股份代號 : 662 Stock Code : 662 致力於 A Focus on ASIA FINANCIAL HOLDINGS LTD. 保障與關懷 www.afh.hk 二零一二年年報 ANNUAL REPORT 2012 二零一二年年報 Coverage & Care Annual Report 2012 www.afh.hk

2 3 5 8 11 23 35 37 39 40 42 44 47 48 1 2012

* * * * * * 1 22 Clarendon House Church Street Hamilton HM 11 Bermuda 19 16 (852) 3606 9200 (852) 2545 3881 www.afh.hk contactus@afh.hk HSBC Securities Services (Bermuda) Limited 6 Front Street Hamilton HM 11 Bermuda 183 17 1712 1716 Conyers Dill & Pearman 662 2

2012 2011 2011 2012 1% 23% 7% 2013 2012 4% 3 2012

2013 3 1 4

+115.0% +122.9% 2012 2011 20122011 2011 30.1% 22.3% 2012 20122013 5 2012

5% 2,050 2012 9.0% 2011 2013 3.7%2012 77.0% 19.5% 2012 2012 2012 11 1 6

4.9% 27.5% 2012 2013 2011 5% 2011 2019 4 25 7 2012

2003 2009 2012 T5LED 2009 2012 2012 2011 797 +51.5% 8

2760 8771 www.diamondcab.com.hk 9 2012

2012 2012 930 2012 11 ING 10

2012 12 31 2012 3 312012 4 1 29 33 2012 2012 6 142012 12 3 11 2012

2012 12/12 100% 11/12 92% 11/12 92% 12/12 100% 3.13 12

2011 12 6 3.13 3.13 2012 4/4 100% 4/4 100% 4/4 100% 4/4 100% 4/4 100% 4/4 100% 4/4 100% 4/4 100% 4/4 100% 4/4 100% 4/4 100% * 2/2 100% 3/4 75% 4/4 100% ^ 0/0 ^ 2012 12 3 * 2012 6 14 13 2012

2012 2012 2012 4 1 2012 12 31 * ^ ^ 2012 12 3 * 2012 6 14 14

2012 * 1/1 100% ^ 0/0 1/1 100% 1/1 100% 1/1 100% ^ 2012 12 3 * 2012 6 14 2012 2012 15 2012

2012 2/2 100% 2/2 100% * 1/1 100% ^ 0/0 1/2 50% ^ 2012 12 3 * 2012 6 14 2012 16

2012 3/3 100% 2/3 67% 3/3 100% * 1/1 100% ^ 0/0 ^ 2012 12 3 * 2012 6 14 2012 17 2012

2,507 * 657 3,164 * 18

2012 2/2 100% 2/2 100% 1/2 50% * 1/1 100% ^ 0/0 2/2 100% 2/2 100% ^ 2012 12 3 * 2012 6 14 19 2012

2012 3.29 2012 15 2012 20 2012 5 3 20

19 16 (21) (2) (14) (14) 19 16 66 (i)(3) (ii) (1/10) (iii)(1/10) 21 2012

(7) 19 16 (7) (i)(ii) 13.51(2) (iii) 183 17 1712-1716 19 16 : contactus@afh.hk : (852) 3606 9200 : (852) 2545 3881 2012 22

15 37 120 2012 10 8 3.5 35,672,000 2013 5 274.3 43,826,000 2013 5 20 11 13 14 25 26 2012 12 311981 2,570,604,000 43,826,000620,591,000 23 2012

12 31 2012 2011 2010 2009 2008 1,321,365 1,079,847 964,312 799,342 852,781 406,035 (134,100) 271,563 331,529 (773,079) 403,796 (137,516) 268,819 330,320 (771,348) 2,239 3,416 2,744 1,209 (1,731) 406,035 (134,100) 271,563 331,529 (773,079) 12 31 2012 2011 2010 2009 2008 8,621,164 7,411,645 7,325,260 6,606,534 6,074,685 (2,397,980) (1,999,603) (1,762,614) (1,506,522) (1,525,572) (21,776) (14,449) (16,363) (17,936) (15,483) 6,201,408 5,397,593 5,546,283 5,082,076 4,533,630 30% 5% 24

* G.B.S. LL.D. J.P. * G.B.S. J.P. * * ** ** ** ** G.B.S. ** J.P. ** J.P. 2012 12 3 2012 6 14 * ** 87(2) 86(2) 25 2012

571352 XV 576,039,712 (1) 576,039,712 56.52 754,000 754,000 0.07 810,000 430,000 1,240,000 0.12 21,080 21,080 0.00 11,571,827 (2) 11,571,827 1.14 791,496 791,496 0.08 41,559 41,559 0.00 (1) 576,039,712 (i) 566,069,712 Claremont Capital Holdings Ltd Claremont Capital (ii) 8,830,000 Robinson Enterprise Limited(iii) 570,000 Asia Panich Investment Company (Hong Kong) Limited Asia Panich (iv) 570,000 Cosmos Investments Inc. Claremont Capital, Asia Panich (2) 40%Cosmic International Inc.11,571,827 2012 12 31 352 26

336 Cosmos Investments Inc. (a), (b) 567,209,712 55.65 Claremont Capital Holdings Ltd (a) 566,069,712 55.54 95,488,236 9.37 Sompo Japan Insurance Inc. 52,563,020 5.16 Aioi Nissay Dowa Insurance Company, Limited 52,550,175 5.16 (a) (b) Cosmos Investments Inc.Claremont Capital Asia Panich Cosmos Investments Inc. 567,209,712 Claremont Capital 566,069,712 Asia Panich 570,000 570,000 2012 12 31 336 34(a) 27 2012

UOB Insurance (H.K.) Limited 28

G.B.S. LL.D. J.P. 80 57 Claremont Capital Holdings Ltd 20002010 2011 1988 3 2008 2 G.B.S. J.P. 48 23 Pomona College City e-solutions Limited 2011 5 4 Claremont Capital Holdings Ltd 2008 1 2012 7 2006 Pomona College 29 2012

592006 5 30 26 Rutgers University St. John s University 652007 5 240 UOB Insurance (H.K.) Limited 2011 12 30

822007 3 28 50 661990 10 27 Claremont Capital Holdings Ltd Bangkok Life Assurance Public Company Limited 791990 1030 Ng Song Choon & Brothers Sdn. Bhd. Kinta Realty Sdn. Bhd. KIB Development Sdn. Bhd. Ikatan Bina Sdn. Bhd. Pen Apparel Sdn. Bhd. Imperial Garments Sdn. Bhd. 1979 1981 512008 4 18 1985 2001 Aioi Nissay Dowa Insurance Company, Limited Aioi Insurance Aioi Insurance 572007 6 28 2004 11 1 2007 6 28 The Malaysian Association of Company Secretaries 1990IMC Holdings Limited IMC Holdings Limited 2002 2005 7 2009 12 Suntec City Management Pte. Ltd. 31 2012

652004 9 27 1973 1989 4 1 2012 9 30 2012 10 11984 Faculty Office of Archbishop of Canterbury 1991 123 2008 1996 1998 1998 2007 1998 12 1 2010 1 1 2012 6 1 712004 9 3 PLUS 32

651999 6 28 2004 9 30 2011 12 6 1999 6 2011 12 6 1994 G.B.S. 741990 10 19 2004 9 3 2011 12 6 20 1963 1967 1982 1987 2012 3 22 + J.P. 542012 12 3 25 2006 33 2012

255 2011 263 6,326,000 2011 1,359,000 2012 12 31 2013 3 1 34

37 120 1981 35 2012

1 22 2013 3 1 36

2012 2011 5 1,321,365 1,079,847 28(a) 1,182,994 1,010,985 28(b) (340,973) (298,770) 842,021 712,215 29(a) (535,632) (416,726) 29(b) 124,704 121,648 29(c) (161,541) (163,557) 29(d) 48,249 17,220 (524,220) (441,415) 71,034 61,763 (249,152) (223,776) (178,118) (162,013) (57,869) (46,479) 81,814 62,308 68,017 60,940 80,544 (133,899) 153,662 (172,867) 67,856 61,283 1,797 11,362 453,690 (110,873) (90,305) (79,075) 363,385 (189,948) 31,194 6,188 50,446 38,548 6 445,025 (145,212) 9 (38,990) 11,112 406,035 (134,100) 37 2012

2012 2011 10 403,796 (137,516) 2,239 3,416 406,035 (134,100) 12 39.6 (13.5 ) 11 38

2012 2011 406,035 (134,100) 443,809 76,478 434 (52) 2,175 7,279 (5,476) (12,318) (2,867) (5,091) 16,767 (17,539) 2,983 11,048 19,750 (6,491) 471 136 461,163 65,032 867,198 (69,068) 10 859,871 (67,154) 7,327 (1,914) 867,198 (69,068) 39 2012

2012 2011 13 150,174 154,971 14 4,770 4,150 16 209,863 245,020 16 14,337 37,600 17 230,270 162,099 17 168,390 164,763 31 11,571 35,029 18 681,904 776,816 19 2,853,817 2,262,256 24 102,605 92,605 20 209,881 208,225 21 1,759,393 1,848,154 22 198,499 151,751 23 541,140 426,625 24 1,484,550 841,581 8,621,164 7,411,645 40

2012 2011 25 1,019,200 1,019,200 26(a) 5,138,382 4,358,009 11 43,826 20,384 6,201,408 5,397,593 21,776 14,449 6,223,184 5,412,042 27 1,933,124 1,633,212 174,095 135,341 17 4,222 4,222 30 222,562 168,451 54,131 48,531 31 9,846 9,846 2,397,980 1,999,603 8,621,164 7,411,645 41 2012

2011 1 1 1,019,200 560,531 21,856 482,476 46,071 28,095 2,427 513,240 38,821 2,767,318 66,248 5,546,283 16,363 5,562,646 (137,516) (137,516) 3,416 (134,100) 19 76,478 76,478 76,478 (52) (52) (52) (12,209) (12,209) (5,330) (17,539) 7,279 7,279 7,279 (12,318) (12,318) (12,318) 11,048 11,048 11,048 136 136 136 64,217 6,145 (137,516) (67,154) (1,914) (69,068) 2010 (66,248) (66,248) (66,248) 2011 11 (15,288) (15,288) (15,288) 2011 11 (20,384) 20,384 8,905 (8,905) (3,879) 3,879 2011 12 31 1,019,200 560,531 26,882 546,693 46,071 34,240 2,427 513,240 38,821 2,589,104 20,384 5,397,593 14,449 5,412,042 42

2012 1 1 1,019,200 560,531* 26,882* 546,693* 46,071* 34,240* 2,427* 513,240* 38,821* 2,589,104* 20,384 5,397,593 14,449 5,412,042 403,796 403,796 2,239 406,035 19 443,809 443,809 443,809 434 434 434 11,679 11,679 5,088 16,767 2,175 2,175 2,175 (5,476) (5,476) (5,476) 2,983 2,983 2,983 471 471 471 455,922 153 403,796 859,871 7,327 867,198 2011 (20,384) (20,384) (20,384) 2012 11 (35,672) (35,672) (35,672) 2012 11 (43,826) 43,826 12,227 (12,227) (8,336) 8,336 1,019,200 560,531* 30,773* 1,002,615* 46,071* 34,393* 2,427* 513,240* 38,821* 2,909,511* 43,826 6,201,408 21,776 6,223,184 * 5,138,382,000 2011 4,358,009,000 43 2012

2012 2011 445,025 (145,212) 6 (67,856) (61,283) 6 (68,017) (60,940) 6 (1,429) 853 6 (70) (83) 6 3,760 6 (41) 6 8,020 12,316 6 (620) (770) 6 (117) 5 (31,194) (6,188) (50,446) (38,548) 237,015 (299,850) (1,656) 36,175 88,761 (291,430) (46,748) 19,771 (114,515) (32,938) (173,901) 256,772 299,912 232,419 38,754 (24,059) 54,582 37,342 382,204 (65,798) (7,500) (10,430) (2,432) (2,114) 372,272 (78,342) 44

2012 2011 372,272 (78,342) 67,856 61,283 68,017 60,940 16 7,360 1,053 17 2,025 6,430 (77,977) (189,052) (153,282) (697,860) 174,318 319,949 1,881 3,581 13 (3,257) (639) 151 18 23,263 5,953 (3,627) (421) 56,124 98,099 (10,000) (11,664) 152,852 (342,330) (56,056) (81,536) (56,056) (81,536) 469,068 (502,208) 740,442 1,242,650 1,209,510 740,442 45 2012

2012 2011 24 245,438 142,888 24 275,040 101,139 24 964,072 597,554 1,484,550 841,581 (275,040) (101,139) 1,209,510 740,442 46

2012 2011 13 15 1,695,747 1,695,747 15 1,445,850 1,551,425 16 19 1,176,231 1,176,231 20 59,642 59,967 24 91,961 6,063 4,469,431 4,489,433 25 1,019,200 1,019,200 26(b) 3,186,190 3,231,983 11 43,826 20,384 4,249,216 4,271,567 30 10,035 6,532 15 209,535 209,544 645 1,790 220,215 217,866 4,469,431 4,489,433 47 2012

1. Clarendon House, Church Street, Hamilton HM11, Bermuda 19 16 Claremont Capital Holdings Ltd 2.1 HKFRS HKAS 1990 2012 12 31 (i)(ii) (iii) (i) (ii)(iii) 48

2.2 HKFRSs HKFRS 1 HKFRS 7 HKAS 12 HKFRS 1 HKFRS 7 HKAS 12 HKFRSs 2.3 HKFRSs HKFRS 1 HKFRS 1 2 HKFRS 7 HKFRS 7 2 HKFRS 9 4 HKFRS 10 2 HKFRS 11 2 HKFRS 12 2 HKFRS 10 HKFRS 11 HKFRS 10 HKFRS 11 HKFRS 12 2 HKFRS 12 HKFRS 10 HKFRS 12 HKFRS 10 HKFRS 12 HKAS 27 (2011) 3 HKAS 27 (2011) HKFRS 13 2 HKAS 1 HKAS 1 1 HKAS 19 2011 2 HKAS 27 2011 2 HKAS 28 2011 2 HKAS 32 HKAS 32 3 HK(IFRIC)20 2 2009 2011 2012 6HKFRSs 1 2012 7 1 2 2013 1 1 3 2014 1 1 4 2015 1 1 49 2012

2.3 HKFRSs HKFRS 7 HKAS 32 HKAS 322013 1 1 2009 11 HKFRS 9 HKAS 39 HKAS 39 2010 11 HKFRS 9 HKAS 39 HKFRS 9 HKAS 39 HKFRS 9HKAS 39 HKAS 39 2015 1 1 HKFRS 9 HKFRS 10 HKAS 27 HK(SIC)12HKFRS 10 HKFRS 10 HKAS 27 HK(SIC)12 HKFRS 10 50

2.3 HKFRS 11HKAS 31 HK(SIC)13 HKFRS 12HKAS 27HKAS 31 HKAS 28 2012 7HKFRS 10 HKFRS 11 HKFRS 12HKFRS 10 HKFRS 10 HKFRS 10 HKAS 27 HK(SIC)12 HKFRS 12 2012 12 HKFRS 10 HKFRS 9HKFRS 12 HKAS 27(2011) HKFRS 12HKFRS 10 HKFRS 10 HKFRS 11 HKFRS 12 HKAS 27 HKAS 282013 1 1 HKFRS 10 HKFRS 11 HKFRS 12 HKAS 27(2011) HKAS 28(2011)2012 7 12 HKFRS 13 HKFRSs HKFRSs 2013 1 1HKFRS 13 51 2012

2.3 HKAS 1 2013 1 1 HKAS 19 (2011) 2013 1 1 HKAS 19 (2011) HKAS 32 HKAS 32 2014 1 1 2012 6 HKFRSs 2009 2011 HKFRSs 2013 1 1 (a) HKAS 1 (b) HKAS 32 HKAS 12 HKAS 32 HKAS 12 52

2.4 (i) (ii) (iii) (iv) (v) 53 2012

2.4 (a) (b) (c) 20% (d) 20% HKAS 39 20% 54

2.4 HKAS 39 HKAS 39HKFRS 12 31 55 2012

2.4 56

2.4 HKAS 16 80A 1995 2% 57 2012

2.4 HKAS 39 58

2.4 HKAS 39 HKAS 39 59 2012

2.4 (a) (b) 60

2.4 61 2012

2.4 62

2.4 (a) (b) HKAS 39 63 2012

2.4 (i) (ii) (a) (i) (ii) (iii) 64

2.4 (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) 65 2012

2.4 HKFRS 66

2.4 67 2012

2.4 68

2.4 69 2012

3. 1,131,008,000 2011 970,201,000 27(b) 12,001,000 2011 35,459,000 2012 12 31172,422,000 2011 200,658,000 31 1,256,911,000 2011 1,258,072,000 19 70

4. (a) (b) 2012 2011 12 31 2012 2011 2012 2011 2012 2011 2012 2011 1,321,365 1,079,847 1,321,365 1,079,847 241,194 (80,707) 130,682 (92,474) 371,876 (173,181) 1,951 1,313 (1,951) (1,313) 1,564,510 1,000,453 130,682 (92,474) (1,951) (1,313) 1,693,241 906,666 276,666 (57,575) 86,719 (132,373) 363,385 (189,948) 15,233 5,318 15,961 870 31,194 6,188 13,026 13,500 37,420 25,048 50,446 38,548 445,025 (145,212) (30,538) 12,201 (8,452) (1,089) (38,990) 11,112 406,035 (134,100) 71 2012

4. 2012 2011 2012 2011 2012 2011 4,870,933 4,084,372 3,310,098 2,920,154 8,181,031 7,004,526 119,691 104,071 90,172 140,949 209,863 245,020 98,072 70,304 132,198 91,795 230,270 162,099 5,088,696 4,258,747 3,532,468 3,152,898 8,621,164 7,411,645 2,145,964 1,746,598 252,016 253,005 2,397,980 1,999,603 5,409 5,526 2,611 6,790 8,020 12,316 (37) 5 (80) (117) 5 (620) (770) (620) (770) 3,760 3,760 (41) (41) 16,655 16,655 300 488 300 488 1,750 420 1,507 219 3,257 639 90% 5. 72

6. 2012 2011 (2,507) (2,406) 13 (8,020) (12,316) 7 (88,210) (73,792) (3,795) (3,669) 140 (3,655) (3,669) (91,865) (77,461) (1,014) (222) 67,537 (133,129) 11,508 70 83 1,429 (853) 80,544 (133,899) 157,381 (135,233) (37,634) (3,760) 41 153,662 (172,867) 67,856 61,283 117 (5) 14 620 770 22 (300) (488) # (16,655) # 5,476 12,318 62,650 55,035 5,367 5,905 68,017 60,940 73 2012

6. # 7. 161 2012 100 1,836 4,600 72 6,608 1 140 3,790 1,100 174 5,204 70 2,390 1,250 83 3,793 80 2,959 600 136 3,775 390 10,975 7,550 465 19,380 80 80 80 12 200 292 50 50 80 80 2 50 50 340 12 200 552 170 170 180 180 3 85 85 90 90 80 80 4 14 14 619 619 1,349 10,987 7,750 465 20,551 1 2 Aioi Nissay Dowa Insurance Company, Limited Aioi Insurance Aioi Insurance 50,000 Aioi Insurance 3 4 74

7. 2011 100 1,836 838 72 2,846 140 3,791 221 174 4,326 70 1,789 192 83 2,134 80 2,959 150 136 3,325 390 10,375 1,401 465 12,631 80 80 80 12 50 142 50 50 80 80 50 50 340 12 50 402 170 170 180 180 170 170 72 72 80 80 672 672 1,402 10,387 1,451 465 13,705 75 2012

8. 2011 72011 2012 2011 1,313 1,313 600 465 60 60 1,973 1,838 2011 1,500,001 2,000,000 2011 1,500,001 2,000,000 9. 16.5% 2011 16.5% 2012 2011 12,083 1,178 (2) 3,392 3,090 59 120 31 23,458 (15,500) 38,990 (11,112) 76

9. 2012 421,026 23,999 445,025 69,469 2,880 72,349 (13,471) (13,471) (2) 59 57 (22,591) (90) (22,681) 6,793 602 7,395 (4,659) (4,659) 35,539 3,451 38,990 2011 (164,654) 19,442 (145,212) (27,168) 2,333 (24,835) (7,381) (7,381) 120 120 (12,029) (107) (12,136) 10,092 864 10,956 22,164 22,164 (14,322) 3,210 (11,112) 5,152,000 2011 6,249,000 15,776,000 2011 17,078,000 2,856,000 2011 1,664,000 77 2012

10. 19,295,000 2011 15,316,000 26(b) 11. 2012 2011 3.5 2011 1.5 35,672 15,288 4.3 2011 2.0 43,826 20,384 79,498 35,672 12. 403,796,000 2011 137,516,000 1,019,200,000 2011 1,019,200,000 2012 2011 12 31 78

13. 199,739 62,750 262,489 794 3,257 3,257 (1,391) (1,391) 199,739 64,616 264,355 794 52,032 55,486 107,518 794 3,924 4,096 8,020 (1,357) (1,357) 55,956 58,225 114,181 794 143,783 6,391 150,174 2011 12 31 147,707 7,264 154,971 79 2012

13. 2011 12 31 199,739 62,703 262,442 794 639 639 (592) (592) 2011 12 31 199,739 62,750 262,489 794 48,108 47,663 95,771 779 3,924 8,392 12,316 15 (569) (569) 2011 12 31 52,032 55,486 107,518 794 2011 12 31 147,707 7,264 154,971 2010 12 31 151,631 15,040 166,671 15 80

13. 2012 2011 1990 85,172 85,172 114,567 114,567 199,739 199,739 2012 2011 137,106 140,858 6,284 6,434 393 415 143,783 147,707 12,658,000 2011 13,266,000 14. 2012 2011 1 1 4,150 3,380 6 620 770 12 31 4,770 4,150 4,770,000 81 2012

15. 2012 2011 1,714,547 1,714,547 # (18,800) (18,800) 1,695,747 1,695,747 1,481,581 1,587,156 ^ (35,731) (35,731) 1,445,850 1,551,425 (209,535) (209,544) 200,000,000 2011 200,000,000 0.5% 2011 # 18,800,000 2011 18,800,000 ^ 35,731,000 2011 35,731,000 82

15. 100 2,000,000,000 Asia Investment Services Limited 100 10,000,000 AFH Investments (BVI) Limited 100 1,000,000 100 25,000,000 Chamberlain Investment Limited 100 100 100 10,000,000 Bedales Investment Limited 100 100 3,000,000 100 10,000 69.5 53,000,000 100 2 100 1 100 1 83 2012

15. 100 1 100 1 Top Hover Limited 100 1 Onsite Investment Limited 70 100 16. 2012 2011 2012 2011 209,863 245,020 16,655 16,655 226,518 261,675 # (16,655) (16,655) 209,863 245,020 14,337 37,600 # 52,579,000 2011 109,383,000 16,655,000 2011 16,655,000 84

16. 14,337,000 2011 17,172,000 2012 1 1 2012 9 27 0.552012 9 28 2.6 2011 12 31 0.55 2013 12 31 2,834,000 3,001,000 20,428,0000.55 * 13.3 # * 16.7 # * 21 # Bumrungrad International Limited 19.5 # * # 7,360,000 2011 1,053,000 85 2012

16. 2012 2011 1,361,086 1,164,693 (1,151,223) (919,673) 209,863 245,020 43,036 103,790 447 13,799 17,334 (7,280) 60,817 110,309 (29,947) (93,535) (5,152) (6,249) 25,718 10,525 17. 2012 2011 224,541 156,370 5,729 5,729 230,270 162,099 86

17. APIC Holdings, Inc.* 50 23,241,700 Asian Insurance International (Holding) Limited 25 5,740,000 * 27 3,000,000 17.375 # 200,000,000 * 27.5 1,000 27.5 1 * 27.5 570,870,560 * # 25% 2,025,000 2011 6,430,000 168,390,000 2011 164,763,000 87 2012

17. 2012 2011 3,033,458 2,973,044 (2,238,997) (2,447,036) 842,160 491,460 198,371 150,363 18. 2012 2011 65,812 36,306 502,988 626,999 113,104 113,511 681,904 776,816 712,843 791,950 2012 2011 69,884 50,519 459,475 600,216 152,545 126,081 681,904 776,816 88

18. 2012 2011 38,773 15,601 244,862 115,236 300,642 520,773 97,627 125,206 681,904 776,816 623,401,000 2011 760,917,000 58,503,000 2011 15,899,000 2012 12 31102,912,000 2011 102,658,000 19. 2012 2011 2012 2011 169,001 1,427,905 1,004,184 1,596,906 1,004,184 1,268,733 1,264,364 1,176,231 1,176,231 (40,876) (37,116) 1,227,857 1,227,248 1,176,231 1,176,231 35,913 37,724 (6,859) (6,900) 29,054 30,824 1,256,911 1,258,072 1,176,231 1,176,231 2,853,817 2,262,256 1,176,231 1,176,231 89 2012

19. 2012 2011 2012 2011 2,203,165 1,938,478 1,174,156 1,174,156 650,652 323,778 2,075 2,075 2,853,817 2,262,256 1,176,231 1,176,231 2,177,051,000 2011 1,938,478,000 1,174,156,000 2011 1,174,156,000 5% 0.99% 443,809,000 2011 76,478,000 20% HKAS 28 Robina Manila Hotel Limited 25% Yangon Hotel Holdings Limited 30% 1,227,857,000 2011 1,227,248,000 1,176,231,000 2011 1,176,231,000 90

20. 2012 2011 2012 2011 93,193 96,377 50,000 50,000 116,688 111,848 9,642 9,967 209,881 208,225 59,642 59,967 2012 2011 12 31 2012 2011 2012 2011 512 544 1,451 3,793 81,407 80,302 50,000 50,000 9,823 11,738 93,193 96,377 50,000 50,000 91 2012

21. 2012 2011 80,978 48,258 209,196 125,665 120,855 127,342 411,029 301,265 490,977 625,221 258,227 170,858 749,204 796,079 599,160 640,334 110,476 1,759,393 1,848,154 2012 2011 19,213 35,410 453,801 449,523 1,286,379 1,363,221 1,759,393 1,848,154 2011 12 31110,476,000 2012 2011 12 31 92

22. 2012 2011 159,982 113,398 38,517 38,353 198,499 151,751 2012 2011 177,489 125,141 23,456 26,976 830 323 1,273 201,268 154,220 (2,769) (2,469) 198,499 151,751 2012 2011 1 1 2,469 2,022 6 300 488 (41) 12 31 2,769 2,469 93 2012

22. 488,000 2011 488,000 488,000 2011 488,000 2012 2011 177,489 130,399 16,982 15,710 4,028 5,642 198,499 151,751 23. 2012 2011 27 541,140 426,625 94

24. 2012 2011 2012 2011 245,438 142,888 5,107 6,063 275,040 101,139 964,072 597,554 86,854 1,484,550 841,581 91,961 6,063 102,605 92,605 1,587,155 934,186 91,961 6,063 Autoridade Monetaria e Cambial de Macau 2012 2011 1,273,966 821,783 313,189 112,403 1,587,155 934,186 95 2012

25. 2012 2011 1,500,000,000 1 1,500,000 1,500,000 1,019,200,000 2011 1,019,200,000 1 1,019,200 1,019,200 26. (a) 25%50% 2011 1 1 50% 2011 1 1 75% 50% 35% 2011 1 12011 1 1 2011 96

26. (b) 2011 1 1 560,531 60,060 38,821 2,243,559 2,902,971 364,684 364,684 2011 11 (15,288) (15,288) 2011 11 (20,384) (20,384) 2011 12 31 2012 1 1 560,531 60,060 38,821 2,572,571 3,231,983 33,705 33,705 2012 11 (35,672) (35,672) 2012 11 (43,826) (43,826) 560,531 60,060 38,821 2,526,778 3,186,190 2012 12 3133,705,000 2011 364,684,000 53,000,000 2011 380,000,000 27. 2012 2011 (a) 36,094 36,094 29,248 29,248 (b) 1,897,030 (541,140) 1,355,890 1,603,964 (426,625) 1,177,339 1,933,124 (541,140) 1,391,984 1,633,212 (426,625) 1,206,587 23 23 97 2012

27. (a) 2012 2011 (1) 35,009 35,009 28,897 28,897 (2) 1,085 1,085 351 351 36,094 36,094 29,248 29,248 (1) 2012 2011 1 1 28,897 25,389 6,112 3,508 12 31 35,009 28,897 (2) 2012 2011 1 1 351 351 100 100 3,258 (500) 2,758 2,765 (1,426) 1,339 (2,524) 500 (2,024) (2,514) 1,426 (1,088) 12 31 1,085 1,085 351 351 98

27. (b) 2012 2011 627,342 (181,340) 446,002 571,435 (151,191) 420,244 503,666 (79,400) 424,266 398,766 (61,300) 337,466 (1) 1,131,008 (260,740) 870,268 970,201 (212,491) 757,710 (2) 766,022 (280,400) 485,622 633,763 (214,134) 419,629 1,897,030 (541,140) 1,355,890 1,603,964 (426,625) 1,177,339 (1) 2012 2011 1 1 970,201 (212,491) 757,710 806,895 (195,271) 611,624 693,915 (172,453) 521,462 577,518 (137,442) 440,076 (533,108) 124,204 (408,904) (414,212) 120,222 (293,990) 12 31 1,131,008 (260,740) 870,268 970,201 (212,491) 757,710 (2) 2012 2011 1 1 633,763 (214,134) 419,629 568,409 (198,416) 369,993 1,305,354 (400,093) 905,261 1,071,374 (311,032) 760,342 (1,173,095) 333,827 (839,268) (1,006,020) 295,314 (710,706) 12 31 766,022 (280,400) 485,622 633,763 (214,134) 419,629 99 2012

28. 2012 2011 (a) 851,065 722,102 454,289 349,272 27(b)(2) 1,305,354 1,071,374 16,011 8,473 (132,259) (65,354) 27(a)(1) (6,112) (3,508) 1,182,994 1,010,985 (b) (249,294) (228,450) (150,799) (82,582) 27(b)(2) (400,093) (311,032) (7,146) (3,456) 66,266 15,718 (340,973) (298,770) 100

29. 2012 2011 (a) 27(a)(2) (2,524) (2,514) 27(b)(1) (533,108) (414,212) (535,632) (416,726) (b) 27(a)(2) 500 1,426 27(b)(1) 124,204 120,222 124,704 121,648 (c) (734) (251) (160,807) (163,306) (161,541) (163,557) (d) 48,249 17,220 48,249 17,220 30. 2012 2011 2012 2011 222,562 168,451 10,035 6,532 22,200,000 2011 22,410,000 2012 2011 12 31 101 2012

31. 2011 1 1 2011 12 31 2012 1 1 442 9,834 10,276 2011 1 1 19,959 9 15,500 2011 12 312012 1 1 35,459 9 (23,458) 12,001 2012 2011 11,571 35,029 (9,846) (9,846) 172,422,000 2011 200,658,000 102

32. 5% 112,500,000 140,000,0002011 112,500,000 2,250,000,00010 2019 4 25 33. 2012 2011 2,314 2,305 34. (a) 2012 2011 17 471 560,927 326,055 5,411 2,518 158 3,367 181 2,581 2,305 576 103 2012

34. (b) 2012 2011 14,337 37,600 217 138 9 10 (c) 2012 2011 168,390 164,763 11,426 10,062 (d) 16 17 (e) 7 8 35. (1) 104

35. (1) (Chain Ladder) Bornheutter Ferguson (2) (3) 105 2012

35. (4) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 924,948 343,231 397,590 350,726 382,549 403,169 355,504 408,407 549,509 587,258 957,829 317,189 360,933 342,124 388,776 390,049 355,887 431,873 655,470 912,318 290,479 364,956 334,451 383,015 412,656 373,022 475,282 949,578 303,588 368,588 329,234 382,481 421,836 348,747 939,111 298,968 393,981 326,674 378,447 414,587 942,483 292,655 407,098 320,216 379,036 921,894 288,911 404,536 319,548 930,348 281,035 401,036 934,330 274,621 937,930 937,930 274,621 401,036 319,548 379,036 414,587 348,747 475,282 655,470 587,258 4,793,515 (929,747) (271,189) (387,638) (298,484) (337,955) (346,658) (279,649) (316,617) (362,746) (131,824) (3,662,507) 8,183 3,432 13,398 21,064 41,081 67,929 69,098 158,665 292,724 455,434 1,131,008 27(b) 106

35. (4) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 444,209 217,908 246,522 220,375 243,904 311,628 302,613 331,523 451,474 453,795 582,997 225,626 267,267 229,650 245,053 289,249 285,137 344,740 530,070 599,705 230,275 287,131 229,936 248,861 297,333 279,614 376,135 613,566 236,448 288,825 223,191 244,492 297,031 259,463 606,017 232,392 302,537 217,667 238,116 288,384 608,068 228,042 304,869 212,383 238,741 594,120 225,971 303,359 210,668 597,401 220,596 298,367 600,710 215,187 601,179 601,179 215,187 298,367 210,668 238,741 288,384 259,463 376,135 530,070 453,795 3,471,989 (596,863) (212,516) (286,987) (192,824) (207,049) (234,074) (205,793) (241,740) (291,377) (132,498) (2,601,721) 4,316 2,671 11,380 17,844 31,692 54,310 53,670 134,395 238,693 321,297 870,268 27(b) 36. 107 2012

36. 1,171,896 425,010 1,596,906 958,480 800,913 1,759,393 2,130,376 1,225,923 3,356,299 2011 12 31 1,004,184 1,004,184 970,002 878,152 1,848,154 1,974,186 878,152 2,852,338 2012 2011 12 31 2012 2011 12 31 387,519,000 74,420,000 2011 12 31 2012 2011 12 31 108

37. (1) (2) 16 17 18 19 20 22 109 2012

37. (3) 2012 183,014 445,413 628,427 146,063 357,603 503,666 174,095 174,095 4,222 4,222 222,562 222,562 139,995 139,995 869,951 803,016 1,672,967 2011 160,353 411,433 571,786 111,654 287,112 398,766 135,341 135,341 4,222 4,222 168,451 168,451 138,848 138,848 718,869 698,545 1,417,414 110

37. (3) 2012 10,035 10,035 209,535 209,535 139,995 139,995 359,565 359,565 2011 6,532 6,532 209,544 209,544 138,848 138,848 354,924 354,924 111 2012

37. (3) * 150,174 150,174 4,770 4,770 209,863 209,863 2,834 11,503 14,337 230,270 230,270 168,390 168,390 11,571 11,571 283,635 398,269 681,904 2,853,817 2,853,817 102,605 102,605 118,651 91,230 209,881 1,759,393 1,759,393 198,499 198,499 541,140 541,140 1,484,550 1,484,550 4,491,307 4,129,857 8,621,164 * 2011 12 31 154,971 154,971 4,150 4,150 245,020 245,020 37,600 37,600 162,099 162,099 164,763 164,763 35,029 35,029 130,837 645,979 776,816 2,262,256 2,262,256 92,605 92,605 116,185 92,040 208,225 1,848,154 1,848,154 151,751 151,751 426,625 426,625 841,581 841,581 3,645,338 3,766,307 7,411,645 * 12 112

37. (3) * 1,695,747 1,695,747 1,445,850 1,445,850 1,176,231 1,176,231 9,642 50,000 59,642 91,961 91,961 101,603 4,367,828 4,469,431 * 2011 12 31 1,695,747 1,695,747 1,551,425 1,551,425 1,176,231 1,176,231 9,967 50,000 59,967 6,063 6,063 16,030 4,473,403 4,489,433 * 12 113 2012

37. (4) 2012 15,560 110,621 2011 5,860 96,166 114

37. (5) 2012 2011 * * 50 (4,257) (3,989) 50 4,257 3,989 50 7,746 4,380 50 (7,746) (4,380) 50 91 209 50 (91) (209) 50 72 188 50 (72) (188) * 115 2012

37. (6) 2012 * 5% (5,877) (71,395) 8% (1,034) 7% (32,067) (59) 2011 5% (3,074) (50,209) 8% (2,470) 7% (18,381) (59) * 116

37. (7) 99% 5%5% 117 2012

37. (7) 2012 2011 533,817 (108,812) 425,005 431,593 (76,779) 354,814 434,301 (157,062) 277,239 403,295 (130,189) 273,106 363,296 (155,974) 207,322 317,026 (137,009) 180,017 248,680 (25,612) 223,068 208,369 (20,982) 187,387 316,936 (93,680) 223,256 243,681 (61,666) 182,015 1,897,030 (541,140) 1,355,890 1,603,964 (426,625) 1,177,339 2012 12 3190% 2011 90% (8) 118

37. (9) 21 19 15% 10% 5% 10% 2012 * +15% 169,001 25,350 15% 169,001 (25,350) +15% 490,977 73,647 15% 490,977 (73,647) +10% 111,504 11,150 10% 111,504 (11,150) +5% 1,427,905 71,395 5% 1,427,905 (71,395) +5% 117,463 5,873 5% 117,463 (5,873) +10% 29,260 2,926 10% 29,260 (2,926) * 119 2012

37. (9) * 2011 +15% 735,697 110,355 15% 735,697 (110,355) +10% 83,497 8,350 10% 83,497 (8,350) +5% 1,004,184 50,209 5% 1,004,184 (50,209) +5% 60,776 3,039 5% 60,776 (3,039) +10% 26,585 2,659 10% 26,585 (2,659) * 38. 2013 1 28 2.81 3.51 12.98 5% 39. 2013 3 1 120