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LARRY JEWELRY INTERNATIONAL COMPANY LIMITED 8351 (1) TUNG FONG HUNG INVESTMENT LIMITED (2) (3) (4) (5) 12 87 89 105 88 26 38 3806 SGM-1 SGM-5 183 22 10 11 74 75

...................................................... iii............................................................ 1................................................... 10...................................................... 12............................................. 88................................................... 89.................................... I-1................................. II-1.................. III-1........................................ IV-1................................. V-1............................................ VI-1............................................... SGM-1 ii

............................................................................................................................... 10,000....................................... 1,000........... (a) (b) (c) (d) (f) (g) (j) (k) (m) (n)................................................................................................... iii

................................................................................................................................................................................... 20,000........... 20,000 1,000................................................................................................................................................................................................................................. iv

............................................................................ 1,000..... 20,000 1,000.................................................................................. (i) (ii) i. v

ii. vi

0.09 0.10 0.01 0.10 0.01 1

10,000 20,000 600,000,000 0.10 2

1,000,000,000 0.15 150,000,000 (5) 1 4 (i) (ii) 17.41 3

(i) (ii) 0.01 6 99.9% 0.1% 50% 4

(i) (ii) 5

MJL 50% 300,000,000 99.9% 0.1% 0.01 6

7 2 Fame Treasure Global Limited 183 22 (9) 3,033,353,763 7

1.00 10,000 571 0.01 (10) (1) 0.10 0.10 (10) 0.01 8

0.13 Tung Fong Hung Investment Limited 3,033,353,763 Master Journal Limited TFHI % 1.0 1.1796 9

(1) (a) (b) (c) (d) (e) (f) (2) 10

(3) (a) (b) (c) (4) (1) (2) 11

LARRY JEWELRY INTERNATIONAL COMPANY LIMITED 8351 Clarendon House 2 Church Street Hamilton HM11 Bermuda 20 13 (1) TUNG FONG HUNG INVESTMENT LIMITED (2) (3) (4) (5) (i) (i) 100% (ii) 600,000,000 (i) 60,000,000 (ii) 390,000,000 12

(iii) 150,000,000 0.15 (ii) (iii) 0.13 3,033,353,763 394,000,000 (1) (9) 50% 10.29(1) 10.29(1) 13

(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) Fame Treasure Global Limited Master Journal Limited 100% 100% Master Journal Limited (i) 100% (ii) 14

600,000,000 (i) 60,000,000 (ii) 390,000,000 (iii) 150,000,000 1,000,000,000 0.15 600,000,000 (i) 344,390,000 (ii) (iii) (iv) 38,700,000 22.88% (i) (ii) (iii) 15

600,000,000 38,700,000 344,390,000 216,910,000 (i) (ii) (i) (ii) (iii) (iv) 216,910,000 604,000,000 560,000,000 (i) (ii) (iii) 8,900,000 (iv) 2,700,000 9,000 16

30,000,000 (7) (6) (a) (i) (ii) (b) (i) (ii) (iii) (c) (i) (ii) 17

(iii) (iv) (d) (e) (f) (g) (h) (i) (j) (k) 15 18

(l) (m) MJL (n) (c) (b) (c) (d) (f) (j) (m) (n) (k) (l) (a) (b) (c) (d) (f) (g) (j) (k) (m) (n) (e) (h) (i) (l) (a) (b) (c) (d) (f) (g) (j) (k) (m) (n) (a) (e) (g) (h) (i) (k) (l) (a) (m) (n) 19

150,000,000 0.15 150,000,000 7% 365 1,000,000 20

1,000,000 (i) 26 (ii) 0.15 (i) 0.085 0.85 82.35% (ii) 5 0.0814 0.814 81.57% (iii) 10 0.848 0.848 82.31% (iv) 0.085 0.202 25.74% (v) 0.04 0.157 4.46% 21

0.15 (a) (b) (i) (ii) (c) (d) 90% (e) (f) 90% (g) 90% (h) 90% 22

(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) 100% 23

(i) 30% (ii) 1,000,000,000 1,000,000,000 (i) 29.67% (ii) 22.88% 24

(a) (b) 23 (c) 23 (d) (e) 15 44 25

279 International Tak Cheung Holdings Limited 372 Mainland Talent Developments Limited 26

49% Tung Fong Hung Investment Limited TFHI 235 TFHI 51% 199 TFHI TFHI MJL 15 4 44 (i) (ii) 27

(iii) (iv) 45 8,000 (i) (ii) (iii) (iv) (v) (i) (ii) 28

(iii) 1. 2. (iv) 1. 2. 3. 4. 5. 6. 7. 8. 9. 29

(v) 22 4 62 88 20 3 46 69 17 4 45 66 15 4 45 64 15 4 44 63 54.77 8.74 36.49 100 55.65 10.29 34.06 100 54.29 13.85 31.86 100 59.28 12.84 27.88 100 15 4 44 1 2 30

30 90 500 15% 29% 16% 16% 8% 30% 70% 31

(i) 45 1 2 (ii) (iii) (iv) Facebook 32

(v) 10,000,000 1,000,000 33

MJL (a) MJL 100% 50% 100% 50% 100% Pacific Essense Ltd. 100% 100% 100% 100% Universal Focus Ltd. 100% 100% 99.9% 0.1% 34

Topper Group Limited Topper Group Limited 50% 300,000,000 Topper Group Limited (i) Master Journal Limited (ii) (iii) (b) MJL 100% 100% 100% 100% 100% Pacific Essense Ltd. 100% 100% Universal Focus Ltd. 100% 100% 100% MJL (i) (ii) 35

372,203 425,990 591,819 (4,855) 17,283 37,860 (7,534) 12,829 28,369 279,040 279,521 37

17 100 4 40

132 50 10,000 52 53 10,000 54 54 50,000 44

61 132W 3 1 5 1 50,000 4A 4 3 3 50,000 4B 5 5 50,000 45

231 3 (1) 1 1 2 (2) 2 1 2 (1) (2) (3) 3B 4 1 2 3 3B 4 50,000 100,000 3 3B 46

549 (i) (ii) (iii) (i) (ii) 1 2 (a) (b) (c) (i) 131 134 (ii) 119 121 47

(iii) 143 26 549F 144 28 28 155 100,000 (iv) 60 1 2 5 48

6C(2) 6D(3) 500,000 612 4 5 50,000 6 456 456A 4(1) 2(1) 2(2) (a) (b) (c) (d) 49

26 (i) (ii) (iii) 586 362 138 37 559 559A 10 50

14 19 21 23 25 528 51

25% 17% 13% 55

(1) (2) 56

53 30 + 2366 1189 17 (i) (ii) 571 XV 43 20 8063 57

(i) (ii) 571 XV 37 8 52 25 47 10 60 24 43 23 38 19 44 15 60 15 60 28 44 18 55 9 58 10 53 8 40 11 32 14 58

345,629 676,708 11.9% 562,000 17,174.7 31,195.0 34,562.9 40,890.3 48,412.4 53,412.3 58,801.9 63,591.0 67,670.8 11.9% 22,459.9 25,168.4 31,148.5 37,469.5 44,629.4 51,202.1 56,200.0 16.52% 90.0 105.7 116.0 111.7 117.6 119.6 126.3 5.8% 17,174.7 19,109.4 21,809.8 24,564.7 26,467.0 28,843.9 31,195.0 10.5% 13,267.8 15,699.8 18,391.9 21,030.7 24,284.3 27,189.6 30,093.1 14.62% 12,264.6 13,471.5 15,160.9 16,674.3 18,407.5 19,968.1 21,392.0 9.7% 59

132,678 300,931 50 12,264.6 21,392.0 30,000 25,000 20,000 15,000 10,000 5,000 0 2.0 3.3 10.4% 344 1,293 60

30.3% 297 1,265 33.6% 10,000 200.80 215.74 259.48 313.04 310.60 328.77 10.4% 100 343.80 433.42 783.07 814.75 1,170.70 1,292.59 30.3% 100 297.06 420.51 753.31 789.91 1,147.60 1,265.28 33.6% 2,616 25% 10 100 50% 30 1 20% 2015 2020 2015 2020 61

2016 2030 30% 4,851 5,642 3.9% 4,851 5,052 5,737 5,973 5,642 3.9% 62

(i) (10) 0.01 (1) 0.10 (ii) (iii) 0.09 0.10 0.01 (iv) 0.10 (10) 0.01 (v) (vi) (vii) 100,000,000 10,000,000,000 0.01 3,370,393,075 100,000,000 10,000,000,000 0.01 337,039,307 3,370,393.07 30,333,537 64

50,450,000 100,000,000 100,000,000 100,000,000 0.01 0.10 0.01 10,000,000,000 1,000,000,000 10,000,000,000 33,703,930.75 33,703,930.7 3,370,393.07 3,370,393,075 337,039,307 337,039,307 66,296,069.25 66,296,069.3 96,629,606.93 6,629,606,925 662,960,693 9,662,960,693 * 65

(i) (ii) (iii) (iv) 66

(i) (ii) (iii) 2.50 1,000 10,000 0.202 0.085 2,020 10,000 20,000 0.202 4,040 67

288 23 24 (852)29192919 (1) (9) 3,370,393,075 337,039,307 3,033,353,763 90% 3,370,393,070 0.13 68

3,033,353,763 (i) 900% (ii) 90% (i) (ii) 69

17.41 100 0.13 (i) 0.85 0.085 84.71% (ii) 0.814 0.0814 84.03% 70

(iii) 0.848 0.0848 84.67% (iv) 0.202 0.085 35.64% (v) 0.4 0.04 67.5% (vi) 0.157 0.04 17.20% 0.202 0.085 0.072 (i) (ii) (iii) (iv) (v) (vi) 0.062% (vii) 0.13 (i) (ii) 71

0.126 0.4 67.5% 0.04 0.086 24,400 0.04 53.5% 20,200 17.2% (i) (ii) (iii) 60% (1) (9) 72

183 22 20,000 (a) (i) (ii) (iii) (b) (i) (ii) 74

(iii) (iv) (c) (d) (e) (f) (g) (h) (i) (1) (2) (j) (k) (a) (b) (c) (d) (f) (g) (j) (k) (m) (n) (l) 75

(b) (k) (a) (c) (d) (e) (f) (g) (i)(1) 3,033,353,763 (i) 2.5% (ii) 76

(1) (a) (b) (c) (d) (e) (f) 77

(2) (3) (a) (b) (c) (4) 78

(1) (2) 394,000,000 381,000,000 84.31% 8.43% 633,554,500 24 1,018,064,500 62.23% 1.88% 0.85 0.202 76.24% 0.4 0.157 79

60.75 0.13 (i) (ii) (iii) (iv) (i) 320,298,000 (ii) 44,885,000 (iii) (i) (ii) 80

(i) (ii) 2.5% 320,000,000 986,000,000 81

23,000,000 339,000,000 50,000,000 55,200,000 82

0.12 1,047,518,325 10 7 121,300,000 (i) 25,000,000 (ii) 73,000,000 (iii) 23,300,000 (i) (ii) 18,000,000 4,000,000 Larry Splendour 4,000,000 8,000,000 55,000,000 (iii) 0.11 264,690,000 28,200,000 0.10 561,730,000 54,900,000 83

3 3 % % % % % % 1 528,902,842 15.69 52,890,284 15.69 528,902,840 15.69 52,890,284 1.57 528,902,840 12.10 52,890,284 1.21 2 3,033,353,763 90.00 3,033,353,763 69.41 1,000,000,000 22.88 1,000,000,000 22.88 2,841,490,233 84.31 284,149,023 84.31 2,841,490,230 84.31 284,149,023 8.43 2,841,490,230 65.02 284,149,023 6.50 3,370,393,075 100.00 337,039,307 100.00 3,370,393,070 100.00 3,370,393,070 100.00 4,370,393,070 100.00 4,370,393,070 100.00 (1) (2) 90.00% 2,040,000,000 1.19% 29.67% 29.67% 60.53% (i) (ii) 30% 10% (3) 84

100% 50% 10.29(1) 10.29(1) 85

26 38 3806 SGM-1 SGM-6 (i) (ii) 183 22 86

LARRY JEWELRY INTERNATIONAL COMPANY LIMITED 8351 89 105 12 87 88

88 173 12 1209 0.13 394,000,000 10.29(1) 89

(i) (ii) 17.92 90

1. % 191,769 264,414 (27.47) 46,026 60,201 (23.55) (50,450) (74,091) (31.91) % 44,885 43,888 2.27 297,298 354,113 (16.04) 91

264,410,000 191,770,000 27.47% 23.55% 15.6% 11.8% 2.1%. (i) 100% (ii) 600,000,000 92

394,000,000 381,000,000 604,000,000 560,000,000 (i) (ii) (iii) (iv) (v) (i) (ii) (iii) (iv) 93

(i) (ii) 44,900,000 600,000,000 450,000,000 (iii) (i) (ii) 2. 0.13 3,370,393,075 337,039,307 3,033,353,763 90% 94

(a) 0.4 0.04 67.5% (b) 0.85 0.085 84.71% (c) 0.814 0.0814 84.03% (d) 0.848 0.0848 84.67% (e) 0.157 0.04 17.20% (f) 0.202 0.085 35.64% (i) (ii) (iii) (iv) (v) (vi) (vii) 95

(v) 184.9 182.5 177.6 158.3 169.2177.9 3. (i) 0.125 0.04 (ii) (a) 1.25 0.125 89.60% (b) 0.85 0.085 84.71% (c) 0.40 0.04 67.50% 96

(i) (ii) 1 2 % % 21 13,093,500 0.46 0.39 20 3,810,170 0.13 0.11 20 2,635,300 0.09 0.08 20 17,463,175 0.61 0.52 22 6,965,114 0.25 0.21 21 2,752,871 0.10 0.08 21 3,876,333 0.14 0.12 21 33,214,262 1.17 0.99 20 6,301,170 0.22 0.19 21 2,108,476 0.07 0.06 21 2,591,448 0.09 0.08 18 1,556,111 0.05 0.05 22 32,988,195 1.16 0.98 19 42,336,239 1.49 1.26 19 60,193,513 2.12 1.79 22 81,166,883 2.86 2.41 22 10,295,136 0.36 0.31 21 5,555,810 0.20 0.16 20 2,403,000 0.08 0.07 20 19,753,790 0.70 0.59 21 2,589,433 0.09 0.08 22 4,138,182 0.15 0.12 98

1 2 % % 20 7,173,000 0.25 0.21 18 4,152,222 0.15 0.12 21 30,931,819 1.09 0.92 20 6,760,500 0.24 0.20 21 9,671,857 0.34 0.29 18 2,690,000 0.09 0.08 1. 2,841,490,233 2. 3,370,393,075 2% (i) (ii) 99

% % % % 2 139 (89.13) (53.95) 3.00 85.71 8022 (4.76) (3.23) 2.50 33.33 2178 (26.32) (23.81) 2.00 12.50 149 (82.48) (34.35) 2.50 88.89 616 (85.56) (21.68) 1.00 95.24 1103 (6.02) (4.29) 1.00 31.03 64 (21.13) (15.15) 1.00 33.33 8100 (59.80) (27.10) 3.50 75.00 207 (5.60) (3.60) 1 33.33 (4.76) (3.23) 1.00 12.50 (89.13) (53.95) 3.50 95.24 % % 8351 (84.71) (35.64) 2.5 90.00 (www.hkex.com.hk) 1. 2. + x100% 100

% % % % 1 DX.com 8086 (49.80) (33.30) 3.00 50.00 1733 (76.00) (44.00) 93.80 4 Focus Media Network Ltd. 8112 (83.41) (45.60) 2.50 83.33 298 (34.10) (25.70) 2.50 33.33 8018 (16.90) (12.00) 3.00 33.33 1246 (58.75) (17.97) 2.50 84.62 393 (11.76) (8.16) 100,000 33.33 2343 (58.30) (41.20) 4.00 50.00 2 619 (58.23) (41.07) 2.00 50.00 428 (15.25) (8.26) 2.00 50.00 1327 (49.09) (24.32) 1.50 66.67 913 (25.37) (10.07) 1.50 66.67 736 (42.21) (12.96) 2.50 80.00 2178 (40.38) (34.32) 1.50 23.08 750 (10.96) (9.30) 4,600,000 16.67 3666 (18.00) (12.80) 0.50 2.00 33.33 3 263 (48.98) (24.24) 3.00 66.67 (10.96) (8.16) 16.67 (83.41) (45.60) 4.00 93.80 101 % % 8351 (67.50) (17.20) 2.5 90.00 (www.hkex.com.hk) : 1. + x 100% 2. 3.6% 0.4% 3. 2% 0.5% 4. 93.8%

(i) 4.76% 89.13% (ii) 10.96% 83.41% 84.71% 67.50% 3.23% 53.95% 8.16% 45.60% 35.64% 17.20% (i) (ii) (i) (ii) (iii) 102

4. 3,033,353,763 (i) 2.5% (ii) (i) 1.0% 3.5% (ii) 4% 5. 6. 103

75.88 7. 297,300,000 646,130,000 104

(i) (ii) 105

1. (i) (www.larryjewelryinternational.com) (www.hkgem.com) http://www.hkexnews.hk/listedco/listconews/gem 2016/0330/GLN20160330114_C.pdf http://www.hkexnews.hk/listedco/listconews/gem 2015/0330/GLN20150330112_C.pdf http://www.hkexnews.hk/listedco/listconews/gem 2014/0331/GLN20140331090_C.pdf (a) 298,256,000 15.1% I-1

Larry Splendour Larry Splendour Larry Splendour the Neo Collection Leo Wittwer I-2

Larry Splendour the Neo Collection 351,183,000 298,256,000 15.1% 95,635,000 85,646,000 10.4% 28.7% 27.2% Sharp Wonder 17.9% 88,983,000 106,212,000 29.8% 30.2% 1,404,000 5,478,000 I-3

78,320,000 83,597,000 6.7% 63,516,000 38,975,000 38.6% 45,240,000 14.4% 38,746,000 26,384,000 23,630,000 GE Capital 103,267,000 67,910,000 1.8 2.3 41.3 43.2 157.8 173.2 116.5 130.0 49.2% 51.2% I-4

85,849 70,000 23 25 34 I-5

92 102 36,395,000 44,358,000 3,307,000 1. I-6

2. Leo Wittwer Lazare Diamond Lazare Lazare Diamonds Lazare Kaplan International Inc. GIA 3. I-7

Larry Splendour Larry Splendour 4. 5. 0.12 1,047,518,325 1,088,589,641 125.7 130.63 I-8

(b) 11.3% 13.7% 11.8% Larry Splendour 9.6% 32.9% I-9

211.0 46.7% 264,414,000 298,256,000 11.3% 85,646,000 29.7% 60,201,000 22.8% 28.7% Sharp Wonder Holdings Limited 17.9% 64,870,000 88,983,000 24.5% 29.8% 83,597,000 9.8% 75,407,000 I-10

Larry Splendour 38,975,000 9.2% 35,388,000 23,630,000 46.7% 12,589,000 74,091,000 103,267,000 29,176,000 43,736,000 16,000,000 97.9 13.6 11.7 27.8 157.8 51.2% 291.0 148.5 15.6 1.8 I-11

(a) GE Capital Services Pte Ltd GE Capital 10 GE Capital GE Capital (b) 10 GE Capital GE Capital I-12

72 92 31,801,000 36,395,000 a. b. I-13

c. d. I-14

_ (c) 15.6% 11.8% 2.1% 60,600,000 31.6% 41.7% I-15

72 29G6 8 131,169,000 68.4% 18.3% ION Orchard ION Orchard Vera Wang Timeless Grandeur Larry Splendour Grandeur I-16

191,769,000 27.5% 50,450,000 31.9% 25.2% 27.5% 31.9% 191,769,000 264,414,000 27.5% 60,201,000 23.5% 46,026,000 24.0% 22.8% 75,407,000 31.1% 51,928,000 I-17

35,388,000 21.5% 27,767,000 20,600,000 16,000,000 Sharp Wonder 20,600,000 12,589,000 50,450,000 74,091,000 23,641,000 2. I-18

15.6% 11.8% 2.1% 3. 1,000,000 7,750,000 13,036,000 9,378,000 3,658,000 8,000,000 I-19

4. 5. I-20

Tung Fong Hung Investment Limited % % % % % Tung Fong Hung Medicine (BVI) Limited 0.2 100 100 100 100 100 Tung Fong Hung Nominees Limited 2 100 100 100 100 100 Pacific Essense Ltd. 1 100 100 100 100 100 1 100 100 100 100 100 II-1

% % % % % 2 100 100 100 100 100 2 100 100 100 100 100 1,001.1 100 100 100 100 100 2 100 100 100 100 100 1 100 100 100 100 100 1 100 100 10 100 100 100 100 100 2 100 100 100 100 100 1 100 100 100 100 100 1 100 100 100 100 100 2 100 100 100 100 100 2 100 100 100 100 100 2 100 100 100 100 100 TFH Consultation Services Limited 2 100 100 100 100 100 2 100 100 100 100 100 2 100 100 100 100 100 II-2

% % % % % 10,000 100 100 100 100 100 2 100 100 100 100 100 Universal Focus Ltd. 1 100 100 100 100 100 2 100 100 100 100 100 Tung Fong Hung Medicine Company (Macau) Limited 100,000 100 100 100 100 100 Time Fortune (Macau) Limited 25,000 100 100 100 100 100 Red More Foods (Macau) Limited 25,000 96 96 96 100 100 10,000,000 100 100 100 100 100 2,000,000 100 100 100 100 100 14,000,000 100 100 100 100 100 1,000,000 100 100 100 100 100 II-3

3.340 II-4

2410 II-5

A. 5 654,551 591,819 425,990 309,206 251,153 (426,027) (343,468) (253,783) (192,081) (142,530) 228,524 248,351 172,207 117,125 108,623 6 332 1,407 2,277 2,154 464 7 (1,065) (560) (1,487) (22) (13,049) (138,105) (143,644) (109,881) (82,697) (83,098) (41,268) (46,345) (34,002) (21,972) (17,691) 11 (43,646) (18,772) (8,900) (6,335) (772) 8 (2,189) (2,577) (2,931) (2,201) (2,096) 2,583 37,860 17,283 6,052 (7,619) 9 (5,017) (9,491) (4,454) (3,138) (2,677) 10 (2,434) 28,369 12,829 2,914 (10,296) 2,156 (50) 43 444 (6,273) (278) 28,319 12,872 3,358 (16,569) 13 (243) 2,837 1,283 291 (1,030) II-6

14 67,003 73,681 84,869 79,407 15 25 1,055 1,095 1,139 1,181 18 11,243 9,129 7,612 10,428 79,301 83,905 93,620 91,016 16 231,965 281,884 280,425 264,663 17 32,678 23,750 20,707 14,027 18 21,934 26,544 23,832 19,822 19 1,077 1,195 1,218 3,676 230 1,246 199 20 2,500 2,500 8,000 20 88,741 82,308 38,928 29,448 380,071 418,411 368,856 336,159 21 131,508 140,321 78,664 65,323 21 3,990 2,027 22 41,352 32,456 41,045 30,130 19 1,331 4,675 3,748 1,969 7,335 8,003 7,228 24 10,000 176,160 188,777 133,487 112,681 203,911 229,634 235,369 223,478 283,212 313,539 328,989 314,494 II-7

23 27,945 30,320 32,898 34,973 25 367 28,312 30,320 32,898 34,973 254,900 283,219 296,091 279,521 26 78 78 78 78 254,821 283,140 296,012 279,443 254,899 283,218 296,090 279,521 1 1 1 254,900 283,219 296,091 279,521 II-8

1 2 78 308,688 4,475 9,230 (67,294) 255,177 1 255,178 2,156 2,156 2,156 (2,434) (2,434) (2,434) 2,156 (2,434) (278) (278) 1,593 (1,593) 78 308,688 6,068 11,386 (71,321) 254,899 1 254,900 (50) (50) (50) 28,369 28,369 28,369 (50) 28,369 28,319 28,319 1,954 (1,954) 78 308,688 8,022 11,336 (44,906) 283,218 1 283,219 43 43 43 12,829 12,829 12,829 43 12,829 12,872 12,872 78 308,688 8,022 11,379 (32,077) 296,090 1 296,091 (6,273) (6,273) (6,273) (10,296) (10,296) (10,296) (6,273) (10,296) (16,569) (16,569) (1) (1) 78 308,688 8,022 5,106 (42,373) 279,521 279,521 78 308,688 8,022 11,336 (44,906) 283,218 1 283,219 444 444 444 2,914 2,914 2,914 444 2,914 3,358 3,358 78 308,688 8,022 11,780 (41,992) 286,576 1 286,577 II-9

1. 2. II-10

2,583 37,860 17,283 6,052 (7,619) 7,938 8,260 9,913 9,569 10,034 2,084 3,129 318 318 398 11,554 2,189 2,576 2,931 2,201 2,096 (93) (73) (95) (77) (30) 220 993 560 1,487 22 825 15,914 52,312 31,837 18,085 17,258 (10,405) (53,058) 1,129 (23,654) 3,058 (15,527) 8,928 3,037 4,317 4,702 4,972 (2,496) 4,227 8,661 1,912 (2,798) 10,848 (64,817) (12,268) (16,598) 15,171 (8,896) 8,609 3,599 (13,307) 7,295 3,027 (927) (5,702) (3,297) 14,622 10,665 (16,905) (6,962) (6,272) (4,366) (2,798) (3,594) (3,426) (1,727) 3,655 10,256 11,522 (20,499) (10,388) (7,999) II-11

93 73 95 77 30 2,500 (2,500) (8,000) (15,033) (15,488) (22,617) (3,666) (5,353) 273 20 20 23 (118) (43) (38) (1) (14,667) (18,033) (22,545) (3,607) (10,801) 10,000 (28) 317 (1) (201) (353) (287) (21) (28) 116 (353) (287) 9,978 (4,439) (6,395) (43,397) (14,282) (8,822) 380 (38) 17 73 (658) 92,800 88,741 82,308 82,308 38,928 88,741 82,308 38,928 68,099 29,448 II-12

1. Master Journal Limited Master Journal Topper Group Limited Topper Group 50% Topper Group Limited Topper Group Master Journal 50% 300,000,000 P.O. Box 146, Road Town, BVI 7 2. 9 1 15 1 16 2 11 3 15 15 1 3 16 3 38 3 16 3 41 10 3 12 28 10 28 1 2 3 4 4 II-13

9 39 9 9 9 16 16 16 33 16 15 15 15 18 11 15 15 15 15 15 15 II-14

3. 622 2 17 2 36 II-15

II-16

II-17

II-18

II-19

II-20

II-21

4. 3 67,003,000 73,681,000 84,869,000 79,407,000 32,678,000 23,750,000 20,707,000 14,027,000 II-22

231,965,000 10,279,000 281,884,000 13,408,000 280,425,000 13,726,000 264,663,000 14,124,000 5. 8 358,466 238,827 57,258 654,551 * 33,230 8,272 14 (41,516) 391,696 247,099 57,272 (41,516) 654,551 29,096 10,682 9,408 49,186 368 (44,782) (2,189) 2,583 41,892 1,550 8,466 51,908 358 1,747 2,105 5,294 5,294 38,644 26,002 2,536 67,182 II-23

329,361 201,600 60,858 591,819 * 51,826 2,711 142 (54,679) 381,187 204,311 61,000 (54,679) 591,819 30,774 18,051 9,649 58,474 1,407 (19,444) (2,577) 37,860 46,169 1,362 8,260 55,791 203 1,555 1,758 5,110 5,110 43,179 25,429 3,063 71,671 II-24

231,267 135,700 59,023 425,990 * 35,497 1,907 (37,404) 266,764 137,607 59,023 (37,404) 425,990 17,851 (1,848) 12,226 28,229 2,416 (10,431) (2,931) 17,283 41,057 1,318 8,518 50,893 73 73 2,283 2,283 31,174 17,640 2,295 51,109 II-25

171,639 91,329 46,238 309,206 * 30,927 1,654 (32,581) 202,566 92,983 46,238 (32,581) 309,206 7,756 (3,126) 7,945 12,575 2,180 (6,502) (2,201) 6,052 30,408 1,067 7,351 38,826 76 76 1,648 1,648 30,990 10,888 1,691 43,569 II-26

148,885 70,011 32,257 251,153 * 13,893 480 (14,373) 162,778 70,491 32,257 (14,373) 251,153 6,963 (14,565) 3,605 (3,997) 698 (2,224) (2,096) (7,619) 28,882 960 6,749 36,591 268 513 781 1,519 1,519 25,985 12,031 1,781 39,797 7 2,691 8,863 11,554 * # 11,554,000 2,691,000 8,863,000 3 II-27

131,827 87,335 45,032 51,428 175,905 239,617 248,887 233,494 137,040 151,245 142,620 114,866 14,600 24,119 25,937 27,387 327,545 414,981 417,444 375,747 131,827 87,335 45,032 51,428 459,372 502,316 462,476 427,175 145,694 154,336 85,925 71,802 29,370 21,740 26,137 25,541 6,383 7,677 2,633 321 181,447 183,753 114,695 97,664 23,025 35,344 51,690 48,990 204,472 219,097 166,385 146,654 II-28

654,551 591,819 425,990 309,206 251,153 10% 358,466 329,361 231,267 171,639 148,885 238,827 201,600 135,700 91,329 70,011 57,258 60,858 59,023 46,238 32,257 654,551 591,819 425,990 309,206 251,153 68,403 75,290 88,101 93,880 8,374 7,017 3,082 2,081 1,267 341 1,180 1,798 78,044 82,648 92,363 97,759 II-29

6. 93 73 95 77 30 947 950 859 239 387 1,232 1,218 434 332 1,407 2,277 2,154 464 7. (993) (560) (1,487) (22) (825) (72) (670) (11,554) (1,065) (560) (1,487) (22) (13,049) 11,554,000 12,074,000 520,000 8. 12 202 353 288 9 23 2,189 2,375 2,578 1,913 2,075 2,189 2,577 2,931 2,201 2,096 II-30

9. 910 762 600 1,000 (12) (12) 910 762 600 1,000 1,909 6,780 1,227 767 4 152 265 1,257 816 964 1,531 (407) (44) (39) (42) 1,437 1,943 1,252 994 751 5,017 9,491 4,454 3,138 2,677 10% 16.5% 25% 12% II-31

2,583 37,860 17,283 6,052 (7,619) 16.5 426 6,247 2,852 999 (1,257) (2,398) (2,670) (2,047) (1,757) (1,139) 1,939 1,690 2,045 1,255 1,429 2,453 1,199 238 1,565 2,800 (1,096) (12) 1,172 2,178 114 82 93 1,437 1,943 1,252 994 751 5,017 9,491 4,454 3,138 2,677 25 II-32

10. 11 43,646 18,772 8,900 6,335 772 61,332 65,724 46,373 39,804 37,132 5,850 5,947 4,736 3,765 2,665 67,182 71,671 51,109 43,569 39,797 110,828 90,443 60,009 49,904 40,569 220 605 479 265 52 299 426,027 343,468 253,783 192,081 142,530 2,084 3,129 318 318 398 5,294 5,110 2,283 1,648 1,519 51,908 55,791 50,893 38,826 36,591 2,105 1,758 73 76 781 7,938 8,260 9,913 9,569 10,034 II-33

11. d e 1,200 3,879 20,000 15 16,846 41,940 1,691 15 1,706 1,200 5,570 20,000 30 16,846 43,646 6,543 1 10,165 16,709 2,048 15 2,063 8,591 16 10,165 18,772 60 6,491 6,551 60 2,271 18 2,349 120 8,762 18 8,900 60 4,426 4,486 60 1,776 13 1,849 120 6,202 13 6,335 (a) 550 8 558 (b) 20 20 (c) 60 60 (c) 60 74 134 120 644 8 772 (a) (b) (c) II-34

(d) (e) 50% 1 Master Journal 50% 12. 13. (2,434) 28,369 12,829 2,914 (10,296) 10 10 10 10 10 II-35

14. 46,913 21,426 5,498 10,148 5,716 12,496 102,197 43 109 79 53 284 1,414 7,442 2,144 1,566 1,621 846 15,033 (694) (572) (222) (323) (59) (1,870) 46,913 22,146 7,442 7,113 11,601 7,093 13,336 115,644 (367) (278) (26) (671) 867 11,459 2,060 312 790 15,488 (2,394) (36) (325) (309) (3,064) 46,913 20,619 18,901 7,113 13,258 6,802 13,791 127,397 442 4 1 447 1,161 20,846 150 181 279 22,617 (1,352) (1,240) (158) (87) (2,837) 8,277 (39,747) 3,532 25,882 2,056 46,913 28,705 7,113 16,142 32,711 16,040 147,624 (123) (670) (116) (134) (1,043) 2,818 1,430 396 253 456 5,353 (5,461) (853) (841) (2,689) (859) (10,703) 46,913 26,062 7,567 15,027 30,159 15,503 141,231 (2,920) (18,709) (2,847) (5,049) (2,279) (9,620) (41,424) (31) (39) (48) (38) (156) (1,257) (1,516) (849) (1,308) (1,487) (1,521) (7,938) 222 395 184 39 37 877 (4,177) (20,003) (3,332) (6,212) (3,775) (11,142) (48,641) 4 367 284 26 681 (1,257) (1,226) (975) (2,268) (1,100) (1,434) (8,260) 2,188 147 5 164 2,504 (5,434) (19,041) (4,303) (7,966) (4,586) (12,386) (53,716) (3) (468) (2) (3) (476) (1,257) (1,102) (1,360) (2,417) (2,916) (861) (9,913) 996 137 158 59 1,350 (6,691) (19,147) (5,666) (10,714) (7,346) (13,191) (62,755) 122 607 244 114 1,087 (942) (1,529) (561) (1,619) (4,501) (882) (10,034) 5,461 156 738 2,665 858 9,878 (7,633) (15,215) (5,949) (10,988) (8,938) (13,101) (61,824) 42,736 2,143 7,442 3,781 5,389 3,318 2,194 67,003 41,479 1,578 18,901 2,810 5,292 2,216 1,405 73,681 40,222 9,558 1,447 5,428 25,365 2,849 84,869 39,280 10,847 1,618 4,039 21,221 2,402 79,407 II-36

5% 20% 20% 20% 20% 30% 15. 116 (116) 16. 23,594 29,694 29,593 37,245 237 296 309 312 208,134 251,894 250,523 227,106 231,965 281,884 280,425 264,663 II-37

17. 32,678 23,750 20,707 14,027 7 14 30 90 1 30 21,354 4,530 12,943 10,494 31 60 6,113 4,479 900 243 61 90 2,657 6,906 3,334 2,686 91 120 284 1,776 22 121 2,270 6,059 3,508 604 32,678 23,750 20,707 14,027 2,554,000 7,835,000 3,530,000 604,000 II-38

91 120 284 1,776 22 121 2,270 6,059 3,508 604 2,554 7,835 3,530 604 4,577 4,797 4,797 4,797 220 4,797 4,797 4,797 4,797 18. 21,627 21,680 22,647 18,633 1,438 1,326 1,070 1,589 8,087 9,835 6,557 5,073 2,025 2,832 1,170 4,955 33,177 35,673 31,444 30,250 11,243 9,129 7,612 10,428 21,934 26,544 23,832 19,822 II-39

19. b 92 117 Macro City Trading Limited b 750 751 751 b 317 317 328 Red More Foods (Retails) Limited b 10 15 22 b 20 1,077 1,195 1,218 a 1,197 4,224 3,297 b 134 451 451 1,331 4,675 3,748 a: 90 b: 1 1 Master Journal 50% 1,196,000 451,000 20. 0.01% 1.1% 0.01% 1.1% 0.01% 1.2% 0.01% 1.2% 0.01% II-40

21. 131,508 140,321 78,664 65,323 3,990 2,027 131,508 144,311 80,691 65,323 60 90 1 30 51,847 28,971 28,415 10,733 31 60 29,136 11,392 12,973 6,114 61 90 26,393 30,321 7,105 5,200 91 120 8,801 10,896 8,511 8,164 121 15,331 58,741 21,660 35,112 131,508 140,321 78,664 65,323 60 22. 31,163 20,753 25,461 26,251 6,143 8,517 11,484 1,379 2,844 1,390 2,118 1,812 1,202 1,796 1,982 688 41,352 32,456 41,045 30,130 II-41

23. 38,728,000 8.5% 3.5 24. 10,000 * 2,000 2,000 6,000 10,000 (10,000) * 2% 3.0% 8,000,000 20 20,000,000 II-42

25. 329 (2,548) (2,219) 38 1,493 1,531 367 (1,055) (688) (115) (40) (252) (407) 252 (1,095) (252) (1,095) (44) (44) 252 (1,139) (252) (1,139) (42) (42) 252 (1,181) (252) (1,181) (252) (252) (252) 367 252 252 252 367 107,329,000 134,161,000 117,948,000 147,388,000 118,610,000 148,250,000 90,640,000 108,396,000 14,867,000 15,491,000 16,933,000 33,903,000 252,000 II-43

26. 1 50,000 50,000 10,000 10,000 78 27. 5% 1,250 1,500 5,880,000 5,963,000 4,754,000 2,673,000 28. II-44

29. (i) 34,116 25,076 21,777 15,616 1,077 1,195 1,218 2,500 2,500 8,000 88,741 82,308 38,928 29,448 123,934 111,079 64,423 53,064 137,651 152,828 92,175 66,702 1,331 4,675 3,748 27,945 30,320 32,898 34,973 10,000 166,927 187,823 128,821 111,675 (ii) 20 23 II-45

20 24 19 39,624 2,801 1,312 19 56,171 7 4,810 19 12,506 7 385 129 4,148 7 5% 5% II-46

5% 5% 5% (1,654) (2,344) (521) (168) II-47

% 137,651 137,651 137,651 1,331 1,331 1,331 38,728 38,728 27,945 138,982 38,728 177,710 166,927 152,828 152,828 152,828 4,675 4,675 4,675 38,728 38,728 30,320 157,503 38,728 196,231 187,823 92,175 92,175 92,175 3,748 3,748 3,748 38,728 38,728 32,898 95,923 38,728 134,651 128,821 66,702 66,702 66,702 38,728 38,728 34,973 3% 11,138 11,138 10,000 77,840 38,728 116,568 111,675 114,175 II-48

10,000,000 % 3% 2,060 2,122 6,956 11,138 10,000 30. (a) 19(a) 14,336 14,624 8,019 3,140 2,301 11(e) 16,846 10,165 (b) 19 23 II-49

B. II-51

654,600,000 228,500,000 2,400,000 43,600,000 67,200,000 54,000,000 254,900,000 2.16 29,300,000 1,300,000 28,000,000 88,700,000 II-52

0.064 (i) (ii) 680 II-53

591,800,000 654,600,000 9.6% 248,400,000 228,500,000 28,400,000 2,400,000 18,800,000 43,600,000 71,700,000 67,200,000 57,500,000 54,000,000 283,200,000 254,900,000 2.22 2.16 35,000,000 4,700,000 30,300,000 4,000,000 82,300,000 88,700,000 0.07 0.064 (i) (ii) 2.5 II-54

553 426,000,000 591,800,000 28% 172,200,000 248,400,000 12,800,000 28,400,000 II-55

8,900,000 18,800,000 51,100,000 71,700,000 51,000,000 57,500,000 296,100,000 283,200,000 2.76 2.22 38,700,000 3,800,000 32,900,000 2,000,000 38,900,000 82,300,000 0.084 0.078 (i) (ii) 2,500,000 2,500,000 II-56

434 251,200,000 309,200,000 18.8% 108,600,000 117,100,000 10,300,000 2,900,000 800,000 6,300,000 39,800,000 43,600,000 37,400,000 38,900,000 II-57

279,500,000 296,100,000 2.98 2.76 45,000,000 35,000,000 10,000,000 10,000,000 2% 29,400,000 38,900,000 0.105 0.084 20,000,000 8,000,000 II-58

443-1.0% 10.0% 4.3% -3.7% -0.5% 5.6% 2.8% -2.4% 2.16 2.22 2.76 2.98 0.064 0.078 0.084 0.105 1. 2. 3. 4. II-59

1% 43.6 2.4 10% 28.4 4.3% 55% 12.8 10.3 3.7% 0.5% 2.4 5.6% 28.4 9% 502.3 2.8% 2.4% 2.16 10% 7% 0.06 2.22 2.76 2.98 0.064 0.078 0.084 0.105 10 II-60

A. 7.31 (i) (ii) (i) (ii) (i) (ii) (i) (ii) * III-1

1 2 3 4 5 7,247 79,407 86,654 69,331 69,331 42,400 182,000 224,400 1,181 1,181 60,000 (60,000) 5,287 10,428 15,715 114,934 91,016 191,331 397,281 141,514 264,663 406,177 2,583 14,027 16,610 5,944 19,822 25,766 199 199 199 7,742 8,000 15,742 2,696 2,696 44,885 29,448 (325,135) 381,436 (9,600) 121,034 205,364 336,159 (325,135) 381,436 (9,600) 588,224 5,498 65,323 70,821 9,823 30,130 39,953 496 7,228 7,724 10,000 10,000 173,660 173,660 15,817 112,681 173,660 302,158 189,547 223,478 (498,795) 381,436 (9,600) 286,066 304,481 314,494 (307,464) 381,436 (9,600) 683,347 34,973 (34,973) 7,183 30,030 37,213 7,183 34,973 (4,943) 37,213 297,298 279,521 (302,521) 381,436 (9,600) 646,134 33,704 78 (78) 30,334 64,038 263,594 279,443 (302,443) 351,102 (9,600) 582,096 297,298 279,521 (302,521) 381,436 (9,600) 646,134 III-2

2 5 7 8 191,769 425,990 617,759 (145,743) (253,783) (399,526) 46,026 172,207 218,233 361 2,277 2,638 (1,487) (1,487) (51,928) (109,881) (161,809) (27,767) (34,002) (9,600) (71,369) (8,900) (8,900) (20,600) (20,600) (10,606) (10,606) (2,931) 2,578 (353) (53,908) 17,283 (9,600) (10,606) 2,578 (54,253) 3,458 (4,454) (996) (50,450) 12,829 (9,600) (10,606) 2,578 (55,249) (6,365) 43 (6,322) (56,815) 12,872 (9,600) (10,606) 2,578 (61,571) (50,450) 12,829 (9,600) (10,606) 2,578 (55,249) (56,815) 12,872 (9,600) (10,606) 2,578 (61,571) III-3

2 4 7 8 9 (53,908) 17,283 (10,606) 2,578 (9,600) (54,253) 3,343 8,656 11,999 1,257 1,257 20,600 20,600 318 318 10,606 10,606 2,931 (2,578) 353 (22) (95) (117) 372 1,487 1,859 (29,615) 31,837 (9,600) (7,378) 42,824 1,129 43,953 3,167 3,037 6,204 331 4,227 4,558 (2,924) (64,817) (67,741) (507) 8,609 8,102 (927) (927) 13,276 (16,905) (9,600) (13,229) (39) (3,594) (3,633) 13,237 (20,499) (9,600) (16,862) III-4

2 4 7 8 9 (60,000) (60,000) (242,827) (242,827) (5,839) (22,617) (28,456) 22 95 117 (43) (43) 20 20 4,000 4,000 (520) (520) (62,337) (22,545) (242,827) (327,709) 381,436 381,436 (353) (10,500) (10,853) (353) 381,436 (10,500) 370,583 (49,100) (43,397) 381,436 (10,500) (252,427) 26,012 97,938 82,308 (82,308) 97,938 (1,257) 17 (1,240) 47,581 38,928 381,436 (10,500) (334,735) 122,710 44,885 38,928 381,436 (10,500) (334,735) 120,014 2,696 2,696 47,581 38,928 381,436 (10,500) (334,735) 122,710 III-5

1. 2. 3. 600,000,000 (i) 60,000,000 (ii) 390,000,000 (iii) 150,000,000 0.15 344,386,000 30,000,000 279,521,000 344,386,000 64,865,000 325,135,000 390,000,000 64,865,000 (iv) 150,000 173,660 # 385,135 385,135 535,135 558,795 # 60,000,000 325,135,000 390,000,000 64,865,000 III-6

558,795 (279,521) 182,000,000 30,030,000 i (151,970) ii (34,973) iii 92,331 iii (23,000) 69,331 (i) 182,000,000 16.5% 30,030,000 (ii) 34,973,000, III-7

(iii) 92,331,000 36 36 11.8% 3.0% 23,000,000 (iv) 7% 7% III-8

4. 381,436,000 0.13 3,033,353,763 12,900,000 5. 9,600,000 6. (v) 150,000 154,304 (3) 385,135 385,135 535,135 539,439 539,439 i (279,521) 182,000,000 30,030,000 ii (151,970) iii (34,973) iv 72,975 (i) (ii) 3 (i) III-9

(iii) (iv) 72,975,000 3(iii) (v) 3(iv) 7. 6(v) 164,910,000 10,606,000 7% 10,500,000 150,000,000 7% 10,500,000 8. 2,578,000 III-10

9. 242,827,000 325,135,000 3 82,308,000 III-11

B. III-2 III-11 III-1 Tung Fong Hung Investments Limited 7.31 7 7 III-12

1 7.31(7) 3420 7.31 7 III-13

(a) (b) (c) 7.31(1) III-14

315 321 9 C (i) 7 (ii) 2 1. IV-1

2. IV-2

3. 4. 5. IV-3

6. 7. 20 13 MHKIS IV-4

1. 7 2. 2 6,900,000 IV-5

1. 7 13 F 1 13 F 1 4,640 4,963.555 1. TP663440 2. 11032200850026 11121500530012 11122002120323 3. 4. S/TP/25 5. IV-6

2. 2 12,651.8 6,900,000 4,063.3 2 1. (2005) 51563 12,651.8 Tung Fong Hung Investment Limited 2. 4,063.3 00048324 1,269.87 00048325 980.56 00055756 1,010.48 00101694 802.40 4,063.31 3. 4. 45 IV-7

5. (a) (b) (c) IV-8

6.9 1. 7 2. 2 58,933 7,008 (108) 6,900 IV-9

Tung Fong Hung Investment Limited 100% 315 321 9 C 20 13 Tung Fong Hung Investment Limited 100% Tung Fong Hung Investment Limited 100% 1. V-1

2. 3. V-2

4. 5. V-3

6. Tung Fong Hung Investment Limited 17 44 7. 7.1 V-4

Euromonitor International Euromonitor 1.3 2.7 15.7% 1 1 3,000 2,500 2,000 1,500 1,000 500 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 35% 30% 25% 20% 15% 10% 5% 0% Euromonitor 7.2 V-5

Euromonitor 14,906,000,000 22,530,000,000 8.6% 2 2 25,000 20,000 15,000 10,000 5,000 0 2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 14% 12% 10% 8% 6% 4% 2% 0% Euromonitor 8. V-6

9. 9.1. 9.1.1 9.1.2 V-7

9.1.3 9.2 9.2.1 (i) (ii) (iii) (iv) V-8

600380 CH 600085 CH 000423 CH 000705 CH 600436 CH 8185 HK 897 HK V-9

8138 HK 911 HK 9.2.2 P/E P/B EV/S EV/EBITDA EV/EBIT EV/S P/B P/E EV/EBIT EBIT EBITDA EV/EBITDA EV/EBITDA EV EBITDA EV EV/EBITDA EV/EBITDA = EV/EBITDA EV = + + + + EBITDA = / V-10

EV/EBITDA 600380 CH 13.19 600085 CH 18.43 000423 CH 14.50 000705 CH 41.88 600436 CH 28.61 8185 HK 30.85 897 HK 3.49 8138 HK 22.57 911 HK 36.81 23.37 = 1 1/M + * M = = = V-11

Ibbotson SBBI 0% 3% 47% 100% Ibbotson SBBI i = i i = i = i = i i = i i i = i i = i i = i V-12

EV/EBITDA EV/EBITDA 600380 CH 13.19 1.89% 74.30% 11.13 600085 CH 18.43 2.76% 87.28% 12.77 000423 CH 14.50 2.76% 99.59% 10.37 000705 CH 41.88 1.89% 96.60% 23.73 600436 CH 28.61 2.76% 97.70% 16.15 8185 HK 30.85 0.00% 99.64% 30.85 897 HK 3.49 0.00% 46.75% 3.49 8138 HK 22.57 1.89% 99.40% 15.85 911 HK 36.81 1.89% 79.52% 23.70 23.37 16.45 16.45 EV/ EBITDA 32,070,000 EBITDA EV/EBITDA EV 38,380,000 EV/EBITDA 100% V-13

9.2.3 FactSet Mergerstat, LLC Control Premium Study 27.20% 489 27.20% 9.2.4 FMV Opinions, Inc. Determining Discounts for Lack of Marketability:A Companion Guide to The FMV Restricted Stock Study 16.11% 727 16.11% 10. V-14

100% 100% 100% (%) +2 18.45 672 11.3% +1 17.45 638 5.6% 16.45 604 0.0% -1 15.45 570-5.6% -2 14.45 535-11.4% 11. V-15

12. 13. 100% 604,000,000 (i) (ii) EV/EBITDA 100% 560,000,000 CFA, FRM V-16

1. 2. (i) (ii) (iii) (i) 10,000,000,000 0.01 100,000,000.00 3,370,393,075 33,703,930.75 VI-1

(ii) 10,000,000,000 0.01 100,000,000.00 337,039,307 3,033,353,763 3,370,393.07 30,333,537.63 3,370,393,070 33,703,930.70 (iii) 10,000,000,000 0.01 1,000,000,000.00 337,039,307 3,033,353,763 1,000,000,000 3,370,393.07 30,333,537.63 10,000,000.00 4,370,393,070 43,703,930.70 VI-2

3. (a) 571 XV XV 7 8 352 5.46 5.67 0.614 7,090,681 0.25% 0.614 7,090,681 0.25% 14,181,362 0.50% VI-3

XV XV 7 8 352 5.46 5.67 (b) (c) (d) (e) 4. XV 2 3 VI-4

5% 336 1 3,033,353,763 90.00% 2 3,033,353,763 90.00% STC International Limited 3 3,033,353,763 90.00% 4 3,033,353,763 90.00% 5 3,033,353,763 90.00% 1,000,000,000 29.67% Get Nice Incorporated 6 1,000,000,000 29.67% 7 1,000,000,000 29.67% Master Journal Limited 1,000,000,000 29.67% Violet Profit Holdings Limited 8 1,000,000,000 29.67% 9 1,000,000,000 29.67% Wang Yung-Tyng 10 1,000,000,000 29.67% VI-5

Fullink Management Limited 11 Tsang Michael Man-heem 11 Diamond Well International Limited 12 265,300,000 7.87% 265,300,000 7.87% 172,970,900 5.13% 12 172,970,900 5.13% 1. Emperor Capital Investment Holdings Limited 100% Emperor Capital Investment Holdings Limited 100% 2. 3. STC International Limited The Albert Yeung Discretionary Trust 4. The Albert Yeung Discretionary Trust 5. 6. Get Nice Incorporated 7. Get Nice Incorporated 8. Violet Profit Holdings Limited Master Journal Limited 100% 9. Violet Profit Holdings 10. Wang Yung-Tyng Ku Yun-Sen 11. Fullink Management Limited Fullink Management Limited Tsang, Michael Man-heem 40% 15% Fullink Management Limited 12. Diamond Well International Limited VI-6

XV 2 3 5% 336 5. 6. (a) Emperor Securities Limited 0.10 561,730,000 (b) (c) VI-7

7. 6 (i) (ii) (iii) 8. Clarendon House 2 Church Street Hamilton HM 11 Bermuda VI-8

20 13 20 13 20 13 20 13 88 1 35 1 83 MUFG Fund Services (Bermuda) Limited The Belvedere Building 69 Pitts Bay Road Pembroke HM08 183 22 VI-9

173 12 1209 9. 33 8072 528,902,842 54 14 Hagemeyer Cosa Liebermann Group (HK) Ltd 47 20 BCM Energy Partners Inc Samena Capital and Vision Investment Management s Hedge Fund Seeding Group VI-10

TPG-Axon Capital (HK) Limited Deloitte & Touche s Financial Services Tax Practice multi-billion dollar 31 8 I.T Apparels Limited Prada Pacific Asia Limited 42 20 Fitness Concept International Holdings Limited 2324 1130 1082 1718 8315 8021 8268 VI-11

KSL Holdings Limited 8170 37 15 8181 35 10 0094 Maxdo Project Management Company Limited Teton CPA Company 8193 1323 600 VI-12

8121 8230 20 13 10. 11. 13,000,000 12. 20 13 (a) (b) (c) 88 (d) 89 105 (e) VI-13

(f) (g) (h) (i) VI-14

LARRY JEWELRY INTERNATIONAL COMPANY LIMITED 8351 26 38 3806 (1) (a) Fame Treasure Global Limited Master Journal Limited A Tung Fong Hung Investment Limited 100% 600,000,000 (i) 60,000,000 (ii)390,000,000 (iii)150,000,000 0.15 150,000,000 (b) SGM-1

(g) (3) (i) (ii) (iii) (a) B 0.13 SGM-3

(1) (9) 3,033,353,763 (b) (i) (ii) (c) 1. 2. SGM-4

3. 183 22 4. SGM-5