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ONFEM Holdings Limited * June Glory International Limited June Glory International Limited June Glory International Limited June Glory International Limited 1421 2223 2446 4755 183 19 1901-1905June Glory International Limited

.................................................................. 1........................................................... 6........................................................... 7................................................... 14................................................... 22......................................................... 24........................................... 47............................................... 56.................................................... 116.................................................... 157 i

June Glory 374,195,021.84 417,797,697.13 June Glory 1

June Glory 40,233,084.81 4,929,921.56 32 2

Haka Haka International Limited 3

June Glory June Glory June Glory International Limited June Glory June Glory 1.249 18319 1901-1905 4

June Glory June Glory 416,009,928 571 0.10 7.801.001.001.06 5

.................................................................. 1................................. 2........... 1. June Glory June Glory 2. 10 6

ONFEM Holdings Limited * Canon s Court 22 Victoria Street Hamilton HM 12 * Bermuda 79 18 * JUNE GLORY JUNE GLORY June Glory June Glory0.38 Haka416,009,928 53.9%1.581 June Glory June Glory 416,009,928 53.9% 7

26.1June Glory June Glory June Glory 1421 2.1 2223 2446 26.1June Glory June Glory....................................................... 0.38 8

1421 20,000 0.0026% (1) (2) (3) 470,641 315,580 332,168 92,408 11,525 (373,734) (136,854) (40,416) 4.991 4.700 9

June Glory % % June Glory 416,009,928 53.9 Haka 416,009,928 53.9 356,171,855 46.1 356,171,855 46.1 772,181,783 100.0 772,181,783 100.0 June GloryJune Glory June Glory 10

1421June Glory June Glory 1421 June Glory June Glory 25% 25% 11

183 19 1901-1905June Glory June Glory 12

Coppermine Resources Limited China Expand Development Limited 1421 June Glory June Glory 2223 2446 13

JUNE GLORY JUNE GLORY June Glory June Glory0.38 Haka416,009,928 53.9% 1.581June Glory June Glory June Glory June Glory 416,009,928 53.9% 26.1 June Glory June Glory June Glory 3 36 (852) 2825 1888 (852) 2845 5300 14

26.1 June Glory June Glory....................................................... 0.38 0.380.38 0.429.5% 0.5024.0% 772,181,783June Glory 1.3530.38 2.934 June Glory June Glory 15

1,0001 June Glory JUNE GLORY June Glory 60.3 56.9 # 68530 # H 16

June Glory June Glory June Glory 17

58 38 June Glory 416,009,92853.9% June Glory June Glory Haka June Glory June Glory June Glory 18

June Glory June Glory 10 June Glory 19

June Glory Coppermine Resources Limited China Expand Development Limited 20

ONFEM Holdings Limited * ) JUNE GLORY JUNE GLORY June Glory 2446 (i)(ii) (iii) (iv) 22

8 3 JUNE GLORY JUNE GLORY I. June Glory0.38 June Glory 713 (i) (ii) 24

June Glory 25

II. 1. 53.9%45.2% June GloryJune Glory0.38 Haka416,009,928 June Glory 416,009,928 53.9% 26

26.1 June Glory June Glory June GloryJune Glory............................................ 0.38 0.38 0.38 293,400,000 27

2. 0.340 0.300 0.316 0.305 0.330 0.290 0.313 0.330 0.380 0.410 0.385 0.398 0.385 0.400 0.360 0.381 0.395 0.365 0.360 0.363 0.365 0.415 0.365 0.388 0.415 } 0.435 0.380 0.407 0.405 0.405 } 0.430 0.420 0.425 0.420 0.500 0.430 0.456 0.460 0.500 28

0.4350.290 0.380 12.6% 31.0% 0.38 0.500 24.0% 0.420 9.5% 10 0.412 7.8% 20 0.409 7.1% 60 0.372 2.2% 772,181,783 0.6541.5% 29

30 7000000 6000000 5000000 4000000 3000000 2000000 1000000 0 5/28/2003 7/14/2003 8/13/2003 1/2/2003 1/10/2003 1/20/2003 1/31/2003 2/10/2003 2/20/2003 2/28/2003 3/10/2003 3/20/2003 3/31/2003 4/10/2003 4/20/2003 4/30/2003 5/10/2003 5/20/2003 5/31/2003 6/10/2003 6/20/2003 6/30/2003 7/10/2003 7/20/2003 7/31/2003 8/10/2003 8/20/2003 8/31/2003 9/10/2003 9/20/2003 9/30/2003 10/10/2003 10/15/2003 0.5 0.45 0.4 0.35 0.3 0.25 0.2 0.15 0.1 0.05 0 0.38 0.3600.415 0.3800.435 0.4300.500 0.38

4(c) 41.5% 0.38 3. 3,818,000 772,181,783 0.49% 356,171,855 1.07% 3,336,500 772,181,783 0.43% 356,171,855 0.94% 8,648,000 772,181,783 1.12% 356,171,855 2.43% 19,338,396 772,181,783 2.50% 356,171,855 5.43% 142,000 772,181,783 0.02% 356,171,855 0.04% 4,352,614 772,181,783 0.56% 356,171,855 1.22% } 11,121,138 772,181,783 1.44% 356,171,855 3.12% 1 1,472,000 772,181,783 0.19% 356,171,855 0.41% } 2 6,422,076 772,181,783 0.83% 356,171,855 1.80% 50,229,566 772,181,783 6.50% 356,171,855 14.10% 3 6,218,500 772,181,783 0.81% 356,171,855 1.75% 31

1. 2. 3. 1.22% 5.47% 0.41%13.12% 1.75%314.10% 4. (a) 32

11,500,000 373,700,000 136,900,000 22,800,000 374,100,000 128,500,000 (1)(i)(ii) (iii) (2) 36,000,00040,400,000 54,400,00058,500,000 91% 33

84% 10,400,000 5,500,000 332,200,00092,400,000 3.1% 6.0% 34

(b) 3 217,542 226,073 146,763 25,514 43,468 280,604 939,964 6,249 34,315 167,065 10,938 1 188,266 406,834 211,293 191,758 (20,302) 14,576 43,467 92,338 533,130 1 2 34,072 499,058 (19,355 ) 8,674 (91,845) (7,125 ) 2,590 (21,461) (128,522 ) 3 1. 2. 3. 81% 94% 5,700,000 35

188,600,000 177,800,000 287,500,000 312,200,000 98,900,000134,400,000 92,300,000 52% 52% 4,800,000 45,800,0007,000,000 7,000,000 11,700,00060% 36

(i) 3.58 6.34 43.5% 84.1% 0.8784 1.12 21.6% Elizabeth Asean Offer 32.55% 38

37% 27% (ii) 24 0.73 3.21 77.3% H 500,000,000 70% 1,637.91 59% 1,887.75 73% 953.49 86% 2549.23 86% 2,078.57 71% 1,493.95 57% 72% 39

(iii) 110.0 39% 58,100,000 6,000,000 69,000,000 (e) 40

211,293 142,517 4(d)(i) 32.55% 191,758 53,692 4(d)(ii) 72% (20,302) (20,302) 14,576 8,891 4(d)(iii) 39% 43,467 43,467 100% 92,338 92,338 4(b) 533,130 320,603 (34,072) (34,072) (40,416) 32,387 499,058 278,502 0.361 772,181,783 41

0.361 0.38 (f) 11,500,000 4(a) 5(a)June Glory 5. (a) June Glory June Glory June Glory June Glory 42

June Glory June Glory June Glory (i)(ii) 14 43

(b) (c) June Glory 25% 25% 25% 44

25% June Glory III. 2 3 4(c) 41.5% 4(d) (e) 4(f) 4(a) 45

4(b) 5 June Glory 46

1. (a) (b) (i) (ii) (c) June Glory 47

(d) (e) (f) (g) June Glory (h) June 48

Glory (i) (i) (ii) (ii) (j) (k) 10 (l) 18319 1901-1905 49

2. 21 June Glory June Glory 14 3. (a) June Glory June Glory June Glory June Glory 3.5(c) (d) (f) 50

June Glory 19 19 (b) (c) 4. 19.2 June Glory3 5. 6. (a) 8 3 51

(b) (c) (d) 7. June Glory (a) (i) 4 (ii) June Glory 52

(b) 1,0001 (c) (d) 1(l) June Glory (e) June Glory June Glory (f) (g) June Glory (h) (i) June Glory 53

(j) June Glory (k) June Glory (l) (m) June Glory June Glory June Glory 54

8. (a) (b) (c) June Glory June Glory (d) (e) June Glory 14 (f) June Glory (g) June Glory (h) 55

2,000,000,000 200,000,000 772,181,783 77,218,178 56

332,168 315,580 470,641 92,408 123,022 (136,225) (382,803) 8,305 (39,491) (57,878) (363) (13,944) (2,391) (146) (1,000) (136,588) (396,747) 5,914 (39,637) (58,878) (266) 23,013 5,611 (779) 376 (136,854) (373,734) 11,525 (40,416) (58,502) (17.72) (48.40) 1.49 (5.23) (7.58) 57

53114 3 332,168 315,580 (318,831) (297,006) 13,337 18,574 3 8,755 26,881 (4,718) (3,837) 33(a) (123,049) (205,717) (3,835) (1,823) 12(d) (27,378) (36,500) 8,366 (140,047) (23,803) (20,000) 12,000 200 4 (128,522) (374,072) 5 (7,703) (8,731) (136,225) (382,803) 6 (363) (13,944) (136,588) (396,747) (266) 23,013 7 (136,854) (373,734) 8 9 (17.72) (48.40) 58

12 235,752 278,582 20 14 16,560 34,619 25 979 19 3,488 15 2,326 2,273 259,105 315,494 16 229,727 247,486 33 80 41 17 1,898 7,376 18 103,212 150,463 19 13,055 33,877 20 20,643 19,861 30 101,604 132,598 21 210,640 279,460 680,859 871,162 --------------- --------------- 33 3 6 17 13,753 12,204 22 190,710 221,985 19 27,347 32,214 34,433 37,523 23 134,364 204,631 400,610 508,563 --------------- --------------- 280,249 362,599 539,354 678,093 59

26 77,218 77,218 27 421,840 558,901 499,058 636,119 --------------- --------------- 34,072 36,016 --------------- --------------- 24 58 3,374 17 2,944 3,222 2,584 6,224 5,958 --------------- --------------- 539,354 678,093 60

13 420,225 421,369 15 1,492 1,492 421,717 422,861 34 4,666 18 7,040 1,046 30 56,574 114,168 21 168,320 216,540 236,600 331,754 --------------- --------------- 22 100,257 100,927 33 5 100,262 100,927 --------------- --------------- 136,338 230,827 558,055 653,688 26 77,218 77,218 27 480,837 576,470 558,055 653,688 61

636,119 992,716 (360) 18,693 153 (1,397) 635,912 1,010,012 (136,854) (373,734) (159) 499,058 636,119 62

29(a) 17,250 (99,396) (9,641) (14,391) (86) 1,451 (37) (2,560) 7,572 (114,982) --------------- --------------- 1,058 885 (20) (1,796) (8,986) 434 249 18,590 6,041 24,509 29(c) (62) 24,327 16,575 --------------- --------------- 29(d) 3,416 57,692 (61,002) (139,762) 312 (57,586) (81,758) --------------- --------------- (25,687) (180,165) 191 (1,397) 135,651 317,213 29(e) 110,155 135,651 63

1. () 13 2. (a) 1 11 15 34 (b) 64

(ii) (iii) (iv) 2% 5% 5% 50% 10% 25% 20% 30% (v) 66

(f) (i) (ii) (g) (i) (ii) (h) 67

(i) (j) (k) (l) (m) 68

(n) (i) (ii) (o) (i) (ii) (p) 69

(q) (r) 70

3. (a) 250,272 252,014 62,591 50,598 10,472 12,083 7,421 1,412 885 332,168 315,580 --------------- --------------- (b) 2,451 6,041 14,809 1,166 6,083 2,714 2,372 8,755 26,881 --------------- --------------- 340,923 342,461 (c) 71

250,272 252,014 62,591 50,598 10,472 12,083 7,421 1,412 885 332,168 315,580 19,516 (19,516 ) 250,272 252,014 82,107 50,598 10,472 12,083 7,421 1,412 885 (19,516 ) 332,168 315,580 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ (91,845 ) (160,916 ) (7,125 ) (6,573 ) (19,355 ) (41,945 ) 8,674 (126 ) 2,590 (138,367 ) (107,061 ) (347,927 ) ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ (21,461 ) (26,145 ) (128,522 ) (374,072 ) (7,703 ) (8,731 ) (363 ) (13,944 ) (266 ) 23,013 (136,854 ) (373,734 ) 72

146,763 208,415 25,514 50,407 217,542 243,462 226,073 237,867 43,468 69,093 659,360 809,244 280,604 377,412 939,964 1,186,656 ------------ ------------ 167,065 165,357 10,938 10,961 6,249 4,057 34,315 66,080 1 8 218,568 246,463 188,266 268,058 406,834 514,521 ------------ ------------ 503 2,579 938 2,241 56 63 4 2,026 3,161 2,006 2,054 246 145 3 1 8,349 6,327 6,209 360 10,575 58,745 570 6,209 27,468 37,523 (1,319 ) 139,034 (d) 73

193,797 142,401 130,530 173,179 7,421 420 332,168 315,580 376,425 432,227 275,510 370,031 7,425 6,986 659,360 809,244 802 6,009 994 2,977 1,796 8,986 4. (10,472) (12,083) 1,964 1,823 (8,508) (10,260) --------------- --------------- 38,743 28,386 1,358 1,923 4,751 3,806 221 4,751 4,027 (241) (221) 4,510 3,806 --------------- --------------- 2,200 3,067 (3,413) (594) (959) 100 9,394 7,543 4,703 6,477 143 103 4,846 6,580 (146) (145) 4,700 6,435 --------------- --------------- 10 57,059 66,054 1,171 5,236 7,031 47,744 347 11,935 21(a) 4,700 (1,319) (1,011) 74

5. 9,450 14,016 126 344 40 25 31 9,641 14,391 (a) (1,938) (5,660) 7,703 8,731 (a) 5.04% 6.44% 5.17% 9.61% 6. (338) 544 1,680 13,400 25 (979) 363 13,944 7. 95,633,000387,924,000 8. 75

9. 136,854,000373,734,000 772,181,783772,181,783 10. 54,251 64,131 1,470 1,338 1,923 57,059 66,054 11. (a) 200 5,489 4,056 150 351 20 1,107 510 6,966 4,917 76

1,000,000 6 3 1,000,0011,500,000 1,500,0012,000,000 1 1 2,000,0012,500,000 1 1 8 5 (b) (a) 5,560 5,563 321 391 5,881 5,954 1,000,0011,500,000 1 1,500,0012,000,000 1 2 2,000,0012,500,000 2,500,0013,000,000 1 3,000,001 1 3 3 77

12. (a) 233,300 40,611 11,070 15,676 18,119 7,795 326,571 131 239 818 608 1,796 10,100 (10,100) (409) 409 (1,262) (1,262) (5,075) (5,075) 20 20 (27,378) (27,378) (1,314) (248) (896) (1,404) (3,862) (3) (3) 214,760 24,122 11,201 15,687 17,632 7,405 290,807 24,122 11,201 15,687 17,632 7,405 76,047 214,760 214,760 214,760 24,122 11,201 15,687 17,632 7,405 290,807 8,207 7,876 11,244 14,304 6,358 47,989 805 997 1,303 1,163 578 4,846 1,262 (1,262) (122) 122 (1,262) (1,262) (2,906) (2,906) 7,046 351 477 1,050 470 9,394 (822) (222) (558) (1,404) (3,006) 11,068 9,224 12,802 15,837 6,124 55,055 214,760 13,054 1,977 2,885 1,795 1,281 235,752 233,300 32,404 3,194 4,432 3,815 1,437 278,582 78

(b) 211,000240,000 (c) 50 210,900 229,300 3,530 12,925 10 50 4,172 9,791 50 3,860 4,000 619 10 50 5,352 7,565 1,504 214,760 233,300 13,054 32,404 (d) 27,378,00036,500,000 (e) 206,422,000237,092,000 30 79

13. 695,296 695,296 (695,296) (695,296) --------------- --------------- (a) 100,141 99,861 (a) (99,802) (87,947) 339 11,914 --------------- --------------- (b) 931,941 847,537 (b) (512,055) (438,082) 419,886 409,455 --------------- --------------- 420,225 421,369 (a) 99,802,00087,947,000 (b) 512,055,000438,082,000 (c) 80

(d) (i) 1,000 100 100 1 500,000 100 100 1 10,000 100 100 1 2,000,000 52 52 (ii) 750,000 52 52 1 600,000 52 52 1 12,062,711 52 52 (iii) 21 100 100 1001 52 52 500,000 1 10,000 52 52 14 1 Fantasia Venture Limited 11 100 100 21 100 100 81

(i) Geraldine Profits 11 100 100 Limited 21 100 100 500,000 100 100 11 100 100 10 100 100 100 20,000 100 100 100 100 1 Jaeger Trading 2 100 100 (Overseas) Limited 1 1,000 100 100 1 1,000 100 100 1 2 100 100 1 ONFEM Finance 1,000 100 100 Limited 1 ONFEM Investments 100 100 100 Limited 10 82

(i) Pedviking Pty. Limited 250 100 100 1 5,000,000 51 51 100 51 51 1 1,000,000 51 51 0.01 1,000,000 1 Polycrown International 5001 51 51 Engineering Limited Inc. 11 100 100 2,040,000 47 47 (iv) 21 100 100 21 100 100 Virtyre Limited 210 100 100 Wellstep Management 30,000 52 52 Limited 1 100 100 100 10 44,000,000 80 80 (v) 83

(i) (ii) 30 300,000 (iii) 12 60,000 (iv) 15 (v) 8 (e) 14. 16,560 22,115 12,504 16,560 34,619 --------------- --------------- (a) 243,600 243,600 (243,600) (243,600) --------------- --------------- 16,560 34,619 16,560 34,619 84

(a) 15.3% 15.3% 243,600,000 15. 1,492 1,492 1,492 1,492 834 781 2,326 2,273 1,492 1,492 16. (a) 7,007 12,380 1,052 8,675 9,529 12,897 17,588 33,952 (6,842) (6,170) 10,746 27,782 --------------- --------------- (b) 215,772 211,719 --------------- --------------- 2,709 6,986 --------------- --------------- 4,713 4,713 (4,213) (3,714) 500 999 --------------- --------------- 229,727 247,486 (a) (b) 30 85

17. 18. (a) 70,986 113,207 19 18,313 24,767 7,820 3,753 6,335 1,260 918 221 83 4,833 7,818 484 963 103,212 150,463 7,040 1,046 (a) 0 30 44,804 32,964 31 60 12,435 26,630 61 90 5,045 12,917 90 94,862 119,825 157,146 192,336 (86,160) (79,129) 70,986 113,207 3060 86

19. 1,211,952 1,575,888 (1,226,244) (1,574,225) (14,292) 1,663 13,055 33,877 (27,347) (32,214) (14,292) 1,663 3,488,000 18,313,00024,767,00018 20. 7,738 4,297 12,905 15,564 20,643 19,861 20,643 4,297 87

21. (a) 210,514 279,155 168,320 216,540 126 305 210,640 279,460 168,320 216,540 (a) 11,717,000 36,000,000 7,017,0004,700,000 22. (a) 121,181 130,909 85 89 7,590 9,971 28,285 33,061 31,055 3,355 2,578 (b) 7,028 7,236 96,817 98,260 5,016 3,749 1,557 922 15,277 9,858 190,710 221,985 100,257 100,927 (a) 0 30 28,893 22,403 31 60 2,085 9,089 61 90 2,182 7,500 90 88,021 91,917 121,181 130,909 88

(b) 7,028 208 7,236 (208) (208) 7,028 7,028 98,260 (1,443) 96,817 23. 67,444 76,162 26,024 31,647 26,526 60,089 24 11,050 36,733 (a) 3,320 134,364 204,631 (a) 5.31% 89

24. (a) 1,666 10,881 38,191 10,881 39,857 (b) 227 250 11,108 40,107 23 (11,050) (36,733) 58 3,374 10,881 37,434 757 10,881 38,191 --------------- --------------- 227 250 1,666 227 1,916 --------------- --------------- 11,108 40,107 90

(a) 10,881 36,617 193 624 757 1,666 10,881 38,191 1,666 (b) 192 136 64 159 256 295 (29) (45) 227 250 169 116 58 134 227 250 91

25. 6 979 979 979 (205) 58 62,311 57,454 62,106 57,512 26. 0.1 2,000,000 200,000 2,000,000 200,000 0.1 772,182 77,218 772,182 77,218 92

27. (a) 409,738 601,574 769 (18,693) (77,890) 915,498 (1,397) (1,397) 18,693 18,693 (159) (159) (373,734) (373,734) 409,738 601,415 769 (453,021) 558,901 153 153 (360) (360) (136,854) (136,854) 409,738 601,415 769 (360) (589,722) 421,840 (b) 409,738 575,220 769 (21,333) 964,394 (387,924) (387,924) 409,738 575,220 769 (409,257) 576,470 (95,633) (95,633) 409,738 575,220 769 (504,890) (480,837) 93

(c) ONFEM Investments Limited (i) (ii) (d) 71,099,000 166,732,000 28. 5% 10 3 930% 90% 5% 1,000 519,000507,00051,000 86,000 5% 7% 5% 22.5% 94

29. (a) (136,225) (382,803) (6,041) (24,509) 7,703 8,731 4,846 6,580 27,378 36,500 9,394 7,543 (959) 100 29(b) (200) (1,058) (885) 140,047 1,171 5,236 (409) 3,714 23,803 7,031 47,744 20,000 347 11,935 (354) (1,319) (1,011) 5,111 (88,086) (92,773) (3,488) (53) (436) 20,695 (51,302) 3,298 (39) (337) 5,478 2,645 40,220 33,540 15,608 75,626 30,994 (14,082) 28,983 (36,000) (3) (1,699) 589 (11,277) (34,289) (6,793) 638 186 3 8 17,250 (99,396) 95

(b) 29(c) --------------- 651 62 (787) (74) --------------- (33) 159 126 --------------- 29(a) 200 (c) 29(b) (62) (62) 96

(d) * 182,266 58,684 57,692 (139,762) (23,013) 312 33 100,196 36,016 3,416 (61,002) (1,656) (2,248) 266 38 40,954 34,072 * (e) 203,623 243,460 (67,444) (76,162) (26,024) (31,647) 110,155 135,651 30. 163,823,000 292,636,0009,251,00051,434,000 (a) (b) (c) (d) 101,604,000132,598,000 56,574,000 114,168,000 206,422,000237,092,000 97

31. (a) 155 142,385 137,485 142,385 137,640 (b) 3,182 3,410 6,149 2,123 4,587 7,720 13,918 13,253 (c) 10,043 11,643 8,786 7,244 18,829 18,887 98

32. (a) 15,840,000 92,754,000 (b) 106,900,000 255,103,000 96,817,00098,260,000 22(b) (c) (d) 12,440,000 12,440,000 33. (a) 626 2,863 (b) 99

34. 18,489 (13,823) 4,666 13,823,000 35. China Nonferrous Metals Holdings (Cook Islands) Limited 36. 9,006,000 134,364,000 49,067,000 49,710,000 45,000,000 45,000,000 22(b) 37. 100

2 92,408 123,022 (70,101) (107,839) 22,307 15,183 4,623 6,612 (5,384) (1,216) (39,430) (63,620) (1,087) (1,004) (17,390) (10,000) 339 (331) 3 (36,022) (54,376) (3,469) (3,502) (39,491) (57,878) 5 (146) (1,000) (39,637) (58,878) (779) 376 (40,416) (58,502) 7 (5.23) (7.58) 101

8 216,545 235,752 28,080 16,560 910 979 4,123 3,488 1,683 2,326 251,341 259,105 9 231,983 229,727 80 1,898 1,898 10 66,255 103,212 21,379 13,055 9,231 20,643 71,326 101,604 11 216,157 210,640 618,229 680,859 16(b) 3 3 14,667 13,753 12 183,089 190,710 25,962 27,347 35,320 34,433 98,861 134,364 357,902 400,610 260,327 280,249 511,668 539,354 102

13 77,218 77,218 392,829 421,840 470,047 499,058 34,871 34,072 58 3,742 2,944 3,008 3,222 6,750 6,224 511,668 539,354 103

77,218 409,738 601,415 769 (360) (589,722) 499,058 11,520 11,520 (115) (115) (40,416) (40,416) 77,218 409,738 601,415 769 11,160 (630,253) 470,047 77,218 409,738 601,415 769 (453,021) 636,119 9,443 9,443 (58,502) (58,502) 77,218 409,738 601,415 769 9,443 (511,523) 587,060 104

24,268 36,127 18,567 506 (1,065) (50,181) 41,770 (13,548) 110,155 135,651 151,925 122,103 209,140 218,353 (53,932) (70,587) (3,283) (25,663) 151,925 122,103 105

1. 25 12 12 2. (a) 106

54,825 85,971 28,344 27,018 5,622 5,017 5,016 3,617 92,408 123,022 1,069 21,668 (1,069) (21,668) 54,825 85,971 29,413 48,686 5,622 5,017 5,016 3,617 (1,069) (21,668) 92,408 123,022 (18,274) (35,716) 343 (5,701) (12,725) (6,401) 310 479 5,266 334 (25,080) (47,005) (10,942) (7,371) (36,022) (54,376) (3,469) (3,502) (146) (1,000) (779) 376 (40,416) (58,502) (b) 59,250 76,100 33,000 41,723 5,016 158 183 92,408 123,022 27,125 22,710 9,621 32,173 (706) (479) (18) (28) 36,022 54,376 107

3. 1,458 2,239 83 129 40 (1,103) 4,877 1,681 1,617 2,143 9,371 (5,669) (3,153) (1,802) (656) (5,622) (5,017) 4. 18,841 34,600 745 862 (39) 1,903 19,547 37,365 108

5. 146 1,000 146 1,000 6. 7. 40,416,000 58,502,000772,181,783 772,181,783 109

8. 290,807 326,571 1,064 1,796 (1,262) (5,075) 20 (17,390) (27,378) (1,490) (3,862) (3) 272,991 290,807 75,621 76,047 (a) 197,370 214,760 272,991 290,807 55,055 47,989 1,541 4,846 (1,262) (2,906) 470 9,394 (620) (3,006) 56,446 55,055 216,545 235,752 235,752 278,582 (a) 197,370,000 110

9. 10,288 10,746 218,986 215,772 2,709 2,709 500 231,983 229,727 10. 0 30 29,596 44,804 31 60 6,729 12,435 61 90 4,774 5,045 90 6,442 8,702 47,541 70,986 30 60 11. 7,017,000 7,017,000 111

12. 0 30 12,104 28,893 31 60 3,096 2,085 61 90 3,368 2,182 90 51,845 88,021 70,413 121,181 13. 0.1 2,000,000 200,000 2,000,000 200,000 0.1 772,182 77,218 772,182 77,218 14. 146,619 142,385 112

15. (a) 11,684,000 15,840,000 (b) 106,900,000 106,900,000 (c) (d) 18,699,000 12,440,000 16. (a) 306 253 (b) 17. 52% 5,000,000 45,833,000 7,000,000 113

499,058 (40,416) 11,520 (115) 470,047 1 32,387 502,434 2 0.65 1. 2. 772,181,783 85,572,000 38,080,0003,283,000 114

26,384,00089,000 13,334,0004,402,000 55,035,000 1,504,000 81,256,000 60,101,000187,000,000 55,035,000 115

11.6 (a) (b) (c) (d) 116

(e) I II III III IV V VI 117

III IV VI 12 118

1=1.06 79 18 B.Sc.(Est. Man.), MRICS, MHKIS 20 119

I 1. 1,600,000 100% 1,600,000 6-8 Q 26 2603 2. 1,460,000 100% 1,460,000 14-16 N 6 611 3,060,000 3,060,000 120

II 3. 4,170,000 100% 4,170,000 22 13 B 4. 1,120,000 100% 1,120,000 38 19 D 5. 1,500,000 100% 1,500,000 100 2 8 6 6. 187,000,000 100% 187,000,000 29 193,790,000 193,790,000 121

III 7. 1,790,000 100% 1,790,000 97 49 8 A 8. 1,790,000 100% 1,790,000 97 49 8 B 9. 4,750,000 52% 2,470,000 8,330,000 6,050,000 122

IV 10. 211,320,000 80% 169,056,000 211,320,000 169,056,000 123

V 11. 100% 79 18 12. 51% 443-451 A1605 13. 51% 49-53 1 27 G 14. 100% 18-24 13 5-9 18 124

15. 100% 6 1 4 A 16. 100% 6 1 1 L5 17. 52% 119 1186 18. 52% 26-32 2 15 F 125

VI 19. 52% 1 3 20. 52% A14 3 30A 21. 100% 32 6 C 22. 100% 15 B 126

23. 80% 8 24. 80% 8 16 17 H J K 25. 80% 52 12 B 26. 80% 6 2 20 C 127

27. 80% 1110 2 8 A 28. 80% 1110 1 701 29. 80% 1110 2 4 D 30. 100% 9 4 304 128

31. 100% 10 B 32. 100% 2033 3 4 G 33. 100% 3 304 3 1 34. 100% 1 4 402 35. 100% 1 129

36. 51% 12 B 2 219 37. 51% 100 1 2 206 38. 52% 91 5 4 402 130

I 1. 6-8 Q 26 2603 8566 700,000 51 Q Q 26 44.6 480 11728 75 75 1,600,000 1. 7081190 2. H70/87 MTR 2980874 3439238 3. 3395747 4. 5. 131

2. 14-16 N 6 611 8566 700,000 51 N N 6 45.4 489 11728 75 75 1,460,000 1. 8555542 2. H55/87 MTR 2980874 3395751 3. 3395747 4. 5. 132

II 3. 22 13 B 2 H K 3A 2 U 1 31,911 46 94.4 1,016 999 23,000 4,170,000 1. 5863655 2. H94/83 2047870 2429337 3. 4. 133

4. 38 19 D 508 B1 2 3 508 B 1 2 3 A 388 3196 3197 8738 26 19 32.4 349 999 7,500 1,120,000 1. 5987903 2. 5905695 3. 4. 134

5. 100 2 8 6 121 4,685,000 494 2 2 8 43.6 469 11789 75 75 7,500 6,500 1,500,000 1. 8555541 2. H111/86(MTR) 3196410 3152503 3. 4. 135

6. 29 1005 A 1005 A1 1005 A 2 25 317.73 3,420 5,037.81 54,227 929,386 187,000,000 999 1. Virtyre Limited 6279388 2. H7/95 6217839 6279389 M/N 6279389 8288328 8511520 3. Virtyre Limited 4. 136

III 7. 97 49 8 A 8 8 204.89 2,205 1,790,000 1. 1998002754 204.89 2. 3. 4. 137

8. 97 49 8 B 8 8 204.89 2,205 7,000 1,790,000 1. 1998002753 204.89 2. 3. 4. 138

9. 10,000107,640 4 4,750,000 2,76329,740 1,960 21,097 840 9,042 48 517 30 323 2,878 30,979 1. 1993 0062170 10,000 52% 2. (a) (b) (c) (d) 50 3. (a) (b) (c) (d) 4. 5. 1,000,000 139

IV 10. 3 16,454.60 177,117 211,320,000 80% 169,056,000 1. C0739538 16,454.60 2. 1997 52 (i) 16,454.60 (ii) (iii) 1: 2.00 140

(iv) 46,566,518 2,000 1,3501:2.0010% 90% (v) 50 3. 99 308 84,990 27 57,928 24 27,062 10,672 6,681 4. a. b. c. 220,000,000 70,000,000 d. 517,000,000 5. (i) (ii) 8 (iii) 110,000,000 (iv) 44,000,000 (v) 8,800,000 20% (vi) 35,200,000 80% (vii) 20% 80% 141

6. 004080 44,000,000 7. 8. 80% 9. (i) (ii) (iii) (iv) 10. 11. 14,200,000 142

V 11. 79 18 6 20 18 538.2 5,793 81,102 1. 14.25(1) 143

12. 443 451 A 1605 30 16 273.7 2,946 17,700 13. 49-53 1 27 G 32 278.7 3,000 6,480 14. 18-24 13 5-9 18 4 21 13 4 441.1 4,748 37,984 144

15. 6 1 4 A 1 13 4 4 1,440.9 15,510 34,000 16. 6 1 1 L5 1 13 1 3,000 17. 119 1186 1 505 5,435 10,000 145

18. 26-32 2 15 F 27 15 380.7 4,098 14,000 146

VI 19. 1 3 5 3 140 1,507 1,300 147

20. A14 3 30A 7 3 71 764 1,700 21. 32 6 C 7 6 80 861 1,500 22. 15 B 3 279 3,000 4,500 148

23. 8 12 8 400 4,306 80% 10 200,000 1. 2. 14.25(1) 149

24. 8 16 17 H J K 16 17 550.31 5,924 8,800 25. 52 12 B 18 12 70 753 2,000 26. 6 2 20 C 23 20 126.58 1,363 1,700 150

27. 1110 2 8 A 18 8 98.18 1,057 1,800 28. 1110 1 701 7 7 102.95 1,108 2,000 29. 1110 B 4 D 19 4 116.04 1,249 2,200 151

30. 9 4 304 8 4 85.32 918 2,200 31. 10 B 30 10 89.19 960 3,000 32. 2033 3 4 G 3 121.92 1,312 4,000 152

33. 3304 3 1 15 3 100.27 1,079 1,600 34. 4 402 5 4 63 678 800 153

35. 1 6,032 64,928 3 15 8% 1,547.74 10 2,400.0 8 3,232.09 1.8 154

36. 12 B 2 219 3 2 66 710 80,000 37. 100 1 2 206 3 2 39 420 2,500 155

38. 91 5 4 402 20 4 123.84 1,333 6,780.24 156

1. Haka Haka June GloryJune Glory June Glory Haka June Glory Haka June Glory 2. (i)(ii) (iii)(iv) 157

0.305 0.385 0.365 0.415 0.405 0.405 0.430 0.420 0.500 0.500 0.29 3. (a) 158

352 20,000 (b) (i) June Glory416,009,928 June GloryJune Glory June GloryJune Glory (ii) (iii) (iv) 159

(2) (v) (vi) 22 8 (1) (2) (3) (4) (vii) 22 8 June Glory (viii) June Glory June Glory 22 8 (c) June Glory (i) June Glory June Glory 160

(ii) June Glory June Glory 4. 336 June Glory 416,009,928 53.87% 1 416,009,928 53.87% 1 416,009,928 53.87% 1. 416,009,928 June Glory June Glory 5% 5. 161

6. 7. (a) Turner Overseas Limited Spirit Sunshine Inc. Silver Lake Asia Corporation 16,400,000 Spirit Sunshine Inc. (b) (i) (ii)(iii) Jointstock Investment Limited (iv)(v) 20,000,000Jointstock Investment Limited20,000,000 162

8. 9. 10. (a) 79 18Canon s Court, 22 Victoria Street, Hamilton HM 12, Bermuda (b) Butterfield Fund Services (Bermuda) Limited 18319 1901-1905 (c) (d) June Glory Offshore Incorporations Limited P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands 79 11 5June Glory 163

79 11 5 (e) 3 36 (f) 8 3 (g) June Glory (h) (i) June Glory (j) (k) (l) June Glory (m) 164

11. 79 18 (a) (b) June Glory (c) (d) (e) (f) (g) (h) 165