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2015

COMPANY PROFILE AND CORPORATE INFORMATION 2 5 8 12 20 31 32 37 56 82 84 86 88 90 92 168 SINOFERT HOLDINGS LIMITED Annual Report 2015 1

China Fertilizer (Holdings) Company Limited 297 500 25500105Potash Corporation of Saskatchewan Inc. 2

Stephen Francis DOWDLE Stephen Francis DOWDLE Stephen Francis DOWDLE 3

Clarendon House 2 Church Street Hamilton HM11 Bermuda 1 46 4601-4610 Codan Services Limited Clarendon House 2 Church Street Hamilton HM11 Bermuda 183 22 www.sinofert.com 297 (852) 3656 1588 (852) 2850 7229 1 46 4601-4610 (10) 5956 8227 (10) 5956 9627 28 10 100031 4

1,304 1,463 26,121,488 28,311,086 1,669,088 1,418,101 350,149 272,122 220,855 229,339 0.0314 0.0326 1 1.70% 1.72% 2 47.98% 20.39% 1 2 5

2.21 0.0314 BBB+ 8

261.217.74% 2.213.49% 44.2 15.01% 20.52% 12

1,500 133 29.5 200 29 1,304 13

274 451 235 236 + 14

30 4 COSO 15

8,911 1,977 78 12 16

HSE HSE HSE SO2 5.32%, COD9.37%, NH3-N10.45%, NOx 6.03% 17

2.21 2.290.083.49% 1,304 10.87% 826 17.81% 370 13.46%5.84% 14.91% 24.44% 261.21 21.907.74%10.87% 3.52% 5,846,791 22.38% 6,242,557 22.05% 6,481,523 24.81% 7,753,464 27.39% 6,485,623 24.83% 5,441,242 19.22% 5,678,588 21.74% 6,941,815 24.52% 776,999 2.97% 721,969 2.55% 851,964 3.27% 1,210,039 4.27% 26,121,488 100.00% 28,311,086 100.00% 20

24,338,972 1,782,516 26,121,488 1,321,926 3,618,542 (4,940,468) 25,660,898 5,401,058 (4,940,468) 26,121,488 1,096,495 572,593 1,669,088 534,937 (2,047) 532,890 26,105,227 2,205,859 28,311,086 962,691 2,774,971 (3,737,662) 27,067,918 4,980,830 (3,737,662) 28,311,086 1,052,450 365,651 1,418,101 377,808 (214,413) 163,395 21

21.90 5.33 5.351.57 0.02 2.12 16.69 2.51 8% 59% 51% 37% 0.49 1.05 0.250.92 0.32 1.02 22

1.48 0.11 1.49 1.26 25%16.5% 2.21 0.85% 16.52 15.840.684.29% 7.73 8.410.688.09% 6.05 6.00 0.83% 2.74 1.431.3191.61% 23

3.58 4.631.0522.68% 13.41% 1.07 63.1259.48 3.646.12%69 90 360 3.48 12.769.2872.73% 11 15 4 360 5.81 5.400.41 7.59% 0.25 24

115.74 83.5932.1538.46% 15.01%39.03 20.52%6.95 5.19 4.740.45 9.49% 0.45 62.7428.73 34.01118.38% (1) 42.74 28.7314.0148.76% (2) 20 3.40% 59.97 46.2913.68 29.55% 25

0.0314 1.70% 1 0.0314 0.0326 2 1.70% 1.72% 1 2 0.7947.98% BBB+ 1 0.79 1.12 2 47.98% 20.39% 1 2 26

6.40 144,411 673,430 40,000 2,000,000 200,000 200,000 60,000 850,000 2,500,000 2,500,000 (9,165) (11,515) 6,274,265 2,872,896 27

3,583,430 184,411 2,690,835 2,688,485 6,274,265 2,872,896 5,924,265 2,872,896 350,000 6,274,265 2,872,896 241.52 15.85138.60 201.69 13.10116.64 28

46,017 266,793 546,315 609,617 300,000 4,190,101 892,332 5,066,511 238,791,95415.01% 3,903,420,000 142,260,369 8.94% 381,052,323 20.52% 6,752 45 46 30

31 BBB+ 83 EuroChem Terje Bakken 20 3.4% SO2

601668 3360 600500 0817 Stephen Francis DOWDLE Stephen Francis DOWDLE Dowdle Potash Corporation of Saskatchewan Inc.PotashCorp PCS Sales (USA) Inc.Canpotex Limited International Plant Nutrition Institute IPNICanpotex Limited Saskatchewan PotashCorpIPNI Dowdle Brown UniversityDowdle Dowdle NovellCanpotex Limited Canpotex Limited Potash Corporation of Saskatchewan Inc.PCS Sales (USA), Inc.PCS Sales (Canada), Inc. 33

(1) (2) A.1.7 E.1.2 A.1.7 E.1.2 E.1.2 37

Stephen Francis Dowdle 32 35 38

1. 3.10(1) 3.10A 3.10(1) 3.10A 2. 3.13 A.4.3 3.13 39

Stephen Francis DowdlePotash Corporation of Saskatchewan Inc.PotashCorp Stephen Francis DowdlePotashCorp Compotex Limited Compotex Limited PotashCorp 1. 2. 3. 4. 5. 40

1. 2. 3. 4. 41

4/4 4/4 2/4 4/4 Stephen Francis Dowdle 4/4 4/4 4/4 4/4 4/4 3.21 3.21 (1) (2)(3) 42

4/4 4/4 4/4 1. 2. 3. 4. 5. 6. 7. 8. 9. 43

Stephen Francis Dowdle Stephen Francis Dowdle 3.25 3.25 (1) (2) (3) 3/3 3/3 3/3 Stephen Francis Dowdle 3/3 3/3 44

1. 2. 3. 4. 5. 6,752 2,033 12,365 45

Stephen Francis Dowdle Stephen Francis Dowdle (1) (2) (3) (4) (5) 1/1 1/1 1/1 Stephen Francis Dowdle 1/1 1/1 46

1. 2. 3. 4. 5. (1) (2)(3) (4)(5) (6) 47

1/1 1/1 1/1 1/1 1. 2. 3. 4. 5. 6. 48

1/1 1/1 0/1 0/1 Stephen Francis Dowdle 0/1 0/1 1/1 1/1 1/1 49

3/3 3/3 0/3 0/3 Stephen Francis Dowdle 0/3 0/3 3/3 3/3 3/3 46 4601-4610 50

4,250 4,250 13 8 4,263 4,258 51

C.2 COSO 1. 52

2. 3. 4. 5. COSO 53

1. 2. 300 IV HSEHSE HSEHSE 18/3045,000 HSE 54

HSE HSE HSE HSE 55

4 8485 0.0097 0.0081 0.0104 0.008268,137,000 56,898,000 168 30% 32%7%Potash Corporation of Saskatchewan Inc. 5% 56

14 32 88 89 95,583,000 75,184,00099,354,000 78,251,000 395,000 Stephen Francis Dowdle 57

32 36 13.51B (1) 1. 1,513,7781,304,160 1,513,7781,067,040 2. 82,50069,100 3. 58

(i) (ii) (ii) D.1.4 352 XV 0.1 600 59

17.03(9) 301 10% 1%12 0.1%5,000,000 10 1.6 572,228,672 8.15% XV 352 60

336 1 3,698,660,874 52.65% 1 3,698,660,874 52.65% 2 3,698,660,874 52.65% Potash Corporation of Saskatchewan Inc.PotashCorp 3 1,563,312,141 22.26% 1 98% 3,698,660,874 2 3,698,660,874 3 PotashCorpPCS (Barbados) Investment Company Limited 61

Stephen Francis Dowdle Canpotex LimitedCanpotex CanpotexPotashCorp Canpotex CanpotexCanpotex Stephen Francis Dowdle Canpotex 14A 14A 14A 1. 25% 5.9034% 14.5269% 18,853,030 45.4303% 10,374,701 2,449,8406,028,489 62

14A 0.1% 5% 14A 2. 238,791,95415.01% 3,903,420,000 381,052,323 23.95% 5% 14A 25% 100%14 14 63

14A 1. 1) (i) (ii) 120,000,000 900,000,000 64

2) 160,000,000 1,200,000,000 14A 5% 65

2. Canpotex Canpotex International Pte. Limited Canpotex Campotex Canpotex 500,000650,000 750,000 Canpotex800,000 Canpotex Canpotex 435,500,000 500,250,000 550,250,000 Potash Corporation Canpotex Potash Corporation33.33%14A 5% 66

3. 1) (i) (ii) (iii) 1,265,000,000 7,796,000,000 67

2) 1,430,000,000 9,300,000,000 14A 5% 68

4. 8 2,000,0002,300,000 14A 0.1% 5% 69

5. 1) (i) 360,000,000 (ii) 10,000,000 70

2) 356,000,000 10,000,000 14A 0.1% 5% 14A.90 71

6. 1) 40,000,000 2) 36,900,000 35,900,000 1,000,000 72

14A 0.1% 5% 7. 1) 20 7,000,000 20,000,000 73

2) 20,000,000 14A 0.1% 5% 74

8. 1) 30%10 30%10% 50,000,000 100,000,000 2) 58,000 16,000 42,000 20,000,00050,000,000 75

14A 0.1% 5% 9. PCS Sales PCS Sales PCS Sales PCS Sales 9,000,000 9,900,000 10,900,000 76

Potash Corporation PCS Sales Potash CorporationPCS Sales14A PCS Sales 0.1% 5% 10. 1,706,615.56171,158.13 30,000,000 14A 0.1% 5% 77

1. 1) 120,000 96,577 2) 900,000 568,703 2. Canpotex 435,500 226,961 3. 1) 1,265,000 1,116,834 2) 7,796,000 7,343,894 4. 2,300 2,300 5. 1) 360,000 271,369 2) 10,000 2,114 6. 40,000 9,886 7. 20,000 2,632 8. * 120,000 22,549 9. PCS Sales 9,000 10. 30,000 22,952 * 100,000,00020,000,00022,548,7050 78

238,791,954 381,052,323 23.95% 79

20 3.4% 25% 4546 39 80

84167 198190 82

4(1) 26,121,488 28,311,086 (24,452,400) (26,892,985) 1,669,088 1,418,101 5 357,651 463,436 (772,787) (840,871) (605,332) (599,717) (105,411) (103,997) 32,220 133,660 48,818 (55,500) 6 (274,098) (142,990) 7 350,149 272,122 8(1) (147,602) (136,700) 202,547 135,422 220,855 229,339 (18,308) (93,917) 202,547 135,422 84

202,547 135,422 206,898 4,179 38,554 (5,591) 9 245,452 (1,412) 447,999 134,010 466,307 227,927 (18,308) (93,917) 447,999 134,010 13 0.0314 0.0326 13 0.0314 0.0326 92 16712 85

14 3,876,167 3,783,755 15 513,844 514,076 16 643,673 675,984 17 829,752 812,319 18 10,202 8,783 19 11,574,427 8,359,435 20 581,436 539,965 21 519,040 474,005 29,077 43,490 31 44,740 198,559 18,622,358 15,410,371 22 6,312,327 5,948,265 23 348,097 1,276,330 24 1,131,386 1,248,769 25 670,000 700,000 15 13,810 13,159 1,200 151,200 26 639,851 462,890 9,116,671 9,800,613 27 5,997,402 4,628,833 28 1,993,382 3,882,756 29 1,583,430 184,411 30 2,000,000 25,633 11,429 13,533 11,585,643 8,735,166 (2,468,972) 1,065,447 16,153,386 16,475,818 86

29 2,690,835 2,688,485 107,125 115,788 31 234,669 246,755 44,836 42,502 3,077,465 3,093,530 13,075,921 13,382,288 32 8,267,384 8,267,384 4,759,933 5,047,992 13,027,317 13,315,376 48,604 66,912 13,075,921 13,382,288 84 167 92 167 87

1 2 3 8,267,384 732,329 366,484 16,444 92,705 (844,466) 4,456,569 13,087,449 205,528 13,292,977 229,339 229,339 (93,917) 135,422 (5,591) 4,179 (1,412) (1,412) (5,591) 4,179 229,339 227,927 (93,917) 134,010 3 (22,433) 22,433 (44,699) (44,699) 8,267,384 732,329 366,484 10,853 70,272 (840,287) 4,708,341 13,315,376 66,912 13,382,288 220,855 220,855 (18,308) 202,547 38,554 206,898 245,452 245,452 38,554 206,898 220,855 466,307 (18,308) 447,999 3 (15,804) 15,804 (59,415) (59,415) (59,415) 19 (694,951) (694,951) (694,951) 8,267,384 37,378 366,484 49,407 54,468 (633,389) 4,885,585 13,027,317 48,604 13,075,921 88

1. 2. 50% 3. 92 167 89

350,149 272,122 (32,220) (133,660) (48,818) 55,500 (3,044) (3,042) (7,450) (11,744) (10,763) (9,668) (138,488) (98,576) (41,891) (48,277) 274,098 142,990 57 (106,754) (1,881) 300,494 297,657 28,216 7,498 358 4,786 13,203 12,121 32,311 32,625 5,664 6,533 5,735 477 13,511 (9,488) (10,800) 34,885 26,755 (25,633) 25,587 740,886 460,249 (362,642) (1,580,978) 1,133,457 (20,362) 126,621 131,615 2,100 3,000 1,290,849 2,011,497 (1,911,894) 515,408 1,019,377 1,520,429 (7,973) (13,189) 1,011,404 1,507,240 90

(397,132) (800,082) (19,118) 2,871 8,292 (7,083) (6,306) (3,903,420) (18,407,000) (16,133,600) 18,557,000 16,654,200 30,000 187,000 138,488 98,576 41,891 37,653 12,685 10,972 7,347 4,821 3,044 3,042 12,825 (44,699) (3,908,484) 751 (6,948,815) (11,094,442) 8,347,834 9,852,401 2,000,000 (273,314) (166,597) (59,415) 3,066,290 (1,408,638) 169,210 99,353 26 462,890 363,782 7,751 (245) 26 639,851 462,890 92 167 91

1 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda 146 4601 4610 38 2 (a) 2(c) (b) 24.7 201.7 92

2 (d) 2(g) 2(e) 2(m) 95

2 (e) 2(f) 2(m) 2(g) 96

2 (e) 2(m) 28 (f) (i) (ii) (ii)(i) 2(m) 97

2 (g) 2(v)(iii) 2(v)(iv) 2(m) 2(m) 2(v)(iii)2(v)(iv) 2(m) 98

2 (h) 2(m) 2(x) 20 30 10 14 8 4 (i) 2(m) 99

2 (j) 2(m) (k) (l) 2(m) 100

2 (m) (i) 2(e)2(m)(ii) 2(m)(ii) 101

2 (m) (i) 102

2 (m) (ii) 103

2 (m) (ii) (iii) 34 2(m)(i) 2(m)(ii) (n) 104

2 (o) 2(m) (p) (q) (r) (s) (t) 105

2 (t) 106

2 (t) (u) 107

2 (v) (i) (ii) (iii) (iv) (v) 108

2 (w) (x) 109

2 (y) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) 110

2 (z) 3 2 6,312,327,000 5,948,265,000 829,752,000 812,319,000 17 111

3 4 (1) 5,846,791 6,242,557 6,481,523 7,753,464 6,485,623 5,441,242 5,678,588 6,941,815 776,999 721,969 851,964 1,210,039 26,121,488 28,311,086 10% (2) 112

4 (2) (i) 2 113

4 (2) (i) 24,338,972 1,782,516 26,121,488 1,321,926 3,618,542 (4,940,468) 25,660,898 5,401,058 (4,940,468) 26,121,488 1,096,495 572,593 1,669,088 534,937 (2,047) 532,890 1,003 31,217 32,220 3,070 45,748 48,818 (87,329) 97,648 (274,098) 350,149 7,644,690 6,541,244 14,185,934 4,218 11,570,209 11,574,427 58,256 523,180 581,436 519,040 44,740 833,452 27,739,029 6,859,177 1,218,067 8,077,244 234,669 4,274,265 2,000,000 76,930 14,663,108 114

4 (2) (i) 26,105,227 2,205,859 28,311,086 962,691 2,774,971 (3,737,662) 27,067,918 4,980,830 (3,737,662) 28,311,086 1,052,450 365,651 1,418,101 377,808 (214,413) 163,395 1,425 132,235 133,660 1,838 (57,338) (55,500) (107,773) 281,330 (142,990) 272,122 8,017,274 6,651,232 14,668,506 16,677 8,342,758 8,359,435 55,186 484,779 539,965 474,005 198,559 970,514 25,210,984 7,487,868 1,165,136 8,653,004 246,755 2,872,896 56,041 11,828,696 115

4 (2) (ii) 20,563 424,478 5 445,046 (5,735) (5,735) (13,511) (13,511) 9,488 9,488 (28,216) (28,216) (10,655) (327,800) (14) (338,469) (13,203) (13,203) (31,255) (3,630) (34,885) (73) (285) (358) 4,256 3,194 7,450 116

4 (2) (ii) 10,257 805,963 12 816,232 (477) (477) 10,800 10,800 (7,498) (7,498) (10,920) (325,884) (11) (336,815) (12,121) (12,121) (11,297) (15,458) (26,755) 172 (4,958) (4,786) 625 11,119 11,744 117

4 (2) (iii) 24,564,894 27,110,559 18,054,864 14,721,377 1,556,594 1,200,527 3,714 16,430 26,121,488 28,311,086 18,058,578 14,737,807 118

5 5,197 3,727 1 3,044 3,042 138,488 98,576 41,891 48,277 2 26,733 23,836 43,416 56,581 8,400 37,529 10,763 9,668 43,061 18,382 7,450 11,744 1,881 106,754 29,208 43,439 357,651 463,436 1. 3,044,000 3,042,000 2. 6 298,182 142,990 (24,084) 274,098 142,990 5.45% 119

7 10 7,398 8,974 i 663,608 623,382 671,006 632,356 300,494 297,657 13,203 12,121 32,311 32,625 5,664 6,533 4,250 4,250 ii 46,006 45,560 358 4,786 57 5,735 477 13,511 iii 34,885 26,755 28,216 7,498 (9,488) (10,800) i. 73,249,000 69,094,000 ii. iii. 34,885,00026,755,000 22 120

8 (1) (3,216) (8,319) 49 (2,653) (2,141) (141,733) (126,289) (147,602) (136,700) (i) (ii) 16.5% 16.5% (iii) 25% (iv) 121

8 (2) 350,149 272,122 25% (87,537) (68,030) 50,009 41,875 (9,850) (30,009) 407 619 8,055 33,415 12,205 (13,875) 4,881 2,830 (24,211) (56,164) 31(1) (98,908) (45,269) (2,653) (2,092) (147,602) (136,700) 9 122

10 383(1) 1 3 1,664 1,514 44 3,222 2 1,917 1,067 44 3,028 3 Stephen Francis DOWDLE3 3 437 437 264 264 447 447 1,148 3,581 2,581 88 7,398 123

10 1 3 1,457 1,735 33 3,225 481 520 9 1,010 2 2,047 1,482 40 3,569 3 Stephen Francis DOWDLE3 3 368 368 368 368 434 434 1,170 3,985 3,737 82 8,974 1. 2. 1,441,000 1,574,000 476,000473,000 3. Stephen Francis Dowdle 385,000313,000 Stephen Francis Dowdle385,000 303,000 124

11 10 2,142 2,032 1,916 2,119 132 119 4,190 4,270 01,000,000 1,000,0011,500,000 1,500,0012,000,000 3 2 2,000,0012,500,000 1 2,500,0013,000,000 3,000,0013,500,000 3 3 125

12 0.0104 0.0082 59,415 0.00970.0081 0.01040.0082 56,898 57,633 13 220,855 229,339 7,024,456 7,024,456 126

14 1,826,384 2,191,625 88,473 279,711 466,603 4,852,796 17 7 24 12,428 24,106 6,704 6,375 741,195 790,808 84,628 42,518 30,281 (157,427) (24,888) (47,657) (12,693) (6,374) (91,612) 1,898,569 2,210,592 82,491 309,993 1,050,371 5,552,016 1,898,569 2,210,592 82,491 309,993 1,050,371 5,552,016 182 81 168 431 13,571 22,221 6,785 7,998 373,766 424,341 26,154 22,571 4,058 (52,783) (2,006) (8,505) (4,867) (15,378) 1,938,476 2,253,378 80,852 317,350 1,371,354 5,961,410 (397,697) (956,821) (39,451) (146,645) (1,540,614) (17) (7) (24) (85,062) (186,350) (9,934) (16,311) (297,657) (34) (7,420) (44) (7,498) 14,976 47,524 9,939 5,093 77,532 (467,834) (1,103,067) (39,453) (157,907) (1,768,261) (467,834) (1,103,067) (39,453) (157,907) (1,768,261) (182) (80) (159) (421) (84,203) (189,329) (9,288) (17,674) (300,494) (14,681) (13,535) (28,216) 1,185 6,627 4,337 12,149 (566,900) (1,304,746) (42,194) (171,403) (2,085,243) 1,371,576 948,632 38,658 145,947 1,371,354 3,876,167 1,430,735 1,107,525 43,038 152,086 1,050,371 3,783,755 29(3) 127

15 662,469 643,531 13,622 19,118 (180) 676,091 662,469 (135,234) (123,147) (13,203) (12,121) 34 (148,437) (135,234) 527,654 527,235 13,810 13,159 513,844 514,076 527,654 527,235 128

16 768,140 766,700 1,440 768,140 768,140 (92,156) (59,531) (32,311) (32,625) (124,467) (92,156) 643,673 675,984 17 812,319 811,356 17,433 963 829,752 812,319 129

17 265,823 249,749 531,074 531,074 32,855 31,496 829,752 812,319 7.68% 13% 9.33% 16.94% 6.80% 3% 130

18 34,679 29,813 7,083 4,866 41,762 34,679 (25,896) (19,363) (5,664) (6,533) (31,560) (25,896) 10,202 8,783 19 4,886,066 1,009,046 391,429 404,310 5,122,018 5,790,569 1,174,914 1,155,510 11,574,427 8,359,435 9,785,424 3,087,050 131

19 20.52% 8.94% 20.52% (*) 23.95% 30% 30% 30% 30% 30% 30% 30% 30% 25% 25% 25% 25% 36.75% 36.75% 36.75% 36.75% * 238,791,95415.01% 3,903,420,000 381,052,32323.95% 266,884,531 23.95% 20.52%694,951,000 132

19 2(e) 10.2% 13.9% 2(e) 16,818,479 10,804,138 71,000,252 61,099,115 (20,131,769) (14,331,025) (37,148,410) (32,795,183) 30,538,552 24,777,045 28,967,012 23,166,450 1,571,540 1,610,595 10,882,222 10,446,242 129,940 1,063,770 12,234 9,531 28,967,012 23,166,450 20.52% 8.94% 5,944,031 2,071,081 5,122,018 5,790,569 11,066,049 7,861,650 133

19 508,378 497,785 24,056 38,559 24,056 38,559 20 488,793 488,793 92,643 51,172 581,436 539,965 134

20 3,000,000 60% 60% 29,800,000 25% 25% 800,000,000 40% 40% 181,000,000 30% 30% 51,000,000 51% 51% 135

20 581,436 539,965 48,818 (55,500) 48,818 (55,500) 21 130,853 85,818 397,477 397,477 (9,290) (9,290) 519,040 474,005 136

22 5,803,944 5,328,507 395,300 514,373 62,422 45,389 50,661 59,996 6,312,327 5,948,265 23 76,572 208,081 (2) (7,774) (11,527) 68,798 196,554 279,299 1,079,776 348,097 1,276,330 137

23 (1) 90 285,558 284,760 33,091 951,402 1,914 31,069 27,534 9,099 348,097 1,276,330 (2) 11,527 12,515 5,735 477 (9,488) (1,465) 7,774 11,527 138

23 (3) 7,134 44,946 1,914 31,069 27,534 9,099 36,582 85,114 36,582,000 85,114,000 24 158,278 286,585 655,660 977,042 345,817 (28,369) (14,858) 1,131,386 1,248,769 14,858 25,658 13,511 (10,800) 28,369 14,858 139

25 5.5%-6% 2014 6% 26 0.35%0.35% 112 203 639,739 462,687 639,851 462,890 129,134 125,553 27 4,614,655 3,817,175 1,382,747 811,658 5,997,402 4,628,833 140

27 4,501,446 4,345,265 1,318,698 94,442 21,854 133,071 155,404 56,055 5,997,402 4,628,833 28 84,691 114,227 230,000 230,000 320,819 285,306 635,510 629,533 1,357,872 3,253,223 1,993,382 3,882,756 141

29 (1) 144,411 673,430 40,000 200,000 200,000 60,000 850,000 2,500,000 2,500,000 (9,165) (11,515) 4,274,265 2,872,896 5% 23,265,000 1,583,430 184,411 2,690,835 2,688,485 4,274,265 2,872,896 (1,583,430) (184,411) 2,690,835 2,688,485 142

29 (2) 1,233,430 184,411 2,690,835 2,688,485 3,924,265 2,872,896 350,000 1.35%~4.82% 1.35%~5.12% 3.915% 143

29 (3) 9,019,183 10,304,163 11,149,816 11,610,318 20,168,999 21,914,481 7,951,000 25,704,000 5,000,000 144,411,000 30 2,000,000,000 3.4% 31 44,740 198,559 (234,669) (246,755) (189,929) (48,196) 144

31 (1) (258,874) 1,888 32,153 279,881 152 22,890 78,090 12,756 935 (15,767) (124,738) (252) 780 (126,286) (246,118) 2,823 16,386 155,143 (100) 23,670 (48,196) (246,118) 2,823 16,386 155,143 (100) 23,670 (48,196) 12,735 291 6,734 (149,096) (609) (11,788) (141,733) (233,383) 3,114 23,120 6,047 (709) 11,882 (189,929) 98,908,000 45,269,000 395,632,000 181,076,000 (2) 1,482,542,000 1,530,990,000 125,764,000 865,121,000 930,331,000 145

31 (3) 173,210,000 149,720,000 32 (1) 0.1 8,267,384 8,267,384 146

32 (2) 0.10 80,000,000 8,000,000 80,000,000 8,000,000 7,024,456 702,446 691,750 7,024,456 702,446 691,750 1,000,000 316 316,000 33 147

34 (1) (i) 1,350,582 1,556,868 129,134 125,553 148

34 (1) (i) 10% (122,145) 10% (143,131) (10%) 122,145 (10%) 143,131 149

34 (1) (ii) 29 100 100 2,625,000 150

34 (1) (iii) 10%10% 13,085,000 8,582,000 151

34 (1) 20,168,999,00021,914,481,000 29(3) 5,997,402 5,997,402 5,997,402 635,510 635,510 635,510 3,784,752 3,075,170 6,859,922 6,274,265 10,417,664 3,075,170 13,492,834 12,907,177 152

34 (1) 4,628,833 4,628,833 4,628,833 629,533 629,533 629,533 313,050 3,202,870 3,515,920 2,872,896 5,571,416 3,202,870 8,774,286 8,131,262 (2) (i) 153

34 (2) (i) 130,853 130,853 85,818 85,818 25,633 25,633 2,490,835 2,563,638 2,488,485 2,484,615 154

34 (3) (i) (ii) (iii) (iv) 29 35 155

36 (1) 46,017 266,793 546,315 609,617 300,000 4,190,101 892,332 5,066,511 (2) 44,617 44,125 28,339 58,749 2,174 1,944 75,130 104,818 156

37 PCS Sales (USA) Inc.PCS Sales 157

37 (1) 1 327,545 65,611 329,660 336,163 657,205 401,774 1 292,215 114,569 1,292,864 1,308,597 1,578,306 937,228 1 22,549 6,942 6,765 5,299 3,192,699 2,372,635 7,103 4,069 1 14,504 14,048 21,607 18,117 5,210 4,241 1 22,952 20,258 28,162 24,499 158

37 (1) 3,903,420 670,000 700,000 700,000 887,000 41,891 48,277 390,000 2,750,000 1,927,485 3,140,000 1,927,485 330,000 100,000 1,900,000 1,927,485 2,230,000 2,027,485 4,019 1,306 33,208 1,663 2,738 2,405 39,965 5,374 1 14A 159

37 (2) 9,858 8,928 1,437 1,127 6,774 13,508 18,069 23,563 22,297 19,519 167,927 12 195 1,858 19,531 192,277 670,000 700,000 2,491,664 1,208,339 28,408 43,935 73 14,314 4,966 12,493 2,408 2,527,519 1,279,081 446 446 47,675 47,675 48,121 48,121 160

37 (2) 38 794 6,726 38 7,520 2 200,000 200,000 60,000 850,000 1,110,000 200,000 83 2,404 470 12,780 13,333 2,404 2 3 1.35% 1 6 3.92% 4.14% 1 9 3.92% 3.48%~4.08% 161

37 (3) 10 4,821 4,133 4,318 3,878 309 248 9,448 8,259 01,000,000 1 1,000,0011,500,000 2 1,500,0012,000,000 7 3 2,000,0012,500,000 1 2,500,0013,000,000 3,000,0013,500,000 7 7 162

37 (4) 2,966 53,877 222,707 248,616 343,658 81,949 76,874 355,632 4,586,597 5,350,603 7,627,972 5,744,361 163

38 China Fertilizer (Holdings) Co., Ltd. 10,002 100% 100% Wah Tak Fung (B.V.I.) Limited 1,000,000 100% 100% Calorie Ltd 34,000 100% 100% Sinochem Fertilizer (Overseas) Holdings Ltd. 10,002 100% 100% 1 10,600,000,000 100% 100% 15,000,000 100% 100% 100,000 100% 100% 3 5,000,000 100% 100% 164

38 3 47,000,000 53.19% 53.19% 3 148,000,000 60% 60% 3 500,000,000 100% 100% 2 1,493,000 100% 100% 3 5,000,000 100% 100% 3 1,018,650,000 94.78% 94.78% 3 30,000,000 80% 80% 165

38 3 100,000,000 51% 51% 3 100,000,000 100% 100% 3 200,000,000 100% 100% 3 15,000,000 75% 75% 1 2 3 39 166

40 6,398,138 6,024,697 6,166,184 5,838,020 859 1,847 866,137 788,197 13,431,318 12,652,761 8,078 10,022 13,423,240 12,642,739 8,267,384 8,267,384 7,416,535 7,416,535 (2,335,863) (3,119,431) 75,184 78,251 13,423,240 12,642,739 783,568,000 3,067,000 56,348,000 59,415,000 167

26,121,488 28,311,086 34,721,849 41,190,137 36,684,963 350,149 272,122 (281,382) 1,022,365 836,501 (147,602) (136,700) (343,424) (98,711) (150,717) 202,547 135,422 (624,806) 923,654 685,784 220,855 229,339 (476,340) 878,369 677,968 (18,308) (93,917) (148,466) 45,285 7,816 202,547 135,422 (624,806) 923,654 685,784 27,739,029 25,210,984 23,829,283 26,409,804 28,398,490 (14,663,108) (11,828,696) (10,536,306) (12,287,171) (15,029,607) 13,075,921 13,382,288 13,292,977 14,122,633 13,368,883 168