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* TECHNOLOGY VENTURE HOLDINGS LIMITED * 118 31 3101149 150 48 28 26 *

...................................................................... 1................................................................. 4............................................................ 5...................................................... 12 GRAND PANORAMA..................................... 13...................................................... 15............................................. 17...................................................... 18........................................................ 18................................ 18............................................................ 19............................................................ 19................................................. 20 GRAND PANORAMA................................ 72............................................. 82........................................ 108....................................................... 143......................................................... 149

* Grand Panorama 117,647,059 68,136,772 Grand Panorama Grand Panorama Limited * 1

0.102 0.102 Grand Panorama 4,000,0006,000,000 Technology Venture Investments Limited 2

Grand Panorama10,411 1.00Grand Panorama 571 0.10 August Chance Investments Limited Recognition International Limited John S & Sherry H Chen 1994 Family Trust Toh Teng Peow David Tam Yuk Ching Jenny Double Assets Investments Limited Profitone Agents Limited Universal Chinese Limited Every Perform Technology Limited Fabulous On Services Limited % 1.007.80 1.041.00 3

TECHNOLOGY VENTURE HOLDINGS LIMITED * Clarendon House 2 Church Street Hamilton HM 11 Bermuda O.B.E., J.P. 118 31 3101 14.06 Grand Panorama Grand Panorama149 150 * 4

(1) August Chance Investments Limited Recognition International Limited John S & Sherry H Chen 1994 Family Trust Toh Teng Peow David Tam Yuk Ching Jenny Double Assets Investments Limited Profitone Agents Limited Universal Chinese Limited Every Perform Technology Limited Fabulous On Services Limited (2) Technology Venture Investments Limited Grand Panorama10,4111.00 Grand Panorama 100% Grand Panorama 5

30,000,000 (a) 12,000,000Grand Panorama117,647,059 August Change Investments Limited 21,583,506 3.87 3.20 Recognition International Limited 10,452,745 1.88 1.55 John S & Sherry H Chen 1994 Family Trust 5,017,318 0.90 0.74 Toh Teng Peow David 5,435,427 0.98 0.81 Tam Yuk Ching Jenny 4,079,396 0.73 0.60 Double Assets Investments Limited 2,723,364 0.49 0.40 Profitone Agents Limited 19,617,260 3.52 2.91 Universal Chinese Limited 26,024,511 4.67 3.86 Every Perform Technology Limited 11,356,766 2.04 1.68 Fabulous On Services Limited 11,356,766 2.04 1.68 117,647,059 21.11 17.43 (b) 18,000,000 (i) Grand Panorama (ii) Grand Panorama 0.10268,136,772 6

25% 18,000,000 18,000,000 Grand Panorama August Change Investments Limited 12,500,359 2.24 1.68 Recognition International Limited 6,053,839 1.09 0.81 John S & Sherry H Chen 1994 Family Trust 2,905,842 0.52 0.39 Toh Teng Peow David 3,147,997 0.56 0.42 Tam Yuk Ching Jenny 2,362,633 0.42 0.32 Double Assets Investments Limited 1,577,270 0.28 0.21 Profitone Agents Limited 11,361,583 2.04 1.53 Universal Chinese Limited 15,072,421 2.70 2.03 Every Perform Technology Limited 6,577,414 1.18 0.89 Fabulous On Services Limited 6,577,414 1.18 0.89 68,136,772 12.21 9.17 7

0.10212,000,000 68,136,772 6,949,951 Grand Panorama 4,000,0006,000,000 Grand Panorama 30,000,000 6 Grand Panorama 6 8.5 Grand Panorama Grand Panorama 8

Grand Panorama 1,700,000 10.3% 25.8% Grand Panorama Grand Panorama Grand Panorama A Grand Panorama (a) 0.102 9

(b) 0.102 (c) 133,757,000 0.26661.66% (d) 0.1063.77% (e) 0.104 2.30% 117,647,059 21.12%17.43% 68,136,772 185,783,831 33.33% 25.00% 10

(a) Grand Panorama (b) (c) (d) (e) (f) Grand Panorama (g) (c) (d) (e) (f) (g) (a) (b) 11

(a)(b) Grand Panorama Grand Panorama Grand Panorama Grand Panorama Samuel Lin Jr.Grand Panorama Grand Panorama August Chance Investments Limited 1,910 (18.35%) Recognition International Limited 925 (8.88%) John S & Sherry H Chen 1994 Family Trust 444 (4.26%) Toh Teng Peow David 481 (4.62%) Tam Yuk Ching Jenny 361 (3.47%) Double Assets Investments Limited 241 (2.31%) Profitone Agents Limited 1,736 (16.67%) Universal Chinese Limited 2,303 (22.12%) Ever Perform Technology Limited 1,005 (9.66%) Fabulous On Services Limited 1,005 (9.66%) 10,411(100%) 12

Grand Panorama Grand Panorama Grand Panorama Grand Panorama 13,000 7,000 13

Grand Panorama Grand Panorama B Grand Panorama 14,000,000 3,300,0003,300,000 Grand Panorama 13,000,000 3,600,0003,600,000 Grand Panorama 4,300,000 Grand Panorama 1,700,000Grand Panorama Grand Panorama Grand Panorama 14

14,000,000 13,000,000 3,300,000 1,300,000 3,300,000 1,300,000 13,000,000 13,000,000 3,600,000 2,550,000 3,600,000 2,550,000 4,300,000 4,600,000 1,700,000 4,300,000 237,841,000225,108,000 29,755,00039,516,000 29,930,00037,843,000 15

7.5% 10.3%25.8% Grand Panorama Grand Panorama 4,000,0006,000,000 Grand Panorama Grand Panorama Acacia Asia Partners LimitedAcacia AcaciaGrand Panorama Acacia Grand Panorama Grand Panorama Grand Panorama Grand Panorama Grand Panorama 16

Grand Panorama 1,648,000 Grand Panorama 3,545,000Grand Panorama Grand Panorama Grand Panorama % % % 125,542,000 22.52 125,542,000 18.60 125,542,000 16.89 August Chance Investments Limited 21,583,506 3.20 34,083,865 4.59 Recognition International Limited 10,452,745 1.55 16,506,584 2.22 John S & Sherry H Chen 1994 Family Trust 5,017,318 0.74 7,923,160 1.07 Toh Teng Peow David 5,435,427 0.81 8,583,424 1.16 Tam Yuk Ching Jenny 4,079,396 0.60 6,442,029 0.87 Double Assets Investments Limited 2,723,364 0.40 4,300,634 0.58 Profitone Agents Limited 19,617,260 2.91 30,978,843 4.17 Universal Chinese Limited 26,024,511 3.86 41,096,932 5.53 Ever Perform Technology Limited 11,356,766 1.68 17,934,180 2.41 Fabulous On Services Limited 11,356,766 1.68 17,934,180 2.41 431,809,493 77.48 431,809,493 63.97 431,809,493 58.10 557,351,493 100.00 674,998,552 100.00 743,135,324 100.00 17

14.06 118 31 3101 149 150 48 2826 73 (i) (ii) (iii) (iv) 18

74 * * 19

128,884 237,841 261,692 96,224 225,108 237,841 261,692 (207,990) (210,676) (225,408) 17,118 27,165 36,284 (38,676) (29,232) (15,009) (840) (523) (725) (22,213) (12,406) (29,755) (15,734) (4,897) (39,516) (29,755) (15,734) 2,413 (175) 1,974 (740) 1,673 (175) 1,974 (37,843) (29,930) (13,760) 2,171 3,077 (1,622) (35,672) (26,853) (15,382) 0.02 0.05 0.03 202,868 325,450 371,276 (47,559) (190,306) (206,572) 155,309 135,144 164,704 (4,454) (7,531) 155,309 130,690 157,173 20

6 128,884 237,841 (119,990) (210,676) 8,894 27,165 6 8,902 1,816 (4,039) (11,627) (23,948) (37,118) (1,046) (9,468) 15 (602) 7 (11,839) (29,232) 9 (567) (523) (12,406) (29,755) 10 2,413 (175) (9,993) (29,930) 33(b) (27,850) (37,843) (29,930) 21

(35,672) (26,853) (2,171) (3,077) (37,843) (29,930) 11 0.02 0.05 22

12 1,916 4,601 13 12,772 1,387 16 104 17 91,700 66,681 18 14,151 106,388 86,924 19 3,444 28,197 20 24,718 52,267 18 16,006 50,019 17 23,045 22 139 5,141 22 52,173 79,857 96,480 238,526 202,868 325,450 23 2,002 52,304 8,993 11,670 24 35,525 79,953 25 626 45,617 26 203 275 47,349 189,819 49,131 48,707 23

155,519 135,631 26 51 254 27 159 233 210 487 155,309 135,144 28 55,735 50,273 30(a) 99,574 80,417 155,309 130,690 4,454 155,309 135,144 24

28 50,121 341,071 (19) (43,248) 64 (190,816) 107,052 7,531 164,704 15 15 15 152 203 203 355 (3,077) (3,077) (26,853) (26,853) (26,853) 50,273 341,274 (19) (43,248) 79 (217,669) 80,417 4,454 135,144 50,273 341,274 (19) (43,248) 79 (217,669) 80,417 4,454 135,144 5,462 1,038 1,038 6,500 42,646 42,646 42,646 602 602 602 315 315 315 10,228 10,228 10,228 (4,454) (4,454) (35,672) (35,672) (35,672) 55,735 342,312 (19) 394 10,228 (253,341) 99,574 155,309 25

(12,406) (29,755) 33(b(1)) (4,897) (17,303) (29,755) 6 (594) (642) 12 2,255 2,700 15 602 13 811 879 56 4 (2,233) 840 523 (5) 18,615 843 8,589 3,891 (17,706) 31 (28,261) (9,601) (24,370) (27,307) (1,078) (147) 153 (25,448) (27,301) (11,298) (27,301) 33(c) (14,150) (25,448) (27,301) 26

12 (1,001) (1,644) 17 23,045 (14,506) 5,002 11,329 33,962 280 594 913 32(d) (5,909) 33(a) 3,323 (415) 15 16 (104) 18 13,502 58,601 9,785 59,350 9,785 33(c) (749) 58,601 9,785 27

47,115 45,655 6,500 (69,865) (40,283) (8,060) (1,170) (805) (486) (275) (290) (35) (37) 355 (26,595) 4,914 (26,955) 4,914 33(c) 360 (26,595) 4,914 6,558 (12,602) 44,989 57,591 51,547 44,989 52,173 45,895 (626) (906) 51,547 44,989 28

12 254 460 14 100,847 104,158 101,101 104,618 515 468 15 22 3,000 22 30 29 545 3,512 101,646 108,130 24 4,037 2,508 598 856 26 203 275 4,838 3,639 (4,293) (127) 96,808 104,491 26 51 254 96,757 104,237 28 55,735 50,273 30(b) 41,022 53,964 96,757 104,237 29

118 31 3101 4 1 2 7 8 10 12 14 16 30

31 17 18 19 21 24 27 31 32 33 36 37 38 39 2 3 1 2 7 8 10 12 14 16 17 18 19 21 24 27 31 33 37 1 2 7 8 10 12 14 16 17 18 19 24 27 31 33 37 21 32 39 2 336 38

3 38 338 39 39 17 10,228 10,228 3 15 602 602 32

(a) (b) (c) (i) (ii) (iii) 33

33 1/3% 33 1/3% 33 1/3% (a) (b) 34

90 (b) (a) (b) (a) (b) 36

(a) (b) 38

(i) (ii) 39

(a) (b) 40

124,899 78,270 3,462 159,571 523 128,884 237,841 820 (820 ) 550 194 213 2 552 407 5,514 178 12 657 5,526 835 130,963 78,642 3,474 161,261 525 (820 ) 134,962 239,083 (2,017 ) (5,314 ) 1,527 (6,527 ) 141 (349 ) (11,841 ) 41 235 2,783 339 (14,314 ) (17,965 ) (11,839 ) (29,232 ) (567 ) (523 ) (12,406 ) (29,755 ) 2,413 (175 ) (9,993 ) (29,930 ) 41

152,434 278,547 77 111,702 14,206 (58,392 ) (135,616 ) 108,325 254,633 91,700 66,681 2,843 4,136 202,868 325,450 (89,919 ) (172,943 ) (1,118 ) (78,418 ) (589 ) 58,392 135,616 (33,234 ) (115,745 ) (13,699 ) (74,561 ) (626 ) (47,559 ) (190,306 ) 51,616 44,597 28 35,231 489 52,133 79,828 40 29 52,173 79,857 139 2,141 139 2,141 3,000 139 5,141 1,310 1,685 500 1,380 1,810 3,065 445 514 2,255 3,579 1,042 6,059 3 2,530 1,045 8,589 (2 ) (2 ) (56 ) (58 ) 322 1,090 388 442 62 772 1,532 295 112 1,067 1,644 42

524 430 128,360 237,411 128,884 237,841 820 (820) 524 430 128,360 238,231 (820) 128,884 237,841 569,409 580,657 95,673 254,564 (553,914) (576,556) 111,168 258,665 91,700 66,785 202,868 325,450 295 119 772 1,525 1,067 1,644 110,958 208,194 17,926 29,647 128,884 237,841 594 642 5,285 Advanced Digital Technology Company Limited 2,234 657 453 178 336 339 8,902 1,816 137,786 239,657 43

119,990 210,676 12 1,754 2,700 602 13 879 3,171 3,140 897 1,400 10,750 30,399 1,394 3,917 115 113 1,405 13,664 34,429 (747) 27 56 1,045 8,589 161 550 440 550 440 6,424 6,743 37 45 6,461 6,788 7,011 7,228 44

1,000,000 5 5 1,000,0012,000,000 2,000,0013,000,000 2 2 7 7 2,686 12 2,698 2,730 12 2,742 968 12 980 40 1 41 200 200 200 200 150 150 550 6,424 37 7,011 1,241 1,375 24 24 1,265 1,399 45

1,000,000 532 486 35 37 567 523 1,160 131 1,291 1415 (3,499) 609 (2,890) (1240) (2,339) 740 (1,599) 175 27 (74) (74) (2,413) 740 (1,673) 175 27% 33% 46

50% 15% 7.5% (12,406) (4,897) (17,303) (29,755) (7,828) (735) (8,563) (4,603) (9,679) (9,679) (505) 18,663 866 19,529 6,559 4 4 22 (58) 1,160 131 1,291 1,415 (3,573) 609 (2,964) (1,240) (2,413) 740 (1,673) 175 18,000,00018,000,000 47

7,822 26,853 27,850 35,672 26,853 516,048 502,435 0.02 0.05 0.05 48

3,647 24,928 2,570 31,145 250 660 91 1,001 66 66 (624) (3,137) (244) (4,005) (15) (15) (1,716) (1,819) (277) (3,812) 68 16 84 1,557 20,751 2,156 24,464 3,529 21,258 1,757 26,544 91 1,589 575 2,255 (624) (1,724) (176) (2,524) 1 1 (11) (11) (1,660) (1,819) (277) (3,756) 31 8 39 1,336 19,325 1,887 22,548 221 1,426 269 1,916 118 3,670 813 4,601 8 8 327 327 49

1,715 1,047 1,295 4,057 189 106 295 (1,716) (1,716) 188 1,153 1,295 2,636 1,614 1,015 968 3,597 78 48 319 445 (1,660) (1,660) 32 1,063 1,287 2,382 156 90 8 254 101 32 327 460 50

------------ 6,869 ------------ 6,869 ------------ 4,603 4,603 879 879 5,482 5,482 ------------ ------------ ------------ 1,387 1,387 6,869 6,869 12,772 12,772 (2,636) (2,636) (4,233) (4,233) 12,772 12,772 ------------ ------------ ------------ 5,482 5,482 811 811 (2,060) (2,060) (4,233) (4,233) ------------ ------------ ------------ 12,772 12,772 51

39,631 39,631 328,639 331,989 (2,041) (2,080) 366,229 369,540 (265,382) (265,382) 100,847 104,158 Technology Venture 1,000 100 100 Investments Limited Sequent China/ 10,000 100 100 Hong Kong Limited Technology Venture 1,000 100 100 (Software) Holdings Limited Topasia Computer 10,000 100 100 Limited Topsoft Limited 10,000 100 100 Advanced Digital 1,000 100 55 Technology Company Limited Advanced Digital 2 100 55 Technology Company Limited 52

100 100 1 3,800,000 100 100 1,000,000 2 Acacia Asia Partners 1 100 Limited 100 3 140,000 1. Topasia Computer Limited 2. Topasia Computer Limited 3. Acacia Asia Partners Limited 43,248 43,248 33b(2) (42,646) Sequent China/Hong Kong Limited (602) 43,248 53

104 33.33% 66,681 66,681 ChinaCast Communication Holdings Limited 14.96% 10,228 76,909 66,681 20% 18 14,791 91,700 66,681 CCT 23,030 15 23,045 ChinaCast Communication Holdings LimitedCCH ChinaCast Technology CCT CCH (a) (b) 20% 335,443 54

3,444 20,353 7,844 3,444 28,197 70,720 102,799 (46,002) (50,532) 24,718 52,267 90 13,865 37,143 91180 6,994 2,990 181365 3,289 5,007 365 570 7,127 24,718 52,267 2,515,000 155,769 Sequent China Hong Kong Limited 55

52,173 45,895 30 29 139 5,141 3,000 33,962 52,312 84,998 30 3,029 (139) (5,141) (3,000) 52,173 79,857 30 29 90% 1,677 51,372 325 325 607 2,002 52,304 90 25,981 91180 160 187 181365 8 10,740 365 1,834 15,396 2,002 52,304 56

35,525 55,245 4,037 2,508 24,708 35,525 79,953 4,037 2,508 13,574,00055% 11,134,000 626 598 856 906 41,981 1,170 1,560 626 45,617 598 856 (i) (ii) (iii) (iv) 20,000,000 20,000,000 139,0005,141,00022 385,00020 CCT3,300,000 57

232 311 232 311 58 290 58 290 290 601 290 601 (36) (72) (36) (72) 254 529 254 529 203 275 203 275 51 254 51 254 254 529 254 529 233 233 10 (74) 159 233 1,000,000,0000.10 100,000 100,000 557,351,4930.10 502,729,644 55,735 50,273 58

1,520,000 0.233291,520,0000.10 54,621,849 0.119 Acacia Asia Partners Limited 100%6,500,000.00 501,209,644 50,121 341,071 391,192 1,520,000 152 203 355 502,729,644 50,273 341,274 391,547 54,621,849 5,462 1,038 6,500 557,351,493 55,735 342,312 398,047 17 80% 10% (a) (b) 59

(c) 30% (d) 1% (e) (f) (g) (i) (ii) (iii) (h) (i) (j) 1.00 1,520,000 1,520,000152,000 203,000 28 9,365,00049,855,000 9,365,00049,855,000 5,217,00014,750,000 60

5,000,000 5,000,000 0.23 0.233 5,000,000 5,000,000 0.23 0.233 5,000,000 5,000,000 0.23 0.233 15,635,000 7,590,000 8,045,000 0.23 0.233 1,320,000 1,320,000 3.175 2.532 500,000 500,000 0.415 0.431 17,400,000 17,400,000 0.23 0.233 19,220,000 17,900,000 1,320,000 49,855,000 40,490,000 9,365,000 * ** *** 61

341,071 39,431 (309,708) 70,794 29 203 203 (17,033) (17,033) 341,274 39,431 (326,741) 53,964 28 1,038 1,038 (13,980) (13,980) 342,312 39,431 (340,721) 41,022 13,980,000 17,033,000 30(a) 13,036 (7,473) 3,368 8,508 (7,831) 11,799 (11,781) (6,111) (25,053) (16,324) (28,261) (9,601) 62

Acacia Asia Partners LimitedAcacia100% 100% (a) 523 141 130,277 (12,056) (b) 6,500 54,621,849 6,500 13,000 187 13,187 (187) (228) 12,772 Acacia 63

(c) 65 65 510 510 49 49 550 550 1,174 1,174 355 355 632 632 987 987 187 187 (d) 13,000 (6,500) (228) 6,272 187 (550) 5,909 64

55% 24,977 (602) 24,375 (21,052) 3,323 2,160 77,459 (78,114) 1,505 33(b)(1) 5,637 33(b)(2) 22,213 27,850 65

70,468 25,756 96,224 (87,999) 8,225 47 (3,378) (8,707) (811) (4,624) (273) (4,897) (740) (5,637) 24,977 18,615 43,592 (22,557) 15 (42,646) (602) (22,213) 66

(14,150) (749) 360 (14,539) 1,046 1,958 837 476 1,883 2,434 20,000 20,000 1,170,000 67

(a) 36(2) 124 (b) 227 (c) (d) (e) 162 (17) 309 567 756 221 364 (a) 6,636 6,788 (a) 156 36(3) (b) 36(3) (402) 23,045 36(3) 265 (3) 70 68

6,000 2,600 8,600 227 (1) (2) CCTChina Cast Communication Holdings Limited CCH CCH14.96% (3) Technology Venture Investments Limited 30,000,000 Grand Panorama Limited 100% 353,000 167,000186,000 69

Acacia ChinaCast Great Wall Grand Panorama Acacia Grand Panorama EMC IP UT ISO9000 Acacia Acacia Acacia Acacia Grand Panorama 70

Grand Panorama Limited GP GP GP 72

8 GP GP 73

2(f) 13,540,560 ------------------ (4,881,277) 8,659,283 (8,320) (12,297,960) (35,249) (2,795) (12,344,324) ------------------ (3,685,041) (2,542) (3,687,583) 4 (3,687,583) 74

2(e), 8 759,957 ------------------ 3,004,683 8 77,297 383,675 1,786 3,467,441 ------------------ 1,369,667 8,365 5 4,564,015 5,942,047 ------------------ (2,474,606) (1,714,649) 6 84,454 1,051,226 9 837,254 (3,687,583) (1,714,649) 75

7 1,132,885 1,132,885 8,320 ------------------ 6 84,454 1,051,226 (11,115) 1,124,565 ------------------ 1,132,885 84,454 84,454 1,051,226 1,051,226 (3,687,583) (3,687,583) 84,454 1,051,226 (3,687,583) (2,551,903) 76

(3,687,583) (77,297) (383,675) (3,004,683) 4,564,015 1,369,667 8,365 (1,211,191) (1,211,191) ------------------ (759,957) (759,957) ------------------ 84,454 1,051,226 837,254 1,972,934 ------------------ 1,786 1,786 1,786 77

P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands GP GP GP 1 8 10 21 24 27 32 37 39 3 GP GP 78

GP (i) GP (ii) GP (i) (ii) GP GP 79

5 3 (i) (ii) 15% 4,564,015 84,454 80

1,132,885 140,000 100% 140,000140,000 118 31 1 * * 81

Grand Panorama Limited 6 Shanghai Yongdexin CPA Co., Ltd. 82

International Financial Reporting Standards 4.11(b) 1,794,000 300,000 21 83

5 32,854,005 38,834,476 14,273,438 (10,892,671) (13,820,858) (5,344,635) 21,961,334 25,013,618 8,928,803 5 297,507 315,543 82,205 (14,247,482) (15,805,076) (4,589,712) (20,262,192) (8,215,439) (3,920,713) (86,516) (411,703) (309,853) 7 (12,337,349) 896,943 190,730 9 (12,337,349) 896,943 190,730 10 (900,254) (133,184) (12,337,349) (3,311) 57,546 85

12 4,147,087 3,329,841 1,743,420 4,147,087 3,329,841 1,743,420 ------------- ------------- ------------- 13 4,336,973 4,891,791 3,655,346 3,135,560 7,639,333 4,035,406 14 594,191 4,833,261 2,617,398 8,066,724 17,364,385 10,308,150 ------------- ------------- ------------- 12,213,811 20,694,226 12,051,570 15 1,976,984 3,376,843 2,186,398 5,259,654 8,826,444 5,701,482 4,676,357 2,093,000 16 2,574,566 344,102 76,709 76,709 14,564,270 14,717,098 7,887,880 ------------- ------------- ------------- (6,497,546) 2,647,287 2,420,270 (2,350,459) 5,977,128 4,163,690 20 956,729 956,729 133,184 956,729 956,729 133,184 ------------- ------------- ------------- (3,307,188) 5,020,399 4,030,506 19 8,975,926 4,966,164 3,972,960 (12,283,114) 54,235 57,546 (3,307,188) 5,020,399 4,030,506 86

3,972,960 3,972,960 57,546 57,546 3,972,960 57,546 4,030,506 993,204 993,204 (3,311) (3,311) 4,966,164 54,235 5,020,399 4,009,762 4,009,762 (12,337,349) (12,337,349) 8,975,926 (12,283,114) (3,307,188) 87

(12,337,349) 896,943 190,730 (11,318) (15,543) (4,105) 1,482,553 840,860 276,299 865,616 304,745 170,071 73,741 4,986 (9,830,427) 1,796,001 772,655 (310,798) (1,236,445) (3,960,091) 4,503,773 (3,603,927) (4,035,406) 2,583,357 2,093,000 2,230,464 344,102 (3,566,790) 3,124,962 5,701,482 (1,399,859) 1,190,445 2,186,398 (5,790,280) 3,708,138 665,038 (5,790,280) 3,708,138 665,038 -------------- -------------- -------------- (2,469,870) (2,501,022) (2,027,205) 2,500 11,318 15,543 4,105 (2,458,552) (2,485,479) (2,020,600) -------------- -------------- -------------- 4,009,762 993,204 3,972,960 4,009,762 993,204 3,972,960 -------------- -------------- -------------- (4,239,070) 2,215,863 2,617,398 4,833,261 2,617,398 594,191 4,833,261 2,617,398 594,191 4,833,261 2,617,398 88

89 127 4 1 7 8 10 12 16 17 19 21 24 32 36 39

(a) (b) 5 3 90

(i) (ii) 91

(a) (b) (c) 92

32,854,005 ------------- 38,834,476 ------------- 14,273,438 ------------- 300,000 11,318 15,543 4,105 78,100 286,189 297,507 315,543 82,205 ------------- ------------- ------------- 33,151,512 39,150,019 14,355,643 10% 94

6(1) 6(2) 5,073,922 8,443,078 19,337,005 32,854,005 (1,839,240) (3,042,037) (6,011,394) (10,892,671) 3,234,682 5,401,041 13,325,611 21,961,334 4,777 18,783 273,947 297,507 (3,938,445) (8,337,378) (22,233,851) (34,509,674) (19,851) (15,398) (51,267) (86,516) (718,837) (2,932,952) (8,685,560) (12,337,349) (718,837) (2,932,952) (8,685,560) (12,337,349) (718,837) (2,932,952) (8,685,560) (12,337,349) 6(1) 6(2) 95

6(1) 6(2) 2,125,155 12,480,672 24,228,649 38,834,476 (386,006) (3,927,018) (9,507,834) (13,820,858) 1,739,149 8,553,654 14,720,815 25,013,618 315,543 315,543 (673,744) (6,053,454) (17,293,317) (24,020,515) (86,546) (141,890) (183,267) (411,703) 978,859 2,358,310 (2,440,226) 896,943 978,859 2,358,310 (2,440,226) 896,943 (900,254) (900,254) 978,859 2,358,310 (3,340,480) (3,311) 6(1) 6(2) 96

6(1) 6(2) 1,460,479 12,812,959 14,273,438 (558,520) (4,786,115) (5,344,635) 901,959 8,026,844 8,928,803 82,205 82,205 (1,510,280) (7,000,145) (8,510,425) (309,853) (309,853) (608,321) 799,051 190,730 (608,321) 799,051 190,730 (133,184) (133,184) (608,321) 665,867 57,546 6(1) 6(2) 97

6(1) 6(2) 232,414 527,543 3,387,130 4,147,087 232,414 527,543 3,387,130 4,147,087 -------------- -------------- -------------- -------------- 1,838,429 1,166,254 1,332,290 4,336,973 312 76,985 423,740 501,037 30,220 353,455 2,250,848 2,634,523 594,191 594,191 2,101,375 2,124,237 7,988,199 12,213,811 -------------- -------------- -------------- -------------- (956,729) (956,729) (838,037) (531,630) (607,317) (1,976,984) (5,259,654) (5,259,654) (4,676,357) (4,676,357) (2,574,566) (2,574,566) (76,709) (76,709) (838,037) (531,630) (14,151,332) (15,520,999) -------------- -------------- -------------- -------------- 1,263,338 1,592,607 (6,163,133) (3,307,188) 6(1) 6(2) 98

6(1) 6(2) 567,723 337,729 2,424,389 3,329,841 567,723 337,729 2,424,389 3,329,841 -------------- -------------- -------------- -------------- 1,278,339 2,008,782 1,604,670 4,891,791 50,440 188,454 7,400,439 7,639,333 4,833,261 4,833,261 1,896,502 2,534,965 16,262,759 20,694,226 -------------- -------------- -------------- -------------- (956,729) (956,729) (882,448) (1,386,679) (1,107,716) (3,376,843) (8,826,444) (8,826,444) (2,093,000) (2,093,000) (344,102) (344,102) (76,709) (76,709) (882,448) (1,386,679) (13,404,700) (15,673,827) -------------- -------------- -------------- -------------- 1,014,054 1,148,286 2,858,059 5,020,399 6(1) 6(2) 99

6(1) 6(2) 95,953 1,647,467 1,743,420 95,953 1,647,467 1,743,420 -------------- -------------- -------------- -------------- 729,709 2,925,637 3,655,346 44,938 3,990,468 4,035,406 2,617,398 2,617,398 870,600 11,180,970 12,051,570 -------------- -------------- -------------- -------------- (133,184) (133,184) (371,910) (1,814,488) 2,186,398 (5,701,482) (5,701,482) (371,910) (7,649,154) (8,021,064) -------------- -------------- -------------- -------------- 498,690 3,531,816 4,030,506 6(1) 6(2) 100

12,500 10,000 9,000 1,482,553 840,860 276,299 6,346,602 7,029,681 1,425,377 20,849,782 27,539,745 7,408,263 6,836 1,714 5,663 865,616 304,745 (11,318) (15,543) (4,105) 170,071 73,741 4,986 161 --------------- --------------- --------------- 458,711 697,092 187,664 458,711 697,092 187,664 --------------- --------------- --------------- 458,711 697,092 187,664 101

1,000,000 3 3 3 1,000,001 2,000,000 2,000,001 3,000,000 3 3 3 795,925 885,807 555,424 28,541 26,035 21,481 824,466 911,842 576,905 1,000,000 102

76,709 823,545 133,184 900,254 133,184 33% (12,337,349) 896,943 190,730 33% (4,071,325) 295,991 62,941 604,263 70,243 4,071,325 900,254 133,184 161,834 1,973,34112,443,996 103

1,332,537 694,668 2,027,205 (8,272) (8,272) 1,324,265 694,668 2,018,933 1,492,913 1,008,109 2,501,022 (168,914) (168,914) 2,817,178 1,533,863 4,351,041 1,239,387 1,230,483 2,469,870 (88,681) (420,323) (509,004) 3,967,884 2,344,023 6,311,907 124,782 151,517 276,299 (786) (786) 123,996 151,517 275,513 401,848 439,012 840,860 (95,173) (95,173) 525,844 495,356 1,021,200 650,042 832,511 1,482,553 (22,660) (316,273) (338,933) 1,153,226 1,011,594 2,164,820 2,814,658 1,332,429 4,147,087 2,291,334 1,038,507 3,329,841 1,200,269 543,151 1,743,420 5,202,589 4,891,791 3,960,091 (865,616) (304,745) 4,336,973 4,891,791 3,655,346 104

0 30 1,818,520 447,918 2,274,850 31 60 1,195,151 532,136 944,521 61 90 781,516 1,899,905 191,410 90 1,407,402 2,011,832 549,310 5,202,589 4,891,791 3,960,091 594,191 4,833,261 2,617,398 1,976,984 3,376,843 2,186,398 1,976,984 3,376,843 2,186,398 2.4% 35% 60 (1,468,102) (344,102) (1,106,464) (2,574,566) (344,102) 105

7,030,063 4,297,811 1,788,224 9,764,340 4,944,497 3,689,375 16,794,403 9,242,308 5,477,599 8,975,926 4,966,164 3,972,960 8,975,926 4,966,164 3,972,960 600,000 1,088,888Bonity Property Limited 488,888 106

580,959 100,566 (814,709) (133,184) 580,959 100,566 (814,709) (133,184) 24,335 (580,959) (100,566) (166,355) (823,545) 24,335 (981,064) (956,729) 25,226 431,841 285,653 (742,720) 49,561 431,841 285,653 (1,723,784) (956,729) Bonity Property Limited 1,790,000 4,676,357 2,093,000 6(B)(a) 118 31 1 107

* Grand Panorama Limited Grand Panorama Limited30,000,000 12,000,000 117,647,059 18,000,000 117,647,059 25% * 108

18,000,000 4.29 7 4.29 (Hong Kong Standard on Investment Circular Reporting Engagements) 300 109

(a) (b) (c) 4.29(1) 118 31 1 110

Grand Panorama Limited A 111

1 2, 3 1,916 731 2,647 12,772 12,772 32,248 4,8 32,248 91,700 91,700 106,388 ------------- 731 ------------- 139,367 ------------- 3,444 3,444 24,718 24,718 2,888 2,888 16,006 443 16,449 139 139 52,173 2 (18,600) 5 33,575 96,480 ------------- 3,333 ------------- 81,213 ------------- 2,002 2,002 8,993 8,993 1,317 1,317 35,525 8 35,533 4,387 4,387 626 626 203 203 47,349 5,712 53,061 ------------- ------------- ------------- 49,131 (2,379) 28,152 ------------- ------------- ------------- 155,519 ------------- (1,648) ------------- 167,519 ------------- 51 51 159 159 210 210 ------------- ------------- ------------- 155,309 (1,648) 167,309 55,735 81 11,765 6 (81) 7 67,500 1,011 (1,011) 7 235 6 235 (3,545) 3,545 7 99,574 805 (805) 7 99,574 155,309 (1,648) 167,309 112

1. 2. Grand Panorama Limited 3. 1.001.04 4. Grand Panorama Grand Panorama 30,000 600 30,600 Grand Panorama (81) (1,011) 3,545 (805) 32,248 5. 18,000,000600,000 6. 235,000 117,647,05912,000,000 11,765 235 12,000 7. 8. 4,000,0006,000,000 113

1 2, 3 4 6 128,884 12,873 141,757 (119,990) (4,649) (124,639) 8,894 8,224 17,118 8,902 23 8,925 (27,987) (11,723) (39,710) (1,046) (66) (1,112) (602) (602) (11,839) (3,542) (15,381) (567) (3) (570) (12,406) (3,545) (15,951) 2,413 2,413 (9,993) (3,545) (13,538) 6 (27,850) (27,850) (37,843) (3,545) (41,388) (35,672) (3,545) (39,217) (2,171) (2,171) (37,843) (3,545) (41,388) 0.02 5 0.02 5 114

1. 2. Grand Panorama 3. 1.001.05 4. 5. 2117,647,059 11,367 26,853 27,850 39,217 26,853 633,695 502,435 0.02 0.05 0.04 6. 33 115

1 2 3 (12,406) (3,545) (15,951) (4,897) (4,897) (17,303) (3,545) (20,848) (594) (594) 2,255 378 2,633 602 602 811 811 56 76 132 4 6 10 (2,233) (2,233) 18,615 18,615 843 843 (5) (5) 840 840 3,891 (3,085) 806 13,036 13,036 3,368 3,368 271 271 (7,831) (213) (8,044) (1,063) (1,063) (11,781) (11,781) (864) (864) (25,053) 8 (25,045) 5,270 5,270 116

1 2 3 (24,370) 324 (24,046) (1,078) (1,078) (25,448) 324 (25,124) ------------- ------------- ------------- (11,298) 324 (10,974) (14,150) (14,150) (25,448) 324 (25,124) (1,001) (320) (1,321) (18,600) 4 (18,600) 23,045 23,045 5,002 5,002 33,962 33,962 594 594 (5,909) (5,909) 3,323 3,323 (415) (2) (417) 58,601 (322) 39,679 ------------- ------------- ------------- 59,350 (322) 40,428 (749) (749) 58,601 (322) 39,679 117

1 2 3 47,115 47,115 6,500 6,500 (69,865) (69,865) (8,060) (8,060) (1,170) (1,170) (805) (805) (275) (275) (35) (35) (26,595) (26,595) ------------- ------------- ------------- (26,955) (26,955) 360 360 (26,595) (26,595) 6,558 2 (12,040) 44,989 44,989 51,547 2 32,949 52,173 2 (18,600) 33,575 (626) (626) 51,547 2 32,949 118

1. 2. Grand Panorama 3. 1.001.04 4. 18,600,000600,000 5. 188,784,000 39% 261,692,000 20% 14% 37,267,000 36,284,000 147,869,00015,382,000 122,325,000 8,129,00025,544,00072% 7,190,000 119

Sequent China SARS NCR EMC NCR Ascential Software Corp.Ascential 120

Datastage UT 500 Sequent Sequent China STK HDS teacher.com.cn 26 EMC AscentialDatastage 121

ISO9000 55% 100 B Starring 3.0 39 ChinaCast ChinaCast 11 ChinaCast 122

ChinaCast SARS ChinaCastChinaCast ChinaCast ChinaCast ChinaCast ChinaCast CCW Research 18.5% 27% 39 123

ChinaCast ChinaCast 371,276,000 206,572,000157,173,000 157,173,000 172,542,0009% 108,303,000 90,655,00039,339,000 12,993,000 68,964,000 77,662,000 1.37 1.840.26 0.08 16,000,000 30,425,000 124

20,000,000 4,528,000 320 237,841,000 261,692,000 36,284,00027,165,000 Data Warehouse 125

14%311% 15,382,000 26,853,000 400 Diebold 11 4,000 UTUT 2,600 55% 126

100 500 100 24 50% ChinaCast ChinaCast ChinaCast 10% 127

Ascential ETLETL EMC UT 5,000 ChinaCast ChinaCast ChinaCast DirecWay 325,450,000 190,306,000130,690,000 130,690,000 157,173,00017% 84,998,000 108,303,00045,617,000 39,339,000 39,381,000 68,964,000 128

1.26 1.370.35 0.26 5,141,000 16,470,000 45,617,000 20,000,000 1,170,000 23 26 129

360 225,108,000 96,224,000237,841,000 5% 29,755,000 42% 17,303,000 4,897,000 27,165,000 37% 17,119,000 8,225,000 11.4% 8% 26,853,00035,672,000 5 7 Acacia Asia Partners LimitedAcacia ChinaCast Great Wall 3,000 Grand Panorama 130

Venture International Investment Holdings Limited Acacia Grand Panorama 120,188,000 Diebold 40,000,000 UTUT IPTV 131

22,000,000EMC 16,000,000 Acacia 13,000,000 Acacia 7.88 Acacia Acacia 60% Acacia Acacia Grand Panorama 30,000,000 Grand Panorama 132

27,000,00026,000,000 55% ADT (Hong Kong) 24,400,000 ChinaCast 14.96% Great Wall 3,103,543 ChinaCast Great Wall 128,300,000 Great Wall11.81% 60,000,000 Great Wall 202,868,000 47,559,000155,309,000 155,309,000 130,690,00019% 133

52,312,000 84,998,000626,000 45,617,000 51,686,200 39,381,000 2.04 1.260.01 0.35 139,000 5,141,000 20,000,00020,000,000 626,000 1,170,000 134

130 1,000,000 40% 30% 12,000,000 100,000,000 135

Grand Panorama 4,800,000 590,000Grand Panorama 2,100,000 4,700,000 Grand Panorama 14,200,000 20,200,000 9,000,000 Grand Panorama 14,000,000 3,300,0003,300,000 Grand Panorama 13,000,000 3,600,0003,600,000 Grand Panorama4,300,000 Grand Panorama 1,700,000 Grand Panorama 136

Maytag China LLC elong.com Michelin Tyres Heinz 5,000,000 Grand Panorama Grand Panorama 4,227,398 5,942,0471,714,649 1,714,649 Grand Panorama 1,786 0.58 Grand Panorama Grand Panorama Grand Panorama 137

Grand Panorama 140,000 Grand Panorama Grand Panorama131 HongKao/YangPu 17 8HongKao/YangPu 5 414,273,438 57,546 12,051,570 8,021,0644,030,506 4,030,506 138

2,617,398 1.31 480,000 227 38,834,476 3,311 139

20,694,226 12,051,57015,673,827 8,021,064 5,020,3994,030,506 5,020,399 4,030,506 4,833,2612,617,3981.18 1.31 120,000 600,000 374 140

65% 12,213,811 20,694,22615,520,999 15,673,827 3,307,1885,020,399 3,307,188 5,020,399 594,191 4,833,2610.55 1.18 141

488,888 1,088,888 435 142

1,000,000,000 0.10 100,000,000 557,351,493 0.10 55,735,149.30 XV (i) XV7 8 (ii) 352 (iii) 125,542,000 22.52% 143

XV (i) XV7 8 (ii) 352 (iii) XV2 3 XV2 3 10% (i) 54,621,849 9.80% (ii) 200 20% 1(L) BMC Software BCM Software 1 10% (China) Ltd. (HK) Ltd. 1(L) L 144

XV2 3 10% (i) ChinaCast Company Limited15,000,000 20% 145

(ii) 13,000,000 Acacia Asia Partners Limited (iii) ChinaCast Communications Holdings Limited14.96% (iv) Prosper Success Investments Limited Advanced Digital Technology Company Limited (HK) (v) Aryalin Associates LimitedAdvanced Digital Technology Company Limited (BVI)4501.00 (vi) (vii) Samuel Li Jr. (a) 146

(b) (a) (b) (c) Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda (d) 118 31 3101 (e) 2826 (f) 16 (g) 118 31 3101 (a) (b) 147

(c) (d) (e) Grand PanoramaA (f) B (g) (h) 20% (i) Acacia Asia Partners Limited (j) (k) ChinaCast Communications Holdings Limited14.96% (l) 148

TECHNOLOGY VENTURE HOLDINGS LIMITED * * 118 31 3101 (a) August Chance Investments Limited Recognition International Limited John S & Sherry H Chen Family 1994 Trust Toh Teng Peow David Tam Yuk Ching Jenny Double Assets Investments Limited Profitone Agents Limited Universal Chinese Limited Every Perform Technology Limited Fabulous On Services Limited Samuel Lin Jr. Technology Venture Investments LimitedGrand Panorama Limited 1.00 10,411 AB (b) * 149

TECHNOLOGY VENTURE HOLDINGS LIMITED * * a *0.10 b c 118 31 3101 d e f g h a. b. c. d. e. f. g. 48 2826 h. i. *