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Transcription:

Asiaray Media Group Limited (a) (b) (c) (d) (e) (f) (g) (h) (i) 1933 (j) (k)

[] Asiaray Media Group Limited [] [] [] [] [] [] [] [] [][] 1% 0.0027% 0.005% 0.10 [] [] [] [] [] 342C [ ] [] [] [][][] [][][][] [][][] [][][][] 1% 0.0027%0.005% [][][] [] [ ][] []8 [] [] []S []

[] i

[] ii

[] [] [][] []....... i iii.... 1... 15... 28......................................................... 29... 51 [] []... 52 [].... 55......................................................... 58... 60.... 77... 92... 146.... 171 iii

... 226.... 232 []... 243... 248.... 259... 260.... 263... 265 []... 278 [].... 287.... I-1... II-1... III-1... IV-1... V-1 iv

2013 2013 33 (i)25(ii) (iii)10 (iv)360 LED 2013 127356.8 1

25 (1) (2)... (51%)... 7 7 2012 6 2019 6... 7 2 2008 10 2014 1 2020 12... 5 5 2008 10 2014 1 2018 12... 7 7 2008 10 2014 1 2020 12.... 7 7 2008 10 2014 1 2020 12... 7 7 2008 10 2014 1 2020 12... 7 7 2008 10 2014 1 2020 12... 7 2008 10 2016 1 2022 12... 5 2009 2 2014 2 2019 2... 7 7 2009 7 2014 1 2020 12 5 2012 11 2017 11............. 5 3 2010 3 2015 2... (51%) 95 2007 7 2016 12... 10 2008 1 2017 12.... 4 2010 12 2015 1 (5) 2018 12... 10 2009 1 2019 1 (3)... (49%) 10 2013 11 2023 11... (30%) (4)... 15 2010 1 2025 1... 15 2010 1 2025 1... 15 2010 1 2025 1.... 1 2013 11 2014 10 (6)... (40%)... 8 8 2012 7 2020 6... 8 8 2012 7 2020 6... 8 8 2012 7 2020 6... 8 8 2012 7 2020 6 2

(1) (2) (3) 2013 9 (4) 49%30% 2014 6 3 2014 10 202014 10 21 10.9 19.0%2014 6 30 49%70.0%2014 6 30 15.2 1.8 (5) 2014 12 31 (6) 2014 11 (1)... 3 2003 11 2013 1 2015 12 (1) (1) 2 2008 1 2014 1 2015 12.... 3.... 72 3 2010 10 2017 12 3

(1) 4.... 3 2010 7 2014 6 2017 6 1.... 10 2014 5 2024 4 1 2 (2)... 8 2014 7 2015 1 2022 6 2023 1 (3)... 10 2015 1 2025 12 (1) (2) 12014 72 2015 1 2034 2 (3) 2013 12 2014 2 13 2015 120 2025 12 360 (1)... 298 25 2014 122017 10... 54 1 30 2014 102030 1... 1 9 2020 12... 2 19 2016 8... 5 1 2015 1 (1) 201220122013 12 31 2012 4

201120122013 12 312014 6 30 85.4% 84.0% 82.7% 87.3% 5

12 31 6 30 2011 2012 2013 2014... 717,536 953,095 1,211,309 612,093... (618,461) (729,169) (846,764) (390,930)... 99,075 223,926 364,545 221,163... (3,600) 97,250 204,620 114,311... (9,803) (25,448) (37,817) (22,760)... (13,403) (1) 71,802 166,803 91,551... (18,051) 59,625 129,261 61,423... 4,648 12,177 37,542 30,128 (1) 2011 12 31(i)4 (ii) 2010 7 4 2011 12 31 2011 12 31 2011 12 31 12 31 6 30 2011 2012 2013 2014.... 350,365 442,999 637,216 799,029.... 475,460 557,986 628,972 663,129 (1)... (125,095) (114,987) 8,244 135,900.... 9,758 40,071 207,364 286,197.... 497,872 627,069 856,413 982,282 6

(1) 20112012 12 31 201120122013 12 312014 6 30238.7 214.8 199.9 219.1 201120122013 12 312014 6 30 113.6 99.8 208.1 355.0 6 30 12 31 2011 2012 2013 2014... 80,681 94,765 139,657 (11,105)... (46,184) (60,194) (159,613) (3,562).... 25,696 (34,951) 51,714 17,807.... 60,193 (380) 31,758 3,140... 97,338 164,190 164,099 200,548.... 6,659 289 4,691 (1,688)... 164,190 164,099 200,548 202,000 6 30 12 31 2011 2012 2013 2014 (1)... 63,154 140,792 267,150 133,887... 82,158 103,076 133,606 74,512... 66,069 86,479 104,618 57,543... 65,933 78,845 90,846 46,501.... 10,356 21,522 29,080 16,735... 2,897 4,035 3,819 2,231 (2)(4)... 81,459 86,433 71,738... 34,293 33,661 30,220 4,742 (3)... 8,477 7,869 2,293... 3,524 3,277 5,400 2,196 (4)... 418,320 565,989 738,770 338,347 7

12 31 6 30 2011 2012 2013 2014 (5)... 113,624 142,639 172,724 82,109 3... 18,439 39,071 67,225 34,033 4... 11,225 21,341 35,318 16,098 1.... 6,291 12... 2,999.... 143,288 203,051 275,267 141,530... 129,557 140,393 155,534 78,757... 26,371 43,662 41,738 53,459... 717,536 953,095 1,211,309 612,093 (1) 11 (2) 2013 11 2013 9 (3) (4) 2013 11 (i)(ii) (iii) 12 31 6 30 2011 2012 2013 2014... 94,034 118,742 139,483 102,964... 8,260 24,320 13,163 (a)... 15,277 169,122... 94,034 127,002 179,080 285,249 (a) 2 (5) 8

[] [][ ] [] 2015 12 312013 12 31306.3 25.3% Media Cornerstone[][] [][]Media Cornerstone[] Space Management[] [][ ] Space Management Media Cornerstone Shalom Family Holding 9

201120122013 12 312014 6 30 12 12 16 12 201120122013 12 312014 6 30 270 259 248 248 201120122013 12 312014 6 30 60 88 349 463 10

(i)(ii) [] 11

[][][][] [] [][]][] [] [][] [] [] [] [] [] [] [] [] [] []1 [] []4 [] [] [] [] 12

[][] [][][] [] [][][] [] [ ] [][][ ][][] [][][][] [] [] [] 55.02014 12 6 2013 12 31180.18 Media Cornerstone Space Management 132.13 48.05[ ] [] 13

[] [] [] [] [][] [][] [] [] []201120122013 12 31 2014 6 30[] 2014 12 31 [] [] [][]2014 12 31 [] 2014 6 30 [] [] []13.13 13.19 14

[] [] [] 2004 9 28 1993 8 5 1989 1 27 2002 3 6 2014 5 20 Asiaray Metro Asiaray Metro Media Limited2010 10 8 Asiaray Outdoor Asiaray Outdoor Media Limited2007 10 8 15

[] 20% 50% 1998 7 9 LED 16

2002 9 20 90% 10% 2013 622 32 2014 5 20 17

[ ] [ ] Media Cornerstone Space Management Shalom Family Holding 14 The Shalom Trust UBS Trustees (BVI) Limited 2014 12 22 18

2006 4 29 30% 70% GDP Genesis Printing Genesis Printing and Production Limited 2007 10 8 Genesis Signmaker Genesis Signmaker and Construction Limited 2007 10 8 [] [] [] 2012 6 20 40% 40% 20% 2002 9 26 19

2008 1 10 2007 7 13 51% 49% 1995 10 31 [] 20

[] [][] [] [ ] S [][] [] [] [] 21

2014 12 22[][] LED [] [] Media Cornerstone Media Cornerstone Limited2014 5 20 Shalom Family Holding 22

[] [][ ][] [] [] [] [] [][] [] 2014 3 3 32 [] 23

[] 2013 7 2 51% 49% S S [][] 2014 8 25 571 Shalom Family Holding Shalom Family Holding Limited2014 7 7 2006 11 29 1999 4 27 24

2013 5 7 2014 7 7 2006 9 25 2014 12 6 [] 0.10 2013 9 29 49% 51% 2004 3 17 2012 9 3 2011 11 3 45% 55% 25

2010 6 9 [] Space Management Space Management Limited2014 7 18 [] 117 [] 2 201120122013 12 31 2014 6 30 UBS Trustees (BVI) Limited 26

1933 [] 2014 2 25 90% 10% 2003 6 25 80% 20% 2002 6 26 51% 25% 24% 2010 8 31 % 27

[] [] 28

[][] [] [][] (i)(ii) (iii) [](iv)[] (i)25 (ii)(iii) 10(iv)360 2015 12 312013 12 31306.3 25.3% 29

2011 30

15 30 2521 31

1995 12 8 1998 12 32006 5 22 2006 7 1 201120122013 12 312014 6 300.6% 0.9% 3.5% 4.9%2011 20122013 12 312014 6 30 1.74.743.658.6 0.3% 0.6% 4.5% 12.1% 32

20112012 2013 12 312014 6 30 0.20.43.35.92011 20122013 12 312014 6 30 282,000 4.17.3 1994 12 27 2.8% 2.6% 2.5% 2.6% 201120122013 12 312014 6 30 49.251.2 47.524.98.3% 6.6% 4.9% 5.1% 201120122013 12 312014 6 30 0.1% 0.1% 0.2% 0.1%201120122013 12 31 2014 6 30 16.5 33

14.118.611.0 2.8% 1.8% 1.9% 2.3% 2001 9 11 34

201330 2013 12 31 35

36

LED 37

20112012 12 31 20112012 12 31125.1 115.0 2013 12 318.2 20112012 12 31125.1 115.0 38

39

40

41

70% 42

1979 43

2013 2013 44

2009 4 222008 1 1 (i) 45

(ii) (iii) (iv)50% 25% 10% [] [][][][][] [][ ][] [][] 46

[][] [][][] [] [][] [][] [][][] [] [][][ ][] [][][] [] [][] [][] [][][] [][][] [][][] [] [][] [] [][] [] [][][] [][] [] [] [][] 47

[][] [][][][][] [] [][][] [][] [][][] [] [] [] 2005 7 21 2007 5 18 0.3% 0.5% 2007 5 21 2012 4 161.0%2005 7 212012 6 30 30.2% [] 48

[] [] [] [][][ ][] [] [] [] [][] [] [] [] [] 49

[] [] 50

[] 14A [] 51

[ ] [ ] [] 52

[ ] [ ] [] 53

[ ] [ ] [] 54

[ ]... 38 67 B... 717 1101... 863 58 A... 101 21 D... 6 SBS JP... 5 SBS JP... 205 10 B 55

[ ] 26 [] 10 14 1228 25 99 53 [] 10 16 19 12 6 56

[ ] 22 18 16 1606 [] 57

Maples Corporate Services Limited PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands 17 1701 1703 www.asiaray.com [] HKICPA 863 58 A 38 67 B 863 58 A SBS JP SBS JP SBS JP SBS JP SBS JP 58

[] 669 1170 28 59

1993... 1996... 1997... 1999... 36 2001... 2002... 2003... 2004... 44 2006... 109 60

2007... 2008... 51% 2009... 61

2010... 49% 4 2011... 2012... 2013... 3 1 62

2014... GB/T19001-2008/ISO9001:2008 2 1 2014 5 20 1993 1993 8 510,000 10,000 1.001993 9 16 1.00 Asiaray Limited 1998 6 19 1999 4 27 2,000,000499,990 2000 11 6499,991 499,991 99.99968% 0.00032% 63

1993 Genesis Printing Genesis Printing 2007 10 8 10,000 10,000 1.00 Genesis Printing Genesis Printing Genesis Printing 2007 Asiaray Metro Asiaray Metro 2010 10 810,000 10,000 1.002010 11 26Asiaray Metro 1.00Asiaray Metro Asiaray Metro Asiaray Metro 2010 1999 4 27 50%50%) 64

2006 3 2950% 400,000 100,000 40% 10% 90% 10% 2008 2 18 900,000 90%100,000 10% 2008 13.951.55 16.5090% 10%10% 2010 7 9 13 10%2008 2009 80% 10% 10% 10% 2013 6 18 33.50 50 67 100 2014 5 9 2014 5 9 5.210% 65

2008 7 28 12.5 51% 49% 25% 24% 2011 5 26 4 10 2011 8 29 51% 25% 24% 2008 1 10 1 2010 6 20 122010 6 29 2010 8 315 66

[] 2014 5 20 Media Cornerstone2014 8 25 999,500,00050,000500,000100,000,000 1,000,000,000 2014 5 20 2014 8 25 0.00032% 2014 8 25 1% 2014 8 25 10% 2014 8 25 9,9009,900 67

2014 8 25 100100 Asiaray Outdoor Genesis Printing Genesis Signmaker Asiaray Metro 2014 8 252,500,000 2,500,000 Space Management25,000,000 2014 8 2510,000 Asiaray Outdoor Asiaray Outdoor 10,000 Space Management100,000Asiaray Outdoor Asiaray Outdoor 2014 8 2510,000 Genesis Printing Genesis Printing 10,000 Space Management100,000Genesis Printing Genesis Printing 2014 8 2510,000 Genesis Signmaker Genesis Signmaker 10,000 Space Management100,000Genesis Signmaker Genesis Signmaker 2014 8 25Asiaray MetroAsiaray Metro 1 Space Management10Asiaray Metro Asiaray Metro 68

2014 8 25 Asiaray Outdoor Genesis Printing Genesis Signmaker Asiaray Metro Space Management Media Cornerstone 88,000,000241,500,000 Asiaray Outdoor Genesis Printing Genesis Signmaker Asiaray Metro 2014 9 4 Shalom Family HoldingMedia Cornerstone Shalom Family HoldingUBS Nominees LimitedShalom Family Holding Media Cornerstone 69

100% 99.99% (1) 99.99968% (2) 100% 100% 100% Asiaray Outdoor Genesis Signmaker Genesis Printing 99% (3) 90% (4) 100% 100% (5) 100% Asiaray Metro 49% 51% 100% 100% 100% (9) 40% (11) 90% 80% 100% 20% 10% 49% (6) 100% 45% 55% 51% (10) 100% 100% 100% 90% (12) 100% 100% 100% 51% (7) 49% (8) 70

(1) 0.01% (2) 0.00032% (3) 1% (4) 10% (5) (6) 51% (7) 49%25%24% (8) 51% 2014 6 3 19% 2014 10 202014 10 21 30% 70% (9) (10) 49% (11) 60%40%20% (12) 10% 71

[] (1) Shalom Family Holding 100% 100% Space Management Media Cornerstone 26.67% 73.33% 100% 100% 100% 100% 100% 100% Asiaray Metro Asiaray Outdoor Genesis Signmaker Genesis Printing 100% 100% 100% 100% (2) 51% 49% 100% 100% 100% 49% (3) 45% 100% 55% 100% 90% 10% 100% 51% (7) (6) 40% (8) 80% 20% 100% 100% 90% (9) 100% 100% 100% 51% (4) 30% (5) 72

(1) UBS Trustees (BVI) Limited (2) (3) 51% (4) 49%25%24% (5) 70% 49%2014 6 3 19% 2014 10 202014 10 21 (6) (7) 49% (8) 60%40%20% (9) 10% 73

[] [ ] [] (1) Shalom Family Holding 100% 100% Space Management Media Cornerstone 20% 55% 25% 100% (2) 100% 100% 100% 100% 100% Genesis Asiaray Metro (3) (4) Asiaray Outdoor (5) Genesis Printing Signmaker (7) (6) 100% 100% 100% (8) (9) (10) 100% (11) 51% (12) 49% 100% 100% 100% 49% (16) 45% 100% (13) (14) (15) (16) 55% (17) (18) 100% 90% 10% 100% 51% (25) (26) (27) (28) 40% 80% 20% (30) (31) 100% 100% 100% 100% 51% 30% (19) (20) (21) (22) (23) (24) 90% 100% (29) (32) 74

(1) UBS Trustees (BVI) Limited (2) (3) Asiaray Metro (4) (5) Asiaray Outdoor (6) Genesis Signmaker (7) Genesis Printing (8) (9) (10) (11) (12) (13) (14) (15) (16) 51% (17) (18) (19) (20) (21) 75

(22) (23) 49%25%24% (24) 70%49%2014 6 3 19% 2014 10 202014 10 21 (25) (26) (27) (28) 49% (29) 10% (30) 60%40%20% (31) (32) 76

[].... 30............. 77

2090 LED LED 20094112013759 20181,277 2013201818.4% 11.0% 140 120 100 80 60 40 20 0 41.08 51.08 60.92 68.48 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 19.60 22.42 26.10 28.53 30.61 32.31 34.58 37.00 40.14 43.58 2.62 3.57 3.89 3.11 2.72 1.47 1.20 1.10 0.87 0.89 3.05 5.79 8.19 11.64 16.16 21.93 25.12 28.01 31.58 36.18 6.04 7.54 9.23 10.91 12.65 14.77 17.42 20.59 24.49 29.37 75.90 83.77 92.72 102.12 113.54 127.69 8.94 10.75 12.34 12.99 12.33 11.73 12.69 13.56 14.42 15.40 0.83 1.01 1.17 1.30 1.43 1.56 1.71 1.86 2.04 2.27 78

29.37 24.49 20.25 17.42 20.59 14.77 10.25 6.04 7.54 9.23 10.91 12.65 0.25 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1.20 1.34 1.65 1.97 2.21 2.80 3.06 3.31 3.52 3.78 0.22 0.31 0.39 0.48 0.58 0.76 1.26 1.92 2.87 3.84 2.54 3.37 3.65 3.89 4.43 4.75 5.36 6.17 6.57 7.36 1.43 1.62 1.61 1.65 1.72 1.70 1.82 1.96 2.17 2.36 0.65 0.90 1.93 2.92 3.71 4.76 5.92 7.23 9.36 12.03 79

200948.3%201353.7% 2018 57.9% LED 80

200920201328 2018 39 2013 34.4% 28.3% 12.9% 201814.3% 11.0% 600 500 400 300 200 100 0 238.65 263.12 291.24 323.27 356.84 2009 2010 2011 2012 2013 393.62 2014 435.46 2015 476.58 2016 518.14 2017 2018 80.69 99.37 119.52 135.03 141.45 156.76 179.08 198.40 227.71 256.03 39.45 44.13 50.54 57.32 64.84 72.18 80.16 88.49 96.87 105.55 38.81 41.17 44.05 47.44 51.24 55.32 59.51 63.73 68.14 72.57 562.51 33.65 37.04 40.44 44.16 48.39 52.67 56.62 61.00 65.19 69.14 46.05 41.41 36.69 39.32 50.92 56.69 60.09 64.96 60.23 59.22 81

2013141.5 39.6% 201351.2 14.3%2013 200939.5 201364.8 18.2% 82

2009 5952013 7202018786 20142018 3,797 83

200912201322 201837.8 20095402013820 11.2% 201812.8 9.3% 1.40 1.20 1.00 0.80 0.60 0.54 11.2% 0.62 0.68 0.74 0.82 0.89 9.3% 0.97 1.07 1.16 1.28 0.40 0.20 0.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 84

200916720131952018 278 300 250 200 167 150 4.0% 177 180 182 195 210 7.4% 232 245 261 278 100 50 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 302013 9.012018 13.38 30 16 8.2% 14 12 10 8 6 5.71 6.42 12.1% 6.98 8.34 9.01 9.65 10.74 11.71 12.18 13.38 4 2 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 85

86

2009220136 201838 200939201381 20.1% 2013812018176 200 16.8% 20.1% 180 176 160 154 140 136 120 115 100 93 81 80 72 60 60 54 39 40 20 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 87

2013 (1) 10 1 25 1 0.51 3.63% 2 A 5 2 B 0.36 2.56% 3 B 4 3 A 0.06 0.43% (1) 50% 88

2013 (1) (2) 10 1 C (3) 44 1 C (3) 1.50 10.68% 2 A 31 2 A 1.42 10.13% 3 28 3 D (3) 1.05 7.47% 4 E 24 4 0.59 4.20% 5 F (3) 15 5 B 0.56 3.99% 5 G 15 (1) (2) 50% (3) CDF 2013 (1) 10 1 B 37 1 B 1.42 31.86% 2 J 12 2 J 0.58 13.01% 3 6 3 0.23 5.16% (1) 50% 89

2013 (1) (2) 10 1 B 37 1 B 1.42 31.86% 2 H 32 2 J 0.58 13.01% 3 I 27 3 H 0.31 6.96% 4 J 12 4 0.23 5.16% 5 6 5 K (3) 0.21 4.71% 5 K (3) 6 (1) (2) 50% (3) K [] 96 [] [] 1961 [] 90

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2013 2013 33 (i)25(ii) (iii)10 (iv)360 20132018 18.4% 92

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20132018 20131952018278 2013 3015 25 30 1.1 10 2009392013812018176 99

2012 17 331 100

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33 2610360 102

(1) (2) 3 4 1 1 2 1 (1) (2) 103

25 (1) (2)... (51%)... 7 7 2012 6 2019 6... 7 2 2008 10 2014 1 2020 12... 5 5 2008 10 2014 1 2018 12... 7 7 2008 10 2014 1 2020 12.... 7 7 2008 10 2014 1 2020 12... 7 7 2008 10 2014 1 2020 12... 7 7 2008 10 2014 1 2020 12... 7 2008 10 2016 1 2022 12... 5 2009 2 2014 2 2019 2 7 7 2009 7 2014 1 2020 12.... 5 2012 11 2017 11....... 5 3 2010 3 2015 2... (51%) 95 2007 7 2016 12... 10 2008 1 2017 12... 4 2010 12 2015 1 (5) 2018 12... 10 2009 1 2019 1 (3)... (49%) 10 2013 11 2023 11... (30%) (4)... 15 2010 1 2025 1... 15 2010 1 2025 1... 15 2010 1 2025 1... 1 2013 11 2014 10 (6)... (40%)... 8 8 2012 7 2020 6... 8 8 2012 7 2020 6... 8 8 2012 7 2020 6... 8 8 2012 7 2020 6 104

(1) (2) (3) 2013 9 (4) 49%30% 2014 6 3 2014 10 202014 10 21 10.9 19.0%2014 6 30 49%70.0%2014 6 30 15.2 1.8 (5) 2014 12 31 (6) 2014 11 (1)... 3 2003 11 2013 1 2015 12 (1) (1).... 2 2008 1 2014 1 2015 12 105

(1) 3.... 72 2010 10 2017 12 3 4.... 3 2010 7 2014 6 2017 6 1.... 10 2014 5 2024 4 1 2 (2)... 8 2014 7 2015 1 2022 6 2023 1 (3)... 10 2015 1 2034 12 (1) (2) 12014 72 2015 1 2034 2 (3) 2013 12 2014 2 13 2015 120 2025 12 360 (1)... 298 25 2014 122017 10... 54 1 30 2014 102030 1... 1 9 2020 12... 2 19 2016 8... 5 1 2015 1 (1) 201220122013 12 31 2012 106

40 LED 130 1060 LED 12 31 6 30 2011 2012 2013 2014... 1,240 1,548 1,716 1,723... 7,696 7,690 7,707 7,696... 321 320 346 139... 9,257 9,558 9,769 9,558 (i)(ii) 2519 107

10 33.3% 80.0% (i)(ii)(iii) (iv) 2014 11 108

2014 8 0000892006 2014 9 (i) (ii) (iii) 20062007 2014 82014 9 109

2006 2007 2013 30 2625 LED 110

2621 (1)...... (2)... 51% (25%); (24%) 51% (49%) 30% (70%)... 40% (40%); (20%)... 49% (51%) 30 2037 20 2027 30 2036 30 2042 15 2028 (1) 15 111

(2) 2014 6 3 2014 10 202014 10 21 10.919.0% 2014 6 3049% 30.0%70.0%2014 6 30 15.2 1.8 21 15 11 112

(i) (ii) 201120122013 12 312014 6 30 418.3 566.0 738.8 338.3 58.3% 59.4% 61.0% 55.3% 113

2013 10 10 (i) (ii)(iii) 114

201120122013 12 312014 6 30 143.3 203.1 275.3 141.5 20.0% 21.3% 22.7% 23.1% 2012 115

360 30 60.8% (i)(ii) (a) (b) 20122012 Nike Ermenegildo Zegna H&M LED 116

201120122013 12 312014 6 30 129.6 140.4 155.5 78.818.1% 14.7% 12.8% 12.9% 117

118

Ermenegildo Zegna H&MLED LED 119

12 31 6 30 2011 2012 2013 2013 2014... 3 2... 2 2 1 1 3... 17 (1) 7 9 9 18 (1)... 4 4 5 5 5... 11 (1) 11 (1) 11 (1)... (1) 11 LED 120

400,000 2,500,000 600,000 2,500,000 121

35 LED 3D 122

123

11 2011 20122013 12 312014 6 3057.0% 55.6% 56.8% 61.3%201120122013 12 312014 6 3020.6% 20.6% 19.4% 17.5% 124

2013 12 31 11 11 5.0% BMW Ermenegildo Zegna H&MOKNike Refresh201120122013 12 312014 6 30 1.2% 2.4% 3.5% 2.8% 125

2013 5001112013 500 88 10 20131,627 5892011 20122013 12 312014 6 307.7% 7.6% 9.0% 10.4%201120122013 12 312014 6 30 2.1% 2.0% 2.8% 3.3% 201120122013 12 312014 6 30 5.0% 300 126

16 127

201120122013 12 312014 6 30 44.2 59.5 75.0 33.96.2% 6.2% 6.2% 5.5% 2014 5 28 2014 6 5 2014 5 28 2014 6 5 2014 5 28 2014 6 5 2014 5 28 2014 6 5 8. 128

The Spark Awards for Media Excellence, GB/T19001-2008/ISO9001: 2008....................... 2012... 2012.......... 2014 2014 2014 2014 2014 2013 2013 2013 2013 2013 2013 2013 2013 2011 Marketing 3 3 3 21 3 129

TOM 130

767105 662... 28... 331... 86... 117... 75... 27... 103... 767 1233 201120122013 12 31 2014 6 30 8.3 9.7 12.4 6.0 131

5[] 2014 6 30 11,000 15% 5 [] [] 6(2)[] 342(1)(b) 34(2) 132

1. (1) (2) 20112012 2013 12 312014 6 30 12 12 16 12 2008 4 20112012 2013 12 312014 6 30 550,000 550,000 750,000 550,000 12 12 133

(i) (ii) (i) (ii) (iii) 201120122013 12 312014 6 30 16.514.1 18.611.02.8% 1.8% 1.9% 2.3% 134

2. (1) (2) (3) (4) (5) (6) 仕維 20112012 2013 12 31 2014 6 30 270 259 248 248 201120122013 12 31 2014 6 30 5,325,000 4,995,000 4,665,000 4,665,000 2014 11 135

270 259 248 248 201120122013 12 312014 6 30 49.251.247.5 24.98.3% 6.6% 4.9% 5.1% (i) (ii) 3.08 3.09 8.04 [] 136

137 3. (1) (2) (3) (4) (5) (6) (7) 201120122013 12 31 2014 6 30 60 88 349 463 135 30,000 201120122013 12 312014 6 30 1.37.912.0 201120122013 12 312014 6 30 282,000 4.17.3 201120122013 12 312014 6 30 1.81.42.61.9 20112012 2013 12 312014 6 30 0.20.43.3 5.9

(i) (ii) (iii) (i) (ii) 201120122013 12 31 2014 6 301.7 4.743.658.6 0.3% 0.6% 4.5% 12.1% 201120122013 12 31 2014 6 3067.368.8 10071.711.3% 8.9% 10.3% 14.8% 117 19 138

2014 9 16 (i) (ii) (iii) (iv)(v) 3 2014 9... 139

... (i) (ii)... 140

2014 9 AATB 1 3.08 3.09 8.04 [] 141

1. 1. 2. 3. 4. Asiaray Outdoor 5. Asiaray Metro 6. Genesis Printing 7. Genesis Signmaker 8. 122 122 12 300,000 18 142

122 122 2011 12 31 (i)122 (ii)(iii) (iv) 143

2. 1. 2. 3. 4. Asiaray Outdoor 5. Asiaray Metro 6. Genesis Printing 7. Genesis Signmaker 8. 92107109 158 10,000 50,000 300 700 18 144

(i)(ii) (iii) (iv) 145

310 123 146

123N 20 269 (i) (ii) (iii) 147

406 406E (i) (ii) (iii) 12 132 132B (i) (ii) 148

(i) (ii) (iii) 374 374Q 149

390 18 314 116 150

392 (a) (b) (c) (d) (e) (f) (g) (i) (ii) I 151

1987 10 26 1987 12 1 2004 11 302005 1 1 (i) (ii) (iii) 152

2004 11 30 2005 1 1 153

2012 2 9 154

(i) (ii)(iii) (iv) (v) 155

(i) (ii) (i) (ii) 30,000 50,000 (i) (ii) 1,000 5,000 156

(i) (ii) 10,000 30,000 2014 6 4 157

(i) (ii)30,000(iii) 158

2003 4 2 2003 6 1 (i)100 (ii) 1 (iii) 10 (i) (ii) 159

2005 11 28 (i) (ii)(iii) (iv) (v)(vi)(vii)(viii) (ix) 160

2002 2 11 2011 12 242012 1 30 (i) 2014 5 17 (ii) 2010 5 4 (i) 300,000,000 (ii) 50,000,000 300,000,000 2004 3 22008 8 22 70% 161

2010 5 7 2010 9 7 2010 10 1 2010 6 10 162

1994 7 5 1995 1 1 2009 8 27 2008 1 1 2012 12 28 2011 1 11995 1 1 1997 7 16 1998 12 14 1999 1 222011 7 1 0.05% 1999 4 32002 3 24 1996 1 29 2008 8 5 163

1996 6 20 1996 7 1 2008 8 [2008]142 2008 142 2008142 2010 11 [2010]59 201059 2012 11 [2012]59 201259 164

201259 201259 2013 5< >[2013]21 201321 10% 50% 2014 7 4 37 37 (i) (ii) 165

37 37 [] [] 2006 8 2009[] [] [] 2006 9 [] 2011 9 166

(i)2008 2 18 90% 2008 (ii)2013 12 11 10% 2013(iii)[] 20082013 2008 2013 [] 167

2008 1 1 2008 1 1 10% 2008 1 1 25% 25% 2009 8 2009 10 2010 6 168

1993 2008 11 2009 1 12008 12 2009 1 2011 10 2011 11 1 3% 20% 2012 1 1 6% 2012 92012 11 1 2013 8 1 1985 2011 1 7% 5% 1% 2010 11 2010 12 1 2010 12 1 169

1986 4 19902005 82011 1 3% 2010 12 1 2010 12 1 1997 7 3% 2013 8 3% 170

[] 201120122013 12 31 2014 6 30 [] 2013 2013 33 (i)25(ii) (iii)10 (iv)360 2011 717.532.8% 2012953.12012953.1 27.1% 20131,211.329.9%2014 6 30 612.1 171

3.340 [] 5 2510 360 172

(i)(ii) (i) (ii) (iii) 173

[] 4 174

20% 50% 175

20112012 2013 12 312014 6 304.1 4.8 7.2 8.2 176

12 31 6 30 2011 2012 2013 2013 2014... 418,320 58.3% 565,989 59.4% 738,770 61.0% 360,118 64.3% 338,347 55.3%... 143,288 20.0% 203,051 21.3% 275,267 22.7% 116,384 20.8% 141,530 23.1%... 129,557 18.0% 140,393 14.7% 155,534 12.9% 65,313 11.7% 78,757 12.9%... 26,371 3.7% 43,662 4.6% 41,738 3.4% 18,109 3.2% 53,459 8.7%... 717,536 100% 953,095 100% 1,211,309 100% 559,924 100% 612,093 100% 177

12 31 6 30 2011 2012 2013 2013 2014 (1)... 63,154 140,792 267,150 125,975 133,887... 82,158 103,076 133,606 65,125 74,512... 66,069 86,479 104,618 50,315 57,543... 65,933 78,845 90,846 42,787 46,501... 10,356 21,522 29,080 14,853 16,735... 2,897 4,035 3,819 2,117 2,231 (2)... 81,459 86,433 71,738 38,640... 34,293 33,661 30,220 16,177 4,742 (3)... 8,477 7,869 2,293 1,559... 3,524 3,277 5,400 2,570 2,196 (4)... 418,320 565,989 738,770 360,118 338,347 (5)... 113,624 142,639 172,724 74,188 82,109 3............... 18,439 39,071 67,225 27,990 34,033 4............... 11,225 21,341 35,318 14,206 16,098 1... 6,291 12... 2,999... 143,288 203,051 275,267 116,384 141,530... 78,450 88,987 102,935 40,995 52,985... 42,702 46,945 48,067 22,243 23,801... 5,027 2,117 3,464 1,473 1,615... 3,378 2,344 1,068 602 356... 129,557 140,393 155,534 65,313 78,757... 26,371 43,662 41,738 18,109 53,459... 717,536 953,095 1,211,309 559,924 612,093 (1) 11 (2) 2013 11 2013 9 178

(3) (4) 2013 11 (i)(ii)(iii) 12 31 6 30 2011 2012 2013 2013 2014... 94,034 118,742 139,483 123,940 102,964... 8,260 24,320 10,014 13,163 (a)... 15,277 169,122... 94,034 127,002 179,080 133,954 285,249 (a) 2 (5) 12 31 6 30 2011 2012 2013 2013 2014 1... 47,594 92,326 136,558 57,013 95,989 2 5.... 301,896 350,189 372,646 192,338 230,683 5.... 68,830 123,474 229,566 110,767 11,675 418,320 565,989 738,770 360,118 338,347 1... 142,639 35,318 14,206 2 5.... 124,849 60,412 239,949 102,178 132,240 5.... 18,439 9,290 143,288 203,051 275,267 116,384 141,530 1... 54,096 54,086 86,059 24,946 41,290 2 5.... 68,077 78,378 60,911 36,716 33,955 5.... 7,384 7,929 8,564 3,651 3,512 129,557 140,393 155,534 65,313 78,757 1... 26,371 43,662 41,738 18,109 53,459... 717,536 953,095 1,211,309 559,924 612,093 179

12 31 6 30 2011 2012 2013 2013 2014 (1)... 671,226 895,702 1,115,380 523,192 568,036 (2)... 46,310 57,393 95,929 36,732 44,057... 717,536 953,095 1,211,309 559,924 612,093 (1) (2) 33 12 31 6 30 2011 2012 2013 2013 2014... 525,461 721,469 935,650 444,741 476,999... 192,075 231,626 275,659 115,183 135,094... 717,536 953,095 1,211,309 559,924 612,093 180

12 31 6 30 2011 2012 2013 2013 2014... 528,016 612,337 699,879 343,549 341,115... 32,284 37,680 53,980 17,050 20,383... 25,541 36,149 41,544 16,580 10,668... 12,730 21,079 27,751 11,544 11,977 (1)... 2,106 1,068... 4,472 10,067 12,831 3,980 3,988... 13,312 10,789 10,779 6,651 2,799... 618,461 729,169 846,764 399,354 390,930 (1) 2012 6%2014 6 302013 6 30 []23 181

12 31 6 30 2011 2012 2013 2013 2014... 350,971 413,114 489,955 234,729 186,115... 149,701 180,398 207,059 95,436 99,937... 93,913 100,081 113,048 53,460 54,811... 23,876 35,576 36,702 15,729 50,067... 618,461 729,169 846,764 399,354 390,930 12 31 6 30 2011 2012 2013 2013 2014 (1)... 446,494 518,017 579,721 295,015 284,591 (2)... 81,522 94,320 120,158 48,534 56,524... 528,016 612,337 699,879 343,549 341,115 (1) (2) 182

12 31 6 30 2011 2012 2013 2013 2014... 207,820 252,193 295,658 145,688 151,289... 83,991 83,344 100,983 54,090 5,344... 63,064 70,668 67,789 38,949 37,648... 71,339 77,848 84,531 42,369 45,014... 20,280 33,964 30,760 13,919 45,296... 446,494 518,017 579,721 295,015 284,591 12 31 6 30 2011 2012 2013 2013 2014.... 207,820 252,193 297,305 145,688 151,289.... 83,991 83,344 100,983 54,090 5,344.... 138,065 163,159 185,401 86,871 93,074... 77,860 79,677 85,430 42,981 46,112... 20,280 33,964 30,760 13,919 45,296... 528,016 612,337 699,879 343,549 341,115 183

(i) (ii) (iii) 6% 37% (i) (ii) 1% 15% (i) (ii) (iii) 2% 9% 20112012 12 312014 6 30 2013 12 31 37%2011 2012 12 312014 6 30 82%2013 12 31 62% 82% 201120122013 12 312014 6 30 70% 83% 12 31 6 30 2011 2012 2013 2013 2014... 67,349 16.1% 152,875 27.0% 248,815 33.7% 125,389 34.8% 152,232 45.0%... (6,413) 22,653 11.2% 68,208 24.8% 20,948 18.0% 41,593 29.4%... 35,644 27.5% 40,312 28.7% 42,486 27.3% 11,853 18.1% 23,946 30.4%... 2,495 9.5% 8,086 18.5% 5,036 12.1% 2,380 13.1% 3,392 6.3%... 99,075 13.8% 223,926 23.5% 364,545 30.1% 160,570 28.7% 221,163 36.1% 184

12 31 6 30 2011 2012 2013 2013 2014 ()... (29,956) (126)... 97,305 30.1% 102,275 34.0% 124,627 26.4% 66,083 28.2% 152,232 45.0%... 50,726 36.0% 124,188 46.5% 59,306 47.1%... 67,349 16.1% 152,875 27.0% 248,815 33.7% 125,389 34.8% 152,232 45.0% 12 31 6 30 2011 2012 2013 2013 2014 ()... (36,830) (19,132) 1,197 3.4% (2,271) 2,235 8.8%... 30,417 26.8% 41,785 29.3% 67,011 27.9% 23,219 22.7% 39,358 33.9%...... (6,413) 22,653 11.2% 68,208 24.8% 20,948 18.0% 41,593 29.4% 185

12 31 6 30 2011 2012 2013 2013 2014... 53,962 28.1% 69,651 30.1% 77,428 28.1% 26,038 22.6% 34,341 25.4%... 45,113 8.6% 154,275 21.4% 287,117 30.7% 134,532 30.2% 186,822 39.2%... 99,075 13.8% 223,926 23.5% 364,545 30.1% 160,570 28.7% 221,163 36.1% 2011 12 312012 12 31 2013 12 312012 6 2013 2013 12 31 2014 6 30 20132014 6 303 201120122013 12 31 2014 6 302013 186

201120122013 12 312014 6 30 44.2 59.5 75.0 33.9 (i) (ii)(iii) 12 31 6 30 2011 2012 2013 2013 2014 (1)... 35,027 43,518 57,699 24,271 27,849 (2)... 4,358 6,657 7,398 3,001 3,149... 3,011 4,633 387 1,294 (3)... 1,121 1,408 1,610 702 907 (4)... 477 501 785 271 326 (5)... 1,810 2,906 619 455 99... 358 414 302 198 103... 1,012 1,065 1,940 932 192... 44,163 59,480 74,986 30,217 33,919 (1) (2) (3) (4) (5) 187

201120122013 12 312014 6 30 63.6 76.3 95.3 66.8 (i) (ii) (iii) 12 31 6 30 2011 2012 2013 2013 2014 (1)... 26,363 34,546 44,693 18,297 22,818 (2)... 10,356 10,074 13,873 5,931 5,683 (3)... 7,809 9,176 11,604 5,254 5,673 (4)... 5,213 7,480 9,513 3,291 3,641... 1,115 1,267 1,940 818 511... 5,388 2,260 2,633 1,555 1,980... 2,471 2,771 2,950 1,430 1,660... 813 1,406 2,313 1,237 1,163 []... 1,880 18,009... 2,016 2,634 1,750 1,677 4,199... 936 1,054 1,622 825 804... 70 7 155 26 130... 89 91 93 46 47... 992 3,575 275 189 505... 63,631 76,341 95,294 40,576 66,823 (1) (2) (3) (4) 188

201120122013 12 312014 6 30 5.7 7.1 8.0 2.4 12 31 6 30 2011 2012 2013 2013 2014... 4,742 5,817 4,755 102 286... 108 651 1,346 89 272... 320 115 1,352 980 1,634... 288 270 170 85 86... 238 273 402 89 164... 5,696 7,126 8,025 1,345 2,442 2011 12 310.520122013 12 31 2014 6 30 3.0 1.5 0.9 189

12 31 6 30 2011 2012 2013 2013 2014... (733) (1,334) (5,792) (801) (2,771)... 3,900 3,778 8,114 3,861 4,272... 3,167 2,444 2,322 3,060 1,501 201120122013 12 31 3.1 1.5 3.12014 6 30 7.9 [] 11 12 31 6 30 2011 2012 2013 2013 2014 (1)... 3,137 5,253 6,345 2,861 (398)... (3,768) (1,171) (2) (1,163)... (2,052) (7,551) 3,137 1,485 3,122 1,698 (7,949) 190

(1) 49%30% 2014 6 3 2014 10 202014 10 21 10.9 19.0%2014 6 30 49%70.0%2014 6 30 15.2 1.8 (2) 2013 12 31 1.2 201120122013 12 312014 6 30 9.8 25.4 37.8 22.8 12 31 6 30 2011 2012 2013 2013 2014............ 10,991 17,225 30,760 21,789 18,843... 3,263 4,559 10,381 3,773 3,484 14,254 21,784 41,141 25,562 22,327... (4,451) 3,664 (3,324) (1,068) 433 9,803 25,448 37,817 24,494 22,760 191

25% 15% 16.5% 2011 12 31 20112012 12 31 26.2%[] 2.19 20122013 12 31 26.2% 18.5% (i) (ii) 15% 5 20132014 6 3027.2% 19.9% (i) (ii)2013 6 30 2014 6 30 192

12 31 6 30 2011 2012 2013 2013 2014... 717,536 100% 953,095 100% 1,211,309 100% 559,924 100% 612,093 100%... (618,461) (86.2%) (729,169) (76.5%) (846,764) (69.9%) (399,354) (71.3%) (390,930) (63.9%)... 99,075 13.8% 223,926 23.5% 364,545 30.1% 160,570 28.7% 221,163 36.1%.. (44,163) (6.2%) (59,480) (6.2%) (74,986) (6.2%) (30,217) (5.4%) (33,919) (5.5%)... (63,631) (8.9%) (76,341) (8%) (95,294) (7.9%) (40,576) (7.2%) (66,823) (10.9%)... 5,696 0.8% 7,126 0.7% 8,025 0.7% 1,345 0.2% 2,442 0.4%... (547) (0.1%) 2,978 0.3% 1,530 0.1% 362 0.1% 898 0.1%... (3,570) (0.5%) 98,209 10.3% 203,820 16.8% 91,484 16.3% 123,761 20.2%... 733 0.1% 1,334 0.1% 5,792 0.5% 801 0.1% 2,771 0.5%... (3,900) (0.5%) (3,778) (0.4%) (8,114) (0.7%) (3,861) (0.7%) (4,272) (0.7%)... (3,167) (0.4%) (2,444) (0.3%) (2,322) (0.2%) (3,060) (0.5%) (1,501) (0.2%).... 3,137 0.4% 1,485 0.2% 3,122 0.3% 1,698 0.3% (7,949) (1.3%)... (3,600) (0.5%) 97,250 10.2% 204,620 16.9% 90,122 16.1% 114,311 18.7%... (9,803) (1.4%) (25,448) (2.7%) (37,817) (3.1%) (24,494) (4.4%) (22,760) (3.7%)... (13,403) (1.9%) 71,802 7.5% 166,803 13.8% 65,628 11.7% 91,551 15%... (18,051) (2.5%) 59,625 6.3% 129,261 10.7% 43,219 7.7% 61,423 10%... 4,648 0.6% 12,177 1.3% 37,542 3.1% 22,409 4.0% 30,128 4.9%... (13,403) (1.9%) 71,802 7.5% 166,803 13.8% 65,628 11.7% 91,551 15% 193

2014 6 302013 6 30 2013 6 30559.952.2 9.3%2014 6 30612.1 35.4 21.8 2013 112013 6 30 38.62013 9 [] 11 25.1 32014 6 30 2014 6 30 6.3 3.0 13.5 35.4 2013 6 30399.48.5 2.1%2014 6 30390.9 5.9 [] 232013 6 302014 6 30 48.64.5 1.3 194

2013 6 30160.660.6 37.7%2014 6 30221.22013 6 3028.7% 2014 6 3036.1% 2013 6 3030.2 3.7 12.3%2014 6 3033.9 2013 6 3040.626.2 64.5%2014 6 3066.8[] 18.0 2013 6 301.31.1 84.6%2014 6 302.4 1.6 2013 6 300.40.5 125.0%2014 6 300.9 195

2013 6 300.82.0 250%2014 6 302.8 2013 6 303.90.4 10.3%2014 6 304.3 2013 6 301.7 9.62014 6 307.9 2013 6 3024.51.7 6.9%2014 6 3022.8 (i) (ii)2013 6 30 2014 6 30 2013 6 30 43.218.2 42.1%2014 6 3061.4 196

20132012 2012 12 31 953.1258.2 27.1%2013 12 31 1,211.3 172.8 1120122013 12 3124.9% 36.2%2012 12 31 140.82013 12 31 267.2 73.1% 2012 6 2013 12 31 548,300LED 2013 92013 11 2013 11 2013 11 72.2 3 2012 12 31 729.2117.6 16.1%2013 12 31 846.8 197

20122013 12 31 76.9 26.7 12.9 87.6 2012 12 31 223.9140.6 62.8%2013 12 31 364.52012 12 31 23.5% 2013 12 31 30.1% 11 89.7% 58.7% 2012 12 312013 12 31 2012 12 31 59.5 15.5 26.1%2013 12 31 75.0 2013 12 31 2012 12 31 76.319.0 24.9%2013 12 31 95.3 2012 12 31 7.10.9 12.7%2013 12 31 8.0 198

2012 12 31 3.01.5 50.0%2013 12 31 1.52013 2013 2012 12 31 1.34.5 346.2%2013 12 31 5.8 2012202.2 331.1 2012 12 31 3.84.3 113.2%2013 12 31 8.1 65.3125.9 2012 12 31 1.5 1.62013 12 31 3.1 2012 2013 2012 12 31 25.412.4 48.8%2013 12 31 37.8 2012 12 31 59.6 69.7 116.9%2013 12 31 129.3 199

20122011 2011 12 31 717.5235.6 32.8%2012 12 31 953.1 147.7 11 77.62011 2012 12 3115.1% 24.9% 2012 6 112011 2012 59.83 4 2011 12 31 618.5110.7 17.9%2012 12 31 729.2 2011 12 31 2012 62.1 30.7 6.2 84.3 2011 12 31 99.1124.8 125.9%2012 12 31 223.92011 12 31 13.8% 2012 12 31 23.5% i) 200

2011 12 312012 12 31ii) iii) 2012 6 2012 12 31 2011 12 31 44.2 15.3 34.6%2012 12 31 59.5 2012 12 31 3.02011 12 31 2011 12 31 63.612.7 20.0%2012 12 31 76.3 2011 12 31 5.724.6% 2012 12 31 7.1 2011 12 310.53.5 2012 12 313.0 2011 12 31 201

2011 12 31 0.70.6 85.7%2012 12 31 1.3 2011 12 31 3.90.1 2.6%2012 12 31 3.8 2011 12 31 3.1 1.6 51.6%2012 12 31 1.5 2012 12 31 2011 12 31 9.815.6 159.2%2012 12 31 25.4 2011 12 31 18.177.72012 12 3159.6 2011 12 31(i)4 (ii) 2010 7 4 2011 12 31 2011 12 31 2011 12 31 202

6 30 12 31 2011 2012 2013 2013 2014... 80,681 94,765 139,657 80,125 (11,105)... (46,184) (60,194) (159,613) (20,774) (3,562)... 25,696 (34,951) 51,714 53,129 17,807... 60,193 (380) 31,758 112,480 3,140.. 97,338 164,190 164,099 164,099 200,548... 6,659 289 4,691 3,317 (1,688).. 164,190 164,099 200,548 279,896 202,000 201120122013 12 312014 6 30 80.7 94.8 139.7 11.1 2014 6 3011.1 (i)114.3 (ii)112.0 (iii)13.7(iv) 10.7(i) 33.2 (ii)4.6 2013 12 31139.7 (i)204.6 (ii)56.3 (iii)31.0(iv) 0.8(i) 32.5(ii) 7.9 203

2012 12 3194.8 (i)97.3 (ii)12.7 (iii) 24.3(iv)1.2 (i) 11.6(ii) 3.7 2011 12 3180.7 (i)3.6 (ii)80.7 (iii) 15.6(iv)2.8 (i)10.9(ii) 3.9 201120122013 12 312014 6 30 46.2 60.2 159.6 3.6 2014 6 303.6 6.1 (i)1.3(ii)1.2 2013 12 31159.6 201299.4(i) 108.4(ii) 35.6 2012 (iii) 17.59.5 2012 12 3160.2 201114.0(i) 30.3 (ii) 28.0(iii)4.9 2.3 204

2011 12 3146.2 (i)27.0 (ii) 10.7(iii)9.3 201120122013 12 312014 6 3025.7 (35.0) 51.7 17.8 2014 6 3017.8 149.1 (i) 113.3 (ii) 12.4(iii)[]6.0 2013 12 3151.7 201286.7 110.3 (i) 52.5(ii) 6.0 2012 12 3135.0 2011 60.6(i) 58.6(ii)36.0 60.2 2011 12 3125.7 59.2 33.2 205

201120122013 12 312014 6 30 (125.1) (115.0) 8.2 135.9 12 31 6 30 10 31 2011 2012 2013 2014 2014... 93 118 373 178 905... 171,838 240,675 305,779 392,981 393,352... 10,657 11,025 119,473 118,300 154,458... 3,587 27,082 11,043 66,181 56,344... 164,190 164,099 200,548 202,000 175,172 350,365 442,999 637,216 779,640 780,231... 19,389 19,173 350,365 442,999 637,216 799,029 799,404 (1)... 408,364 487,506 485,963 514,421 491,271... 8,584 18,746 27,406 16,582 9,178... 58,512 51,734 115,603 132,126 131,089 475,460 557,986 628,972 663,129 631,538... (125,095) (114,987) 8,244 135,900 167,866 (1) 201120122013 12 312014 6 30 238.7 214.8 199.9 219.1 20112012 12 31 206

201120122013 12 312014 6 30 238.7 214.8 199.9 219.1 201120122013 12 312014 6 30 113.6 99.8 208.1 355.0 2014 6 30135.92013 12 31 8.2127.7(i) 61.5 (ii)55.1(iii) 10.8(i) 28.5 (ii) 16.5 2013 12 31 8.22012 12 31 115.0123.2(i) 305.8 (ii) 200.5(iii) 119.5 (i)486.0 2012(ii)115.6 2012 12 31 115.02011 12 31 125.110.1(i) 487.5 (ii)51.7 (i)240.7 (ii)164.12011 207

2011 12 31 125.1(i) 408.4 (ii)58.5 (i)171.8 (ii)164.2 201120122013 12 312014 6 30 72.9 122.2 178.2 240.72011 12 312014 6 30(i) (ii) 12 31 6 30 2011 2012 2013 2014... 72,853 122,245 178,195 240,706... (2,019) (3,792) (6,172) (7,196)... 70,834 118,453 172,023 233,510... 56,940 92,451 107,386 114,107... (2,117) (997) (1,030) (1,018)... 54,823 91,454 106,356 113,089... 1,956 3,402... 6,678 4,462 3,118 5,803... 39,503 26,306 22,326 37,177... 171,838 240,675 305,779 392,981 208

201120122013 12 31 2014 6 3060.0 106.0 153.8 187.9 12 31 6 30 2011 2012 2013 2014 0 180... 59,955 106,006 153,756 187,881 180... 12,898 16,239 24,439 52,825... 72,853 122,245 178,195 240,706 141.92014 6 30 59.0% (i) (ii) 209

2011 20122013 12 312014 6 30 408.4 487.5 486.0 514.4 12 31 6 30 2011 2012 2013 2014... 27,071 53,750 59,809 46,497.. 238,653 214,764 199,914 219,085... 102,260 130,964 155,161 168,125... 9,084 16,108 5,301 5,125... 8,781 11,200 18,528 13,935... 6,043... 29,808 69,996 56,770 66,201... 81 299 415,657 502,906 495,782 518,968... (7,293) (15,400) (9,819) (4,547)... 408,364 487,506 485,963 514,421 2011 12 312012 12 31 (i) (ii) (iii) 2012 12 312013 12 31 2013 12 312014 6 30 210

12 31 6 30 2011 2012 2013 2014... 11,925 16,064 36,814 34,238... 11,351 17,970 7,039 4,402... 1,969 17,637 6,094 6,168... 1,460 342 8,401 1,225... 366 1,737 1,461 464 27,071 53,750 59,809 46,497 28.92014 6 30 62.1% 2012 12 312011 12 312013 12 31 2013 12 312014 6 301 211

12 31 6 30 2011 2012 2013 2014... 54,293 57,642 64,008 55,734... 1,038 947 882 827... 1,120 38 1,052 912... 37,831 44,249 66,444 39,537... 1,444 2,060 2,697 2,993... 8,251 9,328 8,919 9,180... 42,953 38,955 43,379 42,556... 577 30,851 31,816 31,514 147,507 184,070 219,197 183,253... 5,200 13,592 10,258 28,334... 7,293 15,400 9,819 4,547... 161 20 75 12,654 29,012 20,077 32,956 201120122013 12 312014 6 30 54.3 57.6 64.0 55.7 2011 12 312013 12 31 2014 6 30 212

2011 12 312013 12 31 20122013 2014 6 30 19.0% 19.0% 2014 12 201120122013 12 312014 6 30 43.0 39.0 43.4 42.6 12 31 6 30 2011 2012 2013 2014... 42,953 38,955 43,379 42,556... (161) (20) (75)... 42,792 38,935 43,379 42,481 201120122013 12 31 2014 6 30 27.0 28.0 36.8 6.1 213

12 31 6 30 2011 2012 2013 2014... 27.0 28.0 35.6 6.1... 1.2... 27.0 28.0 36.8 6.1 [] [] 12 31 6 30 2011 2012 2013 2014... 469,471 482,766 448,778 528,246... 1,459,205 1,149,952 854,249 1,274,021... 152,405 45,228 1,789 677,631 2,081,081 1,677,946 1,304,816 2,479,898 2011 12 312,081.12012 12 31 1,678.02013 12 311,304.8 20112013 214

2013 12 311,304.82014 6 302,479.912 102014 6 30 4 2014 10 31 156.5 2014 10 31 12 31 6 30 10 31 2011 2012 2013 2014 2014... 12,025 11,130 25,394 23,285... (1,233) (1,272) (6,260) (6,257)... 7,600 5,200 2,800 13,200 11,600... (2,400) (2,400) (2,400) (4,000) (3,200) 5,200 13,592 10,258 28,334 25,428... 56,112 48,101 111,931 110,866 110,632... 11,000 11,000... 2,400 3,633 3,672 10,260 9,457 58,512 51,734 115,603 132,126 131,089... 63,712 65,326 125,861 160,460 156,517 215

2014 10 31 133.9 22.6 12 31 6 30 2011 2012 2013 2014... 58,512 51,735 115,603 132,126... 2,400 3,633 1,672 8,660... 2,800 4,100 3,816 15,980... 5,858 4,770 3,694 63,712 65,326 125,861 160,460 12 31 6 30 2011 2012 2013 2014... 3.25% 6.99% 7.70% 4.66%... 7.06% 7.44% 6.54% 4.77% 2014 10 31[] 216

201120122013 12 312014 6 30 25.9 35.8 63.3 64.1 63.2 98.9 98.1 160.8 12 31 6 30 2011 2012 2013 2014... 22.3 19.0 23.0... 11.1 36.1 62.0... 1.7 3.6 2.0 2.1... 1.9 2.1 2.2... 25.9 35.8 63.3 64.1... 23.1 33.5 25.3 0.7... 1.8 18.4 9.4 36.7... 1.5 17.0... 38.3 47.0 61.9 106.4... 63.2 98.9 98.1 160.8 [] 34(b) 217

12 31 6 30 2011 2012 2013 2014... 33.2% 32.8% 27.1% 9.3%... 132.3% 39.5% (1)... 13.8% 23.5% 30.1% 36.1%... 10.6% 17.6% 19.4% (2)... 7.5% 13.8% 15.0% (3)... 288.2% 134.8% 37.1% (4)... 12.8% 22.5% 10.0% (5)... 0.74 0.79 1.01 1.20 (6)... 0.74 0.79 1.01 1.20 (7)... 652.9% 163.0% 60.7% 56.1% (8)... (9)... 0.08 26.74 26.22 27.76 (10)... 37 37 45 62 (11)... 14 20 24 25 (1) (2) (3) 100% (4) 100% (5) (6) (7) (8) (9) (10) 365181 (11) 365181 218

2011 12 312013 12 31 2013 12 312014 6 30 2011 12 312013 12 31 BB- 219

20.0% 220

12 31 6 30 2011 2012 2013 2014... 45,839 26,167 114,731 123,466... 17,873 39,159 11,130 36,994 63,712 65,326 125,861 160,460 201120122013 12 312014 6 30 50 6 30 12 31 2011 2012 2013 2014 50... (67) (147) (42) (139) 50... 67 147 42 139 201120122013 12 312014 6 30 50 6 30 12 31 2011 2012 2013 2014 50... (146) (17) (86) (382) 50... 146 17 86 382 221

5%20112012 2013 12 312014 6 30 72,000103,000135,000150,000 5%201120122013 12 31 2014 6 30 413,000 466,000446,000459,000 222

55.02014 12 6 2013 12 31180.18 Media Cornerstone Space Management 132.13 48.05[ ] [] [] [] [] [] [][] [][][] [] [] []201120122013 12 31 2014 6 30 [] 2014 12 31 223

[] [] [][]2014 12 31 [] [] 224

2014 6 3030,000 2014 6 30 [] [] []13.13 13.19 225

[] [][]Media Cornerstone Space Management Shalom Family Holding [] 8.10 1. 2. 2014 5 400,00099,000 226

3. 於 2010 5 2014 42014 52014 11 7,600,0002,000,000 4. Media Cornerstone Space Management Shalom Family Holding 2014 12 22 [](a) (b)[][] (a) [] 227

(b) (c) 30 30 (d) (b)(c) (i) 5% 228

(ii) (a) (b) (c) [] 229

[] 2014 10 31156.5 [ ] 2014 6 3025.32014 6 30 62.02014 6 3036.7 230

(a) 14A (b) (c) 231

[] [] [] (1) (2) (3) [] 49% 51% [] [] 2014 10 21[] 2022 12 31 232

(i) (ii) (i) (ii) 2022 12 233

31 [] (i)(ii) (iii) (i) (ii) 201120122013 12 31 18.951.4 85.2201120122013 12 31 234

3.7% 8.7% 12.6%2014 6 30 43.0 2014 6 3013.9% 2012 6 12.5%20142015 2016 12 3195.9 107.8121.3 (i)(ii) 235

49% 51% [] 14A 49% 51% 2007 10 18 2007 7 132016 12 31 (i)(ii) 236

17.9 [] (i)(ii) (iii) (i) (ii) 237

201120122013 12 31 29.9 34.937.6201120122013 12 315.8% 5.9% 5.6%2014 6 30 16.92014 6 30 5.5% 12%201420152016 42.147.2 52.8 (i) (ii) 49% 51% 仕維 238

[] 14A 2013 55%45% [] [] 2014 9 26 []2016 12 31 (i) (ii) 85% 議 239

2013 11 28 2014 6 30 2014 12 31 44.92014 6 30 27.82014 6 309.0% 20152016 10%201420152016 12 3160.066.0 72.6 2014 1 12014 6 30 240

51%49% 55%45% [] 14A (1) (2) 241

(3) 14A.105 14A 242

[ ] [] 243

[ ] [] 244

[ ] [] 245

[ ] [] 246

[ ] [] 247

54 1993 8 2014 5 20 43 2008 7 2014 5 20 45 2011 3 2014 5 20 40 2007 12 2014 5 20 72 2014 5 20 SBS JP 63 2014 5 20 SBS JP 61 2014 5 20 248

41 2005 12 2014 6 12 50 1999 5 2014 6 12 42 2007 10 2014 6 12 54 2014 5 20 2014 6 12 1993 1993 8 249

1984 31987 4 2014 7 [] 43 2014 5 20 2014 6 12 2008 7 19951998 19982003 20032007 2008 1994 62014 7 [] 45 2014 5 20 2014 6 12 2011 3 250

19922000 20002004 20042011 1996 12002 22005 12 18 1992 10 2003 11 [] 40 2014 5 20 2014 6 12 2007 12 19961998HK4As Euro RSCG Partnership Ltd19992002 MotivatorHK4As2003 2004ZenithHK4As 20042007OMDHK4As 1996 4 [] 251

72 2014 5 20 2014 6 12 30 1966 1970 41979 1 1973 2 1978 2 2004 22006 3 331 2004 82013 11 73ACHL 2004 92014 12 925 2002 12004 9 2005 4 812 2004 9 662 2005 9 43 2006 12 8362007 8 1111 SBS JP 63 2014 5 20 2014 6 12 1984 1987 1988 1990 2000 252

2006 2005 2007 2003 2172 SBS JP 61 2014 5 20 2014 6 12 1979 12 1977 111993 12 1986 7 2003 20012009 2010 122011 9 2007 2013 4 282005 20072007 3 573 2014 68216 [](i) (ii) (iii) XV [] 253

[] 13.51(2)(h) (v) 41 20002003 20032004 2005 1220042005 1386 1994 6 2000 6 50 1999 519851989 1989199119951997 254

1985 7 1997 7 42 19982001 20012002 20022003 2007 1020042007 1993 11 1994 7 2005 3 2011 10 2014 6 12 2014 12 6 3.2214 C3 255

2014 12 6 3.2614B1 2014 12 6 14A5 14A.2.1 [] []14 256

3A.19 3A.23 (i) (ii) [] [] (iii) [][] [] (iv) [][] [][] 201120122013 3.66 4.46 4.91 201120122013 7.51 7.33 7.67 201120122013 2014 5.5 257

[] 13. 258

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[] [] [] [] [] [] [] [] [] [] [] [] [][][] [] [] [] [][] [] [][][] [] 2014 12 6 [] 13. 260

[] [] (a) []20% [] 行使 (b) [] [] [] (a) (b) (c) [] [] []10% 261

[][] [] [] (a) (b) (c) [] 262

[][][][ ][] [][][][] [] [][] [] [] [] [] [] [] [] [] [] []1 [] []4 [] [] 263

[] [] [][] [][][] [] [][][] [] [ ] [][][ ][][] [][][][] [] [] [] 264

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[] [][][] [] [] [][] [][] [] [][] [][][] 1.0% [] [][] [][] [][] [] 3A.07 276

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[] 3.340 [] [] [] 201120122013 12 31 2014 6 30 201120122013 12 31 2014 6 30 IIV[] [] [][] [] 2014 5 202013 2014 8 25II 1.2 II1.211 [] I-1

II1.2 II 1.3 II1.3 3.340 [] II1.3 201120122013 12 312014 6 30 I-2

[] I II 2013 6 30 II1.3II2 2410 II1.3II 2 I-3

I 201120122013 12 312014 6 30 201120122013 12 3120142013 6 30 II1.3 12 31 6 30 2011 2012 2013 2014... 6 54,293 57,642 64,008 55,734.... 7 1,038 947 882 827.... 8 1,120 38 1,052 912... 11 37,831 44,249 66,444 39,537. 9 1,444 2,060 2,697 2,993... 9 8,251 9,328 8,919 9,180... 13 42,953 38,955 43,379 42,556... 14 577 30,851 31,816 31,514 147,507 184,070 219,197 183,253... 93 118 373 178.... 15 171,838 240,675 305,779 392,981.... 16 10,657 11,025 119,473 118,300.... 17 3,587 27,082 11,043 66,181... 17 164,190 164,099 200,548 202,000 350,365 442,999 637,216 779,640... 18 19,389 350,365 442,999 637,216 799,029... 497,872 627,069 856,413 982,282 I-4

12 31 6 30 2011 2012 2013 2014... 19 13,695 13,695 13,695 13,795... 20 5,163 6,237 5,654 12,058... (19,918) 3,707 132,968 194,391 (1,060) 23,639 152,317 220,244... 10,818 16,432 55,047 65,953... 9,758 40,071 207,364 286,197... 21 5,200 13,592 10,258 28,334... 22 7,293 15,400 9,819 4,547... 13 161 20 75 12,654 29,012 20,077 32,956... 22 408,364 487,506 485,963 514,421... 8,584 18,746 27,406 16,582... 21 58,512 51,734 115,603 132,126 475,460 557,986 628,972 663,129... 488,114 586,998 649,049 696,085... 497,872 627,069 856,413 982,282.. (125,095) (114,987) 8,244 135,900... 22,412 69,083 227,441 319,153 I-5

12 31 6 30 2011 2012 2013 2013 2014... 5 717,536 953,095 1,211,309 559,924 612,093.... 23 (618,461) (729,169) (846,764) (399,354) (390,930)... 99,075 223,926 364,545 160,570 221,163... 24 (44,163) (59,480) (74,986) (30,217) (33,919).... 25 (63,631) (76,341) (95,294) (40,576) (66,823).... 27 5,696 7,126 8,025 1,345 2,442... 28 (547) 2,978 1,530 362 898... (3,570) 98,209 203,820 91,484 123,761.... 29 733 1,334 5,792 801 2,771.... 29 (3,900) (3,778) (8,114) (3,861) (4,272).... 29 (3,167) (2,444) (2,322) (3,060) (1,501)... 11 3,137 1,485 3,122 1,698 (7,949)... (3,600) 97,250 204,620 90,122 114,311.... 30 (9,803) (25,448) (37,817) (24,494) (22,760)... (13,403) 71,802 166,803 65,628 91,551... (838) 899 (235) (327) 218... (61) (61).... 17 213 1,168 1,030 (1,580)... 34 (382) (821) 1,112 490 642 (1,362)... (14,224) 72,914 167,293 66,270 90,189 I-6

12 31 6 30 2011 2012 2013 2013 2014... (18,051) 59,625 129,261 43,219 61,423... 4,648 12,177 37,542 22,409 30,128... (13,403) 71,802 166,803 65,628 91,551... (19,386) 60,699 128,678 43,378 60,563... 5,162 12,215 38,615 22,892 29,626... (14,224) 72,914 167,293 66,270 90,189.... 31... 32 42,601 12,374 I-7

2011 1 1... 13,695 7,463 (1,867) 19,291 4,967 24,258... (18,051) (18,051) 4,648 (13,403)... (838) (838) (838).... (497) (497) 514 17.... (1,335) (18,051) (19,386) 5,162 (14,224) 20.... (965) (965) 689 (276).... (965) (965) 689 (276) 2011 12 31... 13,695 5,163 (19,918) (1,060) 10,818 9,758 2012 1 1... 13,695 5,163 (19,918) (1,060) 10,818 9,758.... 59,625 59,625 12,177 71,802... 899 899 899... 175 175 38 213... 1,074 59,625 60,699 12,215 72,914 32.... (36,000) (36,000) (6,601) (42,601).... (36,000) (36,000) (6,601) (42,601) 2012 12 31... 13,695 6,237 3,707 23,639 16,432 40,071 I-8

2013 1 1... 13,695 6,237 3,707 23,639 16,432 40,071.... 129,261 129,261 37,542 166,803... (235) (235) (235).... (61) (61) (61).... 95 95 1,073 1,168 34.... (382) (382) (382)... (583) 129,261 128,678 38,615 167,293 2013 12 31... 13,695 5,654 132,968 152,317 55,047 207,364 2014 1 1... 13,695 5,654 132,968 152,317 55,047 207,364.... 61,423 61,423 30,128 91,551... 218 218 218.... (1,078) (1,078) (502) (1,580)... (860) 61,423 60,563 29,626 90,189... 380 380... 100 100 100 20.... 7,264 7,264 (6,726) 538 32.... (12,374) (12,374)... 100 7,264 7,364 (18,720) (11,356) 2014 6 30... 13,795 12,058 194,391 220,244 65,953 286,197 I-9

2013 1 1... 13,695 6,237 3,707 23,639 16,432 40,071.... 43,219 43,219 22,409 65,628...... (327) (327) (327).. (61) (61) (61).... 547 547 483 1,030... 159 43,219 43,378 22,892 66,270 2013 6 30... 13,695 6,396 46,926 67,017 39,324 106,341 I-10

12 31 6 30 2011 2012 2013 2013 2014... 33 95,448 110,084 180,034 103,176 26,617.... (3,900) (3,697) (7,896) (3,942) (4,571).... (10,867) (11,622) (32,481) (19,109) (33,151)... 80,681 94,765 139,657 80,125 (11,105)... (27,044) (27,971) (35,565) (16,106) (6,070)... (587) (587) (587) (213) (206)... (9,255) (9,201) (9,201)... (4,933) (17,494)... (1,153) (840).... (30,274) (965)... 28 9,536 9,536... 33 388 2,332 177 158 52.... 34 (151).... 733 1,334 3,836 801 1,325.... 27 238 273 402 89 164.... (10,657) (368) (108,448) (4,998) 1,173... (46,184) (60,194) (159,613) (20,774) (3,562)... 59,185 60,227 110,288 109,541 149,114.... (33,213) (58,620) (52,531) (50,369) (113,346)... 380... 20 (276) []... (5,967)... (558) (6,043) (6,043) (12,374)... (36,000).... 25,696 (34,951) 51,714 53,129 17,807... 60,193 (380) 31,758 112,480 3,140... 97,338 164,190 164,099 164,099 200,548.... 6,659 289 4,691 3,317 (1,688)... 17 164,190 164,099 200,548 279,896 202,000 I-11

II 1. 1.1 2014 5 202013 PO Box 309, Ugland House Grand Cayman, KY1-1104, Cayman Islands [] 1.2 [] [] 99.99968% Genesis Printing And Production Limited Genesis Printing100% Genesis Signmaker & Construction Limited Genesis Signmaker100% Asiaray Outdoor Media Limited Asiaray Outdoor100% 99% 90% Asiaray Metro Media Limited Asiaray Metro100% 80% 0.00032%1%10% 20%10% 10% 2014 5 9 10% Asiaray Outdoor Asiaray Metro Genesis Printing Genesis Signmaker I-12

[] [] Asiaray Outdoor Asiaray Metro Genesis Printing Genesis Signmaker (1) 2014 5 20Media Cornerstone Limited Media Cornerstone (2) 2014 5 20 (3) 2014 8 25 0.00032% (4) 2014 8 25 1% (5) 2014 8 25 10% (6) 2014 8 259,900 9,9002014 8 25 100100 (7) 2014 8 252,500,000 2,500,000 Space Management Limited Space Management 25,000,000 (8) 2014 8 2510,000 Asiaray Outdoor Asiaray Outdoor10,000Space Management 100,000Asiaray Outdoor Asiaray Outdoor (9) 2014 8 2510,000 Genesis Printing Genesis Printing10,000Space Management 100,000Genesis Printing Genesis Printing (10) 2014 8 2510,000 Genesis Signmaker Genesis Signmaker10,000Space Management 100,000Genesis Signmaker Genesis Signmaker I-13

(11) 2014 8 25Asiaray Metro Asiaray Metro1Space Management10 Asiaray MetroAsiaray Metro (12) 2014 8 25 Asiaray Outdoor Genesis Printing Genesis Signmaker Asiaray Metro Space Management Media Cornerstone 88,000,000241,500,000 Asiaray Outdoor Genesis Printing Genesis Signmaker Asiaray Metro 2014 9 4UBS Trustees (BVI) Limited Shalom Family Holding Limited Media CornerstoneShalom Family Holding LimitedUBS Nominees LimitedShalom Family Holding Limited Media Cornerstone I-14

12 31 6 30 12 31 2011 2012 2013 2014 2011 2012 2013 2014 5 20 Asiaray Metro 2010 10 8 1993 8 5 Asiaray Outdoor 2007 10 8 Genesis Signmarker 2007 10 8 Genesis Printing 2007 10 8 2004 9 28 1995 10 31 2002 3 6 1999 4 27 50,000 100% 1 100% 100% 100% 100% 2,500,000 100% 100% 100% 100% 10,000 100% 100% 100% 100% 10,000 100% 100% 100% 100% 10,000 100% 100% 100% 100% (i) (i) (i) (i) (i) (i) (i) (i) (i) (i) (i) (i) (i) (i) (i) 10,000 100% 100% 100% 100% (i) (i) (i) 9,900 100% 100% 100% 100% (i) (i) (i) 10 100% 100% 100% 100% 50,000,000 100% 100% 100% 100% (i) (i) (i) (ii) (iii) (iii) I-15

20(b) 12 31 6 30 12 31 2011 2012 2013 2014 2011 2012 2013 2006 9 25 2010 8 31 2010 6 9 2006 11 29 2002 9 26 2,365,530 100% 100% 100% 100% 5,000,000 100% 100% 100% 100% 1,000,000 100% 100% 100% 100% 40,000,000 100% 100% 100% 100% 1,030,000 100% 100% 100% 100% (ii) (iii) (iii) (ii) (iii) (iii) (ii) (iii) (iii) (ii) (iii) (iii) (ii) (iii) (iii) 2002 6 26 10,000,000 51% 51% 51% 51% (ii) (iii) (iii) 2004 3 17 2008 1 10 2011 11 3 1,000,000 100% 100% 100% 100% (ii) (iii) (iii) 2,000,000 100% 100% 100% 100% (ii) (iii) (iii) 1,000,000 100% 100% 100% 45% (ii) (iii) (iii) I-16

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