2 3 7 19 26 28 32 33 36 48 50 51 52 54 55 57 58

GBS MBE LLD DSSc DBA BBS Martin Clarke LLD LLD LLD 10 * * 183 The Bank of New York Mellon 101 Barclay Street New York, NY 10286 USA http://www.galaxyentertainment.com 27 27 HK 0027.HK GXYEY (852) 3150 1111 (852) 3150 1100 ir@galaxyentertainment.com 2

GBS MBE LLD DSSc DBA EBITDA 3

TM 2,200 141 TM TM TM TM 10%1,150 TM TM 4

Gabriel Sargent Hunterton 12 Andrew Duggan 25 TM TM TM30 TM TM TM TM 2.2 100 TM Permira Advisers Permira AdvisersGuido Paolo Gamucci Gamucci 5

88 TM 90 1.06 8.24 6,700 5.2 5,500TM TM TM GBS MBE LLD DSSc DBA 6

EBITDA EBITDA 980 30% 1.62 12.552.88 22.32 8.15 6,000 4.65 7

122.33 16% EBITDA 11.2 11.49 8.15 113.90 123.30 10,988 1,245 0 12,233 EBITDA* 1,001 237 (119) 1,119 8,917 1,603 0 10,520 EBITDA* 468 216 (140) 544 * 8

1.62 12.55 2.88 22.32 8.15 6,000 20 TM 7 2,2005% 122 9

EBITDA 3.46 60% 120% EBITDA30% 96 35% EBITDA9.83 70% EBITDA 10% 8% EBITDA 17% 13% EBITDA 2,880 40%980 2.9%2.8%2.3% 8357 46% $206,000 $55,000 $54,000 $81,000 $98,000 $288,000 $5,700 $1,700 $1,700 $1,800 $3,000 $8,300 2.8% 3.0% 3.2% 2.3% 3.1% 2.9% 10

5% 60 63.215.4%15.9% 6%9.4 $6,320 $1,500 $1,390 $1,470 $1,670 $6,000 $1,007 $253 $187 $230 $271 $940 15.9% 16.8% 13.4% 15.6% 16.0% 15.4% 19.8 2% 20.26.9% 6.3% 11% 1.4 4,490 $1,978 $452 $482 $443 $642 $2,020 $125 $30 $33 $32 $45 $139 6.3% 6.6% 6.8% 7.1% 7.0% 6.9% 91% 96% 11

2010 30% 12

13EBITDA1.57 17EBITDA 4,600 EBITDA 9% 2.37 TM TM TM TM TM TM TM Banyan Tree Okura 13

52,000 TM TM TM TM 20 TM TM TM 440,000 1,703,71428 112.25 14

88 TM 90 90 4.5% 1.06 8.24 6,700 5.2 5,500TM TM TM 15

TM 141 7,500 TM 81.69 70.11 17% 189.63 186.52 35.16 60.42 58.43 67.12 15%5% 1,500 1,700 2.09 2.16 5,400 5,300 16

8.55 6.39 2.50 4.79 900 900 900 900 6,200 12 17

1. 2. 3. A. B. C. D. TM TM 18

2 3335 Martin Clarke 19

37 3.13 20

21

(i) (ii) (iii) (iv) (v) (vi) (vii) 22

(i) (ii) (iii) (iv) 10 (5) (2) (2) 4/5 5/5 2/2 4/5 5/5 1/2 1/1 5/5 Martin Clarke 5/5 Guido Paolo Gamucci 4/5 4/5 2/2 5/5 1/1 2/2 5/5 2/2 2/2 23

9 777,000 24

www.galaxyentertainment.com A.4.2 A.4.2 A.4.2 25

Michael Mecca Planet HollywoodStation Casinos Inc. Mandalay Resorts GroupCrown LimitedCaesars World Inc. Robert DrakeHarrah s Entertainment Inc. 13Caesars Palace Paris Flamingo Heinz Roelz Stanford Hotels International 46 Baschar Hraki Steven Wolstenholme TM Niagara CasinosFallsview Casino Casino Niagara Resort, Niagara Falls28 Atlantis Resort & Casino Sun International Mohegan Sun Gabriel Hunterton 12 Treasure Island Hotel Casino Mirage Hotel Casino Bellagio Hotel Casino John Au 16 Raymond Yap 23 Theme Park and First World Plaza 26

Dennis Andreaci TM 25 Osmach Resort CasinoSubic Bay Casino Gillian Murphy TM28 Harrah s Entertainment Inc. Ameristar Foxwoods Mashantucket Foxwoods Resort Casino Jeffrey King TM20 Harrah s Entertainment Inc. Caesars Palace Planet Hollywood Excalibur Tropicana Andrew Duggan Harrah s Entertainment Inc.25 Caesars Palace 27

5 Plus 5 Plus 8 12 28

29

2009 2009 1. 2. 3. 1. 2. 3. 4. 5. 6. 30

2009 2009 2009 31

1,291,927 4,669,495 13,035,439 10,520,120 12,232,679 2,395,269 (1,531,546) (466,200) (11,390,368) 1,149,113 110.7 (46.5) (13.8) (289.3) 29.2 2,889,283 5,566,921 6,374,464 8,085,812 11,589,392 16,493,230 15,520,486 14,520,665 1,488,039 1,391,322 300,778 387,250 506,923 833,359 1,003,918 595,120 951,697 600,757 291,733 352,660 1,712,199 2,608,958 5,340,858 3,251,497 (939,749) 21,990,610 25,035,312 27,343,667 13,950,440 13,397,543 329,058 329,612 393,564 393,817 394,159 14,603,396 13,303,187 18,013,088 6,617,467 7,774,378 14,932,454 13,632,799 18,406,652 7,011,284 8,168,537 491,910 490,700 531,791 262,616 266,597 4,643,355 8,439,965 6,010,571 6,275,958 4,459,703 1,778,531 2,351,697 2,259,031 285,029 372,928 144,360 120,151 135,622 115,553 129,778 21,990,610 25,035,312 27,343,667 13,950,440 13,397,543 4.54 4.14 4.68 1.78 2.07 32

GBS MBE LLD DSSc DBA DHL 2007 BBS 33

University of Leeds Martin Clarke PermiraPermira Gala Coral Group New Look Principal Hayley Group Telepizza Permira Prudential plc.ppm Capital CIN Industrial Investments Cinven PermiraPermiraPermira Permira Goldman Sachs Head of General Industrials Group Lenovo IBM Temasek Harvard University Harvard Law School University of Waikato Churngold Construction Holdings Limited MJ Gleeson Group PLC LLD Concordia University 34

13.21 Galaxy Entertainment Finance Company Limited 9.875% 105,910,000 281,163,000 35% 35

45 50 30 0.52163.323,400,000 0.1020,000 Galaxy Entertainment Finance Company Limited 9.875% 33 1.4416,880 1.274 Galaxy Entertainment Finance Company Limited 100%1.059 33 7,5003,490 36

32 16 Martin ClarkeGuido Paolo Gamucci Guido Paolo Gamucci 3335 Martin Clarke 150,000 130,000 120,000 100,000 60,000 50,000 37

(a) 24,087,632 2,181,518 395,362,426 (1) 2,554,267,923 (2) 2,975,899,499 75.50 21,498,896 407,558,099 (3) 2,546,842,504 (2) 2,975,899,499 75.50 3,745,000 3,745,000 0.10 12,939,722 2,962,959,777 (2) 2,975,899,499 75.50 250,000 250,000 0.01 250,000 250,000 0.01 2,800,000 2,800,000 0.07 Martin Clarke Guido Paolo Gamucci (1) Best Chance Investments Ltd. Super Focus Company Limited Sutimar Enterprises Limited Premium Capital Profits Limited Mark Liaison Limited Favor Right Investments Limited 80,387,837305,401106,716,107162,484,04713,308,1799,660,85522,500,000 (2) 1,313,887,206 XV 1,240,380,717 1,232,955,2981,649,072,571 (3) Recurrent Profits Limited114,504,039 Top Notch Opportunities LimitedTop Notch 171,916,021 Kentlake International Investments LimitedKentlake 60,000,000 61,138,039 Top Notch Kentlake Top Notch Kentlake 38

(b) XV City Lion Profits Corp. 2,975,899,499 (1) 75.50 ENB Topco 2 S.àr.l 2,975,899,499 (1)(3) 75.50 2,975,899,499 (1) 75.50 HSBC International Trustee Limited 1,313,887,206 (2) 33.33 Mark Liaison Limited 2,975,899,499 (1) 75.50 Permira Holdings Limited 2,975,899,499 (1)(4) 75.50 Premium Capital Profits Limited 2,975,899,499 (1) 75.50 Recurrent Profits Limited 2,975,899,499 (1) 75.50 Super Focus Company Limited 2,975,899,499 (1) 75.50 (1) City Lion Profits Corp. ENB Topco 2 S.àr.lMark Liaison Limited Permira Holdings Limited Premium Capital Profits Limited Recurrent Profits Limited Super Focus Company Limited XV 1,662,012,2932,333,180,916 2,975,899,4992,966,238,6442,177,515,4992,962,591,3202,861,395,4602,706,699,345 (2) HSBC International Trustee Limited 1,313,887,206 (3) ENB Topco 2 S.àr.l ENB Lux 2 S.àr.l (4) Permira Holdings Limited 39

(i) City Lion Profits Corp. HSBC International Trustee Limited 1,313,887,206 (ii) Mark Liaison Limited9,660,855 (iii) Premium Capital Profits Limited13,308,179 (iv) Super Focus Company Limited269,200,154 (v) Recurrent Profits Limited114,504,039 (vi) Permira Holdings Limited ENB Topco 2 S.àr.l.642,718,583 (vii) City Lion Profits Corp. ENB Topco 2 S.àr.lMark Liaison Limited Permira Holdings Limited Premium Capital Profits Limited Recurrent Profits Limited Super Focus Company Limited XV (1) (2) (i) (ii) (iii) (iv) (v) 40

(vi) (vii) (a)(b) (c)(d) (e)(f) (g) (h) (3) 10%329,464,936 30% 247,327,936 6.27% (4) 1% (5) (6) 41

(7) 1.00 (8) (i) (ii) (iii) (9) 1,800,000 1,800,000 (a) 0.5216 2,000,000 2,000,000 0.5140 2,700,000 2,700,000 4.5900 590,000 590,000 4.5900 862,500 862,500 6.9720 862,500 862,500 6.9720 1,725,000 1,725,000 6.9720 1,150,000 1,150,000 2.1600 1,150,000 1,150,000 2.1600 1,150,000 1,150,000 2.1600 42

1,600,000 1,600,000 (a) 0.5216 1,870,000 1,870,000 0.5140 6,000,000 6,000,000 4.5900 580,000 580,000 4.5900 1,250,000 1,250,000 6.9720 1,250,000 1,250,000 6.9720 2,500,000 2,500,000 6.9720 1,666,666 1,666,666 2.1600 1,666,666 1,666,666 2.1600 1,666,668 1,666,668 2.1600 270,000 270,000 4.5900 383,000 383,000 3.3200 642,000 642,000 3.6000 3,000,000 3,000,000 4.5900 400,000 400,000 4.5900 500,000 500,000 6.9720 500,000 500,000 6.9720 1,000,000 1,000,000 6.9720 666,666 666,666 2.1600 666,666 666,666 2.1600 666,668 666,668 2.1600 250,000 250,000 4.5900 250,000 250,000 4.5900 43

2,500,000 2,500,000 4.5900 Martin Clarke Guido Paolo Gamucci 110,000 110,000 0.5140 5,900,000 5,900,000 4.5900 1,924,000 594,000 1,330,000 4.5900 8,552,000 7,927,000 625,000 6.9720 8,552,000 7,927,000 625,000 6.9720 17,104,000 15,854,000 1,250,000 6.9720 750,000 750,000 3.8420 750,000 750,000 3.8420 1,500,000 1,500,000 3.8420 4,911,000 20,000 (b) 173,000 4,718,000 3.3200 2,272,000 2,272,000 3.3200 2,272,000 2,272,000 3.3200 4,544,000 4,544,000 3.3200 14,947,651 1,234,665 13,712,986 2.1600 14,947,651 1,234,665 13,712,986 2.1600 14,947,698 1,234,670 13,713,028 2.1600 6,313,000 103,000 6,210,000 3.6000 3,500,000 3,500,000 4.5900 a. 3.43 b. 3.76 44

1.00 Black-Scholes 51,589,000 $0.86 $2.16 $2.16 58% 3 6 2% 1.3% 1.9% 6,852,000 $1.42 $3.60 $3.60 65% 3 2% 1.1% 2.15 3.57 45

1. Boom Victory Investments LimitedBoom Victory50% 47,084,895 Boom Victory K. Wah Materials and Development (Huidong) Company LimitedK. Wah Materials and Development (Huidong) Company Limited K. Wah Materials (Huidong) Limited Boom VictoryBoom Victory 110,000,000 50% 2. 35% 36,000,00041,040,000 32 46

5% 10,750,000 4,927,000 43 47

() 50 128 141 48

49

2 7 12,232,679 10,520,120 9(a) 221,036 200,793 33(a) 623,838 33(b) 191,267 (4,215,981) (3,382,448) (4,426,441) (3,248,754) (587,563) (860,491) (541,097) (1,143,951) (1,188,709) (1,418,312) (926,334) (1,526,151) 19 (12,330,305) 9(b) 1,382,695 (13,189,499) 11 (138,993) (382,704) (96,295) 461,994 85,845 51,885 127 1,233,379 (13,058,324) 12 (75,726) 1,503,093 1,157,653 (11,555,231) 32 1,149,113 (11,390,368) 8,540 (164,863) 1,157,653 (11,555,231) 14 29.2 (289.3) 29.1 (289.3) 50

1,157,653 (11,555,231) 7,744 (88,747) (3,363) (7,544) 49,772 (3,173) 12,272 (2,973) (30,066) 1,154,680 (11,585,297) 1,145,920 (11,427,673) 8,760 (157,624) 1,154,680 (11,585,297) 51

16 7,175,464 6,480,783 17 66,700 64,500 18 4,347,228 1,540,529 19 1,391,322 1,488,039 21 1,003,061 832,629 22 857 730 23 1,522 24 352,660 290,211 14,337,292 10,698,943 25 84,820 94,022 26 894,862 1,607,505 27 91,556 191,621 23 382 2,479 1,999 28 35,132 15,574 29 3,516,490 6,042,300 4,625,721 7,953,021 18,963,013 18,651,964 52

30 394,159 393,817 32 7,774,378 6,617,467 8,168,537 7,011,284 266,597 262,616 8,435,134 7,273,900 33 4,459,703 6,275,958 34 271,884 267,224 23 101,044 17,805 35 129,778 115,553 4,962,409 6,676,540 36 4,115,549 4,254,533 27 4,157 348 33 1,383,488 435,903 23 508 61,768 10,740 5,565,470 4,701,524 10,527,879 11,378,064 18,963,013 18,651,964 3 (939,749) 3,251,497 53

20 3,830,001 3,921,680 20 4,753,428 4,628,775 8,583,429 8,550,455 26 587 651 339 339 29 41,267 726,059 42,193 727,049 8,625,622 9,277,504 30 394,159 393,817 32 7,039,065 7,062,150 7,433,224 7,455,967 33 1,077,224 1,433,585 23 101,044 6,820 1,178,268 1,440,405 36 14,130 6,132 33 375,000 14,130 381,132 1,192,398 1,821,537 8,625,622 9,277,504 28,063 345,917 54

37(a) 1,890,585 (440,083) (16,961) (9,560) (3,557) (8,815) (322,979) (461,981) 17,891 23,747 1,564,979 (896,692) (1,113,412) (1,526,219) (1,245,728) (23,250) (12,633) 4,201 7,667 37(b) 46,428 44,113 (11,080) (9,613) (127,967) (184,679) 107,810 20,742 (129) (432) 1,405 1,785 39,965 56,796 77 725 8,273 17,485 166,263 (689) (2,890) 42,787 10,905 1,143 13,038 (2,249,874) (1,417,239) 55

1,840 670 7,024 636,561 (543,160) (533,357) (270,307) (987,224) (4,389) (3,990) (40,502) (7,550) (262) (1,724) (4,517) 33,253 (1,841,497) 123,863 (2,526,392) (2,190,068) 6,042,300 8,230,362 582 2,006 3,516,490 6,042,300 56

393,564 18,013,088 18,406,652 531,791 18,938,443 (11,427,673) (11,427,673) (157,624) (11,585,297) 33,253 33,253 (143,080) (143,080) 253 417 670 670 31,635 31,635 31,635 (1,724) (1,724) 393,817 6,617,467 7,011,284 262,616 7,273,900 1,145,920 1,145,920 8,760 1,154,680 (4,517) (4,517) 342 1,408 1,750 1,750 31,243 31,243 31,243 (21,660) (21,660) (21,660) (262) (262) 394,159 7,774,378 8,168,537 266,597 8,435,134 57

1. 1016 1606 2. 3. 9.408.22 43(a) 43(b) 90 6 58

59 3. (a) 1 23 32 1 2 7 8 9 39 18 1 16 18 19 23 27 28 31 36 38 39 40 17 (i) 1 (ii) 8 (iii) 17 17

3. (b) 3 27 38 39 17 2 8 1 7 36 39 19 5 9 60

4. 4.1 4.2 () 61

4. 4.3 4.4 4.5 20% 50% 62

4. 4.5 4.6 4.7 63

4. 4.7 50 4 20 3 5 2 10 4.8 4.9 17 64

4. 4.10 4.11 4.12 4.13 (a) (b) 65

4. 4.13 (c) 4.14 66

4. 4.14 4.15 4.16 67

4. 4.17 4.18 4.19 4.20 (a) 68

4. 4.20 (b) (a) 4.21 69

4. 4.22 4.23 4.24 70

4. 4.24 4.25 35% 4% 4.26 4.27 4.28 (a) 71

4. 4.28 (b) 4.29 4.30 (a) 4.27 (b) (c) 72

4. 4.30 (d) (e) (f) (g) 4.31 (i) (ii) (iii) 73

4. 4.32 4.33 5. 5.1 (a) (i) 74

5. 5.1 (a) (ii) 28 24(a) 33(b) 5% 5% 5%5% 9,900 853 5%5% 9,700 1,240 75

5. 5.1 (a) (iii) 0.5% 1,053,000 3,562,000 0.5% 13,000,000 26,000,000 (b) 31% 39% 63%75% 26 76

5. 5.1 (c) 43(b) 158,385 2,606 7,494 10,547 179,032 1,081,416 215,308 2,395,643 3,692,367 1,279,526 1,279,526 451,105 451,105 902,211 1,804,421 508 508 3,379,307 572,340 163,902 4,115,549 4,157 4,157 434,539 262,660 7,656 12,990 717,845 409,743 2,347,293 3,248,303 6,005,339 1,860,048 1,860,048 4,828 4,828 10,985 10,985 3,900,075 292,460 61,955 43 4,254,533 348 348 77

5. 5.1 (c) 1,279,526 1,279,526 14,130 14,130 375,955 375,955 1,860,048 1,860,048 6,132 6,132 (508) (508) 382 382 (3,112,858) (2,079,517) (5,192,375) 3,122,313 2,079,427 5,201,740 78

5. 5.2 33 (5,843,191) (6,711,861) 29 3,516,490 6,042,300 (2,326,701) (669,561) 15,446,523 12,609,664 15% 5% 5.3 7 79

5. 5.3 35,132 35,132 84 43,356 43,440 382 382 35,216 382 43,356 78,954 508 101,044 101,552 508 101,044 101,552 80

5. 5.3 38,626 (16,283) (2,930) (81,588) 7,660 (3,173) 43,356 (101,044) (2,930) (94,224) 6. (a) (b) 4.6 19 (c) 81

6. (d) (e) (f) (g) (h) (i) 109,371,000 97,716,000 82

7. 1,245,297 1,603,074 10,578,436 8,431,001 101,543 116,828 10,343 16,808 122,372 153,576 81,394 88,072 80,660 87,298 12,634 23,463 12,232,679 10,520,120 101,543,000 116,828,000 83

7. 2,898,329 1,856,395 7,310 9,861 1,121 5,707 2,906,760 1,871,963 (1,156,840) (744,390) (1,089,783) (700,723) (231,795) (241,756) (157,281) (168,033) (2,635,699) (1,854,902) 271,061 17,061 (169,518) 99,767 101,543 116,828 8. 84

8. 13,777,050 1,245,297 15,022,347 7 (2,898,329) (2,898,329) 101,543 101,543 7,118 7,118 10,987,382 1,245,297 12,232,679 EBITDA 1,001,395 237,061 (119,129) 1,119,327 27,565 (541,097) (138,993) (96,295) (75,726) (7,473) 623,838 191,267 21,225 (33,365) 19,558 148,385 (22,757) (6,895) (70,911) 1,157,653 85

8. 11,271,004 1,603,074 12,874,078 7 (1,856,395) (1,856,395) 116,828 116,828 (627,656) (627,656) 13,265 13,265 8,917,046 1,603,074 10,520,120 EBITDA 467,680 216,420 (140,125) 543,975 157,222 (1,143,951) (382,704) 461,994 1,503,093 (3,187) (12,330,305) (59,636) (42,194) 15,697 8,255 22,000 (30,733) (274,757) (11,555,231) 86

8. 16,311,283 2,596,784 54,946 18,963,013 8,210 994,851 1,003,061 857 857 8,530,191 792,754 1,204,934 10,527,879 15,188,978 2,712,342 750,644 18,651,964 4,070 828,559 832,629 730 730 8,556,539 986,774 1,834,751 11,378,064 11,031,432 9,110,428 679,557 742,103 521,690 667,589 12,232,679 10,520,120 87

8. 12,613,974 9,194,016 655,034 534,084 1,068,284 969,321 14,337,292 10,697,421 9. (a) 5,549 4,843 12,069 132,893 27a 5,041 11,776 24c 792 499 600 11,227 543 1,811 4,500 19,558 (42,194) 37b 148,385 8,255 15,697 22,000 9,663 12,054 2,200 2,000 (5,723) (8,267) (588) 7,431 (4,926) 15,516 28,625 221,036 200,793 88

9. (b) 347,584 352,417 106,337 706,987 13,042 7,494 16,216 20,599 8,385 15,057 564 917 48,969 40,480 39,339 68,099 444 5,045 2,067 1,188,709 1,418,312 460 463 6,379 6,739 698 (722) 754 711 23 9 63,650,000 105,882,000 9,584,000 31,635,000 89

10. (a) d 120 4,281 214 3,359 7,974 8,744 150 10,672 533 4,869 16,224 21,000 33 33 1,181 100 3,000 295 264 427 4,086 3,918 100 1,947 2,047 1,347 503 17,953 295 1,011 10,602 30,364 36,190 111 111 240 180 180 180 187 187 180 140 140 140 100 100 70 Martin Clarke Guido Paolo Gamucci 81 81 799 799 810 1,302 17,953 295 1,011 10,602 31,163 1,380 19,275 8,636 1,053 6,656 37,000 (i) (ii) 90

10. (b) (a) 15,535 13,822 4,061 4,634 148 547 d 2,453 4,239 22,197 23,242 5,500,0016,000,000 1 6,000,0016,500,000 1 6,500,0017,000,000 2 8,500,001 9,000,000 1 11,000,00111,500,000 1 3 3 (c) 5% 8% 22% 91

10. (c) 27,162,000 40,398,000 17,370,000 12,103,000 1,784,000 5,516,000 (d) 11. 316,596 466,815 102,456 122,272 12,453 10,036 439 838 (25,643) (38,216) 11,392 15,139 417,693 576,884 (278,700) (194,180) 138,993 382,704 12. (11,511) (8,786) (7,239) (2,021) (75) (376) a (52,241) 34 (4,660) 1,514,276 (75,726) 1,503,093 16.5% 16.5% 12% 25%12% 25% 92

12. 1,233,379 (13,058,324) (85,845) (51,885) (127) 1,147,407 (13,110,209) (122,670) 1,563,882 556 108,585 95,686 b 108,919 59,992 (60,501) (165,804) 4,580 5,070 (52,760) (53,373) (52,267) 667 1,204 (9,612) (4,787) (75,726) 1,503,093 a b 249/2004 326/2008 13. 34,076,000 10,142,034,000 93

14. : 1,149,113 (11,390,368) 3,938,463,224 3,937,281,082 5,670,154 3,944,133,378 3,937,281,082 15. 94

16. 1,582,702 80,809 1,394,341 1,039,250 3,685,424 7,782,526 44 4 267 286 601 925 35,863 5,099 32,927 978,598 1,053,412 (1,648) (1,648) (11,390) (64,153) (31,787) (107,330) 1,582,023 105,286 1,335,554 1,040,676 4,664,022 8,727,561 81,821 50,566 662,871 506,485 1,301,743 14 3 151 228 396 34,708 20,852 120,513 171,511 347,584 (220) (220) (10,548) (64,085) (22,773) (97,406) 116,323 60,873 719,450 655,451 1,552,097 1,465,700 44,413 616,104 385,225 4,664,022 7,175,464 1,863,868 54,559 1,149,085 960,091 1,790,481 5,818,084 2,541 180 12,774 10,675 26,170 7,596 9,731 17,327 2,718 23,980 87,517 94,774 1,894,943 2,103,932 (262,322) 262,461 (139) (18,457) (32,639) (1,117) (52,213) (5,646) (5,506) (84,857) (34,765) (130,774) 1,582,702 80,809 1,394,341 1,039,250 3,685,424 7,782,526 89,717 43,322 583,673 370,185 1,086,897 1,467 179 6,765 8,074 16,485 36,437 12,437 147,223 156,320 352,417 (26,602) 26,602 (18,457) (19,642) (1,117) (39,216) (741) (5,372) (81,750) (26,977) (114,840) 81,821 50,566 662,871 506,485 1,301,743 1,500,881 30,243 731,470 532,765 3,685,424 6,480,783 95

16. (a) (b) 278,700,000 194,180,000 8.41%5.16% (c) 15,065,000 17,084,000 33 (d) 63,650,000 105,882,000 (e) 3,851,000 17. 64,500 62,500 2,200 2,000 66,700 64,500 96

18. 1,540,529 1,580,777 5 232 2,862,972 (56,278) (40,480) 4,347,228 1,540,529 4,629,486 1,766,509 (282,258) (225,980) 4,347,228 1,540,529 4,122,278 1,309,564 221,637 227,571 4,343,915 1,537,135 3,313 3,394 4,347,228 1,540,529 2,847,000,000 1,446,000,0001,401,000,000 7,309,000 16 209,050,000 215,610,000 33 97

19. a b 33,014 16,887,329 22,467 16,942,810 12,633 12,633 (456) (456) 33,014 16,887,329 34,644 16,954,987 23,250 23,250 (594) (594) 33,014 16,887,329 57,300 16,977,643 2,415,211 6,934 2,422,145 706,987 7,494 714,481 17 17 12,330,305 12,330,305 15,452,503 14,445 15,466,948 106,337 13,042 119,379 (6) (6) 15,558,840 27,481 15,586,321 33,014 1,328,489 29,819 1,391,322 33,014 1,434,826 20,199 1,488,039 (a) 28,524,000 28,524,000 4,490,000 4,490,000 (b) 98

20. 1 1 3,830,000 3,921,679 3,830,001 3,921,680 15,265,501 15,140,848 (10,512,073) (10,512,073) 4,753,428 4,628,775 8,583,429 8,550,455 45(a) 21. 1,003,061 832,629 99

21. (a) 968,523 835,630 453,504 378,784 (330,157) (327,258) (88,809) (54,527) 1,003,061 832,629 664,175 630,969 (578,330) (579,084) 85,845 51,885 (b) 45(b) 22. 857 730 (a) 9,103 9,847 16,946 13,963 (6,868) (5,702) (18,324) (17,378) 857 730 23,830 24,164 (23,703) (24,164) 127 (b) 45(c) 100

23. a 1,522 b 382 382 1,522 a (10,985) 33b (101,044) (6,820) (101,044) (17,805) b (508) (101,552) (17,805) (a) (b) 600,000,000 314,000,000 24. a 43,440 38,626 b 44,957 80,049 28,353 36,609 1,423 15,518 72,973 63,034 c 107,935 3,485 d 53,579 52,890 352,660 290,211 101

24. (a) 43,356 38,626 84 23,010 23,010 (23,010) (23,010) 43,440 38,626 (b) 86,660 135,272 (9,589) (18,236) 77,071 117,036 (32,114) (36,987) 44,957 80,049 102

24. (b) 32,114 36,987 37,644 46,497 44,957 80,049 49,016 88,775 77,071 117,036 86,660 135,272 (c) 105,916,000 2,019,000 3,485,000 37(b) (d) 54,000,000 53,000,000 291,000,000 90 103

25. 32,017 33,476 7,291 8,480 6,223 8,459 14,695 17,117 9,909 13,041 70,135 80,573 6,602 5,104 2,646 3,021 5,437 5,324 14,685 13,449 84,820 94,022 26. a 415,506 581,092 b 414,048 943,608 3 52 25,243 41,099 584 599 c 7,951 4,719 24(b) 32,114 36,987 894,862 1,607,505 587 651 104

26. (a) 3060 120180 125,774 157,768 129,995 180,289 92,749 117,859 66,988 125,176 415,506 581,092 250,967 383,502 131,991 161,700 32,548 35,890 415,506 581,092 105

26. (a) 257,058,000 349,634,000 158,448,000 231,458,000 48,572 66,050 46,262 74,239 37,472 44,990 26,142 46,179 158,448 231,458 58,754,000 60,716,000 4.15 60,716 54,400 2,262 6,032 (4,326) (3,386) 102 3,670 58,754 60,716 106

26. (b) 50,617,000 37,000,000 (c) 27. a 91,556 191,621 b (4,157) (348) (a) 68,056,000 178,083,000 172,435,000 23,500,000 13,538,000 (b) 28. 35,132 15,574 107

29. 1,263,525 1,142,293 657 636 2,252,965 4,231,005 40,610 725,423 a 669,002 3,516,490 6,042,300 41,267 726,059 (a) 2,658,262 3,132,630 38,730 723,753 706,447 2,648,829 10 2 80,124 188,110 69,130 70,427 2,527 2,304 2,527 2,304 3,516,490 6,042,300 41,267 726,059 AAA 669,002 AA- AA+ 822,115 1,131,712 A- A+ 371,869 852,584 BBB+ 1,345,360 2,640,075 BBB 234,842 256,780 742,304 492,147 3,516,490 6,042,300 108

30. 0.10 9,000,000,000 900,000 3,935,639,361 393,564 2,530,000 253 3,938,169,361 393,817 3,420,000 342 3,941,589,361 394,159 31. 1.00 5.16 97,284,000 3.54 38,218,000 2.32 62,248,000 6.03 69,840,000 0.54 (3,420,000) 0.58 (2,530,000) 5.56 (54,270,000) 6.40 (8,244,000) 3.37 101,842,000 5.16 97,284,000 3.84 30,451,000 3.74 35,244,000 109

31. 3.33 5.69 0.5140 6.9720 0.51406.97204.354.30 0.5216 3,400,000 0.5140 3,870,000 3,870,000 4.5900 14,200,000 14,200,000 4.5900 2,340,000 2,340,000 6.9720 2,612,500 2,612,500 6.9720 2,612,500 2,612,500 6.9720 5,225,000 5,225,000 3.3200 383,000 383,000 2.1600 3,483,332 2.1600 3,483,332 2.1600 3,483,336 3.6000 642,000 0.5140 110,000 110,000 4.5900 3,500,000 9,400,000 4.5900 1,330,000 1,924,000 6.9720 625,000 8,552,000 6.9720 625,000 8,552,000 6.9720 1,250,000 17,104,000 3.8420 750,000 3.8420 750,000 3.8420 1,500,000 3.3200 4,718,000 4,911,000 3.3200 2,272,000 3.3200 2,272,000 3.3200 4,544,000 2.1600 13,712,986 2.1600 13,712,986 2.1600 13,713,028 3.6000 6,210,000 101,842,000 97,284,000 0.861.422.16 3.602.163.6058% 65% 2% 1.1% 1.9% 110

32. a 16,670,415 4,395 70 (2,717) 45,631 11,448 59,952 142,826 (10,314,553) 6,617,467 (7,764) (7,764) (3,173) (3,173) 1,426 (18) 1,408 31,243 31,243 (28,304) 6,644 (21,660) 7,744 7,744 1,149,113 1,149,113 16,671,841 4,395 70 (5,890) 45,631 19,192 62,873 135,062 (9,158,796) 7,774,378 16,669,970 4,395 70 (14,730) 103,195 28,762 100,397 1,121,029 18,013,088 42,429 42,429 12,013 12,013 445 (28) 417 31,635 31,635 (417) 417 (88,384) (88,384) (3,363) (3,363) 45,631 (45,631) (11,390,368) (11,390,368) 16,670,415 4,395 70 (2,717) 45,631 11,448 59,952 142,826 (10,314,553) 6,617,467 (a) 43210% 25% 77,391,000 111

32. 16,670,415 235,239 70 59,952 (9,903,526) 7,062,150 1,426 (18) 1,408 31,243 31,243 (28,304) 6,644 (21,660) (34,076) (34,076) 16,671,841 235,239 70 62,873 (9,930,958) 7,039,065 16,669,970 235,239 70 28,762 238,091 17,172,132 445 (28) 417 31,635 31,635 (417) 417 (10,142,034) (10,142,034) 16,670,415 235,239 70 59,952 (9,903,526) 7,062,150 112

33. 20,980 98,140 75,000 155,443 614,354 300,000 176,423 712,494 375,000 a 2,972,300 4,561,393 b 1,077,224 1,433,585 1,077,224 1,433,585 4,225,947 6,707,472 1,077,224 1,808,585 c 1,617,244 4,389 5,843,191 6,711,861 1,077,224 1,808,585 (1,342,045) (26,549) (41,443) (409,354) (375,000) (1,383,488) (435,903) (375,000) 4,459,703 6,275,958 1,077,224 1,433,585 (a) Galaxy Entertainment Finance Company Limited 600,000,000 350,000,000 9.875250,000,000 5 127,403,000 144,090,000 68,837,000 623,838,000 43(a) 113

33. (b) 240,000,000 1,872,000,000 9.36 7.44 100% 100% 75,000,000 34,875,000 191,267,000 1,433,585 1,320,525 (459,442) 625 (9,212) 102,456 122,272 1,077,224 1,433,585 9.23%9.23% 6,820 468,858 (2,131) 96,295 (461,994) 60 (44) 23 101,044 6,820 114

33. (b) (i) (ii) 82%62% (iii) (iv) 0.1%0.1% (c) 1,666,000,0001,617,000,000 451,105 4,828 404,311 4,389 451,105 404,311 902,211 808,622 1,804,421 4,828 1,617,244 4,389 115

33. (d) 157,603 431,514 821,574 2,160 262,160 1,900,580 1,077,224 6,480 6,480 2,150,726 2,660,813 1,433,585 10,180 12,340 176,423 712,494 2,972,300 4,561,393 1,077,224 1,433,585 375,000 1,077,224 1,433,585 375,000 1,077,224 1,433,585 (e) 2.6% 5.5% 1.8% 5.5% 9.8% 9.9% 9.23% 9.23% 5% 10% 116

33. (f) 997,997 2,613,074 375,000 (g) 176,423 712,494 176,423 712,494 375,000 375,000 2,972,300 4,561,393 3,040,065 2,126,461 1,077,224 1,433,585 1,059,867 1,191,654 1,077,224 1,433,585 1,059,867 1,191,654 1,617,244 4,389 1,634,090 4,162 5,843,191 6,711,861 5,910,445 4,034,771 1,077,224 1,808,585 1,059,867 1,566,654 (h) 134,980 679,701 375,000 4,049,524 5,994,979 1,077,224 1,433,585 40,794 32,792 1,617,893 4,389 5,843,191 6,711,861 1,077,224 1,808,585 117

34. 267,224 1,781,500 (901) 4,660 (1,513,375) 271,884 267,224 32,808 (11,756) 1,760,448 1,781,500 (1,403) 502 (901) (4,956) 2,973 (1,511,392) (1,513,375) 26,449 (8,281) 249,056 267,224 (2,220) 10,356 (3,476) 4,660 24,229 2,075 245,580 271,884 1,097,779,000 713,141,000 138,625,000 89,125,000 86,280,000 77,426,000 118

35. 102,904 69,682 172,586 (42) (42) 1,236 17,738 18,974 (14,114) (21,800) (35,914) 89,984 65,620 155,604 26,156 26,156 1,079 17,740 18,819 (14,044) (21,800) (35,844) 103,175 61,560 164,735 34,957,000 40,051,000 36. a 1,246,633 961,502 842,945 605,457 1,008,662 1,299,099 b 50,675 91,177 958,904 1,288,454 14,130 6,132 7,730 8,844 4,115,549 4,254,533 14,130 6,132 119

36. (a) 841,830 559,557 77,764 104,163 41,586 40,989 285,453 256,793 1,246,633 961,502 98,984 197,215 162,635 214,276 962,425 545,196 22,589 4,815 1,246,633 961,502 (b) 12,231,000 32,844,000 120

37. (a) 1,382,695 (13,189,499) 541,097 1,143,951 (2,200) (2,000) 5,723 8,267 588 473 (19,558) 37,694 (22,000) (148,385) (8,255) (15,697) (623,838) (191,267) 9,344 12,330,305 2,853 23,992 (17,902) (145,168) (9,663) (12,054) (1,143) (13,038) 9,584 31,635 928,584 177,950 9,202 (3,168) 717,390 (583,397) 231,328 (30,086) 3,809 (1,382) 272 1,890,585 (440,083) 121

37. (b) Boom Victory Investments LimitedBoom Victory50%47,085,000 Boom Victory Boom Victory 110,000,000 152,584 24(c) (105,499) 47,085 (477) (180) 46,428 152,584 (6,919) (477) 3,197 148,385 38. 937,194 1,867,222 3,947,994 5,842,168 122

38. 113,150 152,687 39. 37,486 48,453 44,610 76,423 89,185 105,082 171,281 229,958 40. 17,564 15,530 36,990 52,796 8,047 15,400 62,601 83,726 123

41. (a) 5,041,000 11,776,000 27(a) (b) 3,506,000 3,047,000 (c) 1,992,000 2,008,000 (d) 27 26(c) (e) 503 570 17,953 19,275 295 8,636 1,011 1,053 10,602 6,656 30,364 36,190 42. 855,148,000 638,800,000 249,537,000 479,425,000 9,125,000 9,125,000 9,125,000 9,125,000 124

43. (a) Galaxy Entertainment Finance Company Limited105,910,000 106,375,000 (b) 90 (c) 141 44. 45. (a) 1,000 10 100 1 1 100 10,000 1 80 1 1 100 1,100,000 10 100 2 1,000 100 100 2 2 10 100 2 1 100 2 1,000 100 100 28,080,002 1 100 200,002 100,000 100 100 2 1,000 10 100 9,000,000 1 63.5 2 2 1 100 2 1 100 2 1 100 2 1 100 1 1 100 10 1 100 10 1 100 125

45. (a) 10,000,000 100 1,560,000 100 350,000 100 20,000,000 100 2,420,000 100 2,100,000 100 2,450,000 100 2,800,000 100 31,500,000 100 17,400,000 100 10,000,000 100 4,000,000 60 126

45. (a) Canton Treasure Group Ltd. 10 1 100* Cheer Profit 10 1 100 International Limited Eternal Profits International 10 1 100 Limited 10 1 80 Galaxy Entertainment 10 1 90 Finance Company Limited 100 High Regard Investments 20 1 100 Limited 10 1 100* Profit Access Investments 10 1 100 Limited Prosperous Fields Limited 10 1 100 100 1 80 Taksin Profits Limited 17 1 100 951,900 100,000 90 100 2 25,000 100 3 30,000 100 1 100,000 100 2 25,000 90 100 2 25,000 100 2 100,000 90 100 * 127

45. (b) AHK Concrete Limited 1,000,000 1 50 8,389,000 30 316,250,000 25.6 50,000,000 40 6,000,000 35 2,800,000 50 2,450,000 30 116,000,000 40 60,000,000 50 374,520,000 32 4,000,000 50 5,000,000 35 825,000,000 25.6 (c) 2,000,000 1 36.5 128