NOVO G ROUP LTD. * 新源控股有限公司 ( 於新加坡註冊成立的有限公司 ) ( 公司註冊編號 198902648H) 香港股份代號 : 1048 新加坡股份代號 : MR8 * 僅供識別 二零一一年年報

2 4 6 11 12 14 15 17 20

2011 2

30 30 40 3

2011 4 9.3% 10.3% 501,600,000 403,000,000 24.5% 12,000,000 4,500,000 62.5% 59.4%75.2% 87.0% 11.5% 35,800,000 2.0 1.0 6.7 30.0% 70.0%

5 (1)(2) (3)(4) 1 1,600 2,000 15 30 100 40

2011 6 403,000,000 501,600,00024.5% 75.2% 59.4% 45.0% 626,700,000 670,000,00010 2,300,000 377,400,000 12,000,000 4,500,000 7.0% 3.0% 55,700,000 33,900,000 13.8% 6.8% 89,400,00030,700,000 97,800,000 60,300,000 501.6 403.0 377.4 89.4 34.8

7 800,000 4,200,000 2,600,000 2,500,000 362,200,000 20.4% 436,100,000 10,000,000 14,300,000 23,600,000 39,300,000 12,200,000 115.6%26,300,000 87.0%11.5% 71.1% 28.9% 436,200,000 286,400,000 57,900,000 116,500,000 3,400,000 4,100,000 100,000 18% 7% 75% 25% 16% 59%

2011 8 4,100,000 2,600,000 2,200,000 3,000,000 39,600,000 39.9%23,800,000 38.8% 17,700,000 65.4% 26.6% 1,300,000 5,600,000 6,700,000 2,500,000 1,600,000 19,300,000 17,600,000 1,700,000 24,700,000 35,600,000 14,500,000 1,000,000 2,600,000 35,800,000 35.8 2.790.44 95% 5,700,0002,500,000 15,300,000

9 90,000,000 22 28 35,800,000 32,000,000 15% 20% 2.35 2.79 71

2011 10

11

48 New Page Investments Limited Metallgesellschaft Hong Kong Limited British Steel (Asia) Limited Linkful Material Supply Ltd. Linkful Management Services Ltd. 24 8161 20 University of Durham 44 New Page Investments Limited Linkful Material Supply Limited Linkful International Holdings Ltd. Burwill Properties Limited Burwill Properties Limited 17 47 2011 12

Strategic Alliance Limited 18 42 14 46 Red Dot Consult Pte Ltd IDS Group Inchcape Marketing Services Limited 43 17 13

47 20 45 20 12 49 25 54 25 42 15 59 25 2011 14

Novo Commodities Pte Ltd 15

2011 16 I. (1) (2) (3)(4) II. III. IV.

(1) 4) 1) 2) 3) 3.5% 4.5% 5) (2) 1) 2) 17

(3) 1) 2) 4) 5) 6) 3) (4) 1) 2011 18

2) 3) 4) 5) 19

A.4.1 2011 20

4 21

3.10(1) (2) 2011 22

50 23

A.4.1 2011 24

25

14 3 2011 26

4 4 4 1 1 4 4 4 4 4 1 1 4 4 1 1 2 2 1 1 1 1 7110 27

120,000 % % % % % 250,001500,000 100 100 100 100 100 100 250,000 100 100 100 100 100 100 100 100 2011 28

% % % % 250,000 100 100 100 100 100 100 100 100 100 100 100 100 100 100 150,000 29

Messrs Baker Tilly TFW LLP 2011 30

42 Messrs. Baker Tilly TFW LLP 73,951 6,747 80,698 www.novogroupltd.com info@novogroupltd.com 31

2011 32

34 41 42 43 44 45 46 49 51 105 106 108

43 104 1.0 2.0 14 8,740,000 13,000 23 2,950,644 3,977,520 2011 34

58% 57%28% 5% 89 88 3.13 35

10 (a) (i) 5,759,031 23,036,124 119,656,250 478,625,000 2,468,156 9,872,624 117,143,750 468,575,000 17,500 70,000 4 1 New Page Investments Limited 7 7 3 3 2011 36

(a) (ii) 507(4) 20% Novo Commodities Private Limited 1 100,000 51,000 100,000 51,000 510,000 510,000 510,000 510,000 Eastern Bulk Pte Ltd 700,000 700,000 700,000 700,000 2 2,000,454 ## 2,000,454 ## 16,000,000* 16,000,000* 16,000,000* 16,000,000* 4,000,000* 4,000,000* 4,000,000* 4,000,000* * ## 1 Novo Commodities Private Limited 2 37

(a) (iii) (b) 571XV 352 2 117,143,750 68.58 8,271,531 4.84 125,415,281 73.42 2,468,156 1.45 17,500 0.01 1: 170,804,269 2: 117,143,750New Page Investments LimitedNew Page Investments Limited70% 30% XVNew Page Investments Limited 2011 38

352 XV 336 5% New Page Investments Limited 117,143,750 68.58 117,143,750 68.58 8,271,531 4.84 125,415,281 73.42 125,415,281 336 39

201B(5) (i) (ii) (iii) (iv) (v) 9 Baker Tilly TFW LLP Baker Tilly TFWLCL Baker Tilly TFW LLP Baker Tilly TFW LLP 2011 40

(i) 43 104 (ii) 41

43104 Baker Tilly TFW LLP 2011 42

5 501,605,557 403,023,420 (467,681,826) (347,332,201) 33,923,731 55,691,219 6 2,620,816 4,052,324 7 (23,848,809) (39,592,434) (6,721,432) (5,594,621) (235,228) 276,214 8 (1,034,542) (1,072,572) 46,012 (52,568) 9 4,750,548 13,707,562 11 (297,829) (1,691,231) 4,452,719 12,016,331 12 4,520,933 11,775,484 (68,214) 240,847 4,452,719 12,016,331 13 2.65 7.61 13 2.65 7.61 43

4,452,719 12,016,331 327,609 4,030 327,609 4,030 4,780,328 12,020,361 4,817,401 11,778,174 (37,073) 242,187 4,780,328 12,020,361 2011 44

14 9,818,297 7,624,809 1,499,567 15 509,734 463,722 26,290 16 79,588,416 79,588,416 10,328,031 8,088,531 1,525,857 79,588,416 79,588,416 17 19,347,103 26,527,884 18 35,599,421 24,679,502 37,310,932 34,490,542 33,973,595 11,571 200,134 19 35,828,192 32,012,461 20,960,351 332,464 1,864,706 90,786,287 83,219,847 58,471,417 34,823,006 35,838,301 101,114,318 91,308,378 59,997,274 114,411,422 115,426,717 20 183,675 178,768 21 20,238,410 14,523,305 19,551,190 117,241 102,852 20 3,867 3,686 22 18,076,464 13,905,082 306,998 1,421,901 71,247 3,125 5,933 38,625,739 29,853,974 19,622,437 120,366 108,785 38,809,414 30,032,742 19,622,437 120,366 108,785 62,304,904 61,275,636 40,374,837 114,291,056 115,317,932 23 32,238,531 32,238,531 24,013,831 108,739,451 108,739,451 24 (1,990,536) 26,015,552 25,335,618 17,771,441 2,950,644 3,977,520 298,827 2,359 (331) 25 2,600,961 2,600,961 2,600,961 2,600,961 61,153,871 60,177,469 39,794,405 114,291,056 115,317,932 1,151,033 1,098,167 580,432 62,304,904 61,275,636 40,374,837 114,291,056 115,317,932 45

24,013,831 (1,990,536) 17,771,441 (331) 39,794,405 580,432 40,374,837 11,775,484 11,775,484 240,847 12,016,331 2,690 2,690 1,340 4,030 2,690 2,690 1,340 4,030 11,775,484 2,690 11,778,174 242,187 12,020,361 24 (1,144,469) (1,144,469) (1,144,469) 24 3,135,005 2,600,961 5,735,966 5,735,966 23(a) 8,224,700 8,224,700 8,224,700 26 (4,211,307) (4,211,307) (4,211,307) 8,224,700 1,990,536 (4,211,307) 2,600,961 8,604,890 8,604,890 262,079 262,079 13,469 13,469 275,548 275,548 8,224,700 1,990,536 (4,211,307) 2,600,961 8,604,890 275,548 8,880,438 32,238,531 25,335,618 2,359 2,600,961 60,177,469 1,098,167 61,275,636 2011 46

32,238,531 25,335,618 2,359 2,600,961 60,177,469 1,098,167 61,275,636 4,520,933 4,520,933 (68,214) 4,452,719 296,468 296,468 31,141 327,609 296,468 296,468 31,141 327,609 4,520,933 296,468 4,817,401 (37,073) 4,780,328 26 (3,844,067) (3,844,067) (3,844,067) (3,844,067) (3,844,067) (3,844,067) 3,068 3,068 89,939 93,007 3,068 3,068 89,939 93,007 (3,840,999) (3,840,999) 89,939 (3,751,060) 32,238,531 26,015,552 298,827 2,600,961 61,153,871 1,151,033 62,304,904 47

100,514,751 (1,990,536) 2,950,635 101,474,850 5,238,192 5,238,192 24 (1,144,469) (1,144,469) 24 3,135,005 2,600,961 5,735,966 23(a) 8,224,700 8,224,700 26 (4,211,307) (4,211,307) 8,224,700 1,990,536 (4,211,307) 2,600,961 8,604,890 8,224,700 1,990,536 (4,211,307) 2,600,961 8,604,890 108,739,451 3,977,520 2,600,961 115,317,932 2,817,191 2,817,191 26 (3,844,067) (3,844,067) (3,844,067) (3,844,067) (3,844,067) (3,844,067) 108,739,451 2,950,644 2,600,961 114,291,056 2011 48

4,750,548 13,707,562 (3,767) (921) 24,176 298,990 140,285 1,546 578,913 435,267 (18,265) (23,753) (46,012) 52,568 19C (1,271) 135,000 5,696,953 14,333,913 7,180,781 (26,527,884) (11,054,919) 12,607,960 6,741,679 (6,367,325) (292,094) (99,576) 8,272,400 (6,052,912) (1,416,201) (122,964) 18,265 23,753 6,874,464 (6,152,123) 231 19D (2,412,104) (6,081,785) 19A (12,745) 19B 47,013 19C (47,418) (490,000) (2,424,618) (6,572,190) 49

24 (1,144,469) (738,247) 738,247 (288,630) 602,732 (3,844,067) (4,211,307) 10,883,732 (14,896,811) 5,735,966 2,667,024 9,960,225 5,694,300 4,957,652 (4,238,182) (1,012,796) (578,913) (435,267) 8,224,700 105,752 274,980 9,662,769 8,793,852 14,112,615 (3,930,461) 13,047,929 16,892,630 586,848 85,760 19 27,747,392 13,047,929 2011 50

1. 198902648H New Page Investments Limited 20 Harbour Drive #05-01 PSA Vista Singapore 117612 16 2. (a) 3 51

2. (a) (i) 103 103 103 (ii) 27 27 27 2011 52

53 2. (a) 1 1 24 115 119 12 101 107 101 107 114 2010 24 24 24 24 (b) 50%

2. (b) (c) 2(e) 2011 54

2. (c) (d) 55

2. (d) (e) 2(d) (f) 2011 56

2. (g) (h) (i) 57

2. (i) (j) 40 50 5 20 3 6 5 5 2011 58

2. (j) (k) (l) (i) 59

2. (l) (i) (ii) (iii) (iv) (v) 2011 60

2. (l) (v) (m) (n) (o) 61

2. (o) (p) (q) (i) (ii) 2011 62

2. (q) (ii) (iii) (a) (b) (c) (r) 63

2. (s) (i) (ii) (t) (u) (v) (w) 2011 64

2. (x) (TEDA) 3. (a) (i) 39 30(a) (ii) 306,998 1,421,901 65

3. (b) 4. 3 50 9,818,297 7,624,809 (a) 1 (ii) 3,524,659 (ii) 2,743,625 3,909,791 (ii) 7,196,884 3,283,108 (iii) 407,138 257,151 (iv) 109,666 (v) 49,860 (vi) 29,812 (vi) 257,205 (vii) 326,825 (viii) 134,000 (ix) 3,590 (x) 28,846 (xi) 73,134 (xi) 1,896,558 (xii) 4,962,864 (xii) 4,477,100 (xiii) 385,171 (xiv) 8,077 10,385 2011 66

4. (a) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) 10.13 10 2 Focus Capital Investment IncFocus Capital 134,000Focus Capital Focus Capital Focus Capital (ix) (x) (xi) (xii) (xiii) (xiv) 75,000 9,615 1 1 14A 67

4. (b) 5. 89,406 61,257 1,366,361 1,709,884 25,082 14,444 1,480,849 1,785,585 900,893 1,378,581 579,956 407,004 10 1,480,849 1,785,585 487,345,085 388,087,008 14,260,472 9,973,548 4,962,864 6. 501,605,557 403,023,420 20 3,767 921 200,000 1,271 2,227,153 2,975,659 17,939 12,731 28,846 55,519 699,341 298,173 109,802 2,602,551 4,028,571 18,265 23,753 2,620,816 4,052,324 2011 68

7. 408,486 76,655 40,761 104,346 15,155 12,346 2,112,317 6,104,407 17,705,307 28,894,410 193,865 150,481 7,303 8,778 238,355 189,040 109,666 1,488,128 2,026,755 850,921 775,090 11,665 829 641,040 552,445 449,481 273,211 23,848,809 39,592,434 8. 455,629 637,305 578,913 435,267 1,034,542 1,072,572 69

9. 125,999 116,274 6,747 5,473 263,225 29,916 298,990 140,285 1,546 460,501,045 342,855,101 4,477,100 1,067 7,064 96,076 90,414 (1,208,456) (384,738) (8,718) 84,347 24,176 (12,923) 10 3,694,059 3,285,596 135,000 10. 3,559,870 3,201,848 134,189 83,748 3,694,059 3,285,596 2011 70

10. (a) 32,423 25,329 36,083 10,384 10,516 31,600 Tan Siok Chin 4,328 89,406 61,257 (b) 320,000 1,538 321,538 256,000 1,538 257,538 231,000 1,411 232,411 807,000 4,487 811,487 836,773 1,539 838,312 477,474 1,538 479,012 1,314,247 3,077 1,317,324 71

10. (c) (b) 367,672 288,891 3,077 5,869 370,749 294,760 1,500,000 2,000,000 1 1,000,000 1,500,000 1 500,000 1,000,000 3 500,000 2 3 2011 72

11. 240,000 48,755 (24,945) 13,241 1,558,461 (6) 10,037 82,643 60,737 137 297,829 1,691,231 4,750,548 13,707,562 (46,012) 52,568 4,704,536 13,760,130 340,398 1,579,704 287,935 213,918 (193,514) (87,130) (22,678) (133,698) (24,814) 23,278 (429) (24,863) (61,117) 99,540 11,289 (16,472) (2,287) 297,829 1,691,231 73

11. 17%17% Novo Commodities Pte. Ltd. 10% 16.5%16.5% 25% 25% 688,000 450,000 114,000 76,000 39,000 18,000 12. 2,817,191 5,238,192 2011 74

13. 4,520,933 11,775,484 170,804 154,712 23(b) 14. 6,954,465 31,338 69,956 329,865 71,952 463,788 7,921,364 37,433 16,622 416,060 57,295 1,884,694 2,412,104 (5,478) (5,478) 56,289 139 190 5,527 22,763 84,908 7,010,754 63,432 86,768 751,452 129,247 2,371,245 10,412,898 146,270 11,979 24,072 73,990 40,244 296,555 154,114 9,356 15,972 97,454 22,094 298,990 (3,701) (3,701) 1,183 37 46 1,491 2,757 301,567 17,671 40,090 172,935 62,338 594,601 6,709,187 45,761 46,678 578,517 66,909 2,371,245 9,818,297 75

14. 1,369,974 22,840 37,212 154,048 71,632 1,655,706 5,584,491 8,314 32,430 175,817 320 463,788 6,265,160 184 314 498 6,954,465 31,338 69,956 329,865 71,952 463,788 7,921,364 87,335 6,847 11,271 24,773 25,913 156,139 58,917 5,117 12,723 49,197 14,331 140,285 18 15 78 20 131 146,270 11,979 24,072 73,990 40,244 296,555 6,808,195 19,359 45,884 255,875 31,708 463,788 7,624,809 (TEDA) 183,37520 22 5,542,089 5,672,760 5,542,089 5,672,760 1,167,098 1,135,435 6,709,187 6,808,195 2011 76

15. % % Global Wealth Trading Limited Rico Group Limited # 100 1 Novostal Pte. Ltd. @ 2,000,000 1 Rico Group Limited @@ 15,600,000 1 2,000,000 Novo Commodities PTE Ltd. POS-SEA Pte. Ltd. @@@ 1 30 30 30 30 30 30 24.5 24.5 # @ @@ @@@ Tan, Teo & Partners PAC Uhy Lee Seng Chan & Co 48,539,299 16,738,990 (512,016) (336,208) 3,314,528 5,791,125 (3,912,807) (5,880,351) Rico Group Limited Novostal Pte Ltd551,805 508,617 252,562 85,804 804,367 594,421 77

16. 79,588,416 79,588,416 (a) % % ** 8,000,000 1 Nova Maritime (B.V.I.) 101 Limited # 100 100 100 100 Novo Overseas Holdings Pte. Ltd.* 200,0001 100 100 Novo Commodities Pte. Ltd.* 200,0001 100 100 Global Wealth Trading 101 Limited # # 101 Novo Development Limited # 101 Iron Shipping Limited # 101 ** 1,000,0001 100 100 100 100 100 100 100 100 100 100 2011 78

16. (a) % % Novo Commodities Private 100,00010 Limited @ 100 51 Global Wealth Trading Limited Xinghua Holdings Limited # 50,00020 100 100 @@ 101 100 100 Novo Development Limited (BVI) @@ 101 100 100 Xinghua Holdings Limited @@ 101 100 100 @^^ 20,000,000 80 80 2,285,961 @^ 100 100 79

16. (a) % % Novo Overseas Holdings Pte. Ltd. Novosteel DMCC*** 1002,000 100 100 Novo Commodities 101 PTE Ltd # Novo Steel Limited # 101 Novo Resources Limited # 101 Novo Shipping Limited # 101 Novo Investment Limited # 101 Novo ETP Limited # 101 100 100 100 100 100 100 100 100 100 100 100 Novo Investment Limited(BVI) Novo Investment Limited** 10,0001 100 100 Novo Steel Limited(BVI) ** 1,000,0001 51 51 Novo Shipping Ltd(BVI) Eastern Bulk Pte. Ltd.* 1,000,0001 70 70 @^^^ 5,000,000 80 80 2011 80

16. (a) % % Novo ETP Limited (BVI) ## 10,0001 100 2,105,741 95 ##^^ * Baker Tilly TFW LLP ** Baker Tilly Hong Kong *** Baker Tilly MKM Chartered Accountants @ @@ # ## ^ ^^ ^^^ (b) Novo ETP Limited 17. 19,347,103 26,527,884 6,060,030 7,154,900 22 81

18. 9,300,806 3,877,047 17,428,130 10,006,164 26,728,936 13,883,211 1,400,000 2,600,000 33,687 31,920 129,695 288,933 1,101,059 809,775 38,337 204,515 4,328,555 3,933,956 19,331 31,897 33,032,874 31,137,183 1,849,327 2,018,459 985,477 2,557,204 442,685 1,156,044 8,870,485 10,796,291 34,490,542 33,973,595 35,599,421 24,679,502 34,490,542 33,973,595 9,477,396 2,424,684 22 16,964,760 8,065,031 1 432,474 1,475,045 1 3 24,755 289,658 3 12 6,141 176,430 463,370 1,941,133 17,428,130 10,006,164 2011 82

18. 30 817,648 1,492,762 22,329 169,462 22,577 77,623 35,339 57,186 448 2,178 9,502 4,084 720 (7,887) 1,822,700 19. 27,747,392 13,047,929 332,464 1,864,706 390,446 7,690,354 18,964,532 35,828,192 32,012,461 332,464 1,864,706 (8,080,800) (18,964,532) 27,747,392 13,047,929 83

19. 1 811 152 0.01% 0.2%0.01% 0.28% 22 0.001% 0.125%0.0001% 0.125% 9,045,969 14,504,250 301,808 1,725,575 282,070 251,419 148,572 161,387 747 23,127 16,328 12 12 59 1,098 3,176 7,607 254 254 3,756,475 410,740 19A. 12,745 Novo Commodities Private Limited49% Novo Commodities Private Limited 2,979 104,715 986 (87,171) 10,762 32,271 (16,458) 15,813 (3,068) 12,745 12,745 12,745 2011 84

19B. 128 1,000 10% 55% 1,824 47,141 (77,635) (28,670) 12,901 15,897 128 47,141 (128) 47,013 19C. 705 5,500 55% 1,119 48,123 (79,174) 13,469 15,897 (566) 1,271 705 (48,123) (47,418) 85

19D. 2,412,104 6,265,160 183,375(TEDA) 2,412,104 6,081,785 20. 183,375 183,375 9,000 192,375 183,375 921 6 3,767 921 145 4,833 921 187,542 182,454 3,867 3,686 183,675 178,768 187,542 182,454 (TEDA) 14 2011 86

21. 5,883,832 11,919,382 11,827,610 436,359 1,289,755 674,206 117,168 99,482 923,111 122,663 73 3,360 10 738,247 29,716 314,102 602,732 14,354,578 2,603,923 117,241 102,852 20,238,410 14,523,305 117,241 102,852 22 0 3 5,795,265 11,710,367 3 6 163,045 6 12 12 88,567 45,970 5,883,832 11,919,382 87

21. 423,283 6,192,558 69,229 (579,819) 31,064 5,390 123,800 169,029 86,177 4,493 7,695 22. 1 2,602,063 2,961,965 2,847,150 982,890 4,815,384 4,700,000 1,039,136 1,351,800 5,420,931 5,260,227 18,076,464 13,905,082 8,344,526 2,602,063 2,961,965 2011 88

22. i) 14 ii) 19 iii) 17 18 iv) v) vi) 5,542,089 5,672,760 6,060,030 7,154,900 9,477,396 2,424,684 8,080,800 18,964,532 29,160,315 34,216,876 % % % 1 1.09 0.98 5.96 4.62 1.84 2.77 2.82 2.30 2.33 2.31 89

22. 196 32,561 32,417 8395 1 90165167 14 9015090 90 6012090 23. 631,378,640 24,013,831 631,378,640 100,514,751 (a) 51,841,000 8,224,700 51,841,000 8,224,700 683,219,640 32,238,531 683,219,640 108,739,451 (b) (512,415,371) (512,415,371) 170,804,269 32,238,531 170,804,269 108,739,451 (a) (b) 0.23 51,841,000 271,935 2011 90

24. 23,280,000 1,990,536 12,879,000 1,144,469 (36,159,000) (3,135,005) 12,879,000 1,144,469 36,159,000 5,735,9662,600,96125 25. 26. 0.5 0.5 2,519,717 2,090,537 1.0 0.5 1,324,350 2,120,770 3,844,067 4,211,307 2.0 91

27. (a) 1,386,108 40,290 2,068,470 1,386,108 2,108,760 (b) 28. 92,356 91,143 98,268 7,097 190,624 98,240 (a) 26,458,140 20,165,164 (b) 478,721,986 309,761,103 2011 92

28. (b) 29. 30. (a) 25,197,556 19,992,680 34,452,205 33,769,080 35,828,192 32,012,461 332,464 1,864,706 61,025,748 52,005,141 34,784,669 35,633,786 8,410,800 14,086,946 117,241 102,852 18,076,464 13,905,082 26,487,264 27,992,028 117,241 102,852 (b) 93

30. (b) (i) 478,721,986 309,761,103 76.8%77.4%5 5.19%8.18% 2011 94

30. (b) (i) 18 (ii) 95

30. (b) (ii) 1 1 5 5 1 1 5 5 8,410,800 8,410,800 14,086,946 14,086,946 15,977,637 1,562,928 749,160 18,289,725 11,405,482 1,556,011 1,134,842 14,096,335 24,388,437 1,562,928 749,160 26,700,525 25,492,428 1,556,011 1,134,842 28,183,281 1 1 5 5 1 1 5 5 117,241 117,241 102,852 102,852 478,721,986 478,721,986 309,761,103 309,761,103 478,839,227 478,839,227 309,863,955 309,863,955 2011 96

30. (b) (iii) 1,574,804 18,964,533 1,000,350 982,890 25,121,155 11,881,794 17,076,114 12,922,192 50 (iv) 13,300,000 15,300,000 2,600,000 960,000 630,000 8,600,000 10,950,000 2,960,000 97

30. (b) (iv) 5%5% (87,064) (65,438) 5%5% 87,064 65,438 5%5% 446,146 719,378 5%5% (446,146) (719,378) 5%5% 105,239 12,571 5%5% (105,239) (12,571) 5%5% (250,567) (289,091) 5%5% 250,567 289,091 31. 2011 98

31. 18,076,464 13,905,082 20,238,410 14,523,305 38,314,874 28,428,387 (27,747,392) (13,047,929) 10,567,482 15,380,458 61,153,871 60,177,469 71,721,353 75,557,927 % % 15 20 32. 99

32. 377,411,969 30,656,365 89,383,289 4,153,934 501,605,557 11,262,257 (451,937) 3,134,590 161,197 14,106,107 2,620,816 (10,987,845) (1,034,542) 46,012 4,750,548 (297,829) 4,452,719 100,604,584 509,734 101,114,318 38,809,414 38,809,414 2,412,104 298,990 132,779 2011 100

32. 239,219,724 60,276,455 97,798,123 5,729,118 403,023,420 15,638,893 413,280 4,150,146 490,084 20,692,403 4,052,324 (9,912,025) (1,072,572) (52,568) 13,707,562 (1,691,231) 12,016,331 90,844,656 463,722 91,308,378 30,032,742 30,032,742 6,265,160 140,285 107,252 101

32. 4 436,229,265 286,418,253 9,803,087 7,600,465 57,907,350 116,503,127 12,479 21,099 3,383,500 2,731 3,245 4,085,442 102,040 501,605,557 403,023,420 9,818,297 7,624,809 509,734 463,722 10,328,031 8,088,531 2011 102

32. (i) (ii) (iii) (iv) 90,383,000 76,840,000 33. 9,818,297 (1,167,098) 1,167,098 8,651,199 1,167,098 7,624,809 (1,135,435) 1,135,435 6,489,374 1,135,435 17 17 103

34. 30,000,00090,000,000 Qingdao Novo Port Investment Logistic Limited98% 7,500,000 13,500,000 2,500,000 35. 1 2,600,468 (2,600,468) 11,304,614 2,600,468 13,905,082 36. 2011 104

479,970 523,692 403,023 501,606 11,610 1,587 11,775 4,521 9.96 1.00 7.61 2.65 2,127 1,526 8,088 10,328 78,332 58,471 83,220 90,786 80,459 59,997 91,308 101,114 (40,244) (19,622) (30,033) (38,809) (18) (580) (1,098) (1,151) 40,197 39,795 60,177 61,154 105

154,908,683 170,804,269 1 25.1% 723 % % 1 999 1,828 57.87 109,461 0.06 1,000 10,000 795 25.17 4,068,148 2.38 10,001 1,000,000 529 16.74 23,921,158 14.01 1,000,001 7 0.22 142,705,502 83.55 3,159 100.00 170,804,269 100.00 2011 106

% 1. NEW PAGE INVESTMENTS LIMITED 78,156,250 45.76 2. 51,289,000 30.03 3. 5,759,031 3.37 4. 2,468,156 1.45 5. LIU LU OR ZHU ZHENGHONG 1,880,000 1.10 6. UOB KAY HIAN PTE LTD 1,614,594 0.95 7. CIMB SECURITIES (SINGAPORE) PTE LTD 1,538,471 0.90 8. OCBC SECURITIES PRIVATE LTD 894,805 0.52 9. DBS VICKERS SECURITIES (S) PTE LTD 797,377 0.47 10. LAM YEE PAN 641,500 0.38 11. ZHU ZHENGHONG LIU SHOU ZHENG 566,000 0.33 12. HG METAL INVESTMENTS PTE. LTD. 500,000 0.29 13. SURINDER VIR SINGH 417,000 0.24 14. RAFFLES NOMINEES (PTE) LTD 393,136 0.23 15. KIM ENG SECURITIES PTE. LTD. 386,992 0.23 16. SIM SUAY HWA 375,000 0.22 17. CHAN SIEW HONG 350,000 0.20 18. WONG POON THYE 345,000 0.20 19. NEOCORP INNOVATIONS PTE. LTD. 313,870 0.18 20. DBS NOMINEES PTE LTD 295,788 0.17 148,981,970 87.22 % % (1) 5,759,031 3.37 119,656,250 70.05 (2) 2,468,156 1.45 117,143,750 68.58 New Page Investments Limited (3) 78,156,250 45.76 38,987,500 22.82 (1) New Page Investments Limited 70% New Page Investments Limited 117,143,7502,512,500 (2) New Page Investments Limited 30% New Page Investments Limited 117,143,750 (3) New Page Investments Limited 38,987,500 107

168 11 1109-1111 (852) 2517 7989 (852) 2915 5122 Boardroom Corporate & Advisory Services Pte Ltd 50 Raffles Place, #32-01 Singapore Land Tower Singapore 048623 28 26 Baker Tilly TFW LLP 15 Beach Road #03-10 Beach Centre Singapore 189677 Tiang Yii 1048 MR8 www.novogroupltd.com 1 77 7706-08 20 Harbour Drive #05-01 PSA Vista Singapore 117612 (65) 6323 2213 (65) 6323 2667 2011 108