2010
2 3 4 9 14 21 24 36 37 38 39 41 42 44 46 133 134
88 30 3012 (852) 2918 5181 (852) 2918 5199 www.cogogl.com.hk 28 26 (852) 2980 1333 (852) 2810 8185 is-enquiries@hk.tricorglobal.com 00081 81 HK 0081.HK (852) 2862 5071 (852) 2529 9211 chen_he@cohl.com (852) 2862 5073 (852) 2529 9211 wendy_chung@cohl.com 2
# * * * # * 3
4,119,800,000247,6583,512,900,000 1,001,100,000 139.9 30% 10.0 2.0 10.0 2.0
10.3% 4%
6
7
30% 3,512,900,000 1,563,000,000 118% 16% 44% 2,003,600,0001,885,800,00016 (i) (ii) 251,700,000(iii) 109,600,000 19,800,000 2,100,000 1,142,900,000 382,200,00017,900,000 1,001,100,000 279,700,000 4,119,800,000 3,582,700,000247,658 98% 390,059 1,480,000,000 3,398,700,000 1,993,400,0001,625,300,000 368,100,000 506,632 52,264 558,896 119,927 K 245K 79,479 991,000,000 J115,069 2,289,600,000 J 58,650 1,143,600,000 11,423 10
8,630 215,100,00018,867 376,200,00021,692 98,410 547,000,000 141,291 600,500,000 6,177 43,500,000 100% 64,310 1,351,000 3,991,000,000 4,690,000,00011 70% 1,000,000,000 1,175,000,000 5,287,800 4,137,100 196,880 314,800,000 80% 62,400,000 63,200,000 388,900,000 463,100,000 382,600,000 414,900,000 2,300,000 1,100,000 11
40,923 80% 316 313,800,000 426,800,000 100% 81% 65% Shell Electric Holdings LimitedPrivateco Privateco Privateco 3.75523,484,562 Privateco Privateco 1,965,000,000 30% 246,785,579 30%1,233,927,895 660,000,000 522,000,000 798,000,000 2,247,500,0000.1% 41.7% 5.658% 202 0.7% : 43.6% 12
3,368,600,000 2,453,200,000 0.7 1,890,600,000 853,100,000 122% 1,717,500,000 3,608,100,000 7,479,500,000 1,925,100,000 1,638,100,000 3,600,000 83.0% 19.8% 444,200,000 378,000,000 1,463,300,000 214 3,236 Privateco 13
A.2.1 A.4.1 A. A.1 12 A.2 A.2.1 14
A. A.3 A.4 A.4.1 A.5 A.6 15
A. A.6 B. 100% C. C.1. 16
C. C.2 C.3 (1) (2) (3) (4) (5) 100% 17
D. D.1 D.2 E. C.3 B F. 1) 10 10 10 10 10 9 10 7 1 4 1 2 4 3 3 4 4 18
F. 1) 10 10 12 9 4 5 2 3 3 3 3 3 3 5 9 8 5 9 8 5 9 7 2) 2 2 2 2 2 2 5 1 1 5 1 1 5 1 1 3) 1 1 1 1 1 1 1 1 1 1 4) 0 0 0 0 0 0 0 0 1 2 3 4 5 19
G. BDO International Limited 3,104,000 1,000,000 170,000 20
Fordham University 21
Tufts University Hsin Chong Construction Group LtdCC Land Holdings LimitedWynn Macau, Limited 22
Ove Arup & Partners 23
55 57 11 6 37 10.0 95,704,000 37 38 79B602,274,000 1,099,654,000 215,000 12,962,000 17 133 134 136 26
1) 2.90 157,045,368 2) 5.0041,000,000 3) 22,213,333SMCWTG Pan China Land (Holdings) Corporation 56,000 33,600,000 4) 23,800,000 PCL Pan China Land (Holdings) Corporation 60,000 18 19 103 3.13 27
21 23 8.10 3 1 3 42 28
352 XV (a) 1 2,000,000 2,000,000 0.26% 7,933,333 184,468,084 24.034% 169,319,084 2 7,215,667 3 297,000 297,000 0.04% 29
(b) (i) 4 5,353,172 0.066% 1,371,971 0.017% 782,090 0.01% 180,480 0.002% 110,000 0.001% (ii) 5 6 806,240 1,843,820 2,650,060 0.089% 1,437,696 1,264,334 2,702,030 0.091% 1,361,928 0 1,361,928 0.046% 219,502 0 219,502 0.007% 160,000 0 160,000 0.005% XV XV 352 18 XV 30
(b) (1) 767,543,263 (2) (3) Shell Electric Holdings Limited 7,215,667 Shell Electric Holdings Limited (i) 7.13% (ii) 1.91%(iii) Diamond Key Enterprises Inc36.66%(iv) On Fat Profits Corporation 4.66% (v) Red Dynasty Investments Ltd 32.81% Diamond Key Enterprises Inc On Fat Profits CorporationRed Dynasty Investments Ltd 100% 7,215,667 (4) 8,172,519,077 (5) 0.99 0.2475 0.2345 20% (6) 2,979,458,825 336 1 Diamond Key Enterprises 2 99,675,364 99,675,364 12.99% Inc. Diamond Key On Fat Profits CorporationOn Fat 2 69,643,720 69,643,720 9.07% UBS Trustees (BVI) Limited 2 169,319,084 169,319,084 22.06% UBS Trustees 39,147,911 43,577,351 5.68% 3 4 5 3,529,440 3 6 900,000 31
1 900,000 43,577,351 5.68% 7 42,677,351 384,548,244 384,548,244 50.10% 8 Kentrise Company Inc 123,392,789 123,392,789 16.08% 123,392,789 123,392,789 16.08% 9 128,130,123 128,130,123 16.69% 9 10 336 1. 767,543,263 2. UBS Trustees 169,319,084Diamond Key On Fat 99,675,364 69,643,720 On Fat Diamond Key 3. 1,000,000 4. 100,000 5. Konvex Enterprises Limited 6. 7. 8. 384,548,244 370,458,24414,090,000 32
9. 1,233,927,895 Pan China Land (Holdings) Corporation 30% 123,392,790 123,392,789 Kentrise Company Inc. ( ( ) 10. 128,130,123123,392,790 9 4,737,333 (a) (d) (a) PCL TerborleyPCL PCL PCL 60,000 Pan China Land (Holdings) CorporationPan China Land PCL PCLPCLPCL23,800,000 PCL PCLPCL PCLPCL PCL (b) PCL PCL (i) (ii) (iii) 20,000,000 PCL12PCL PCL 14A.63 33
(c) SMC Terborley SMC SMC SMC SMC SMC 36,000 Pan China Land SMC SMC14,280,000SMC 21,600,000 1.51 SMC SMC SMC (d) WTG Terborley WTGWTG WTG 20,000 Pan China Land WTG WTG 7,933,333 WTG WTG 12,000,000 1.51 WTG (e) Kentrise Company Inc. Kentrise Pan China Land30%1,233,927,895 246,785,579 Pan China Land 30%Kentrise 42 34
2.4% 1.2%65% 33% 5% 25% 52 BDOBDOBDO BDO BDO 35
37 132 141 P04092 36
5 3,512,903 1,609,116 (1,949,931) (1,343,926) 1,562,972 265,190 7 53,661 14,611 (68,362) (45,879) (175,041) (284,600) (7,183) (20,213) 16 313,836 426,803 68,742 (11,859) 8 2,300 (244,322) 44 251,689 17,286 939 699 2,003,553 117,716 9 (19,841) (40,744) 2,114 766 8 1,985,826 77,738 10 (860,835) (395,334) 1,124,991 (317,596) 11 17,926 (64,554) 1,142,917 (382,150) 12 1,001,120 (279,713) 141,797 (102,437) 1,142,917 (382,150) 14 139.9 (53.4) 137.4 (41.0) 2.5 (12.4) 14 137.7 135.2 2.5 37
1,142,917 (382,150) 78,784 2,791 7,797 8,040 86,581 10,831 (89,081) (71,534) 32,481 23,859 (56,600) (47,675) 29,981 (36,844) 1,172,898 (418,994) 1,030,283 (303,411) 142,615 (115,583) 1,172,898 (418,994) 38
16 1,309,549 1,244,869 747,220 17 40,214 212,284 209,592 18 3,458 20,305 21,239 19 86,258 84,991 84,934 20 39,870 236,570 240,591 22 459,795 418,860 23 229,449 223,219 222,800 24 3,300 2,920 25 106,597 130,138 41 96,442 2,098 1,908 1,805,240 2,594,028 2,080,202 26 5,068,407 6,416,537 6,099,493 27 840 100,851 124,228 28 1,683,279 715,487 1,036,644 18 85 527 524 25 4,013 15,345 30 2,340 30 123,644 119,077 77,295 30 8,411 20,831 30 11,399 4,202 33,856 31 28,499 20,643 14,863 8,631 8,704 32 337,415 137,837 52,582 32 1,890,555 853,072 873,326 9,130,487 8,399,484 8,363,471 33 1,573,126 2,688,665 2,378,746 1,876,686 1,347,027 772,395 34 96 118 34 234 227 226 34 82,385 186,612 35 291 291 45 67,726 74,082 210,097 1,306,294 745,109 607,398 36 937,810 1,008,432 1,150,624 5,761,876 5,946,314 5,306,507 3,368,611 2,453,170 3,056,964 5,173,851 5,047,198 5,137,166 39
36 1,309,690 1,235,788 1,060,739 39 3,599 3,386 40 505,803 12,015 6,155 41 560,079 464,601 436,319 2,375,572 1,716,003 1,506,599 2,798,279 3,331,195 3,630,567 37 7,675 261,742 262,742 38 1,850,801 1,243,105 1,140,369 38 721,234 1,366,796 1,685,197 38 95,704 15,705 2,675,414 2,871,643 3,104,013 122,865 459,552 526,554 2,798,279 3,331,195 3,630,567 40
17 884 21 1,944,077 1,950,750 1,944,961 1,950,750 28 962 4,853 29 568,445 87,995 32 183,356 7,728 752,763 100,576 33 3,045 4,718 291 3,045 5,009 749,718 95,567 2,694,679 2,046,317 40 505,803 2,188,876 2,046,317 37 7,675 261,742 38 1,578,927 684,921 38 506,570 1,099,654 38 95,704 2,188,876 2,046,317 41
* * # * * * * * * 262,742 640,099 43,822 41,682 244,419 130,213 40,134 1,700,902 3,104,013 526,554 3,630,567 (279,713) (279,713) (102,437) (382,150) 3,025 3,025 (234) 2,791 8,040 8,040 8,040 (34,763) (34,763) (12,912) (47,675) 11,065 (34,763) (279,713) (303,411) (115,583) (418,994) 23,996 (23,996) 5,108 5,108 42 101,438 101,438 43,473 144,911 37 (1,000) 1,000 (4,222) (4,222) (4,222) (15,705) (15,705) (15,705) 13 (10,470) (10,470) (10,470) (1,000) 1,000 101,438 (30,397) 71,041 48,581 119,622 261,742 640,099 44,822 143,120 255,484 95,450 64,130 1,366,796 2,871,643 459,552 3,331,195 42
* * # * * * * * * 261,742 640,099 44,822 143,120 255,484 95,450 64,130 1,366,796 2,871,643 459,552 3,331,195 1,001,120 1,001,120 141,797 1,142,917 59,174 59,174 19,610 78,784 7,797 7,797 7,797 (37,808) (37,808) (18,792) (56,600) 66,971 (37,808) 1,001,120 1,030,283 142,615 1,172,898 11 37 (256,507) (640,099) 896,606 13,270 (13,270) 42 51,310 51,310 21,990 73,300 11 (156,679) (1,645) (6,791) (896,606) (891,186) (1,952,907) (12,079) (1,964,986) 11 37 1,570 453,861 455,431 455,431 37 410 204,590 205,000 205,000 37 460 33,378 (154,583) 154,345 33,600 33,600 37 (9,245) (9,245) (9,245) 42 (39,847) (4,852) 19,223 (25,476) 33,500 8,024 44 (1,135) (1,135) 43 681,520 (665,745) 15,775 (521,578) (505,803) 2,440 682,584 (143,120) (161,531) (1,645) (6,791) (896,606) 835,865 (1,537,708) (1,226,512) (479,302) (1,705,814) 7,675 682,584 44,822 160,924 55,997 70,609 835,865 816,938 2,675,414 122,865 2,798,279 # * 43
1,985,826 77,738 11 28,133 (38,667) 2,013,959 39,071 (3,312) (36,157) (2,441) (2,721) (251,689) (17,286) (313,836) (426,803) (72,522) 131,681 1,497 (21,993) 12,002 33,742 (3,654) 262,353 (34,497) 294,262 1,408 (1,487) 73,300 144,911 (5,802) (22,178) (17,760) 20,935 35,796 (3,151) (1,148) 971 1,162 27,712 (3,700) 1,444,504 408,121 1,332,144 (810,900) (2,722) 24,833 (1,177,008) (50,059) (2,340) (425) (41,660) (2,141) 12,420 (7,051) (69) (37,965) 14,137 (830,099) 431,565 482,809 573,406 4 (22) 28,023 1 (83,028) (104,227) 1,147,045 455,206 794 (244,707) (257,940) 902,338 198,060 44
44 360,953 52,658 1,506 28,722 5,609 1,900 22,134 15,531 2,630 (4,220) (33,359) (8,933) (136,355) (61) 37,535 (199,578) (85,255) 5,108 177,410 (110,885) 1,230,700 1,232,910 (546,723) (1,194,846) (26,175) 11 (522,127) (108,545) (117,158) 37( ) 455,431 37( ) 205,000 37( ) 33,600 37( ),( )&( ) (9,245) 42( ) 8,024 (797,922) (4,222) (51,807) (109,491) 1,027,941 (22,316) 853,072 873,326 9,542 2,062 1,890,555 853,072 45
1. 88 30 3012 189,493,224 52 50.1% 40.18% 37 132 2. 27 3 17 5 46
2. 3 27 27 90%80% Pan China Land (Holdings) Corporation Pan China Land 70% 100% 27 19,223,000 665,745,000 42 43 27 (665,745) (665,745) (19,223) (19,223) (2.7) (2.7) 47
2. 27 27 27 17 5 5 11 5 5 1 1 69(d) 5 48
2. 5 5 247,930 221,445 (247,930) (221,445) 1 (i) (ii) (iii) 17 17 5 (i) 5(ii) 1 ; (iii)(i) ; (ii) 5 11 7 49
2. 2&3 32 1 3 14 2 19 24 3 7 4 12 5 9 6 1 2 3 4 5 6 24 24 7 7 9 50
2. 12 12 3. 3.1 4 511 11 3.2 3.3 51
3. 3.2 3.3 5 3.9 3.4 20% 5 3.9 52
3. 3.5 3.12 3.6 3.7 3.28(v) 3.8 53
3. 3.8 3.12 5 3.9 3.11) 2% 5% 20% 10% 20% 10% 33.33% 20% 25% 3.9 54
3. 3.10 3.12) 3.12) 3.11 3.8 3.12 55
3. 3.12 3.13 56
3. 3.14 3.15 3.11 57
3. 3.16 3.17 3.18 3.19 58
3. 3.19 3.20 3.21 3.20 59
3. 3.22 3.25 3.23 46 3.24 60
3. 3.25 3.26 3.27 3.28 (i) (ii) (iii) (iv) 61
3. 3.28 (v) (vi) 3.29 (i) (ii) (iii) (iv) (v) (vi) (i) 3.30 62
4. 4.1 16 19 63
4. 5. 4.1 3.28(ii) 4.2 1 3,398,677 1,480,016 3,398,677 1,480,016 149,339 981,479 149,339 981,479 51,873 65,929 51,873 65,929 62,353 63,171 6,912 61,052 69,265 124,223 8,155 56,277 8,155 56,277 3,512,903 1,609,116 164,406 1,098,808 3,677,309 2,707,924 582,984,000 22% 64
6. 65
6. * 3,398,677 62,353 51,873 3,512,903 146,482 6,912 8,155 2,857 164,406 3,677,309 1,625,283 388,865 2,381 2,016,529 11,826 13,364 (1,612) 3,301 (306) 26,573 2,043,102 101 16,255 16,356 (30,804) (10,825) (41,629) ^ (3,870) (3,870) 1,985,826 28,133 2,013,959 9,099,619 1,499,114 55,144 10,653,877 10,653,877 281,850 10,935,727 3,389,273 85,453 39,651 3,514,377 3,514,377 4,623,071 8,137,448 66
6. ^ 9,347 227 235 101 9,910 689 397 3 70 5 15,133 16,297 (4,029) 22,178 (3,375) (5,715) (395) (44) (9,529) (899) (1,272) (112) (190) (2,473) (12,002) 4,038 33 4,071 (306) (110) (1) (417) 3,654 34,497 34,497 34,497 (1,540) 132 (1,408) (1,408) 313,836 313,836 313,836 68,742 68,742 3,780 3,780 72,522 3,294 18 3,312 3,312 (176) 2,290 2,114 327 327 2,441 # 2,317 10 372 928 3,627 329 264 593 4,220 (29) (711) (231) (971) (971) (73,300) (73,300) (73,300) 168,438 61,011 229,449 229,449 67
6. * 1,480,016 63,171 65,929 1,609,116 950,281 61,052 56,277 31,198 1,098,808 2,707,924 (368,098) 463,061 3,838 98,801 (17,492) (18,352) 26,007 34,324 (7,436) 17,051 115,852 53,628 53,628 (21,063) (80,174) (101,237) ^ (29,172) (29,172) 77,738 (38,667) 39,071 7,566,159 937,178 47,415 8,550,752 482,590 1,036,437 57,899 247,815 156,623 1,981,364 10,532,116 461,396 10,993,512 3,694,919 30,360 43,441 3,768,720 190,701 14,774 30 33,898 13,026 252,429 4,021,149 3,641,168 7,662,317 68
6. ^ 4,799 72 190 5,061 3,276 4,693 795 882 533 53,282 63,461 (50,762) 17,760 (5,142) (4,625) (712) (10,479) (8,842) (1) (9,089) (1,473) (3,858) (23,263) (33,742) (259,703) (259,703) (4,337) (2,407) 4,341 (247) (2,650) (262,353) (294,262) (294,262) (294,262) (982) 2,469 1,487 1,487 426,803 426,803 426,803 (11,859) (11,859) (119,822) (119,822) (131,681) 5,802 5,802 5,802 44,446 (8,289) 36,157 36,157 (351) 1,117 766 1,955 1,955 2,721 # 1,355 842 2,197 410 30,604 16 132 31,162 33,359 (924) (924) (28) (210) (238) (1,162) (144,911) (144,911) (144,911) 162,950 56,698 219,648 3,571 3,571 223,219 * ^ # ) 69
6. 1,907 17,281 1,907 17,281 3,512,903 1,609,116 74,332 587,701 3,587,235 2,196,817 7,473 45,074 7,473 45,074 42,677 248,303 42,677 248,303 24,733 84,730 24,733 84,730 13,284 115,719 13,284 115,719 3,512,903 1,609,116 164,406 1,098,808 3,677,309 2,707,924 884 149,775 884 149,775 1,707,914 1,099,039 1,033,375 1,707,914 2,132,414 199,844 199,844 1,708,798 1,099,039 1,382,994 1,708,798 2,482,033 70
7. 9,910 5,056 855 6,578 10,765 11,634 2,354 2,354 4,029 50,762 (4,029) (50,762) 5 11,413 3,767 11,413 3,772 9,910 5,061 16,297 63,461 (4,029) (50,762) 22,178 17,760 36,222 36,222 263 263 90 1,273 18,151 1,273 18,241 119 1,882 119 1,882 5,802 5,802 7,529 9,460 100 9,091 (2,307) 7,629 16,244 53,661 14,611 17,789 98,650 (4,029) (53,069) 67,421 60,192 71
8. 72 101 50 487 122 588 # 4,458 4,400 4,458 4,400 4,999 5,978 2,423 22,776 7,422 28,754 9,529 10,479 2,473 23,263 12,002 33,742 3,831 3,195 443 1,245 4,274 4,440 (600) (600) 1,893,399 904,652 121,934 797,833 (11,207) 2,015,333 1,691,278 (34,497) 294,262 (34,497) 294,262 1,408 (1,487) 1,408 (1,487) 4 215 12,958 215 12,962 (3,151) (830) (318) (3,151) (1,148) 151 151 376 376 (2,300) 244,322 (2,300) 244,322 * (1,771) 15,381 417 2,123 (1,354) 17,504 ** 528 552 (1,838) 865 (1,310) 1,417 191 592 324 2,677 515 3,269 26,299 4,485 760 8,964 27,059 13,449 (36,054) (58,686) (6,152) (52,088) (42,206) (110,774) *^ 9 778 9 778 134,718 274,565 13,044 104,316 147,762 378,881 971 924 238 971 1,162 179,426 96,313 1,611 14,729 181,037 111,042 72
8. # * ** ^ 164,000,000130,000,000 70% 294,000,000 34,500,000 ( ) 244,000,000 57,600 64,525 12,284 100,832 69,884 165,357 46 3,818 1,580 760 3,249 4,578 4,829 42 73,300 144,911 73,300 144,911 63,549 235 63,784 134,718 274,565 13,044 104,316 147,762 378,881 73
9. 97,603 84,846 1,253 14,880 98,856 99,726 12,914 12,914 10,142 519 10,142 519 4,029 50,762 (4,029) (50,762) 111,774 148,522 1,253 15,399 (4,029) (50,762) 108,998 113,159 150 150 111,774 148,522 1,253 15,549 (4,029) (50,762) 108,998 113,309 (91,933) (107,778) 3,870 30,265 (88,063) (77,513) 19,841 40,744 1,253 15,549 (159) (20,497) 20,935 35,796 800,000 2,283,000 74
10. 1,167 2,629 1,167 2,629 389,031 149,566 3,564 21,963 392,595 171,529 431,874 206,879 431,874 206,879 140 1,291 140 1,291 820,905 356,445 4,871 25,883 825,776 382,328 (367) (367) 1,038 2,669 5,626 1,038 8,295 3,485 3,485 1,038 6,154 5,259 1,038 11,413 41 (70,840) 6,094 5,336 (5,255) (65,504) 839 109,732 26,641 109,732 26,641 16.5%16.5% 38,892 32,735 5,336 (5,255) 44,228 27,480 860,835 395,334 10,207 25,887 871,042 421,221 10% 25%10% 25% 30% 60%30% 60% 75
10. 1,985,826 77,738 28,133 (38,667) 2,013,959 39,071 497,325 21,090 3,728 (16,614) 501,053 4,476 29,909 164,666 5,574 63,417 35,483 228,083 (64,232) (22,372) (5,280) (7,383) (69,512) (29,755) (529) (191) (601) (6,289) (1,130) (6,480) (47) (3,446) (47) (3,446) (15,082) (97) (372) (7,577) (15,454) (7,674) (137,330) (20,976) (137,330) (20,976) 6,844 12,225 2,574 1,787 9,418 14,012 1,038 2,669 5,259 1,038 7,928 1,286 1,315 4,631 (3,267) 5,917 (1,952) 319,229 158,329 10,207 25,887 329,436 184,216 541,606 237,005 541,606 237,005 860,835 395,334 10,207 25,887 871,042 421,221 11. (i) (ii) (ii)256,507,000 523,485,0000.5 261,742,000 523,485,0000.015,235,000 Shell Electric Holdings LimitedPrivateco PrivatecoPrivateco Privateco Privateco 76
11. (iii) (iv) 2.90157,045,368 23.08% 50.1% Privateco 14,100,00013,600,000 14,100,00013,600,000 5 164,406 1,098,808 (130,105) (856,377) 34,301 242,431 7 17,789 98,650 (3,255) (30,129) (21,415) (150,575) (1,642) (95,433) 3,780 (119,822) (1,497) 21,993 (527) 1,556 1,354 29,617 (32,058) 9 (1,253) (15,549) 3,312 36,157 327 1,955 ^ (3,870) (29,172) 8 28,133 (38,667) 10 (10,207) (25,887) 17,926 (64,554) ^ 77
11. Privateco 16 544,890 17 167,020 18 17,328 20 194,114 463,134 3,981 3,300 110,618 103,450 301,986 797,922 2,340 10,552 64,967 2,857 522,127 (367,899) (100) (28,314) (72,505) 36 (733,497) (3,630) (12,551) 41 (57,340) ^ (69,764) 1,964,986 ^ (49,819) 51,054 13,136 24,129 4,250 6,086 1,010 1,454 (31,423) 82,723 78
12. 1,001,120,000279,713,000 23,282,000 204,433,000 13. 10,470 1,964,986 1,964,986 10,470 95,704 0.02 10,470,000 Privateco 11 0.10 ()95,704,000 () 14. 715,544,000523,775,000 983,065 (214,603) 18,055 (65,110) 1,001,120 (279,713) 79
14. 1,001,120 983,065 (15,464) (15,464) 985,656 967,601 715,544,000 523,775,000 80
15. 1,367 1,367 861 861 574 574 439 439 19 452 22 2,823 3,316 29 127 156 29 129 6 164 29 269 113 411 844 844 101 101 29 29 156 69 225 156 156 156 156 120 132 252 120 120 240 120 72 192 5,149 1,370 28 2,936 9,483 120 5,614 241 24,986 30,961 120 1,342 1,462 120 1,212 61 1,393 120 2,654 999 3,773 120 120 10 8 18 120 130 250 120 120 240 111 66 177 961 11,146 302 25,985 38,394 81
15. ( ) ( ) ( ) ( ) ( ) 2,356 3,983 24 74 34,553 2,380 38,610 1,000,000 1,500,000 2 4,500,001 5,000,000 1 9,000,001 9,500,000 1 24,500,001 25,000,000 1 82
16. 1,244,869 747,220 23,000 34,589 825 (1,506) (28,722) (23,000) 503,965 657,227 72,522 (131,681) 11 (544,890) 1,309,549 1,244,869 138,200 1,309,549 913,229 193,440 1,309,549 1,244,869 190,129,000 230,424,000 313,836,000 426,803,000 48 47 83
17. 176,618 49,594 65,048 69,245 54,946 415,451 260 72 80 60 83 555 95 25 1,619 31,620 33,359 (460) (1,225) (2,785) (4,470) (157) (157) (84) (471) (11,076) (1,172) (12,803) 176,418 49,677 64,682 58,466 82,692 431,935 1,429 113 124 314 567 2,547 860 31 2,035 1,294 4,220 (2,781) (601) (3,382) (1,005) (3,547) (4,552) 11 (135,598) (49,821) (64,806) (55,679) (74,695) (380,599) 39,468 860 4,131 5,710 50,169 40,777 35,528 64,830 48,754 15,970 205,859 84 53 80 44 35 296 151 151 4,639 2,487 126 7,656 13,846 28,754 (276) (1,143) (2,299) (3,718) (50) (50) (79) (471) (10,815) (276) (11,641) 45,375 37,989 64,565 44,446 27,276 219,651 265 85 124 192 300 966 1,781 43 233 7 1,817 3,541 7,422 (471) (453) (924) (743) (2,838) (3,581) 11 (41,175) (38,307) (64,696) (44,933) (24,468) (213,579) 5,775 43 779 3,358 9,955 33,693 817 3,352 2,352 40,214 131,043 11,688 117 14,020 55,416 212,284 84
17. 1,479 366 479 20,130 9,044 31,498 89 89 (55) (471) (10,645) (11,171) (1,479) (311) (8) (9,574) (9,044) (20,416) 860 68 928 860 68 928 384 363 479 15,987 5,786 22,999 25 3 917 1,275 2,220 (55) (471) (10,434) (10,960) (409) (311) (8) (6,470) (7,061) (14,259) 43 1 44 43 1 44 817 67 884 85
17. 3,673 37,236 137,400 4,528 6,274 37,236 151,875 33,693 131,043 18 3,543 20,832 47 18. 37,236 151,875 20,832 21,763 161 33 (122) (588) (376) 11 (17,328) 3,543 20,832 3,458 20,305 85 527 3,543 20,832 86
19. 84,991 84,934 1,267 57 86,258 84,991 23% 55%25% 40% 9%14% 87
20. 238,634 67,391 306,025 379 117 496 239,013 67,508 306,521 589 2,742 3,331 11 (239,602) (239,602) 70,250 70,250 45,304 20,130 65,434 72 45 117 4,400 4,400 45,376 24,575 69,951 112 1,347 1,459 4,458 4,458 11 (45,488) (45,488) 30,380 30,380 39,870 39,870 193,637 42,933 236,570 21. 1,944,077 1,950,750 55 11 55 47 88
22. 458,945 850 459,795 5611 100% 17,349 800,141 11,023 41,305 3,701,869 (2,167,182) 1,534,687 23. 229,449 222,829 29,647 28,751 259,096 251,580 (29,647) (28,361) 229,449 223,219 89
23. 57 11 57 6,016 11,782 2,441 2,721 127,111 121,765 544,318 528,633 (369,612) (359,475) (72,368) (68,094) 24. 229,449 222,829 3,300 90
25. 12,958 8,339 105,991 30,841 149,790 8,339 (39,180) (8,339) 110,610 106,597 4,013 110,610 4% 7.5%5,146,000 7,812,000 8,339,000 8% 10% 30,841,000 91
26. 4,054,675 5,257,917 1,013,732 1,158,620 5,068,407 6,416,537 1,404,514,000 1,304,080,000 993,748,000 1,343,377,000 47 27. 840 50,280 8,229 42,342 28. 840 100,851 52,812 226,970 (8,427) (21,025) 44,385 205,945 32,366 67,201 49 325 1,606,528 442,341 913 4,528 1,683,279 715,487 962 4,853 92
28. 60 30 43,820 87,779 31 60 489 77,146 61 90 34,099 91 180 47 4,352 181 360 2,065 360 29 504 44,385 205,945 21,025 22,701 2,546 213 30 307 4,144 (1,635) (4,215) (2,546) (13,118) 8,427 21,025 8,427,000 21,025,000 93
28. 30 353 991 31 60 145 61 90 91 180 406 181 360 902 360 8,074 18,581 8,427 21,025 61 90 34,099 91 180 47 4,352 181 360 2,065 360 29 504 76 41,020 47 (i) (ii) 479,252,000 314,079,000 1,032,113,000 29. 94
30. 48,183,000 6.4% 75,461,000 31. 22,040 6,459 28,499 47 32. 2,227,970 990,909 183,356 7,728 (337,415) (137,837) 1,890,555 853,072 183,356 7,728 337,415,000 137,837,000 2,016,492,000 818,715,000 95
33. 1,348,298 2,210,633 27,238 12,358 195,944 391,253 3,045 4,718 28,884 47,183 1,573,126 2,688,665 3,045 4,718 30 877,031 1,631,386 31 60 117,461 29,567 61 90 7,676 13,011 91 180 112,806 23,537 181 360 72,293 295,484 360 161,031 217,648 1,348,298 2,210,633 34. 35. 96
36. 937,810 1,008,432 1,150,624 898,370 1,235,788 1,060,739 411,320 1,309,690 1,235,788 1,060,739 2,247,500 2,244,220 2,211,363 : ) 47) 444,226 1,863,069 1,883,169 1,391,954 381,151 328,194 1,836,180 2,244,220 2,211,363 ) 411,320 2,247,500 2,244,220 2,211,363 2,244,220 2,211,363 537,473 52,800 2,429 1,230,700 1,225,274 355,105 (546,723) (1,194,846) (892,578) 11) (733,497) 2,247,500 2,244,220 97
36. 937,810 760,502 929,179 247,930 221,445 937,810 1,008,432 1,150,624 898,370 1,235,788 1,060,739 1,836,180 2,244,220 2,211,363 937,810 760,502 929,179 476,473 1,211,353 448,414 421,897 232,616 794,083 39,749 39,687 898,370 1,483,718 1,282,184 1,836,180 2,244,220 2,211,363 5.184% 7.040% 155,565,000 0.58% 0.93% 2,088,655,000 1.28% 6.53% 98
36. 5.85% 462,251 2,247,500 1,516,160 265,809 2,247,500 2,244,220 37. 0.5 900,000 450,000 (441,000) 0.01 44,100,000 441,000 0.01 45,000,000 450,000 0.5 525,485 262,742 0.5 (2,000) (1,000) 0.5 523,485 261,742 (256,507) 0.01 157,045 1,570 0.01 41,000 410 0.01 46,013 460 0.01 767,543 7,675 99
37. 4,200,000 2,000,000 0.50 11 441,000,000 900,000,000 0.5 450,000,000 900,000,000 0.01 9,000,000256,507,000 523,485,000 0.5 261,742,000 523,485,000 0.01 5,235,000 44,100,000,0000.019,000,000 900,000,000 0.01 450,000,000 45,000,000,000 0.01 11 2.90 157,045,368 23.08% 1,570,000 453,861,000 6,614,000 5.00 41,000,000 410,000 204,590,000 2,515,000 202,485,000 46,013,333 460,00033,378,000 116,000 33,484,000 42 7,675,000261,742,000 38. 42 43 3.24 3.17 100
38. 11 256,507,000 37 640,099,000 (i) 681,520,000 Pan China Land 30% 43 (ii) 154,345,000 42 154,345,000 42 Pan China Land 13 95,704 721,234 1,366,796 816,938 1,366,796 101
38. 640,099 43,822 925,618 1,609,539 (26,175) (26,175) 204,433 204,433 37 1,000 (4,222) (3,222) 640,099 44,822 1,099,654 1,784,575 12 (23,282) (23,282) 11 37 256,507 256,507 11 (640,099) 640,099 11 (896,606) (474,098) (1,370,704) 11 37 453,861 453,861 37 204,590 204,590 37 33,378 170,001 203,379 37 (9,245) (9,245) 43 681,520 681,520 682,584 44,822 851,521 602,274 2,181,201 11 256,507,000 37 640,099,000 95,704 506,570 1,099,654 602,274 1,099,654 39. 40. Pan China Land 30% 43 102
41. 984 18,086 (55) 447,443 44,184 (76,231) 434,411 (1) 33 (1) 569 175 (163) 612 (3,461) 5,163 (493) (58,139) 126,024 (41,614) 27,480 (27,806) 27,806 (2,478) 23,282 (549) 362,067 198,189 (118,008) 462,503 (102) 59 (19) 12,324 8,464 (6,480) 14,246 3,042 1,870 568 (52,693) 184,455 (93,014) 44,228 (12,314) 12,314 11 (462) (25,211) (31,667) (57,340) 309,384 371,755 (217,502) 463,637 560,079 464,601 (96,442) (2,098) 463,637 462,503 66,183 4,413 13,718 14,216 31,293 11,885 27,831 8,740 48,609 32,358 1,330 10,629 7,482 2,970 9,805 2,868 1,380 77,295 71,612 301,393 103
41. 96,968,000 59,196,000 1,303,791,000 702,808,000 955 2,975 3,930 (955) (2,975) (3,930) 42. Appeon CorporationAppeon Galactic Computing CorporationGalactic Appeon Galactic 1 Appeon Galactic 11 Terborley LimitedTerborley 10% 6,000,000 104
42. Appeon AppeonAppeon Appeon 25.11.2002 2.50 4,500 4,500 09.06.2003 2.50 27,000 27,000 25.11.2002 2.50 21,500 21,500 02.06.2003 2.50 3,000 3,000 26.09.2005 3.00 10,000 10,000 Appeon 25.11.2002 2.50 10,000 10,000 09.06.2003 0.10 20,425 20,425 96,425 96,425 15.94 15.94 Appeon Appeo Appeon 96,425 Appeon 2.86 Appeo 105
42. Galactic GalacticGalactic 09.06.2003 09.06.2003-10.11.2012 0.45 25,000 25,000 09.06.2003 01.12.2003-10.11.2012 0.45 25,000 25,000 09.06.2003 01.06.2004-10.11.2012 0.45 25,000 25,000 09.06.2003 01.12.2004-10.11.2012 0.45 25,000 25,000 09.06.2003 01.06.2005-10.11.2012 0.45 25,000 25,000 09.06.2003 01.12.2005-10.11.2012 0.45 25,000 25,000 09.06.2003 01.06.2006-10.11.2012 0.45 25,000 25,000 09.06.2003 01.12.2006-10.11.2012 0.45 25,000 25,000 200,000 200,000 Galactic 25.11.2002 01.06.2003 10.11.2012 0.45 22,500 22,500 25.11.2002 01.12.2003 10.11.2012 0.45 22,500 22,500 25.11.2002 01.06.2004 10.11.2012 0.45 22,500 22,500 25.11.2002 01.12.2004 10.11.2012 0.45 22,500 22,500 25.11.2002 01.06.2005 10.11.2012 0.45 22,500 22,500 25.11.2002 01.12.2005 10.11.2012 0.45 22,500 22,500 25.11.2002 01.06.2006 10.11.2012 0.45 22,500 22,500 25.11.2002 01.12.2006 10.11.2012 0.45 22,500 22,500 09.06.2003 09.06.2003 10.11.2012 0.45 10,000 10,000 09.06.2003 01.12.2003 10.11.2012 0.45 10,000 10,000 09.06.2003 01.06.2004 10.11.2012 0.45 10,000 10,000 09.06.2003 01.12.2004 10.11.2012 0.45 10,000 10,000 09.06.2003 01.06.2005 10.11.2012 0.45 10,000 10,000 09.06.2003 01.12.2005 10.11.2012 0.45 10,000 10,000 09.06.2003 01.06.2006 10.11.2012 0.45 10,000 10,000 09.06.2003 01.12.2006 10.11.2012 0.45 10,000 10,000 31.12.2007 01.01.2008 10.11.2012 0.45 372,832 372,832 31.12.2007 01.07.2008 10.11.2012 0.45 372,832 372,832 31.12.2007 01.01.2009 10.11.2012 0.45 372,832 372,832 31.12.2007 01.07.2009 10.11.2012 0.45 372,832 372,832 31.12.2007 01.01.2010 10.11.2012 0.45 372,832 372,832 31.12.2007 01.07.2010 10.11.2012 0.45 372,832 372,832 31.12.2007 01.01.2011 10.11.2012 0.45 372,832 372,832 31.12.2007 01.07.2011 10.11.2012 0.45 372,831 372,831 3,242,655 3,242,655 106
42. Galactic 25.11.2002 01.06.2003 10.11.2012 0.45 6,250 6,250 25.11.2002 01.12.2003 10.11.2012 0.45 6,250 6,250 25.11.2002 01.06.2004 10.11.2012 0.45 6,250 6,250 25.11.2002 01.12.2004 10.11.2012 0.45 6,250 6,250 25.11.2002 01.06.2005 10.11.2012 0.45 6,250 6,250 25.11.2002 01.12.2005 10.11.2012 0.45 6,250 6,250 25.11.2002 01.06.2006 10.11.2012 0.45 6,250 6,250 25.11.2002 01.12.2006 10.11.2012 0.45 6,250 6,250 31.12.2007 01.01.2008 10.11.2012 0.45 229,294 (9,321) 219,973 31.12.2007 01.07.2008 10.11.2012 0.45 229,287 (9,320) 219,967 31.12.2007 01.01.2009 10.11.2012 0.45 229,294 (9,321) 219,973 31.12.2007 01.07.2009 10.11.2012 0.45 219,967 219,967 31.12.2007 01.01.2010 10.11.2012 0.45 219,973 219,973 31.12.2007 01.07.2010 10.11.2012 0.45 219,970 219,970 31.12.2007 01.01.2011 10.11.2012 0.45 219,972 219,972 31.12.2007 01.07.2011 10.11.2012 0.45 219,970 219,970 10.03.2009 10.03.2009 10.11.2012 0.45 111,851 111,851 10.03.2009 01.07.2009 10.11.2012 0.45 37,283 37,283 10.03.2009 01.01.2010 10.11.2012 0.45 37,283 37,283 10.03.2009 01.07.2010 10.11.2012 0.45 37,283 37,283 10.03.2009 01.01.2011 10.11.2012 0.45 37,283 37,283 10.03.2009 01.07.2011 10.11.2012 0.45 37,283 37,283 2,135,993 (27,962) 2,108,031 5,578,648 (27,962) 5,550,686 3.51 3.51 3.51 107
42. Galactic Galactic Galactic 0.45 180,000 180,000 0.45 280,000 280,000 0.45 2,982,655 2,982,655 0.45 50,000 50,000 0.60 50,000 (50,000) 0.45 1,852,973 (65,246) 1,787,727 0.45 298,266 298,266 5,395,628 (115,246) 298,266 5,578,648 3.52 4.02 3.51 3.51 Galactic27,962 Galactic Galactic3,058,304 Galactic 2.86 Galactic 108
42. Terborley Terborley 49 Terborley Terborley Pan China Land (Holdings) CorporationPan China LandTerborley 116,000 Pan China Land 20,000 17.2% 800 0.7% # 95,200 82.1% 116,000 100.0% # 5,200 600Terborley 69,600,000 1 20% 6 40% 12 60% 18 80% 24 100% 109
42. Terborley 195,000,000 221,000,000 16,375,000144,911,000 11 116,000 (i) (ii) 56,0001.5122,213,333 60,00023,800,000 600 9 6,000,000 6,878,00010% 3,000,0001,000,000 1,146,00090% 80% 6,000,00050,000,00056,900,000 56,925,000 10% 33,500,000 10% 110
43. 1,233,927,895Pan China Land 30% Pan China Land 70% 100% Pan China Land 1,233,927,895246,785,579 12 12 6.6 12 126 66 12 6 1,233,927,895 12 6 666(i)(ii)1,233,927,895 61,233,927,895 6 1,187,323,000 505,803,000 681,520,000 Pan China Land 521,578,000Pan China Land 665,745,000 4,742,000 52 111
44. 90%314,800,000361,989,000 ) 251,689,000 240,697,000 110,416 1,036 (14) (3) 111,435 (1,135) 110,300 251,689 361,989 361,989 (1,036) 360,953 6,000 16,000 112
44. 67% 46,500,000 52,754,000 17,286,000 13,599,000 107 31 153,953 96 (118,719) 35,468 17,286 52,754 52,754 (96) 52,658 45. 90% 113
46. 4,578,0004,829,000 47. 29,271 30,928 1,268,041 691,155 161,800 2,817,813 1,346 4,155 1,463,267 3,541,242 Privateco 285,000,000 114
48. 5,962 5,131 2,552 15,367 14,494 3,615 40,398 41,879 61,727 61,504 6,167 16 89,769 118,040 154,644 161,059 14,499 46,518 49. 258,912 325,617 2,599,020 2,561,624 108,780 4,771,664 115
50. 13,525 13,525 631,151 54.4 1,925,062 919,617 1,925,062 933,142 644,676 11 Privateco 51. 2,354 14A 116
51. 6,519 12,491 2,936 60,538 28 315 52. 9,483 73,344 6.643 189,493,224 57,292,355 9.9 189,493,224 957,036,487 50.1% 40.18% 53. 2,247,500 2,244,220 (337,415) (137,837) (1,890,555) (853,072) 19,530 1,253,311 2,675,414 2,871,643 0.7% 43.6% 117
54. 54.1 28,499 2,439,764 1,508,696 751,850 96,048 3,300 ^ 4,305,534 4,908,657 3,045 4,718 # ^ 54.2 (1,497) 21,993 22,178 17,760 (108,998) (113,159) 263 1,354 (17,504) 54.3 118
54. 54.4 (i) 55 32,113 5,475 2,155 5% 90 5% (90) 119
54. 54.4 (ii) 31 50 8,393 50 (8,393) (iii) 93%36 120
54. 54.4 (iii) 5050 (7,172) (8,505) 1010 1,434 1,701 54.1 50 32 28 121
54. 54.4 1,019,784 521,230 459,156 22,211 22,211 422,426 1,041,995 543,441 881,582 372,495 722,099 1,049,887 204,351 41,698 122
54. 54.4 1,019,784 521,230 459,156 22,211 22,211 422,426 1,348,298 135,973 67,960 1,233,928 2,594,226 1,777,369 881,582 851,565 1,256,974 250,193 41,698 2,210,633 281,109 157,081 12,015 3,599 3,500,388 1,256,974 262,208 45,297 3,045 1,233,928 3,045 1,233,928 4,718 123
54. 54.4 : 100%80% Pan China Land 43 54.5 50 () 7 1 2 3 124
54. 54.5 1 2 3 28,499 28,499 1 2 125
55. ^ 133,000,000 100% 10 100% 1 Terborley Limited 100 1 100% 1 1 100% Pan China Land (Holdings) Corporation 2,000,000 0.1 100% Pandue Investments Limited 100 1 100% 1 1 1 1 1 1 1 1 1 1 1 1 100% 100% 100% 100% 100% 100% SLP (China) Pte. Ltd. 1,700,000 1 80% # 10,000,000 100% 126
55. # 10,000,000 100% # 28,000,000 100% ( ) # 5,000,000 100% # 10,000,000 100% # 30,000,000 100% # 60,000,000 80% # 50,000,000 100% ( ) # 10,000,000 100% # 120,000,000 80% ( ) # 20,000,000 100% # 10,000,000 100% # 10,000,000 100% # 10,000,000 100% # 10,000,000 100% # 15,000,000 100% # 20,000,000 100% # 30,000,000 94% 127
55. # 10,000,000 65.8% # 10,000,000 100% # 10,000,000 70% # 10,000,000 100% * 240,867,970 100% # 3,000,000 100% # 10,000,000 90% ^ 4,499,955 80% Pan China Land 30% ^ * # 128
55. 2 1 1 1 1 1 Galactic Computing Corporation 23,861,240 0.01 * 20,960,000 ^ 28,000,000 1 1 523,484,562 0.00002 100 10 2 1 1 1 1,000 10 * 6,792,000 ^ 20,870,000 SMC 2 1 SMC Marketing Corp. 10,000 1,021 10,000 1 1 1 2 1 129
55. 2 1 2 1 1 1 Vineyard Management Company 1,000 10 ^ 10,000,000 ^ 27,200,000 ^ 8,000,000 11 ^ * 130
56. MDCL-Frontline (China) Limited 65,269,561 1 PFC Device Corporation 2,122,820 1 1,000 1 10,000,000 1 ^ 59,000,000 11 ^ 131
57. * 2,400,000 65% # 8,000,000 40% # 100,000,000 44.5% Pan China Land 30% A 25,000 1 B 27,181 1 ^ 500,000 11 * # ^ 132
3,677,309 2,707,924 2,502,632 3,552,030 1,553,063 2,013,959 39,071 530,924 741,332 181,811 (871,042) (421,221) (456,518) (198,787) (95,416) 1,142,917 (382,150) 74,406 542,545 86,395 1,001,120 (279,713) 23,563 434,359 138,833 141,797 (102,437) 50,843 108,186 (52,438) 1,142,917 (382,150) 74,406 542,545 86,395 140 (53) 4 83 28 138 4 83 10,935,727 10,993,512 10,443,673 10,708,389 5,661,420 (8,137,448) (7,662,317) (6,813,106) (7,239,500) (2,947,127) 2,798,279 3,331,195 3,630,567 3,468,889 2,714,293 2,675,414 2,871,643 3,104,013 3,008,655 2,443,531 122,865 459,552 526,554 460,234 270,762 2,798,279 3,331,195 3,630,567 3,468,889 2,714,293 5 11 11 133
1 23 28 2,309 100% 1 28 32,321 100% (I) J (J4-J8) 52,100 145,300 100% 80% 7/2008 2011 54,000 220,400 100% 80% 9/2008 2011 19,752 55,000 100% 90% 11/2009 2011 84,900 225,100 100% 0% 10/2010 2012 134
(II) ( ) 1,351,000 3,314,000 70% 64,310 163,100 100% 281,300 250,300 80% 724,400 184,900 65.8% 241,000 637,600 100% (III) 1 28 6,293 100% 21,692 100% KJ (J1-J3 6,773 100% 17,481 100% 135
(I) 10,100 91,900 44.5% (II) 16,805 65% 136
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