 2,506 683 (ii) 268 81 3,911 3,125 280 (332) (ii) (515) (279) 12 31 44,390 34,775 2014 2013 1 1 23,976 21,389 (i) 2,800 2,506 (ii) 268 81 12 31 27,044 23,976 162

8 (i) 2014 6 9 2,8004,200 6,000 2014 6 20King Phoenix Tree Limited275 10 Upper Bank Street Separate Limited Partnership10 Upper Bank Street SLP 70%King Phoenix Tree Limited (ii) 2014 5 9 2013 0.16 268 2014 9 192014 0.075 131 2014 12 31 4.41 / 2014 12 31 20.00% 40.00% 29.46% 35.00% 10 Upper Bank Street SLP 70.00% 2013 12 31 20.00% 40.00% 29.02% 35.00% 163

8 2014 12 312014 10 Upper Bank Street SLP 1,648,056 52,769 132,212 9,784 8,199 1,560,607 35,876 87,829 7,245 4,450 87,449 16,893 44,383 2,539 3,749 87,449 16,893 40,491 2,539 3,749 (i) 984 (209) 87,449 16,893 41,475 2,539 3,540 20.00% 40.00% 29.46% 35.00% 70.00% 20,535 6,757 13,186 1,434 2,478 44,644 36,522 40,411 3,306 241 12,037 1,407 4,606 84 142 2,120 318 (19) 8 (299) 14,157 1,725 4,587 92 (157) 2014 12 31 2013 12 312013 1,469,850 37,359 137,869 8,486 1,396,558 29,192 94,424 6,039 73,292 8,167 43,445 2,447 73,292 8,167 37,525 2,445 (i) 1,877 73,292 8,167 39,402 2,445 20.00% 40.00% 29.02% 35.00% 17,704 3,267 12,403 1,401 34,477 28,054 32,386 1,483 11,583 535 4,661 169 (1,820) 253 46 9 9,763 788 4,707 178 2013 12 31 (i) 164

9 9.1 2014 2013 12 31 12 31 88,843 97,702 126,140 113,618 146,595 131,022 / 155,705 160,733 517,283 503,075 68,199 49,159 37 21 23 23 449,024 453,872 517,283 503,075 2014 12 31526,5262013 12 31 464,996 2014 2013 12 31 12 31 88,843 97,702 126,140 113,618 146,027 130,469 / 155,700 160,728 516,710 502,517 68,199 49,159 448,511 453,358 516,710 502,517 2014 12 31525,9492013 12 31 464,477 165

9 9.1 2014 2013 12 31 12 31 11,823 12,905 70,592 64,878 149,986 109,334 284,882 315,958 517,283 503,075 2014 2013 12 31 12 13 11,816 12,905 70,477 64,872 149,837 109,085 284,580 315,655 516,710 502,517 166

9 9.2 2014 2013 12 31 12 31 73,654 60,176 (i) 92,799 58,450 166,453 118,626 2014 2013 12 31 12 31 80,214 60,315 53,894 26,192 32,345 32,119 166,453 118,626 2014 2013 12 31 12 31 73,654 60,176 (i) 92,259 58,110 165,913 118,286 2014 2013 12 31 12 31 80,137 60,315 53,665 26,002 32,111 31,969 165,913 118,286 167

9 9.2 (i) 2014 12 31 84,300 2013 12 31 62,200 39,571 2013 12 31 34,920 50,034 2013 12 31 22,836 2014 4,137 20132,894 171 2013 106 9.3 2014 2013 12 31 12 31 200,214 74,932 463,442 579,242 26,500 10,000 690,156 664,174 2014 2013 12 31 12 31 195,529 74,460 463,442 577,942 26,500 10,000 685,471 662,402 168

9 9.4 2014 2013 12 31 12 31 6,153 6,153 6,153 6,153 2014 12 31 2013 12 31 5,653 5,653 5,653 5,653 20% 169

9 9.5 2014 2013 12 31 12 31 26,328 31,435 138,487 119,739 206,511 165,001 / 22,798 23,579 (i) 1,217 232 395,341 339,986 83,121 58,052 71,592 77,250 3,000 (i) 39,218 16,239 196,931 151,541 (i) 15,259 607,531 491,527 46,137 37,652 260 266 348,944 302,068 395,341 339,986 71,553 80,638 8,303 2,985 132,334 67,918 212,190 151,541 607,531 491,527 170

9 9.5 2014 2013 12 31 12 31 25,913 31,088 138,487 119,739 205,620 164,364 / 22,798 23,579 (i) 1,217 232 394,035 339,002 82,714 57,704 71,592 77,235 3,000 (i) 38,645 15,701 195,951 150,640 (i) 15,259 605,245 489,642 (i) 171

9 9.5 2014 2013 12 31 12 31 45,707 37,208 260 266 348,068 301,528 394,035 339,002 71,548 80,365 8,303 2,985 131,359 67,290 211,210 150,640 605,245 489,642 2014 2013 12 31 12 31 13,939 7,964 139,737 115,636 120,284 117,242 121,381 99,144 395,341 339,986 2014 2013 12 31 12 31 13,939 7,964 139,624 115,468 119,987 117,203 120,485 98,367 394,035 339,002 172

9 9.6 2014 2013 12 31 12 31 254 1,489 4,085 4,659 24,873 24,608 29,212 30,756 499 939 23,341 2,477 23,840 3,416 53,052 34,172 5,920 5,375 23,292 25,381 29,212 30,756 23,488 2,484 352 932 23,840 3,416 53,052 34,172 173

9 9.6 2014 2013 12 31 12 31 254 1,489 1,728 4,659 14,782 24,441 16,764 30,589 499 939 21,559 2,477 22,058 3,416 38,822 34,005 5,098 5,277 11,666 25,312 16,764 30,589 21,706 2,484 352 932 22,058 3,416 38,822 34,005 174

9 9.7 2014 2013 12 31 12 31 30 11,925 8,295 30 90 11,925 8,295 2014 12 31 2013 12 31 30 11,841 8,266 30 90 11,841 8,266 175

9 9.8 2014 2013 12 31 12 31 27,084 20,210 15,667 13,402 1,599 1,105 44,350 34,717 31,928 28,358 12,422 6,359 44,350 34,717 2014 2013 12 31 12 31 26,935 20,141 15,450 13,379 1,596 1,104 43,981 34,624 31,604 28,287 12,377 6,337 43,981 34,624 176

10 (i) 2014 2013 2014 2013 12 31 12 31 12 31 12 31 (ii) 517,283 503,075 526,526 464,996 166,453 118,626 166,453 118,626 690,156 664,174 690,156 664,174 6,153 6,153 6,153 6,153 592,272 491,527 592,272 491,527 53,052 34,172 53,052 34,172 11,925 8,295 11,925 8,295 47,034 21,330 47,034 21,330 (iii) (72,275) (65,087) (70,694) (63,772) (10,890) (10,890) (46,089) (20,426) (46,089) (20,426) (iii) (67,989) (67,985) (68,370) (65,486) (i) 3.2 (ii) 4.32014 12 3169,506 457,0202013 12 3154,643 410,353 (iii) 11 2014 12 31 11,1432013 12 31 9,871 177

12 2014 2013 12 31 12 31 14 908 846 20 42 14 65 121 14 39 60 1,032 1,069 124 223 908 846 1,032 1,069 13 2014 12 31 2013 12 31 6,137 6,183 684 656 2,281 2,056 2,449 8,175 4,104 3,756 3,360 19,411 20,430 12,956 14,092 6,455 6,338 19,411 20,430 178

13 2014 2013 12 31 12 31 5,943 6,183 625 655 2,281 2,056 2,449 8,175 3,431 3,240 2,780 17,969 19,849 11,906 13,540 6,063 6,309 17,969 19,849 14 (a) (i) 2 2014 12 31 4.80%~5.00% 2013 12 31 4.80%~5.00% 179

14 (a) (i) 2 2014 12 31 3.52%~5.96% 2013 12 31 3.47%~5.74% (ii) 2000-2003 180

14 (a) (iii) 2014 12 31 37.00~45.00 0.85%~0.90% 14.00 0.90% 2013 12 31 37.00~45.00 0.85%~0.90% 14.00 0.90% (iv) (v) 181

14 (b) 2014 2013 12 31 12 31 1,588,900 1,482,946 7,316 4,655 7,230 6,896 1,603,446 1,494,497 12 (908) (846) 12 (39) (60) 12 (65) (121) (1,012) (1,027) 1,587,992 1,482,100 7,277 4,595 7,165 6,775 1,602,434 1,493,470 182

14 (c) 2014 2013 835 202 3,820 2,876 1 1 4,655 3,078 (9,636) (7,106) (4,557) (2,712) 16,499 11,476 355 (81) 12 31 7,316 4,655 2,135 835 5,181 3,820 12 31 7,316 4,655 2014 2013 1 1 6,896 (121) 6,775 5,955 (101) 5,854 7,230 (65) 7,165 6,896 (121) 6,775 (6,896) 121 (6,775) (5,955) 101 (5,854) 12 31 7,230 (65) 7,165 6,896 (121) 6,775 183

14 (d) 2014 2013 1 1 1,482,946 1,375,504 304,677 305,720 (i) (265,137) (264,175) 69,214 64,478 (4,599) 1,222 (ii) 420 271 1,379 (74) 12 31 1,588,900 1,482,946 (i) (ii) 2014 441 21 2013 337 66 184

15 2014 2013 12 31 12 31 47,962 46,555 24,292 18,507 21 25 72,275 65,087 2014 2013 1 1 46,555 47,977 3,486 2,622 (3,334) (5,315) (33) (13) 1,288 1,284 12 31 47,962 46,555 185

16 2014 2013 12 31 12 31 2019 6 17 3.54% 2,623 17 2014 12 3167,9892013 12 31 67,985 68,0002013 12 31 68,000 2014 2013 12 31 12 31 2011 10 26 2021 10 26 5.50% 30,000 30,000 2012 6 29 2022 6 29 4.70% 28,000 28,000 2012 11 5 2022 11 5 4.58% 10,000 10,000 68,000 68,000 102011 10 262012 6 292012 11 55.50% 4.70% 4.58% 200 2.14 186

18 2014 2013 12 31 12 31 41,477 13,862 4,612 6,564 46,089 20,426 30 42,971 17,426 30 90 118 3,000 90 3,000 46,089 20,426 2014 12 31 42,177 2013 12 31 14,338 2014 12 31 49,9632013 12 31 35,677 187

18 2014 2013 12 31 12 31 40,499 13,494 4,039 6,564 44,538 20,058 30 41,538 17,058 30 90 3,000 90 3,000 44,538 20,058 2014 12 31 42,131 2013 12 31 13,962 2014 12 31 49,3082013 12 31 35,331 188

19 2014 2013 12 31 12 31 4,589 4,792 5,008 4,014 1,919 1,630 1,044 1,039 31 1,025 770 783 1,708 761 682 717 377 4,216 3,221 20,062 18,233 20,062 18,233 20,062 18,233 2014 2013 12 31 12 31 4,006 4,341 5,008 4,014 1,919 1,630 1,044 1,039 31 1,025 770 778 1,705 761 682 693 361 4,197 3,148 19,431 17,690 19,431 17,690 19,431 17,690 189

20 2009 1 1 20082 (1) 0.15%0.05% (2) 0.8% 0.15% (3) 0.8%0.08% 0.05% 1% 21 2014 2013 25,357 22,588 18,571 16,188 1,571 963 4,458 3,408 106 579 34,934 32,667 8,138 5,773 299 556 114 94 93,548 82,816 201488,984201378,829 2014 6,44920136,395 43,614201337,331 190

22 2014 2013 142 385 142 385 8,127 9,211 (1,149) (3,803) 6,978 5,408 7,120 5,793 2014 12 31 146 2013142 1,0032013 3,517 2013144 23 / 2014 2013 2,272 (239) 4,977 305 (255) 71 (1,186) 5,808 137 191

24 2014 12 31 192,863 (204) 192,659 16,854 (102) 16,752 105,945 (62) 105,883 315,662 (368) 315,294 2013 12 31 193,755 (84) 193,671 11,392 (129) 11,263 107,442 (88) 107,354 312,589 (301) 312,288 25 26 2014 2013 3,433 3,423 1,234 609 59 4,726 4,032 192

27 2014 2013 11,564 10,789 787 740 1,553 1,932 2,124 2,026 (268) 437 55 52 28 (a) 2014 2013 6,455 428 1,433 4,015 7,888 4,443 (b) 25% 2013 25%) 2014 2013 40,402 29,451 10,101 7,363 (i) (3,434) (3,172) (i) 1,190 200 19 51 12 1 7,888 4,443 (i) 193

28 (c) 2014 12 312013 12 3125% / (i) (ii) (iii) 2013 1 1 (11,787) 3,061 892 (7,834) 820 (5,024) 189 (4,015) 7,731 7,731 (660) (660) (21) (21) (120) (120) 2013 12 31 (11,627) 5,627 1,081 (4,919) 2014 1 1 (11,627) 5,627 1,081 (4,919) 552 (1,940) (45) (1,433) (15,805) (15,805) 2,759 2,759 23 23 2014 12 31 (8,316) (12,095) 1,036 (19,375) (i) 2009 2008 12 31 (ii) / (iii) 194

28 (c) / 2014 12 318792013 12 31 863 1662013 12 31 124 2013 1 1 (11,787) 3,052 813 (7,922) 820 (4,702) 179 (3,703) 7,722 7,722 (660) (660) (120) (120) 2013 12 31 (11,627) 5,952 992 (4,683) 2014 1 1 (11,627) 5,952 992 (4,683) 552 (1,827) (62) (1,337) (15,762) (15,762) 2,759 2,759 2014 12 31 (8,316) (11,637) 930 (19,023) 195

28 (d) 2014 2013 12 31 12 31 12 4,219 7,084 12 2,027 1,827 6,246 8,911 12 (24,130) (13,557) 12 (1,491) (273) (25,621) (13,830) (19,375) (4,919) 2014 2013 12 31 12 31 12 4,205 7,085 12 1,929 1,727 6,134 8,812 12 (23,709) (13,223) 12 (1,448) (272) (25,157) (13,495) (19,023) (4,683) 196

29 28,271201321,484 30 2014 28,264,705,0002013 28,264,705,000 31 2006 1 52006 8 21 4.05 53.22 2005 7 12006 1 15 H 5.336.832005 7 12006 1 1 H H 2010 2 26 2014 12 31 2014 12 3155.01 2013 12 3155.012014 12 31 1,012 2013 12 31 757 25% 45% 2%0.1% 0.2% 2014 255 201371 2014 12 31 1,012 132013 12 31 757 132014 12 312013 12 31 197

32 2014 5 29 20130.308,479 2014 2014 12 31 2015 3 2420140.40 11,306 2014 33 (a) 2014 12 31 (i) King Phoenix Tree Limited (i) (i) 10 Upper Bank Street SLP (ii) (ii) 300 (ii) (ii) (ii) (i) King Phoenix Tree Limited 2014 (ii) 2014 198

33 (b) 38 (c) 2013 12 31 2014 12 31 4,600 4,600 3,000 1,000 4,000 (i) 2,500 2,500 300 300 588 588 200 200 (i) 2014 12 31 2,500 3,400 2014 12 31 2,500 441 92.20% 74.27% 692 666 199

33 (c) (ii) King Phoenix Tree Limited (d) 2013 12 31 2014 12 31 19,324 68.37% 19,324 68.37% 2013 12 31 2014 12 31 1,680 1,680 60.00% 60.00% 2,305 441 2,746 92.20% 74.27% 30 30 50.00% 50.00% 300 300 100.00% 100.00% 500 500 85.03% 85.03% 200 200 100.00% 100.00% King Phoenix Tree Limited 100.00% 200

33 (e) 2014 2013 (i)(vii) 987 1,022 (ii.a) 128 133 718 5,797 2,705 91 80 (ii.b) 30 28 (viii) 2,800 (ii.c) 11 10 50 53 18 24 (iii)(vii) 1,013 852 (iii) 4 16 41 28 35 27 81 (iv) 86 87 14 6 (viii) 79 78 (ii.d) 89 8 29 24 478 838 683 (v) 8 6 6 9 2 5 2,387 8 268 81 8 131 198 25 25 34 30 201

33 (e) 2014 2013 286 262 (ii.e)(vii) 886 846 137 121 441 23 17 (vi) 12 11 19 23 (ii.f) 11 8 (i) 2011 12 15 2012 1 12014 12 31 (1) 8.00 (2) 2.50% (ii.a) 2011 12 29 2012 1 1 2014 12 31 0.05% 0.05% 12 202

33 (e) (ii.b) 2014 1 242014 1 1 2014 12 31 (ii.c) 2012 2013 12 31 2014 1 1 2014 12 31 12 (ii.d) 2013 3 222013 12 31 2014 1 1 2014 12 31 0.6%2014 4 15 2014 2014 12 31 2014 2014 (ii.e) 2012 12 27 2013 1 1 2014 12 31 (20%) 203

33 (e) (ii.f) 2013 9 19 0.40% 0.15% 0.05% (iii) 2012 3 8 2014 3 8 2012 4 8 2014 4 8 (iv) 2012 12 312014 12 31 5% (v) 2012 4 19 204

33 (e) (vi) 2011 12 2012 12 28 30% 50% 60% 60% 3% 2012 12 292013 11 20 2013 11 28 2014 11 27 2014 11 28 30% (vii) 14A 14A (viii) 14A 14A 205

33 (f) / / 2014 2013 12 31 12 31 541 549 (1) (1) 15 16 114 76 (6) 12 14 (49) (32) 2 1 16,287 15,051 296 284 (1) 260 266 48 46 (5) (3) (225) (73) (3) (2) 206

33 (g) 2014 2013 13 26 2014 2013 26 5 (h) 24 24 2014 12 31 2014 34 2014 12 31 2013 12 31 1 28,264,705,000 28,265 28,264,705,000 28,265 207

34 2014 12 31 2014 12 31 (i) 19,323,530,000 19,324 8,941,175,000 8,941 1,500,000,000 1,500 (ii) 7,441,175,000 7,441 28,264,705,000 28,265 (i) (ii) 35 / (a) (b) (c) 2013 1 1 53,860 (9) 5,374 26 19,171 18,050 16,040 (3) 112,509 (21, 209) (353) (21,562) 2,470 1,107 2,505 6,082 2013 12 31 53,860 (9) (15,835) (327) 21,641 19,157 18,545 (3) 97,029 2014 1 1 53,860 (9) (15,835) (327) 21,641 19,157 18,545 (3) 97,029 39,089 143 39,232 3,160 2,470 3,202 8,832 826 826 2014 12 31 53,860 817 23,254 (184) 24,801 21,627 21,747 (3) 145,919 208

35 / (a) (b) (c) 2013 1 1 53,860 5,356 19,123 18,050 15,959 112,348 (21,190) (21,190) 2,470 1,107 2,470 6,047 2013 12 31 53,860 (15,834) 21,593 19,157 18,429 97,205 2014 1 1 53,860 (15,834) 21,593 19,157 18,429 97,205 39,011 39,011 3,160 2,470 3,160 8,790 2014 12 31 53,860 23,177 24,753 21,627 21,589 145,006 (a) 10% 2014 10% 3,160 2013 2,470 (b) 2014 5 2013 12 31 2,470 2013 1,107 (c) 2007 3 302014 10% 3,16020132,470 42 2013 35 209

36 2014 2013 2014 2013 12 31 12 31 12 31 12 31 389 215 389 215 2014 12 31 2013 12 31 37 (a) 2014 2013 2014 2013 12 31 12 31 12 31 12 31 23,929 7,690 23,929 7,690 9,887 7,830 9,887 7,823 87 65 87 65 33,903 15,585 33,903 15,578 5,834 5,834 65 87 65 87 65 5,921 65 5,921 210

37 (b) 2014 2013 2014 2013 12 31 12 31 12 31 12 31 549 480 494 458 753 472 690 464 10 18 10 18 1,312 970 1,194 940 2014774 2013736 (c) 2014 2013 2014 2013 12 31 12 31 12 31 12 31 207 144 222 149 361 247 389 248 17 57 17 57 585 448 628 454 211

38 2014 2013 12 31 12 31 11,705 4,165 (a) 2014 12 31 60% 4,000 2,500 74.27% 50% 100% 300 85.03% 588 100% 200 100% King Phoenix 100% Tree Limited (b) 2014 12 31 50.00% 2,020 38.84% 13,900 300 52.10% 1,237 45.00% 648 65.26% 246 212

39 2014 2014 (a) 2014 445.5 402.9 848.4 (i) 100.3 93.7 194.0 (ii) 399.9 370.9 770.8 (iii) 99.1 93.1 192.2 (iv) 320.0 320.0 300.0 300.0 (iv) (v) 198.3 184.4 382.7 (v) 198.3 184.3 382.6 (vi) 80.0 80.0 (vi) 80.0 80.0 (i) 2014 3 25 2014 8 5 (ii) 2014 4 29 (iii) 2014 3 25 (iv) 2014 5 29 (v) 2014 7 1 (vi) 2014 10 20 213

39 (a) 2013 442.0 973.9 1,415.9 487.0 383.2 1,799.1 487.0 1,312.1 397.8 876.5 1,274.3 438.3 353.0 1,627.3 438.3 1,189.0 393.4 866.8 1,260.2 433.4 349.4 1,609.6 433.4 1,176.2 393.4 866.8 1,260.2 433.4 349.4 1,609.6 433.4 1,176.2 250.0 70.0 320.0 320.0 320.0 250.0 50.0 300.0 300.0 300.0 2013 2014 214

39 (b) 2014 396.5 371.5 768.0 615.5 378.9 994.4 (i) 62.5 62.5 615.5 381.4 996.9 589.8 374.0 963.8 (ii) (i) 2014 5 29 (ii) 2014 10 20 2013 393.4 866.8 1,260.2 433.4 349.4 1,609.6 433.4 1,176.2 615.5 482.1 1,097.6 332.7 1,430.3 1,430.3 120.0 30.0 150.0 150.0 150.0 589.8 499.9 1,089.7 338.0 1,427.7 1,427.7 589.8 462.0 1,051.8 329.0 1,380.8 1,380.8 2013 2014 215

39 (c) 2014 2013 2013 2014 2013 3,816 1,610 2014 2013 01,000,000 4 1,000,0012,000,000 1 2,000,0013,000,000 3,000,0014,000,000 4,000,0014,500,000 2014 2013 216

217

218

Towers Watson 2012 5 15 2012 452014 25%5.1%0.1% 5.5% 12%1% 17% 11% 219

2014 12 31 2013 12 31 2014 2013 12 31 12 31 A 194,236 107,522 B 300,712 271,837 C (40,042) (37,135) D (B + C) 260,670 234,702 E (A + D) 454,906 342,224 F 26,633 24,421 G (3,380) (3,120) H (F + G) 23,253 21,300 2014 2013 12 31 12 31 21,740 19,639 464 532 1,048 1,129 23,253 21,300 220

2014 A 342,224 B 37,516 C 23,253 D 563 E 39,338 F (3,209) G 24,458 H 26 I (8,479) J (783) K 2014 12 31 (A J 454,906 B J B 2014 C 2014 D 2014 E 2014 F G 2014 H I 2014 J 221

260,670 23,253 1. 11.5% 248,363 21,962 2. 10.5% 273,875 24,640 3. 10% 301,993 26,555 4. 10% 219,647 19,971 5. 10% 257,909 21,435 6. 10% 263,431 25,070 7. 10%10% 258,517 23,128 8. 10%10% 262,860 23,378 9. 10% 259,675 22,863 10. 10% 261,613 23,585 11. 10% 258,351 23,118 12. 10% 263,013 23,388 13. 10% 260,316 22,045 14. 10% 261,024 24,460 15. 150% 241,056 21,519 16. 2013 263,638 23,274 17. 262,577 22,894 1-16 222

2014 12 31 2005 9 2014 12 31 2014 12 31 223

Michael Freeman 2015 3 24 224