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(4) www.hkeipo.hk (5) 1,000,000 2011 6 30 2826 (6) 2011 6 24 2011 6 28 2.35 2.35 1% 0.005% 0.003% 2011 7 4 ii

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5.22 260.0 2010 12 31311.8 201210,500 JORC 2012 AME 5% 2009 11 2 2010 2 1

20 120 207 2011 2 2010 7 VMS 2010 5 2010 5 51%2006 JORC VMS VMS VMS 51% 49% 2011 1 1 5.22 2012 10,500 207 2

2010 618.6 2010 23.1%2010 119.4 2010 12 31 260.0 311.8 AME AME 5% 66% 90 31.2 3

2012 10,500 26 2010 12 31 JORC TFe % mfe % TFe mfe................ 85.80 21.39 18.48 18.35 15.85................ 174.21 19.97 17.30 34.79 30.13................ 260.01 20.43 17.68 53.14 45.98 99%JORC 18 2010 12 31JORC JORC TFe % mfe % TFe mfe I................ 40.32 23.36 21.00 9.42 8.47................ 20.24 20.60 17.96 4.17 3.64................ 60.56 22.43 19.98 13.59 12.10 II................ 40.28 22.46 18.37 9.05 7.40................ 61.10 22.20 17.67 13.50 10.79................ 101.38 22.24 17.94 22.55 18.19 III................ 19.20 20.92 18.52 4.02 3.56................ 129.81 20.60 18.53 26.74 24.05................ 149.01 20.64 18.53 30.76 27.61 IV................ 0.81 19.15 16.78 0.16 0.14................ 99.80 22.53 19.46 22.48 19.42................ 211.96 21.03 18.22 44.57 38.62................ 311.76 21.51 18.62 67.05 58.04 99% JORC 18 4

2011 1 1 2011 1233.0 60 2011 3 20 2011 8 2 2 66% 2011 6 2011 8 2011 93,000 760 2010 9 7,000 1,770 3 2011 10,500 2,655 20122012 10 10,500 2,655 5

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2011 7,000 380.02010 12 31 84.6.............................................. 49.9 3......................................................... 55.9 3............................................................. 85.4 29......................................................... 83.7................................................................. 40.3................................................................... 13.6................................................................. 17.0................................................................. 7.0............................................................ 27.2............................................................ 380.0 2012 10,500 2012 10 277.2.............................................. 50.0 4......................................................... 56.0 4.............................................................. 85.0................................................................. 29.3................................................................... 15.0................................................................. 16.9................................................................. 10.0............................................................ 15.0............................................................ 277.2 303.22010 12 31 1.72011 7 2011 112013................................................................. 90.0............................................................ 150.0..................................................................... 63.2............................................................ 303.2 7

2011 4 28 3% 66%30% 2009 2011 20112012 100 28 2011 12 1,140 8

VMS (i) (ii) 9

0.75 0.75 30 2009 11 2 2010 2 5.28 2.06 2012 20116 23 2 20 29 720.0 10

207 303.2 2011 7 2011 2 2011 4 2011 5 12015 12 31 201120122013 20142015 507,000897,0001,287,0001,287,000 1,287,000 150 VMS VMS 11

60 10 VMS 2006 6 1 469 VMS VMS VMS 10 10 VMSVMS VMS 51% 49% VMS VMS VMS 2011 1 1 2010 122011 5 2011 3 2011 5 12

2009 12 2010 5 6 2006 12 China Energy China EnergyChina Energy China Energy China Energy China Energy Jun Tang Zhao Precise Power Holdings Limited Yan Hong Zhao 2008 3 U.S. District Court for the Eastern District of New York China Energy Jun Tang Zhao 33 2009 12 4 Precise Power Holdings Limited2004 2006 Precise Power Holdings Limited 2009 (1) 2010 5 10 4 (2)(3)Precise Power Holdings Limited(4) Jun Tang Zhao Yan Hong Zhao 51% 13

2006 VMS VMS 60 2010 5 17Bright Prosper Bright Prosper 2010 6 1Citicorp International Limited 96 2010 6 1 39.8 56.2 39.8 VMS VMS 51%VMS (i) (ii) (iii) 2010 6 4 Bright Prosper Zhao SPV 140.051% 14

51% 2010 5 VMS 51% 96.0 VMS VMS 51%VMS 2010 6 9VMS 44.2 56.2 VMS 2010 6 18 2010 7 12 Modern GlobalVMS Fast Fortune 51%139.0 51%2010 7 12 2010 7 122010 9 222010 9 27 139.0 2010 9 27 51% 2011 1 1 2008 VMS 2011 1 28 2011 2 18VMS 49% 138.7 VMS 100% 321.9 15

51% (1) (2) (1) (2) (3) 16

(4) 15 200820092010 12 312008 20092010 12 31 12 31 2008 2009 2010 (1).................................................................................................................................................... (227) (2,136) (7,747)................................... (95)............................ (27) 4,894......................... 15.............. (227) (2,148) (2,948)................................................. (227) (2,148) (2,948).................. (144) (85)............................... (371) (2,233) (2,948)............................. (367) (2,204) (2,921)............................... (4) (29) (27) (371) (2,233) (2,948) (1) 17

12 31 2008 2009 2010................................. 67,846 67,766 357,811................................... 492 18,296 116,931................................... 68,338 86,062 474,742................................... 53,025 48,087 438,490............................... (52,533) (29,791) (321,559)......................... 15,313 37,975 36,252................................. 1,180 1,180 1,180................................... 14,133 36,795 35,072................................... 14,133 36,795 35,072 12 31 2008 2009 2010...................... 784 340 4,043........... (86) (11,913) 13,570...................... (5,513) (10,374) (233,334).................. 5,155 26,017 273,120..................................... (444) 3,730 53,356............................. (27) (1,465)...................... 340 4,043 55,934 2010 12 31 18

(1) (2) (3) 2011 6 309.6 11.5 (1) 2011 6 306 2011 6 306 (A) (2) 2011 4 3042011 6 30 2 2011 6 306 (3) 2011 56 1,120 2011 56 10% 20% 2011 6 306 333,000 665,000 100,000,000 144A S 660,000,000 200,000,000 19

40,000,000 144A S 1.75 2.35 (1)....................................................... 7,000 9,400 (2).................... 0.31 0.43 (1) 4,000,000,000 (2) 1.75 2.35 4,000,000,000 20

2.05 1,450.2 30% 434.9 10,500 8% 115.710,500 27% 392.1 0.75 22% 319.0 10% 145.0 3% 43.5 1,221.0 35% 427.5 10,5009% 109.9 10,50017% 207.5 26% 317.4 10% 122.13% 36.6 21

1,679.4 26% 436.6 10,5007% 117.6 10,50035% 587.8 19% 319.1 10% 167.93% 50.4 (i)(ii)(iii)(iv) 22

2011 20112015 Aleman Aleman Investments Limited Aleman AME AME Mineral Economics (Hong Kong) Limited APOF 8W APO Holdings, Ltd.OCM Asia Principal Opportunities Fund L.P. OCM Asia Principal Opportunities Fund L.P. Oaktree Capital Management, L.P. 2010 4 9 25

Bright Prosper Bright Prosper Holdings Limited VMS A. 3. 2010 4 92011 1 25 2011 6 82011 6 10 Chen SPV Excellent Era Limited Chen SPV 26

China Gate China Gate Worldwide Limited Hidili Asset Management Co., Ltd Hidili Asset Management Hidili Asset Management 01393 CISA 32 2009 9 25 VMS CSMA 2010 1 222010 3 16 60 2007 8 1 27

Fast Fortune Fast Fortune Holdings Limited Fast Fortune VMS VMS 89.1% 20 2004 6 21 2009 2 19 99.0% 2009 11 12 2011 6 21 28

www.hkeipo.hk 100,000,000 100,000,000 2011 6 21 29

600,000 1,200,000 2011 4 30 18 1911 2011 6 21 900,000,000 660,000,000 200,000,000 40,000,000 2011 6 24 30

ISSB A. 3. 2010 4 92011 1 252011 6 8 2011 6 10 2011 6 16 2004 4 23 170,000,000 Liu SPV Big Yield Limited Liu SPV Long Tree Long Tree Investment Limited Long Tree Capital LTC Eastern Wisdom Capital Primerose Development Group Limited Total Formation Inc. Smart Value International Limited Sino Classic Investments LimitedLTC2007 31

300,000 2009 9 25 Modern Global Modern Global Holdings Limited Modern Global Mysteel.com The Nasdaq Stock Market, Inc.; 17 59.79% 32

1 1,300 2 1,700 3 2011 8 4,000 4 2012 3,500 659 NWS Mining NWS Mining Limited 150,000,000 33

Orient Chance Orient Chance Limited Pioneer Vast Star Valiant (i) APOF (ii) China Gate (iii) Long Tree 30 150,000,000 15.0% Perfect Move Perfect Move Limited 2011 6 3,000760 2011 4,000 7,000 1,770 2012 3,500 10,500 2,6552012 10 34

Plus All Plus All Holdings Limited Pioneer Vast Pioneer Vast Limited Pioneer Vast 2011 1 25 D. Precise Power Precise Power Holdings Limited 2006Precise Power 40,000,000 800,000,0005% 2011 6 24 2011 6 28 35

144A 2011 6 16 S S A. 4. A. 3. 2010 4 92011 1 252011 6 8 2011 6 10 40,000,000 800,000,0005% 144A 144A 36

200,000,000 Fast Fortune 571 120 0.10 2010 4 9 E. 2011 4 28 37

Standlink Standlink Holdings Ltd. Standlink Star Valiant Star Valiant Limited Star Valiant VMS VMS 89.1% Start Well Start Well International Ltd. Start Well AlemanStart Well 2011 6 24 Fast Fortune Fast Fortune 150,000,000 2010 1 17 60.0 2010 13 2010 12 31 38

1933 (United States Geological Survey) VMS VMS Investment Group Limited VMS 1 4 6 9 WSA 2006 5 10 99.0% 39

120,000 Zhao SPV Wonderful Sky Limited Zhao SPV % 40

Al 2 O 3 CaO CO 2 41

Fe Fe 2 O 3 FeO FINEX 42

HISmelt JORC JORC 26 JORC (Australasian Institute of Mining and Metallurgy) (Joint Ore Reserves Committee) JORC JORC 1999 9 2004 12 (Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves) K 2 O 43

JORC mfe JORC 44

MgO MnO 2 Na 2 O Oe - - JORC P 2 O 5 JORC 45

JORC S SiO 2 TFe TiO 2 46

(i)(ii)(iii) (iv) 2005 2010 7 2011 1 1 2011 1 49

20092010 12 31 2011 770 1,201 1,404 5.22 3,000 2012 10,500 2012 10 2011 1 1 2011 1 50

20112012 2.41:1.00 2.51:1.00 3.00:1.00 3.40:1.00 102011 926 2011 12 10%15% 2017 51

5.22 0.75 0.75 2010 2 52

2010 2 9 2 720.0 53

20096 2011 4 2011 4 28 54

303.2 2011 7 55

2011 8 5 1 2011 4 15 (Lincheng County Production Safety Supervision and Administration Bureau) 2011 4 12 2011 4 15 2017 Lincheng County Industrial Park Administration Committee 2011 6 3,000 10,500 56

2011 3 4 2010 12 312012 10,500 2012 10 26 (i) (ii)(iii) (iv) 57

200820092010 12 31 52.5 29.8 321.6 2011 1 1 2011 6 306 2011 4 304 2011 6 30 2 2011 6 306 2011 6 30 6 58

2009 9 9 2009 11 13 2010 2 27 2010 2 27 60

75.0% 71.25% 61

2010 12 31 201210,500 2012 10 26 20082009 62

1979 64

2005 12 12 2006 1 1 4.8 7.2 65

2005 2008 1 1 2008 1 1 66

10% 10% 2008 1 1 10% 2007 1 1 25% 5%10%2009 2 20 [2009]81 81 12 67

81 25% 25% (i)(ii) (i) (ii) 10% 2008 1 1 754 68

H1N1 69

168A 71

8.05(i) (ii)(iii) 8.05(1)(a) (b) (c) 18 18.04 8.05(1) 8.05(2)8.05(3) 8.05(1)(a) 8.05(1)(b) 8.05(1)(c) 18.04 (a) 2010 2011 1 1 2011 1 8.05(1)(a) 2011 6 3,000 760 2010 9 7,000 1,770 201210,500 2,655 73

(b) 18.04 29 28 11 11 1231 18.04 (c) 18.04 18.0118 18.048.05 8.05(1)(a) 8.05(1)(b) (c) (a) VMS 2006 JORC VMS 74

(b) VMS 51% 2010 12 2011 3 2011 1 1 2008 2011 5 (c) 51% (d) 10.07 VMS (i) 2012 6 30 (ii) 2012 7 12012 12 31 10.07 75

(e) 2010 5 2011 1 1 2011 12 33.0 2011 1 1 (f) 1982 11 31 31 76

2011 1 1 2011 6 309.6 11.5 (g) (h) (i) 2010 12 31 260.0 311.8 2011 1 1 (i) (ii) 2011 1 1 8.05 8.128.12 20108.12 8.12 18 18.01(3) 77

8.12 8.12 8.12 8.12 (a) (b) (c) (d) 3.05 3A.19 13.46 3A.19 (a) (b) (c) 78

14A 79

2011 6 28 80

1.17521.00 6.6001.00 81

...................... 5114 5...................... 22 6401...................... 18 66 110...................... 22 1502...................... 12 1509...................... 2 102 82

................ 29 4...................... 4 9...................... 8...................... 21 6B...................... 25 2 26 D...................... 16-18 11A 83

............................... 3 50 3 50 1 18 18 16........... 3 50 1 18 121 201 9 1 18 1803C 84

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...................... XI................................................. Walkers Corporate Services Limited Walker House 87 Mary Street George Town Grand Cayman KY1-9005 Cayman Islands 16-18 15 1502-5 www.newton-resources.com* 5114 5 8 6 7 A............. * 87

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(i) (ii) 98% (Fe) 6 89

20101,800 72.8% 2010 2010 (1) 27.2% 16.7% 13.3% 13.9% 16.1% 12.8% (1) 90

91 20012009 930 1,5886.9% 20012009 20012009 200120022003200420052006200720082009 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 63% Fe 2009 15 2009 15 0 500 400 300 200 100 63% Fe

WSA 20012010 6191,091 6.5% 200120096.9% 20012010 80.0% 20012010 20012010 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1,745.6 1,601.7 1,574.2 1,538.9 1,244.1 1,347.31,505.0 1,145.5 1,046.8 985.9 67.2 67.9 61.6 65.6 59.8 54.6 57.0 40.3 45.1 49.5 578.4 611 670.1 724.1 793.5 875 946.3 927.4 900.2 1,025.6 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 WSA 1.6 92

2009 950 60.0% 2008 7.4% 200965.8% 200966.8% 11.2% 1970Vale S.A. 200935.4%2009 51.6%200554.4% 2005 2009 60.8% 20012009 20012009 80% 70% 60% 50% 40% 30% 20% 10% 200120022003200420052006200720082009 63% Fe 93

94 2010 230 12.8% 2009 78.5% 2009 7,020 3,570 2,890 1,580 500 1,000 5001,000

2010 1,072 200119.3%2009 21.6% 63%2010 326 200939.4% 20012010 20012010 1,071.6 1,200 426.2 335.5 218.3 229.4 284.5 253.2 207.7 213.7 102.0 108.8 682.5 599.2 356.1 399.7 880.2 808.1 321.1 233.7 325.7 1,000 800 600 400 200 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 0 95

WSA 201044.9% 2010 0.02%2001 1472010 590 16.7% 20012010 20012010 (1) 1,000 870.0 944.0 800 600 400 200 235.5 147.2 273.6 171.0 342.6 214.1 411.5 257.2 529.2 330.7 662.2 413.9 754.3 753.1 471.4 470.7 543.8 590.0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 (1) 1.6 2009 2009 2009 1.3% 3.1% 1.1% 1.1% 11.1% 4.5% 11.2% 66.8% 96

200192.32010618.620012010 20012009 20012010 750 650 550 450 350 250 150 50 19.90% 22.10% 92.3 111.5 26.90% 148.1 34.10% 208.1 41.20% 275.3 45.00% 326.3 48.70% 384.8 67.30% 627.8 51.70% 443.7 618.6 75% 60% 45% 30% 15% (%) -50 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 0% 97

2010 79.6% 2010 2% 200820092010 20082010 2008 2009 2010......... 183.4 41.3% 261.9 41.7% 265.3 42.9%......... 100.6 22.7% 142.4 22.7% 130.9 21.2%......... 91.0 20.5% 107.3 17.1% 96.6 15.6%......... 14.5 3.3% 34.1 5.4% 29.5 4.8%......... 5.1 1.2% 6.9 1.1% 14.6 2.4%....... 4.6 1.0% 11.6 1.8% 11.6 1.9%......... 8.4 1.9% 10.3 1.6% 8.3 3.2%......... 6.8 1.5% 6.4 1.0% 7.7 1.2%......... 5.3 1.2% 6.0 1.0% 7.4 1.2%......... 3.6 0.8% 5.7 0.9% 6.6 1.1%....... 5.8 1.3% 9.7 1.5% 6.4 1.0%....... 3.2 0.7% 5.9 0.9% 6.2 1.0%..... 3.2 0.7% 3.0 0.5% 5.2 0.8%....... 3.7 0.8% 8.7 1.4% 4.3 0.7%... 2.5 0.6% 6.1 1.0% 4.2 0.7%......... 1.9 0.4% 1.8 0.3% 2.1 0.3%.... 443.7 100.0% 627.8 100.0% 618.6 100.0% 20152010 9401,100 CISA 2010 881 82% 18% CISA 2,000600 2,000 600 98

2010 2010 1......................................................... 45,561 2..................................................... 26,424 3....................................................... 20,911 4......................................................... 17,686 5......................................................... 13,814 6......................................................... 13,384 7....................................................... 10,809 8....................................................... 8,706 9.................................................. 7,019 10......................................................... 5,558 (1).............................................. 169,872........................................................... 1,071,550 CISA (1) CISA 2010 2010 1......................................................... 15,607 2....................................................... 7,496 3......................................................... 6,513 4..................................................... 5,651 5......................................................... 5,509 6......................................................... 4,940 7....................................................... 4,602 8......................................................... 3,855 9......................................................... 3,254 10.................................................. 2,716 (1).............................................. 60,143 CISA (1) CISA 99

100 2009 63.3% 2009 3,57016.8% 2009 2009 16.8% 28.3% 4.1% 7.4% 15.9% 34.3% 5.5% 4.6% 11.4% 2010 55.0%2010 446 41.9%2001 25.6% 2010 2010 11.3% 8.1% 5.4% 15.0% 3.6% 41.9% 7.1% 8.3% 55.0%

101 20012010 20012010 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 0 100 200 300 400 500 57.4 58.7 79.2 115.1 152.3 252.7 309.5 360.1 446.0 357.9 2010 119.4 2001 8.6 20012010 20012010 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 0 30 60 90 120 150 8.6 11.6 19.3 19.8 29.0 119.4 124.3 32.6 38.2 51.5

102 2001 2010 26.4% 2010 145 2010 23.1% 20012010 20012010 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 0 50 100 150 200 (%) 17.6 26.6 56.4 40.4 73.9 145.0 23.1% 23.8% 23.2% 21.6% 21.6% 21.2% 20.2% 18.4% 14.9% 12.6% 135.4 91.0 107.1 115.9 0% 5% 10% 15% 20% 25% 30% 2010590 2010 23.1% 8.4% 8.3% 10.0% 4.9% 45.3%

20092010 2009 2010 1................... 40,239 29.7% 52,860 38.2% 2............. 16,711 12.3% 18,595 13.4% 3. Beijing Jianlong Group............. 8,382 6.2% 8,825 6.4% 2010 52.938.2% 2009 12 31 2,700 2010446 2010 26.410.87.0 2010 9.9% (1) 2009 12 31 (2) 1........................................................................... 1,069,481 2........................................................................... 931,148 3........................................................................... 887,390 4........................................................................... 421,327 5........................................................................... 380,689 6.............................................................. 311,760 (3) 7........................................................................... 255,631 8........................................................................... 221,982 9........................................................................... 162,300 10........................................................................... 119,703 (1) (2) (3) 311.8 260.0 103

2009 2010 3 2010 20012008 25.8% 200858% Fe 65% Fe 144.7 201.7 2008 200928% 44% 2010 20012011 Vale Carajas (SFCJ) Hamersley Hamersley Tubarao 300 250 200 150 100 50 01 02 03 04 05 06 07 08 09 10 10 10 11 0 1. 20092010 2. 2003 2004 3. 2009 2010 2010 4. Carajas CarajasHamersleyHamersley Hamersley HamersleyTubarao Tubarao 5. Carajas Hamersley Hamersley Tubarao 6. 2010 3 104

200936% 2008 21%2009 17% 2010 15.6% 20062011 1,800 1,600 1,400 1,200 1,000 800 600 400 200 06 6 06 12 07 7 08 2 08 8 09 3 09 9 10 4 10 10 11 5 65%Fe 105

20042006 600 800 2007 2008 7 1,580 2008 200420062009 2011 2011 2004 12011 1 1,800 1,600 1,400 1,200 1,000 800 600 400 20042011 200 04 1 04 11 05 9 06 7 07 5 08 3 09 1 09 11 10 9 (1) 66% Fe (2) 66% Fe (3) 2004 12007 1259% Fe2008 1 60% Fe (4) 2009 1 1 13% 17% 2008 2008 2009 6 2008 5 106

20032005 [2005]40 2006 [2006]112005 35 III 400MPa 2009 1 14 2009 3 20 (i) 50% (ii) (iii) 50 1999 100 100500 1,000 107

2000 9 2003 12 2004 1(397 2006 [2006]4 2007 12 2008 1 1 2008 3 3520 2008 7 1 2008 3 3 2010 5,000 2008 12 31 2008 2015 2008 20152008 2010 3,00020112015 6,000 2010940 20151,100 108

20112015 2011 3 21 2.75 109

110

45% 20% 40% 10% 5% 80% CSMA 200489.02009106.8 20042009 20042009 120 100 89.0 93.0 104.5 107.9 106.8 106.8 80 60 40 20 0 2004 2005 2006 2007 2008 2009 2008 2009Interuaziouale Marmi e Macchiue Carraon S.p.A. IMM) 111

2009 70% 2009 29.1% 21.5% 8.5% 19.7% 10.4% 10.8% 200414.0200923.7 9.2% CSMA2007 24 CSMA 100 2005 112

2010306.7 54.8 52005 2010 20052010 400 350 306.7 300 250 215.7 233.6 260.7 200 150 133.7 160.0 100 50 19.7 23.7 23.9 25.0 34.0 54.8 0 2005 2006 2007 2008 2009 2010 CSMA 2009 300.0 25.8% 2005145.719.8% 2005 2009 20052009 300 300.0 250 200 150 145.7 174.8 219.2 238.5 100 50 0 2005 2006 2007 2008 2009 CSMA 113

200920108.1 12.3 20092010 60% 2010 2010 3% 36% 61% 2010 9% 2010 12% 79% 114

20102,070 25.9% 20062010 20062010 250 200 150 100 67.5 98.0 137.4 164.4 207.0 50 0 4.7 6.8 9.3 10.8 15.4 2006 2007 2008 2009 2010 CSMA CSMA50,000 2008 2008 (1)...................................... 3,000 Alpine Stone Inc (1)...................................... 3,000 (1)...................................... 2,000 Dong Cheng Stone Products Company (2)..................... 1,000 (1)...................................... 1,000 (1)...................... 2,000 (1)...................... 2,000 Shandong Guanlu Group (2)................................ 1,000 CSMA (1) 10 (2) 4 115

20052009 600x600x20 150 2010 9 30600x600x20 50200 2009.... 1800x600x20 150 2009 10 19 2400x700x20 300 2009 10 19.......... 600x600x20 150 Hebei Shuangwang Stone Co. 2009 10 11.... 1600x800x30 350 Hebei Shuangwang Stone Co. 2009 10 1.......... 600x600x20 150/200 2009 9 12.......... 700x700x20 200 Hebei Shuangwang Stone Co. 2009 7 27.......... 1800x600x40 330 Hebei Shuangwang Stone Co. 2009 6 12 116

201026,450 2009 18.4%2001201018.1% 2001 2010 20012010 (1) 2,800 2,645.0 2,400 2,233.3 2,000 1,874.3 1,600 1,200 800 593.2 646.5 749.1 869.4 1,036.7 1,240.9 1,529.6 400 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 (1) 201048,2672009 32.2% 20012010 25.3% 34,038 32.7% 20012010 5,500 20012010 5,000 4,826.7 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 634.4 779.1 1,015.4 1,315.8 1,590.9 1,942.3 2,528.9 3,120.3 3,623.2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 117

15150 30 495,000 CISA WSACSMA 118

2007 10 312007 12 1 2007 2004 10 50 1.00 2010 4 6 3.00 3.00 119

2010 6 26 20% 2 1998 4 10 90 121

2009 6 8 2011 5 3 123

2006 9 29 2006 11 1 2000 7 82009 8 27 124

2001 12 27 2002 2 1 125

126

2011 5 18 1986 6 251987 1 1 2004 8 28 1990 5 2003 6 11 1994 3 26 1996 1 29 1996 4 1 2008 8 5 127

2005 10 21 2005 11 1 75 (a) (b) (c) 30 75 2005 7 21 1994 7 5 1995 1 1 2007 6 29 2008 1 1 1999 1 22 1999 3 19 2003 4 27 2004 1 1 1994 12 14 1995 1 1 128

1999 4 3 2002 3 24 5% 2011 5 3 2008 1 1 25% 1993 12 251994 1 1 7.20 2005 12 122006 1 1 60% 2008 12 19 2009 1 1 2009 1 1 13% 17% 1%4% 129

(Chengqu Branch of Lincheng State Taxation Bureau) (Lincheng Local Taxation Bureau) 2011 5 32011 5 4 1979 7 8 1990 4 42001 3 15 1983 9 20 1986 1 15 1987 12 212001 7 22 2006 8 8 2006 9 8 2009 6 22 (i) 2006Precise Power 2004 Precise Power (ii) 2006 5 10(iii) (iv) (v) (vi) 2006 9 8 130

20052010 2005 2005 7 8 5.79 2007 12 1 5.22 2005 8 29 2.3 99.0% 19982005 2.3 2.3 2009 8 2009 8 16 99.0% 2009 2 1.0% 131

0.11 30,000 2006 2006 3 27Precise Power Precise Power 2006 5 10 Precise Power 2 99.0% 2006 7 4 51.0% 25.0% 14.0% 6.0% 4.0% 2006 7 Precise Power1.0% 2006 12 99.0% 2008 12 10 2 2007 7 2006 1.0% 2009 8 2009 9 132

2007 82007 12 10 StandlinkStart Well 51.0% 25.0% 14.0% 6.0% 4.0% 2009 8 2 122009 12 31 3,981,733 2010 12 8 2010 2 12 20 2010 7 20 22008 12 10 2009 82 12 2009 12 313,981,733 2010 1282010 2120,000 2010 7 20 2010 7 20 30 102011 1 7 30 2009 512 2009 2009 5 2009 7 2009 910 2009 12 133

100.0% Standlink 51.0% 25.0% 14.0% 6.0% 100.0% Start Well 4.0% 100.0% 1 1.0% 2 1.0% 99.0% 99.0% (1) 33.3% 33.3% 33.3% (2) 2009 9 25 350,000 3,500,000 0.1 2009 9 25Start Well 2009 12 16 1,000,000,000 10,000,000,000 0.1 2009 11 9 99.0% 1(i)(ii) (iii) 13,200,000 134

1,00030 2009 11 12 2009 11 14Standlink 220,5402.0% Start Well2009 11 13 2009 11 14 110,2701.0% Start Well2009 11 13 2009 11 141,212,97011.0% 2009 11 13 Standlink Start Well 51.0% 13.0% 25.0% 4.0% 7.0% 2009 11 14771,890 Start Well7.0% Aleman2009 10 21 2009 11 9 2009 11 13 2010 1 6Start Well 1 2010 1 151 2010 1 15 11,027,0002009 11 13 1,000 135

2010 3 8Perfect Move 9,814,0302009 11 13 Perfect Move Zhao SPV Chen SPV Liu SPV572 146281 Zhao SPV Chen SPV Liu SPV Perfect Move 57.3% 14.6% 28.1%Perfect Move 51.0% 13.0% 25.0% Standlink Aleman 4.0% 7.0% 2010 3 82009 11 2 99.0% 2010 6 30 2010 13 2010 1 17 60 2015 2010 13 82010 1 136

100.0% 100.0% 100.0% 100.0% 100.0% Zhao SPV Chen SPV Liu SPV Standlink Aleman 57.3% 14.6% 28.1% Perfect Move 89.0% 4.0% 7.0% 100.0% 100.00% 100.0% 1.0% 99.0% (1) 33.3% 33.3% 33.3% 2010 5 2010 5 6 China Energy Savings Technology, Inc.China EnergyChina Energy (1) 2010 5 10(2) 137

(3)Precise Power Holdings Limited (4) Jun Tang Zhao Yan Hong Zhao 2010 5 51% VMS 2010 5 2006 VMS VMS VMS 60 2010 5 17Bright Prosper Bright Prosper 51% VMS2010 57 VMS 138

2010 6 VMS 2010 6 1 96.0 2010 6 1Citicorp International Limited 39.8 56.2 39.8 VMS 2010 6 VMS VMS51% VMS (i) (ii) (iii) 2010 6 4 Bright Prosper Zhao SPV VMS140.051% (1) (2) VMS(3) (4) (5) 51% 2010 5 VMS 51% 96.0 139

VMS VMS VMS 2010 6 30 2010 6 51%VMS 2010 6 9VMS 44.2 56.2 VMS 2010 6 18 2010 7 2010 6 451% 2010 6 30VMS 51% 2010 7 12 Modern GlobalVMS Fast Fortune 51% 139.0 51%2010 7 12 2010 7 122010 9 222010 9 27 139.0 2010 9 27 2010 7 51%2011 4 30 84.2 2011 1 1 140

2011 12 2011 12 49%138.7 VMS 321.9 2011 3 2 1%300,000 Perfect Move VMS 75% 25% 321.9 2010 720 10% 2.05145.02011 2 18 2011 1 1 2010 12 (1) (2) 141

(1) (2) 2010 5 6 China Energy Savings Technology, Inc.China Energy China Energy2006 12 4 China EnergyChina Energy Chiu Wing Chiu China EnergyLai Fun Sim China Energy China Energy China EnergySun Li China Energy Jun Tang ZhaoChina Energy New Solomon Consultants Amicorp Development Limited Essence City Limited Precise Power Holdings Limited Yan Hong Zhao Ai Qun Zhong Tung Tsang Chiu Wing Chiu Lai Fun Sim Rim Holdings, Inc. Starway Management Limited China Energy China Energy Starway Management Limited China Energy Chiu Wing Chiu China Energy China Energy 142

China Energy China Energy China EnergyChiu Wing ChiuChina Energy China Energy Chiu Wing Chiu400 Precise Power Holdings Limited Essence City Limited Amicorp Development Limited Yan Hong Zhao China Energy Chiu Wing Chiu China Energy Chiu Wing Chiu Lai Fun Sim Jun Tang Zhao Sun Li New Solomon ConsultantsChina Energy Chiu Wing Chiu Lai Fun Sim Jun Tang Zhao China Energy 2008 3 U.S. District Court for the Eastern District of New York China Energy Chiu Wing Chiu Lai Fun Sim Jun Tang Zhao 332009 7 Chiu Wing ChiuChina Energy China Energy Magistrate JudgeYan Hong Zhao Precise Power Chiu Wing Chiu China Energy 20052006 China Energy 2009 12 4 Precise Power Holdings Limited2004 2006 Precise Power Holdings Limited 2009 (1)2010 5 10 4(2)(3)Precise Power Holdings Limited(4) Jun Tang Zhao Yan Hong Zhao 143

2011 6 15VMS NWS Mining Modern Global Fast Fortune Perfect Move Pioneer Vast Star Valiant (a) (b) (c) (d) (e) (f) Fast Fortune Perfect Move 40% Modern Global Perfect Move Modern Global Modern Global6.6% Perfect MoveFast Fortune 4.4% Perfect MovePerfect Move Pioneer Vast Star Valiant (a) (b) Pioneer Vast Star Valiant Fast Fortune(a) (b) (a) (b) 40% Fast Fortune Fast Fortune 40% 60% (a) (e) 10% NWS Mining Modern Global Perfect Move 60% VMSFast Fortune40% 144

VMS (1) (2) 89.1% (2) 100.0% Fast Fortune (3) 100.0% NWS Mining 100.0% 40.0% Modern Global 100.0% Perfect Move 100.0% 100.0% Orient Chance 60.0% 100.0% 100.0% 100.0% 100.0% 99.0% 1.0% 145

(1) VMS VMS VMS VMS VMS (2) 59.79% 40.42% 2.65% Centennial Success LimitedCentennial Success LimitedCheng Yu Tung Family (Holdings) Limited51% VMS 60 (3) VMSFast FortuneFast Fortune VMSFast Fortune89.1% Southern Pacific LimitedFast Fortune7.3%Fast Fortune 3.6% 319,999,899.9 3,199,998,999 146

VMS (1) 89.1% (2) Fast Fortune (3) (2) 100.0% 100.0% NWS Mining 100.0% 27.0% Modern Global 100.0% Perfect Move 100.0% 100.0% Orient Chance 25.0% 48.0% 100.0% 100.0% 100.0% 100.0% 99.0% 1.0% 147

(1) VMS VMS VMS VMS VMS (2) 59.79% 40.42% 2.65% Centennial Success LimitedCentennial Success LimitedCheng Yu Tung Family (Holdings) Limited51% VMS 60 (3) VMSFast FortuneFast Fortune VMSFast Fortune 89.1%Southern Pacific LimitedFast Fortune7.3%Fast Fortune 3.6% Fast Fortune Fast Fortune27.0% 23.25% VMS 321.944.2277.7 2.05 61.7% 2011 1 1 2008 30% (i) 2012 6 30 148

(ii) 2012 7 12012 12 31 (1) (2) (3) (4) 15 2006 2006 5 2007 2007 5 2007 68 122007 9 1 120,0001,000 149

2007 12 10 2008 2008 3 27 2010 4 17 3.24 2008 3 512 2008 6 1 2 2008 6712 3,5001,000300 2008 7 2009 2009 5 205.22 2009 5 202017 7 20 3,000 2009 78 12 3,500 1,000 300 2010 2011 2011 1 1 JORC312 2602011 6 3,000 7,000 20113,000 10,500 150

JORC 201210,500 2010 618.62010 23.1% 2010 119.4 2010 12 31 260.0 311.8 AME AME 5% 151

66% 9031.2 2012 10,500 26 2011 1 1 2011 1233.0 60 2011 3 20 152

2011 8 2 266% 2011 6 2011 8 2011 93,000 760 2010 9 7,000 1,770 3 2011 10,500 2,655 2012 2012 10 10,500 2,655 207 303.2 2011 7 153

2011 2 240.12010 12 31 207.1380.0 2010 12 3184.6 277.2 303.2 20082009 2010 12 31371,000 2.2 2.9 30% 40% 0.75 0.75 154

30 2009 11 2 2010 2 5.28 2.06 20122011 6 232 20 29 2009 53.7%2010 1,072618.6 155

200112.6% 201023.1% 2001 2009 2010 12 31 260.0311.8 207 66% 156

AME 5% 2011 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0 0 0% 25% 50% 75% 100% 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 AME 2011 1 (1) 2011 (2) (3) 66% (4) (5) 47.56 75.06 66% 4%2011 12 2011 (6) AME AME AME AME 157

120,000 600,000 1,200,000 40.3 300,000 10,000,000 2012 10,500 2010 12 31 3,000 7,000 10,500 2009 2012 20092 2011 63,000 760 7,000 2012 10,500 2012 10 760 1,770 2,655 10,500 2,655 158

8 35 120 90 31.2 5.22 30% 40% 0.75 2012 10,5002012 10 159

2009 20112015 2009 11 2 2010 2 205.28 1202.06 29 VMS (i) (ii)vms 48% 27% 60 VMS 160

VMS 2011 4 30 84.2 2012 10,500 2012 10 3,000 3,000 3,000 2011 52 2011 6 3,000 760 2010 9 2011 4,0007,000 1,770 4,000 3 10,500 2,655 20122012 10 5.22 161

0.75 2009 11 2 2010 2 2010 12 31 19 260.0 0.07 30 29 162

2011 7 2011 4 28 3% 66%30% 400 163

207 303.2 2011 7 1 20% 200,000 100,000 100,000 1.5 800,000 2011 1 1 2011 1233.0 66.0% 66.0% 66.0% 2011 12013 2011 7 207 164

JORC 2011 1 1 2011 1233.0............................................................................................................................................................................................................................................. 2010 12 2012 31 2010 12 2012 31 2010 1................................................... 26 (1)................................. 5.22................................. 5.79 2007 12 102008 4 17 3.24 2008 3 272009 5 20 (2) JORC 2010 12 31.................. 85.8 (3) 2010 12 31.................. 174.2 (3) 2010 12 31...... 260.0 (3) 2010 12 31...... 311.8 2010 3................ 207 21.4 2010 12 31 99% JORC 18 (1) 2010 12 31 2012 10,500 2012 10 26 165

166 (2) 2008 3 2009 5 (3) 85.8174.2 311.8

167 1 3 4 1 600,000 120,000 1 2 3 5.2234 2 0.7531 2 3 1,200,000

2011 1 1 120,000 600,0001,200,000 300,000 10,000,000 7 32,000 28.6 2011 1 1 168

10 2011 926 2011 12 2013 2017 V-37 2010 12 31 JORC TFe % mfe % TFe mfe................ 85.80 21.39 18.48 18.35 15.85................ 174.21 19.97 17.30 34.79 30.13................ 260.01 20.43 17.68 53.14 45.98 99%JORC 18 169

2010 12 31JORC JORC TFe % mfe % TFe mfe I................ 40.32 23.36 21.00 9.42 8.47................ 20.24 20.60 17.96 4.17 3.64................ 60.56 22.43 19.98 13.59 12.10 II................ 40.28 22.46 18.37 9.05 7.40................ 61.10 22.20 17.67 13.50 10.79................ 101.38 22.24 17.94 22.55 18.19 III................ 19.20 20.92 18.52 4.02 3.56................ 129.81 20.60 18.53 26.74 24.05................ 149.01 20.64 18.53 30.76 27.61 IV................ 0.81 19.15 16.78 0.16 0.14................ 99.80 22.53 19.46 22.48 19.42................ 211.96 21.03 18.22 44.57 38.62................ 311.76 21.51 18.62 67.05 58.04 99% JORC 18 2010 12 31 201210,500 2012 10 26 0.75 0.75 30 170

171

2007 122008 3 2009 5 (1) 5.79 2007 12 3.24 2008 3 2009 5 (2) (1) 5.22 2009 5 2017 7 3,000 2008 4 2011 4 (3) 2010 8 2013 8 2010 9 2013 9 2010 9 2013 9 (1) 2010 12 312.3 (2) 2008 3 2009 5 (3) 2007 12 105.79 2008 3 272007 12 2.55 2008 33.24 2008 3 2009 5 2008 3 3.24 3.24 172

2009 5 20 5.22 3,000 2017 0.75 0.75 30 2009 7 23 2010 8 2013 8 2008 4 2011 4 2010 2011 1 1 2011 1 1 2011 1233.0 173

2006 3 120,000 600,0001,200,000 10,000,000 174

2.41:1.00 3.00:1.003.00:1.00 15 3.40:1.00 4 42 3,000 2006 7 19 2010 3 6 175

2016 30% 12 1500 Oe -8 +8 60%-200 2500 Oe 1000 Oe 38%-200 176

2,500 Oe 1,500 Oe 1,000 Oe 5 60012 1,300 1,700 (1) (2) 1..................................................... 1,300 330 2 2011 6........................................... 1,700 430............................................................. 3,000 760 (1) (2) 177

2010 12 202011 1 27 167.7 40.92010 12 20 2011 1 272010 12 2012 31 2011 1 1........................................................... 167,693 TFe....................................................... % 22.96 mfe....................................................... % 17.93 TFe....................................................... 38,502 mfe....................................................... 30,067 mfe/tfe................................................... 0.781............................................................................................... 124,522........................................... 0.743........................................................... 40,863 TFe....................................................... % 64.24 TFe....................................................... 26,189................................................ 4.104.................................................... % 68.18...................................................... 32...................................................... 5,240.................................................. 3,902...................................................... 1,277 TFe............................................................ % 3.41 mfe........................................................... % 0.87 2010 12 202011 1 27 5,240 1,277 2011 1 1 2011 1233.0 201210,500 2011 63,000 2011 7,000 10,500 2012 178

2012 10 2011 1 1 2011 2012 2013 2014 2015 2016 2017 2031 (1)......... 790 6,300 10,500 10,500 10,500 10,500 10,500 TFe %........ 20.43 20.43 20.43 20.43 20.43 20.43 20.43 TFe...... 161 1,287 2,145 2,145 2,145 2,145 2,145 %....... 91.89 91.89 91.89 91.89 91.89 91.89 91.89 %....... 88.90 88.90 88.90 88.90 88.90 88.90 88.90 %..... 81.70 81.70 81.70 81.70 81.70 81.70 81.70....... 200 1,590 2,655 2,655 2,655 2,655 2,655 TFe %........ 66 66 66 66 66 66 66 TFe...... 132 1,052 1,752 1,752 1,752 1,752 1,752....... 3.954 3.954 3.954 3.954 3.954 3.954 3.954 99% (1) 330 2010 12 202011 1 27 2010 12 20 2011 1 27 2011 2012 2013 2014 2015 2016 2017 2031............... 5.39 6.50 6.50 6.50 6.50 6.50 6.50 6.50.................... 7.20 7.25 7.25 7.25 7.25 7.25 7.25 7.25............... 3.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00.................... 2.66 2.00 2.00 2.00 2.00 2.00 2.00 2.50........................ 0.59 2.40 2.40 2.40 2.40 2.40 2.40 2.40............................. 1.00 2.41 2.51 3.00 3.00 3.00 3.00 3.40...................... 18.84 33.02 33.72 37.15 37.15 37.15 37.15 41.65........................ 2.88 5.04 5.15 5.67 5.67 5.67 5.67 6.36........................ 2.92 1.23 1.23 1.23 1.23 1.23 1.23 1.23.................................................. 6.81 13.27 13.27 13.27 13.27 13.27 13.27 13.27.................. 16.87 12.21 12.21 12.21 12.21 12.21 12.21 12.21.................... 26.60 26.71 26.71 26.71 26.71 26.71 26.71 26.71...................... 4.06 4.08 4.08 4.08 4.08 4.08 4.08 4.08 179

2010 12 20 2011 1 27 2011 2012 2013 2014 2015 2016 2017 2031............... 45.44 59.73 60.43 63.86 63.86 63.86 63.86 68.36................. 6.94 9.12 9.23 9.75 9.75 9.75 9.75 10.44............... 186.49 236.17 238.94 252.50 252.50 252.50 252.50 270.30................. 28.47 36.06 36.48 38.55 38.55 38.55 38.55 41.27................................................ 1.04 1.22 2.80 3.15 3.15 3.15 3.15 3.15...................... 0.24 0.67 0.80 1.10 1.10 1.10 1.10 1.10................. 3.32 8.57 8.57 8.57 8.57 8.57 8.57 8.57.... 7.24 7.25 7.65 7.60 7.60 7.60 7.60 7.60................................................ 1.35 1.66 0.54 0.54 0.54 0.54 0.54... 11.84 19.06 21.48 20.96 20.96 20.96 20.96 20.96...... 1.81 2.91 3.28 3.20 3.20 3.20 3.20 3.20...................... 57.28 78.79 81.91 84.82 84.82 84.82 84.82 89.32........................ 8.75 12.03 12.51 12.95 12.95 12.95 12.95 13.64 (1).................. 235.08 311.54 323.87 335.38 335.38 335.38 335.38 353.17...................... 35.89 47.56 49.45 51.20 51.20 51.20 51.20 53.92........................ 5.34 3.50 1.70 1.60 1.60 1.60 1.60 1.00.......................... 0.82 0.53 0.26 0.24 0.24 0.24 0.24 0.15...................... 62.63 82.29 83.61 86.42 86.42 86.42 86.42 90.32........................ 9.56 12.56 12.76 13.19 13.19 13.19 13.19 13.79 (1).................. 257.03 325.37 330.59 341.70 341.70 341.70 341.70 357.13...................... 39.24 49.68 50.47 52.17 52.17 52.17 52.17 54.52 (1)......... 13 2009 10 (2) 180

(1)......... 45 2009 7......... (i) 2 2006 9 (ii) 12 5 2010 4 3 (iii) 1 2 2010 4 2 (1) 2011 5 31 (2) 95%5% 181

2012 10,5002012 102009 2011 1 1 2011 1233.0 60 2011 3 20 2011 8 2 2 66% 2011 6 2011 8 182

2011 93,000 760 2011 7,000 2012 10,500 2012 10 (1) (2)......... 3,000 760 760 240.1 (4) 2009 2010 2011 2012 2013 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4.................. 3,000 760 760 7,000 1,770 1,770 7,000 10,500 1,770 1,770 2,655 2,655 (3).......... 303.2 380.0 277.2.............. 1,200.5 (1) 300 330 (2) 2011 6 2011 6 (3) 2011 72011 11 2013 (4) 2009 2 2011 6 3,00012 330430 760 55.2 1,500 1 2 183

12 360 72090180 12011 12 22011 6 3,00012 330430 760 2010 12 31 73.2 36 2010 12 31 18.3 2010 10 600,0001,200,000 2010 12 31 3.1 3.0 2.3 2010 9 2011 4,0007,000 380.0 2010 12 31 84.6 295.4 1,000 1,770 15.0 34.9 184

55.9 3 7,000 3 4,0001,000 85.4 3 83.729 3,000 7,000 40.3 10,000,000 2011 8 13.6 2011 8 17.0 7.0 27.2 82 20 2012 3,500 10,5008852,655 2012 10277.2 10.0 40.0 185

56.0 85.0 4 10,500 29.37,000 10,500 16.910.0 15.015.0 4 32,000 2011 12013 2011 1 2011 7 42.6 2011 72011 10 186

2011 11 84.8 2011 112012 3 73.9 2012 42013 3 2013 4 100.2 2010 6 5033,333 180 12064,000 100,000 2011 6 1 20%200,000 100,000 100,000 1,500,000800,000 2011 2 2011 4 2011 5 12015 12 31 201120122013 20142015 507,000897,0001,287,0001,287,000 1,287,000 150 187

2010 2 (i) (ii) 20 120 5.28 2.06 6 3 2 720.0 2011 1 1 188

2011 4 28 3% 66%30% 400 189

2009 2011 20112012 100 28 2011 12 1,140 5% 120 28 120,000 79 80% 2006 5 2009 9 92014 9 92009 11 13 190

2010 2 27 2010 2 600,000 2010 2 27 2010 10 1,200,0002010 12 31 20.2 39.1 300,000 10,000,000 2011 8 2009 8 2011 1 1 10,500 32,000 28.6 191

20092010 12 31 91% 52%42% 19% 5% 200980.0% 20.0% 201026.410.87.0 300 192

201084.5% 66%AME 5% 2011 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0 0 0% 25% 50% 75% 100% 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 AME 2011 1 (1) 2011 (2) (3) 66% (4) 193

(5) 47.56 75.06 66% 4%2011 12 2011 (6) AME AME AME AME 90 31.2120 500 2007 122008 3 2009 5 194

10,500 3,000 10,500 300 2011 1,000 10,000 195

2009 11 900,000 196

2011 7 15 2011 5 18 197

80% (World Bank Group) 2010 12 31 2011 5.1 3 2011 1 1 2011 2011 0.79 198

(i) (ii) (iii) (iv) (v) 2011 5 B.2. (a) 199

92,700 2010 2 2010 88.92010 4 2010 4 19 1.32010 4 19 2010 12 142.88 2010 12 162.88 12.... 2009 6,301 2049 9 25 9 25.... 2009 1 86,399 2049 9 25 2 9 25 3 200

2009 11 2011 5 31 635 (1)..................................................... 142 22 (2)..................................................... 201 32 (3).................................................. 163 26 (4).............................................. 72 11 (5)........................................................... 57 9............................................................. 635 100 (1) (2) 12 (3) (4) (5) 10,000 201

202

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8.12 8.12 3A.19 13.46 3A.23 (a) (b) (c) (d) 13.10 3.21 14 C.3 14 B.1 218

14 A.4.4 (a) 3A.19 (b) (c) (d) 14 2009 9 25 2010 12 31 104,000 160,000 1.7 219

2010 12 31 (i) 1,000,000 (ii) 2009 12 31 2010 12 31 2010 12 31 2009 12 31 (i) (ii) (iii) 2010 12 31 (i) 1,021,000 (ii) (iii) 2010 12 31 2010 12 31 220

2.05 XV 2 3 Cheng Yu Tung Family (Holdings) Limited (1)........ 1,920,000,000 48% Centennial Success Limited (2)... 1,920,000,000 48% (3)..... 1,920,000,000 48% (4).............. 1,920,000,000 48% (5).................. 1,920,000,000 48% (5)..................... 1,920,000,000 48% (6).................. 1,080,000,000 27% VMS (6)..................... 1,080,000,000 27% Fast Fortune (6)............... 1,080,000,000 27% (1) Cheng Yu Tung Family (Holdings) LimitedCentennial Success LimitedCSL51% CSL (2) CSL 100% (3) (4) 59.79% (5) 100%NWS Mining 100% NWS MiningModern Global 100%Modern Global Perfect Move 100% Perfect Move NWS Mining Modern Global Perfect Move (6) Fast Fortune VMSVMS 100% VMS Fast Fortune 2.05 221

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(i) 20% (ii) (a) (b) (c) (d) (i) (ii) (iii) A. 3. 2010 4 92011 1 252011 6 82011 6 10 10% A. 7. 224

(i) (ii) (iii) A. 3. 2010 4 92011 1 252011 6 82011 6 10 225

400 2.35 2.35 170,212,000 4.26%17.02% 2.05195,120,000 4.88%19.51% 1.75 228,570,000 5.71% 22.86% (1) Plus All 2011 6 16 (i) (ii) (iii) (i) 2,000 226

(iv) 227

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VMS VMS 5% VMS VMS........................... 230

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14A 14A 2009 12 182011 1 10 New World Tower Company Limited16 18 15 1502-5 3,938 2009 10 28 2013 12 31 New World Tower Company Limited New World Tower Company Limited 59.79% New World Tower Company Limited New World Tower Company Limited 232

2010 12 31 2007 2008 2009 2010 246,000 2,245,000 2013 12 31 2011 2012 2013........................ 2,350,000 2,600,000 3,500,000 24 5% 0.1% 14A.42(3) 14A.47 14A.42(3) 14A 14A.36 14A.40 233

234

200820092010 12 312008 20092010 12 31 12 31 2008 2009 2010 (1)............................................................................................................................................................................................ (227) (2,136) (7,747)............................................. (95)................................... (27) 4,894............................... 15.................. (227) (2,148) (2,948)............................................................... (227) (2,148) (2,948)....................... (144) (85)........................................ (371) (2,233) (2,948)..................................... (367) (2,204) (2,921)....................................... (4) (29) (27) (371) (2,233) (2,948) (1) 235

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5.22 2010 12 31 260.0 311.8 AME AME 5% 66% 2012 10,500 26 237

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2009 2011 20112012 100 28 2011 12 1,140 2011 2 2011 4 2011 5 12015 12 31 201120122013 20142015 507,000897,0001,287,0001,287,000 1,287,000 150 239

200820092010 12 31 200820092010 12 31 52.5 29.8 321.6 66% 240

(1) (2) 200820092010 12 31 3.3 12.5 286.7 241

II 3 (i) (ii) 242

2010 12 31 2012 10,500 2012 10 26 243

200820092010 12 31 63.2 65.5 351.7 200820092010 12 31 227,000 2.1 7.7 2010 12 31 95,000 20082009 12 31 2008 20092010 12 31 27,0004.9 244

2009 11 12 99% 2009 12 31 15,000 2007 3 16 2007 12 62008 1 1 25% 20082009 12 3125% 2009 11 12 200820092010 12 31 144,000 85,000 2010 12 31 2009 12 31 20092010 12 31 20092010 12 31 20092.1 20107.7 262.7% (i) 2009 12 31 446,000 2010 12 31 3.3 (ii)2009 10 2009 12 31 217,000 2010 12 31 2.2 245

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2008 12 31 227,000 2009 12 31 2.1 841.0% (i) 2008 12 312009 12 31 446,000(ii) 2008 12 31 227,000 2009 12 31 383,0002008 (iii) 2008 12 312009 12 31 1.3 2009 12 31 27,000 27,000 2008 12 31 2009 12 31 15,000 2008 12 31 2008 12 31 227,000 2009 12 31 2.1 846.3% 20082009 12 31 2008 12 31 227,000 2009 12 31 2.1 846.3% 2008 12 31 144,000 2009 12 31 85,000 41.0% 2008 12 31 371,000 2009 12 31 2.2 501.9%1.9 247

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(c) (d) (e) 2011 12 31 (1).................................................... 55,934................................................ 133,353................................................ (692,143)................................................ 1,165,194................................................ 606,404.................................................... 662,338 (1) 1.75 125%12 200820092010 (1) (2) 2008 1 1............................. 2,300 2,301 4,601 2008 12 31........................... 2,300 2,301 4,601 2009 12 31........................... 2,301 2,301 2010 12 31........................... 2,301 2,301 (1) (2) 2006 12 31 2009 5 252

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2011 6 17 150 124.5-259

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(2) 2011 4 3042011 6 30 2 2011 6 306 (3) 2011 56 1,120 2011 56 10% 20% 2011 6 306 333,000 665,000 2010 12 31 2011 3 31 2011 3 31 261

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2.05 1,450.2 30% 434.9 10,500 8% 115.710,500 27% 392.1 0.75 22% 319.0 10% 145.0 3% 43.5 264

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Citigroup Global Markets Limited (a) (i) 266

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Fast Fortune NWS Mining Fast Fortune 30 150,000,000 15% 2.05 1.75 2.35 0.003%0.005% 189.8 3A.07 3A.07VMSVMS Investment Group (HK) Limited Perfect Move 57.3% Perfect Move2010 72010 6 274

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2011 6 28 2011 6 30 30 155 2011 6 30(i) (ii) 2011 7 4 276

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100,000,000 10% 2.5% 5,000,000 5,000,000 100,000,00050%50,000,000 280

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S II. 2011 6 212011 6 24 3 50 1 18 18 16 286

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2011 6 212011 6 24 1. 1992 2. (a) (b) (c) (d) 289

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(a) (b) (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) 292

(x) (xi) (xii) (xiii) 40 (xiv) (xv) (xvi) (xvii) 293

2,000 2,000 2,000 40 40 294

2011 6 24VI. (i) (ii) IV. (a) I. www.hkeipo.hk (b) www.hkeipo.hk (c) www.hkeipo.hk (d) www.hkeipo.hk (e) (f) 2,0002,000 www.hkeipo.hk (g) 2011 6 212011 6 24 www.hkeipo.hk 24 2011 6 24 295

www.hkeipo.hk (h) www.hkeipo.hk 2011 6 24 www.hkeipo.hk (i) (j) www.hkeipo.hk 296

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2011 6 24 www.hkeipo.hk 298

S S S 902(h)(3) www.hkeipo.hk www.hkeipo.hk 299

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301

28262980 1333 2011 6 21 2011 6 22 2011 6 23 2011 6 24 (a) (b) (c) V. (a) 2826 : 302

2011 6 21 (1) 2011 6 22 (1) 2011 6 23 (1) 2011 6 24 (1) (1) 2011 6 21 2011 6 24 24 2011 6 24 2011 6 24 2011 6 24 VII. 304

50,000,000 50% 305

VIII. (a) 40 306

(b) (c) (d) 50,000,000 50% 307

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2011 6 302011 7 724 www.tricor.com.hk/ipo/result 2011 6 30 2011 7 6 3691 8488 2011 6 30 2011 7 5 II. (a) (i) (ii) (b) (i) (ii) (iii) 309

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1,000,000 1,000,000 2011 6 30 2011 6 30 2011 6 30 2011 6 30 2011 6 30 2011 6 30 312

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XIII. 486 1996 12 20 (a) (b) 314

8 18 200820092010 12 31 200820092010 12 31 20092010 12 31 II 2 2011 6 21 2009 9 25 22 19613 I-1

% (1).............. 2006 7 4 1,000 100.0 (2)............. 2009 11 2 1,189 100.0 (3)......... 2006 5 10 30,000,000 99.0 1. 2. 3. 12 31 200820092010 12 31 20092010 12 31 I-2

3.340 II 2 200820092010 12 31 20092010 12 31 I-3

I. 12 31 2008 2009 2010................................... 5................................................................................................................................ (227) (2,136) (7,747)............................... (95)....................... 6 (27) 4,894.................... 25 15.......................... 6 (227) (2,148) (2,948)............................ 8.......... (227) (2,148) (2,948)............ 9 (144) (85).......................... (371) (2,233) (2,948)........................ (367) (2,204) (2,921).......................... (4) (29) (27) (371) (2,233) (2,948)......................... 10 (367) (2,202) (2,918)......................... 10 (223) (2,117) (2,918) I-4

12 31 2008 2009 2010..................... 11 63,245 65,465 351,700............................. 12 4,601 2,301 2,301.................... 13 3,810 67,846 67,766 357,811....... 15 10,675 59,380.................... 16 2 15.................................. 17 150 3,563 1,617.................... 18 340 4,043 55,934 492 18,296 116,931......................... 102 891 358............. 19 1,134 3,786 102,158............... 16 335,974.................... 16 51,789 43,410 53,025 48,087 438,490......................... (52,533) (29,791) (321,559).................. 15,313 37,975 36,252......................... 20 1,180 1,180 1,180............................. 14,133 36,795 35,072........................... 21............................. 22 15,471 40,366 40,366............................. (1,494) (3,698) (6,619) 13,977 36,668 33,747........................... 156 127 1,325............................. 14,133 36,795 35,072 I-5

21 22 2008 1 1............... 15,471 (1,127) 14,344 14,344............ (367) (367) (4) (371) 22................. 160 160 2008 12 31 2009 1 1............. 15,471 (1,494) 13,977 156 14,133............ (2,204) (2,204) (29) (2,233) 22................. 24,895 24,895 18 24,913 25...... (18) (18) 2009 12 31 2010 1 1............. 40,366 (3,698) 36,668 127 36,795............ (2,921) (2,921) (27) (2,948) 22................. 1,225 1,225 2010 12 31............. 40,366 (6,619) 33,747 1,325 35,072 I-6

12 31 2008 2009 2010...................... (227) (2,148) (2,948)........................ (144) (85).................. 6, 11 333 462 145................. 6 287.................... 25 (15).................. 6 27 (5,014)................. (38) (1,759) (7,530)................... (4,200)......................... (150) (3,413) 1,946............................. 23,664............................... (10,666) (6,640)................ 102 270 (533)............ 3,655 6,863 (86) (11,913) 13,570............... (5,513) (10,366) (233,334).......................... 25 (8)................... (5,513) (10,374) (233,334).......................... 22 24,895.......................... 160 18 1,225................... (27,290)........................ 24 4,995 1,104 299,185............... 5,155 26,017 273,120................................... (444) 3,730 53,356.......................... (27) (1,465)................... 784 340 4,043................... 340 4,043 55,934......................................... 18 340 4,043 55,934 I-7

12 31 2009 2010....................................... 53........................................ 14 36,665 36,718......................... 15 9,350 49,305.................................... 16 259,670...................................... 210 9,350 309,185............................... 13,347.................................... 16 9,596................................. 16 298,010 9,596 311,357........................................... (246) (2,172).................................... (246) 34,546............................................... (246) 34,546............................................. 21............................................... 21 36,665............................................... (246) (2,119)............................................... (246) 34,546 I-8

II. 1. 2009 9 25 Walker House, 87 Mary Street, George Town, Grand Cayman, KY1-9005, Cayman Islands 2010 3 1997 60% VMS Investment Group LimitedVMS 2. 200820092010 12 31 200820092010 12 31 52,533,000 29,791,000 321,559,000 I-9

200820092010 1 1 3.1 1 1 7 1 7 7 2 9 3 24 4 32 32 5 14 14 4 1 19 2010 5 1 2010 7 1 2 2011 7 1 3 2013 1 1 4 2011 1 1 5 2010 2 1 1 2010 22010 7 1 1 7 7 2012 1 1 92009 112013 1 1 9 39 I-10

39 24 2009 112011 1 1 24 2011 1 1 24 32 2009 10 2010 2 1 32 2011 1 1 32 14 2009 122011 1 1 14 (i) (ii) 2011 1 1 14 192009 122010 7 1 2011 1 1 39 2010 5 2011 1 1 I-11

3.2 (a) (i) (ii) (iii) (b) (c) (d) (e) (a) (d) I-12

(f) (d) (e) 5 5 10 15 I-13

I-14

39 I-15

(a) (b) I-16

I-17

I-18

(a) (b) I-19

20% 3.3 (a) I-20

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4. 2009 12 31 9 25 5. 6. 12 31 2008 2009 2010......................... 217 2,168......................... 446 3,281.................................... 11 227 383 145................. 13 287.................... 25 (15)....................... 120.............. 27 (5,014) I-22

7. 161 12 31 2008 2009 2010........................................................................ 1,021................................. 1,021 (a) 2010 7 2010 12 15 200820092010 12 31 (b) 20082009 12 31 2010 12 31 2010 12 31................................................... 442 442................................................... 300 300................................................... 96 96................................................... 96 96................................................... 87 87 1,021 1,021 2010 4 9 2010 12 13 I-23

(c) 2010 12 31 20082009 12 31 7(b) 2010 12 31 20082009 12 31 12 31 2008 2009 2010.......................... 88 143 974................................. 16 17 104 160 974 1,000,000 8. 20092010 12 31 20092010 11% 12% 25% I-24

12 31 2008 2009 2010............................................................................................................ 12 31 2008 2009 2010................. (227) (2,148) (2,948) 200820092010 25%............. (57) (537) (737)................................. 57 537 737................................. 200820092010 12 31 I-25

9. 2009 11 9 99% 1 2009 11 12 12 31 2008 2009 2010........................................................................................................................................................................ (144) (85)........................................................... (144) (85)............................................................... (144) (85) 12 31 2008 2009 2010........................................ (3) (100).................................................................................................................... (3) (100)............. (144) (85) 10. 1,001 2010 12 31 I-26

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12. (1) (2) 2008 1 1 2008 12 312009 1 1............. 2,300 2,301 4,601 25...................... (2,300) (2,300)................................... 2,301 (2,301) 2009 12 312010 1 1 2010 12 31............................ 2,301 2,301 2008 1 1 2008 12 31 2009 1 1 2009 12 31 2010 1 1 2010 12 31............. 2008 1 1.............................. 2,300 2,301 4,601 2008 12 31............................ 2,300 2,301 4,601 2009 12 31............................ 2,301 2,301 2010 12 31............................ 2,301 2,301 (1) 2009 5 2017 7 2010 12 31 2005 8 29 2,300,0002009 11 25 (2) 2006 12 31 2009 5 I-28

13. 12 31 2008 2009 2010 1 1.................................. 4,200........................... 6 (287) 12 31.................. 3,913.................... 15 (103)........................... 3,810 40 2049 9 2010 12 14. 12 31 2009 2010....................................................... 36,665 2010 1 15 1,000 I-29

15. 12 31 2008 2009 2010............... 9,350 48,042................................ 520 1,643.......................... 772 382....................... 3,263..................... 5,388................... 13 103................................ 33 559 10,675 59,380 12 31 2009 2010...................................... 9,350 48,042....................................................... 727....................................................... 536 9,350 49,305 16. 12 31 2008 2009 2010............................. (a) 2 15 I-30

12 31 2008 2009 2010............................... 335,974............................. (b) 23,773............................... (c) 13,625 9,595............................. (d) 13,642 10,042............................. (e) 24,522 51,789 43,410 2009 8 26 3024,572,000 2009 7 2010 12 31 12 31 2009 2010.................................................... 259,670.................................................... 9,596.................................................... 298,010 (a) (b) 2010 7 12 (c) 2010 9 21 (d) (e) I-31

17. 12 31 2008 2009 2010................................. 150 1,301 1,378..................................... 341..................................... 1,921 239 150 3,563 1,617 200820092010 12 31 18. 12 31 2008 2009 2010..................................... 340 1,016 12..................................... 3,027 55,922............................ 340 4,043 55,934 200820092010 12 31 2009 12 31 2010 12 31....................................................... 51,962....................................................... 2,968 240 2,968 52,202 I-32

19. 12 31 2008 2009 2010............ 144 1,235 38,660................ 11,402.............................. 168 506 5,877.............................. 92 954 764............................ 390 791 3,502................................. 340 300 18,282................................... 23,671 1,134 3,786 102,158 20. 20152025 21. 2009 12 31 2010 10,000,000,000 0.1................... 1,000,000,000 1,000,000,000 1,001 0.1 2009 1 0.1................... 0.1 100 2010 1 15 1,000 100% 2009 9 25.............................................. 1 2009 12 312010 1 1............ 1................................. 1,000 36,665 36,665 2010 12 31........................... 1,001 36,665 36,665 I-33

22. 12 31 2008 2009 2010....................................... 15,471 15,471 40,366....................................... 24,895....................................... 15,471 40,366 40,366 23. (a) 200820092010 12 31 12 31 2008 2009 2010............................. 23,430 202,667............................. 456,570 51,111 480,000 253,778 (b) 200820092010 12 31 I-34

12 31 2008 2009 2010..................................... 1,739 1,681................ 3,189 1,401 4,928 3,082 24. (a) (i) 12 31 2008 2009 2010............................... (a) 3,906................................. (b) 2,115 3,774............................... (c) 2,280 994............................... (d) 600 50................................. 335,974 New World Tower Company Limited........ 2,047 12 31 2009 2010................................................ 259,670................................................ 9,596................................................ 298,010 New World Tower Company Limited....................... 2,047 I-35

2010 7 New World Tower Company Limited (a) 2010 7 12 (b) 2010 9 21 (c) (d) (ii) 2010 1 17 8W APO Holdings Ltd. China Gate Worldwide Limited Long Tree Investment Limited 60,000,000 2010 6 15Pioneer Vast LimitedPioneer Vast Star Valiant Limited Star ValiantPioneer Vast Star Valiant 9,000,000 51,000,000Pioneer Vast Star Valiant VMS Pioneer Vast Star Valiant (b) 200820092010 12 31 16 25. 2004 6 21 2009 2 19 I-36

2009 11 9 99% 1 2009 11 12 2009 12 31....................................................... 9,844............................................................... 2,300........................................................ 8...................................................... 1,867................................................ (199)...................................................... (13,817)............................................................. (18)...................................................... (15)................................................................... 1 2009 12 31....................................................................................................................... (8).......................... (8) 26. 200820092010 12 31 27. I-37

200820092010 12 31 12 31 2008 2009 2010................................... 102 891 358 12 31 2008 2009 2010................................... 1,134 3,786 102,158 12 31 2008 2009 2010................................... 1,180 1,180 1,180 I-38

200820092010 12 31 28. 2010 3 999% 2010 3 9 2010 7 15 [2009] 59 595 I-39

[2009] 698 2010 12 595 29. (a) 133,300,000 2011 1 25 (b) 2011 2 335 280.2 2011 34 III. 2010 12 31 2011 6 21 I-40

4.29 (i)2010 12 31 (ii) 2011 6 30 2011 1 1 A. 2010 12 31 2010 12 31 2010 12 31 2010 12 31 2010 12 31 (1) (2) (3) (4) 1.75................ 31,446 1,013,433 1,044,879 0.26 0.31 2.35................ 31,446 1,393,905 1,425,351 0.36 0.43 (1) 2010 12 31 II-1

2010 12 31...................................... 35,072................................................................ (1,325)............................................. 33,747........................................................................ (2,301)........................................ 31,446 (2) 1.75 2.35 (3) 2010 12 31 (4) 4,000,000,000 B. 2011 6 30 2011 1 1 2011 6 30 1........................... 2011 6 30 2................................................. 9.6 11.5 0.0024 0.0029 (1) 2011 6 30 2011 6 30 A (2) 2011 6 30 9.6 2011 1 1 2011 6 304,000,000,000 (3) 1.000.8300 II-2

C. 8 18 1,000,000,000 0.1 2011 6 21 4 29 7 4.29(7) 300 II-3

4.29(1) (Public Company Accounting Oversight Board (United States)) 2010 12 31 2011 6 306 (a) (b) (c) 4.29(1) 2011 6 21 II-4

2011 6 306 (A) 2011 4 3042011 6 3022011 6 306 2011 6 30 6 37.0 2011 56 1,120 2011 56 10% 20% 2011 6 30 6 333,000 665,000 III-1

(B) 8 18 2011 6 30 2011 6 21 3.341 2010 12 31 2011 4 30 2011 6 30 (A) 2011 6 21 2011 6 21 III-2

2011 3 31 Jones Lang LaSalle Sallmanns Limited 6/F Three Pacific Place 1 Queen s Road East Hong Kong tel +852 2169 6000 fax +852 2169 6001 Licence No: C-030171 1 6 +852 2169 6000 +852 2169 6001 C-030171 2011 3 31 IV-1

5 12 IV-2

Walker House, 87 Mary Street, George Town, Grand Cayman, KY1-9005, Cayman Islands Sam B. Q. Zhu B.Sc. FRICS FHKIS MRICS 2011 6 21 1. 28 31 2. Sam B. Q. Zhu13 IV-3

2011 2011 3 31 3 31 1. 12,505,000 99% 12,380,000 12,505,000 12,380,000 2011 2011 3 31 3 31 2. 16 18 15 1502 5 12,505,000 12,380,000 IV-4

2011 3 31 1. 92,700 20052008 15 1,102 12,505,000 99% 12,380,000 50 2049 9 25 1. 99% 2. 2010 2 26 2010-02 0392,700 50 2049 9 25 4,130,000 2010 12 16 3. (2009)010 (2009)011 92,70050 2049 9 25 4. 5. a. b. IV-5

2011 3 31 2. 16 18 15 1502-5 1976 4115 365.853,938 2009 10 28 2012 10 27 169,334 2012 10 28 2013 12 31 255,970 1. New World Tower Company Limited 1994 7 1 UB6075995 2. (i) 2009 12 18365.853,938 New World Tower Company Limited 2009 10 28 2012 10 27 169,334 (ii) 2011 1 10 365.85 New World Tower Company Limited2012 10 28 2013 12 31 255,970 IV-6

1911 999 1500 80202 +1.303.620.0020 +1.303.620.0024 www.dolbear.com 99% 2009 102010 22010 12 2011 12011 4 1995 2005 VALMIN 1999 2004 JORC V-1

2011 3 31 Ph.D., CPG 09-112 2011 6 21 V-2

1.0...................................................................... V-5 2.0.......................................................... V-9 3.0................................................................... V-9 4.0................................................................... V-10 4.1..................................................... V-10 4.2........................................................... V-11 4.3........................................................... V-12 4.4.................................................................. V-13 5.0.............................................................. V-13 5.1.................................................................. V-13 5.1.1........................................................ V-13 5.1.2............................................ V-14 5.1.3................................................... V-16 5.2........................................................... V-19 5.2.1...................................... V-19 5.2.2............................................... V-20 5.2.3........................................... V-20 5.2.4............................................ V-21 5.2.5................................................... V-21 6.0....................................................... V-21 6.1......................................... V-21 6.2......................................... V-22 6.2.1............................................. V-23 6.2.2........................................ V-23 6.2.3................................................... V-24 6.2.4............................................................. V-25 6.3......................................................... V-26 6.4........................................................... V-26 6.5......................................................... V-26 6.6......................................................... V-29 6.7......................................................... V-29 7.0......................................... V-29 8.0...................................................................... V-30 9.0................................................................... V-31 10.0...................................................................... V-35 11.0................................................................... V-36 12.0................................................................... V-38 13.0....................................................... V-38 13.1............................................................. V-38 13.2............................................................. V-40 14.0............................................................ V-41 15.0................................................................... V-41 V-3

5.1................................ V-19 5.2................................ V-19 6.1....................................... V-23 6.2 2010 12 31............................ V-26 6.3.............................. V-27 6.4......................................... V-28 6.5 2010 12 31............................... V-29 8.1......................................... V-31 9.1 (%)................................................. V-31 9.2 2010 12 202011 1 27............................................ V-32 9.3........................................................... V-33 9.4 (%)................................................. V-33 10.1..................................................... V-35 11.1......................................... V-36 12.1........................................... V-38 13.1................................................ V-40 1.1....................................................... V-5 5.1................................................ V-15 5.2 3............................................ V-17 5.3 16........................................... V-18 6.1.................................. V-22 6.2 III............................. V-24 9.1.............................................. V-34 V-4

V-5 1.0 1.1 99% 1.1 99% 20062007 2009312 TFe21.51% mfe18.62% JORC 2010 2 2010 12 2011 4 8001.5 12 2011 1 1

30% 2011 1 12 2011 3 20 17010 6302011 8 2011 42011 6 2011 9 1,200 3,000300 900,0001 2,400 4,000 1.2 2 2011 5 3 500 2011 1 1 2.15 3.02011 10 4.02.8 3.52.45 2011 92012 6 7.010.5 2.66 TFe 66%4.0 32011 92.832011 82011 102012 7 2012 12012 10 V-6

2010 3 2010 4 B.S., M.S. Ph.D. 26 SME 2004 JORC Competent Person 43 101Qualified Person 2010 6 30 Derek Rance (B.S. MBA) Rance 30 Iron Ore Company 10 8 Carol Lake Rance V-7

Janet Epps B.S. M.S. 30 Epps IFCMIGA Epps Michael Martin(B.Sc. M.A.) Martin 30 Martin 20 Martin SME Martin 2009 10 2710 29 Rance Epps 2010 2 62 13 2010 12 312 5 2011 1 291 312011 4 22 4 24 2011 3 31 6.551.00 V-8

2.0 1911 Behre Dolbear Group Inc. 2004 50 20062011 3.0 V-9

4.0 4.1 1.140 114 09 45 114 11 15 37 29 15 37 31 30 797 196,000 5.5 2 S202 S328 32 G107 7835054 100 4 7 35 35 V-10

79 2011 3 20 170 102011 46302011 8 120,000 600,0001,200,000 300,000 4.2 5771,128 550 43 24 13 500 600 79 200 V-11

4.3 30 5.22348 12500 1,028C1300002009052110018498 2017 7 20 3 10.5 0.7531 7.20 1.103.5 17% 1% 4%25% V-12

4.4 1960 2006 52007 5 1:5,0003 493.8 308.5 1,200 200 2009 5 2009 7 20062007 2009 1012 47 10,672 200 100 200 400 2010 12010 2 2010 12 5.0 5.1 5.1.1 1987Shijialan Nansi V-13

5.1.2 5.1 360 10 60 75 0.5 1.2 3 4 10% 35% V-14

5.1 V-15

Shiwopu 20 5 2009 10 Lüliang 5.1.3 20062007 2009 10 17 84 1 818 1,300 4.1105.4 57.5 45 85 mfe6.14% 32.65%, 19.64% TFe 22.02% 2 1 7 18 2,9004.143.6 13.2 35 82 mfe6.16% 33.21%20.89% TFe 23.11% 30 14 3 619 2 2,800 6.0120.4 45.9 17 79 mfe6.18% 33.51%19.87% TFe 22.20% 25 13 V-16

4 3 315 300 20.5 mfe 18.08% TFe 20.53% 5.2 5.32010 1 5.2 3 5.1. V-17

5.3 16 5.1. 0.25 0.8 10% 35% 5.1 (CaO+MgO) (SiO 2 +Al 2 O 3 )0.5 1 V-18

5.1 YZH01 YZH02 YZH03 YZH04 YZH05 I II III III IV S (%)............................... 0.016 0.031 0.016 0.008 0.016 P (%)............................... 0.04 0.03 0.03 0.05 0.04 As (%).............................. 0.58 0.32 0.27 0.40 0.42 Sn (%).............................. 0.023 0.026 0.021 0.028 0.016 Pb (%).............................. 0.0007 0.0007 0.0007 0.0007 0.0007 Zn (%).............................. 0.0066 0.0056 0.0052 0.0060 0.0052 Cu (%).............................. 0.0009 0.0004 0.0004 0.0004 0.0004 CaO (%)............................. 0.49 1.23 1.28 1.81 0.49 MgO (%)............................ 0.059 0.470 0.150 1.120 0.470 SiO 2 (%)............................. 63.11 63.96 67.00 62.37 69.13 Al 2 O 3 (%)............................ 8.67 7.13 8.67 9.22 9.09 5.2 5.2.1 5.2 5.2............................................................................... 50................................................................................. 11,165.5............................................................................ 1,200................................................................................. 308.5.......................................................................... 1,220.......................................................................... 329.......................................................................... 5........................................................................ 81 V-19

5.2.2 20062007 2009 4710,671.7 10589 7579% 76% 100% 78% 73% 92% 80 50100 5.2.3 20062007 200 10 3 24 2009 4-200 0.074 V-20

TFemFe (Davis Tube) mfe 5.2.4 200620074034210.4% 307.4% 20091,146 12010.5% 605.2% Hebei Baoding Central Analytical Laboratory 200620072009 2008 6 5.2.5 200620072009 73 3.12 6.0 6.1 1999 9 2004 12 JORC JORC V-21

JORC (Measured) (Indicated) (Inferred) JORC JORC JORC 6.1 6.1 JORC 6.2 V-22

I MAPGISMAPGIS 200720092010 MAPGIS 6.2.1 6.1 6.1 mfe........................................ 6% 8% 4 4 6.2.2 200 100 400200 50 6.2 III V-23

6.2 III 6.2.3 (S )S 1 S 2 40% S = S 1 + 2 S 2 40% S = S 1 + S 2 + 2 S 1 S 2 (S)(L) V-24

S = ( S 1 + 2 S 2 ) ( L 1 + 2 L 2 ) L 1 L 2 6.2.4 200 100 400 200 50 20082009 1 2 2008 6 40,000 78,000TFe 19.59%3 19.59% TFe 3 TFe 20.64% 1999 JORC V-25

6.3 2010 12 31 JORC 6.2 2009 12 31 2010 2010 12 312009 12 31 6.2 2010 12 31 99% JORC TFe % mfe % TFe mfe I......................... 40.32 23.36 21.00 9.42 8.47 20.24 20.60 17.96 4.17 3.64 60.56 22.43 19.98 13.59 12.10 II......................... 40.28 22.46 18.37 9.05 7.40 61.10 22.20 17.67 13.50 10.79 101.38 22.24 17.94 22.55 18.19 III........................ 19.20 20.92 18.52 4.02 3.56 129.81 20.60 18.53 26.74 24.05 149.01 20.64 18.53 30.76 27.61 IV........................ 0.81 19.15 16.78 0.16 0.14..................... 99.80 22.53 19.46 22.48 19.42 211.96 21.03 18.22 44.57 38.62 311.76 21.51 18.62 67.05 58.04 6.4 2010 3 207JORC 6.5 2010 12010 12 V-26

3DMine 12 12 12 6.3 6.3..................................... 10.5 TFe............................. % 20.43 TFe........................... % 81.7..................................... 120/105/90/75/60/45 66% TFe............ 705/647/588/529/471/412............................ 10.00..... 2.00................................. 16.15..................................... 26.71....................... 10.48....................................... 7.20....................... 60.54..................... 50............................ % 5.0................................... % 95.0 TFe20.43% TFe21.51%5% TFe81.7%TFe TFe 66% TFe ( ) 66% TFe 705 107.6 TFe TFe6.85% TFe TFe 5.0%5.3% 9.0%9.9% 45 60 75 90 105 120 90 V-27

6.4 6.4............................................................ 12......................................... 1,124.............................................. 452.................................................................. 56............................................ 4,310............................................ 778..................................................... 65.................................................. 50..................................................... 9.46....................................................... 22....................................................... 15 (%)........................................................ 9.0 260.01748.88 2.88:1 5.0% 5.3% 95% 50 TFe TFe TFe V-28

6.6 2010 12 31 6.5 6.3 6.5 2010 12 31 99% JORC TFe % mfe % TFe mfe...................... 85.80 21.39 18.48 18.35 15.85...................... 174.21 19.97 17.30 34.79 30.13...................... 260.01 20.43 17.68 53.14 45.98...................... 748.88...... 2.88 6.7 2010 12 31 10.5 24.8 26 7.0 200620072009 50 V-29

5.1 0.7531 5.2 5.3 30% 40% 30 50 10 25 TFe mfe 8.0 4 30% 3DMine 50 5% 5% 1222 9% 260.01 748.88 2.88:1 2011 18.1 300 330 V-30

8.1 99%............................ 2011 790 1,900 2.41............................ 2012 6,300 15,800 2.51............................ 2013 10,500 31,500 3.00............................ 2014 10,500 31,500 3.00............................ 2015 10,500 31,500 3.00............................ 2016 10,500 31,500 3.00................... 2017 2031 10,500 35,700 3.40............... 20322036 10,500 13,900 1.32........................ 2037 921 179 0.19............................... 260,011 748,879 2.88 300 2010 12 203.0 201210.5 201120122.5:1.0 201320163.0:1.0 7213.4:1.0 8.1 10 2011 926 2011 12 YZ-35B 250752 4 45 10 86 9.0 9.1 9.1 (%) TFe FeO SiO 2 Al 2 O 3 CaO K 2 O Na 2 O Cu Pb Zn P Mn TiO 2 MgO S 21.62 7.94 56.38 7.90 0.69 1.86 1.15 0.001 0.016 0.004 0.06 0.23 1.13 0.58 0.021 V-31

2011 1 1 2010 12 202011 1 2732 9.2 9.2 2010 12 202011 1 27........................................................... 167,693 TFe....................................................... % 22.96 mfe....................................................... % 17.93 TFe....................................................... 38,502 mfe....................................................... 30,067 mfe/tfe................................................... 0.781........................................................... 124,522........................................... 0.743........................................................... 40,863 TFe....................................................... % 64.24 TFe....................................................... 26,189................................................ 4.104.................................................... % 68.18...................................................... 32...................................................... 5,240.................................................. 3,902...................................................... 1,277 TFe............................................................ % 3.41 mfe........................................................... % 0.87 85% -200 (0.074 TFe....................................................................... 63.0% 66.6% SiO 2...................................................................... 3.73% 3.97% CaO...................................................................... 0.04% 0.07% MgO...................................................................... 0.09% 0.10% Al 2 O 3..................................................................... 1.17% 1.27% K 2 O....................................................................... 0.03% 0.04% Na 2 O...................................................................... 0.12% 0.16% TiO 2...................................................................... 0.56% 0.81% S......................................................................... 0.01% P......................................................................... 0.02% Cu........................................................................ 0.005% Pb........................................................................ 0.003% Zn........................................................................ 0.008% V-32

65% -200 TFe 62% S 0.3% P 0.03% SiO 2 7% Hebei Geology and Mineral Resource Center Laboratory 2010 1 Yanjiazhuang Iron Ore Processing Test Report 18.86% 87.24% 12.76% 2,500 Oe-15-8 -8TFe 92.91% mfe 96.80% -8 38% -200 1,500 Oe 60.0% -200 1,000 Oe TFe 67.74% TFe 88.11% mfe 97.46% TFe mfe81.87% 94.32% 9.3 9.3 % %) TFe MFe TFe MFe............................. 25.97 67.74 67.13 81.87 94.32...................... 35.59 6.67 1.28 11.04 2.46.................... 38.44 3.96 1.55 7.09 3.22........................ 74.03 5.26 1.42 18.13 5.68............................. 100.00 21.48 18.48 100.00 100.00 9.4 9.4 % TFe SiO 2 Al 2O 3 CaO K 2O Na 2O Cu Pb Zn P TiO 2 MgO S 67.74 2.30 0.84 0.31 0.12 0.025 0.001 0.016 0.0037 0.015 0.46 0.071 0.016 2010 12 202011 1 27TFe 68.18%TFe 81.87% mfe/ TFe 0.781 mfe/tfe0.865 V-33

2010 12 20 2011 1 27 TFe 4.104 9.1 1500 Oe -8 +8 60%-200 2500 Oe 1000 Oe 38%-200 9.1 2012 6 1.5 2.1 30% 3.02011 1 1 38 22011 6 V-34

2011 9 2011 8 2011 10 4.02.8 3.52.45 2011 9 2012 6 2012 12012 10 10.0 10.1 21 300 330 2011 10.1 99% 2012 2013 2014 2015 2016 2017 2031............ 790 6,300 10,500 10,500 10,500 10,500 10,500 TFe %........... 20.43 20.43 20.43 20.43 20.43 20.43 20.43 TFe......... 161 1,287 2,145 2,145 2,145 2,145 2,145 %.......... 91.89 91.89 91.89 91.89 91.89 91.89 91.89 %.......... 88.91 88.91 88.91 88.91 88.91 88.91 88.91 %........ 81.70 81.70 81.70 81.70 81.70 81.70 81.70.......... 200 1,590 2,655 2,655 2,655 2,655 2,655 TFe %........... 66 66 66 66 66 66 66 TFe......... 132 1,052 1,752 1,752 1,752 1,752 1,752........ 3.954 3.954 3.954 3.954 3.954 3.954 3.954 3.0 2011 62011 1 1 2011 38 2 2011 9 2011 10 3.0 2011 4 3 4.03 2011 9 2012 1 V-35

3.54 2.45 2012 62012 10 10.5 2.66 TFe 66% TFe 81.7% 68.18% TFe 11.0 2010 122010 12 202011 1 271 2011212031 3.010.5 11.1 11.1 2010 12 20 2011 1 27 2011 2012 2013 2014 2015 2016 2017 2031............... 5.39 6.50 6.50 6.50 6.50 6.50 6.50 6.50.................... 7.20 7.25 7.25 7.25 7.25 7.25 7.25 7.25................. 3.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00............... 2.66 2.00 2.00 2.00 2.00 2.00 2.00 2.50........................ 0.59 2.40 2.40 2.40 2.40 2.40 2.40 2.40............................. 1.00 2.41 2.51 3.00 3.00 3.00 3.00 3.40.................... 18.84 33.02 33.72 37.15 37.15 37.15 37.15 41.65...................... 2.88 5.04 5.15 5.67 5.67 5.67 5.67 6.36........................ 2.92 1.23 1.23 1.23 1.23 1.23 1.23 1.23.................................................. 6.81 13.27 13.27 13.27 13.27 13.27 13.27 13.27.................. 16.87 12.21 12.21 12.21 12.21 12.21 12.21 12.21.................... 26.60 26.71 26.71 26.71 26.71 26.71 26.71 26.71...................... 4.06 4.08 4.08 4.08 4.08 4.08 4.08 4.08............... 45.44 59.73 60.43 63.86 63.86 63.86 63.86 68.36................. 6.94 9.12 9.23 9.75 9.75 9.75 9.75 10.44 (1)............. 186.49 236.17 238.94 252.50 252.50 252.50 252.50 270.30................. 28.47 36.06 36.48 38.55 38.55 38.55 38.55 41.27 V-36

11.1 2010 12 20 2011 1 27 2011 2012 2013 2014 2015 2016 2017 2031.................... 1.04 1.22 2.80 3.15 3.15 3.15 3.15 3.15...................... 0.24 0.67 0.80 1.10 1.10 1.10 1.10 1.10................. 3.32 8.57 8.57 8.57 8.57 8.57 8.57 8.57.... 7.24 7.25 7.65 7.60 7.60 7.60 7.60 7.60................................................ 1.35 1.66 0.54 0.54 0.54 0.54 0.54........ 11.84 19.06 21.48 20.96 20.96 20.96 20.96 20.96.......... 1.81 2.91 3.28 3.20 3.20 3.20 3.20 3.20...................... 57.28 78.79 81.91 84.82 84.82 84.82 84.82 89.32........................ 8.75 12.03 12.51 12.95 12.95 12.95 12.95 13.64 (1).................. 235.08 311.54 323.87 335.38 335.38 335.38 335.38 353.17...................... 35.89 47.56 49.45 51.20 51.20 51.20 51.20 53.92........................ 5.34 3.50 1.70 1.60 1.60 1.60 1.60 1.00.......................... 0.82 0.53 0.26 0.24 0.24 0.24 0.24 0.15...................... 62.63 82.29 83.61 86.42 86.42 86.42 86.42 90.32........................ 9.56 12.56 12.76 13.19 13.19 13.19 13.19 13.79 (1).................. 257.03 325.37 330.59 341.70 341.70 341.70 341.70 357.13...................... 39.24 49.68 50.47 52.17 52.17 52.17 52.17 54.52 (1) 3.954 2010 12 20 2011 1 27 11.1 11.166% TFe 11.1 68.18% 81.7% V-37

12.0 12.1 12.1 2010 2011 2013......................... 134.4/20.52 192.6/29.40 327.0/49.92 36.4%........................... 118.7/18.12 262.0/40.00 380.7/58.12 42.4%.............. 37.5/5.73 94.9/14.49 132.4/20.21 14.8%.............................. 4.2/0.64 53.0/8.09 57.2/8.73 6.4%.............................. 294.8/45.01 602.5/91.98 897.3/136.99 100.0% (10%).................... 60.3/9.21 60.3/9.21........................... 2.0/0.31 310.0/47.33 312.0/47.63.............................. 296.8/45.31 972.8/148.52 1,269.6/193.83 2010 296.845.01201120122013 548.583.74 299.445.71 124.919.07 10% 12.1284.543.44 10% 13.0 13.1 19882002 19881996 1991 V-38

1989 2000 GB8978-1996 3 2007 12 2010 72011 7 10.5 World Bank Group 80% 2014 9 9 20 2011 8 10 13.1 V-39

13.1 8 13.2 301202011 4 2011 3 V-40

14.0 3.0 2013 9 2010 8 2013 8 15.0 10% 15% >15% >10% V-41

2006 20072009 200 100 400 200 2010 1 2010 12 JORC 2010 12 20 V-42

10 2011 9 262011 12 V-43

2.15 2011 1 1 2011 6 2011 92012 6 3.07.010.5 2012 10 2010 12 2010 12 20 2010 12 2010 10% 3 V-44

3.0 V-45

1. (a) (i) (ii) (b) (i) 16.5%15% (ii) (c) (i) 0.1% 0.2% 5 VI-1

(ii) (d) (i) 2005 2006 2 112006 2 11 (ii) 2. (a) (i) 2008 1 1 2008 1 1 33.0% 30.0%3.0% (1) 24% (2) 15%(3) 15% 2007 3 16 2007 12 6 2008 1 1 25% 2008 1 1 VI-2

2008 1 1 20% 20% 2007 12 26 57 2008 1 1 25%2008 1 1 15% 2008 18% 2009 20% 2010 22% 2011 24% 2012 25%24% 2008 1 1 25% (ii) 13% 17% (iii) 1994 1 1 2008 11 10 1993 12 25 2008 12 15 2009 1 1 3% 20% 5% (b) 2000 2001 2005 VI-3

10% 50% 2008 1 1 (c) (d) 19996 (i) (ii) (aa) (bb) 19996(3) 2009 10 13 3. 1993 1996 4 1 2008 8 5 1996 6 20 1996 7 1 VI-4

2005 7 21 2005 10 21 75 2005 11 175 75 2006 3 31 75 VI-5

2009 9 25 1. (a) 27(2) (b) 2. 2010 4 9 (a) (i) (ii) VII-1

(iii) (iv) (v) (vi) VII-2

(aa) (bb) (cc) (dd) (ee) 5% (ff) (vii) VII-3

(viii) (aa) (bb) (cc) 12 (dd) (ee) (ff) VII-4

(ix) (x) (xi) 30 (b) VII-5

(e) 14 30 (f) (g) (h) 15 18 VII-7

(i) 2120 2110 1410 (i) (ii) (a) (b)(c) (d) (e) (f) 20%(g) (j) VII-8

(k) (l) (m) VII-9

(n) (o) (i) VII-10

(ii) (a) (b) (p) 2.50 (q) VII-11

(r) 3(f) (s) (i) (ii) VII-12

(t) (i) 12 (ii) 12 (iii) 12 (u) 3. (a) (b) VII-13

(a) (b) (c) 37 (d) (e) 2010 4 9 (c) (d) VII-14

(e) 34 34 (f) (a)(b) (c) (a)(b) (c) (d) (g) VII-15

(h) (i) (ii) (iii) (i) (j) 19996 (i) (ii) 2009 10 13 20 (k) (l) (m) VII-16

(n) (a) (b) (c) (d) 21 VII-17

(o) (p) (q) (r) VII-18

4. VII-19

A. 1. 2009 9 25 16-1815 1502-52010 4 13XI 16-1815 1502-5 2. 2009 9 25350,000 3,500,000 0.10 0.10 Start Well 2009 12 161,000,000,000 10,000,000,000 0.10 2010 1 6Start Well 1 2010 1 151 2010 1 15 11,027,0002009 11 13 1,000 1,001 400,000,000 4,000,000,000 6,000,000,000 VIII-1

3. 2010 4 92011 1 252011 6 82011 6 10 2010 4 9 (a) (b) (1) (2) (3) 10% (4) 2011 1 25 2011 6 82011 6 10 (a) (i) 800,000,000 (ii) 319,999,899.9 3,199,998,999 VIII-2

(b) (i) 20%(ii)(d) (i) (ii) (iii) (c) 10% (i) (ii) (iii) 4. 1. 2009 9 25 350,000 3,500,000 0.10 2. 2009 9 25 Start Well2009 12 161,000,000,000 10,000,000,000 0.10 VIII-3

3. 2009 9 10 Liu SPV 2009 9 28 Zhao SPV Chen SPV 4. 2009 11 14Standlink Start Well2.0%220,540 2009 11 13 5. 2009 11 14Start Well1.0%110,270 2009 11 13 6. 2009 11 14 11.0%1,212,970 2009 11 13 7. 2009 11 9 Aleman 2009 11 14Start Well 7.0% Aleman771,890 2009 11 13 8. 2009 11 12 99.0% 1 13,200,000 9. 2010 1 6Start Well 1 2010 1 15 1 2010 1 15 11,027,0002009 11 13 1,000 10. 2010 3 8 Perfect Move 9,814,030 2009 11 13 Perfect Move Zhao SPV Chen SPV Liu SPV 572146281 Zhao SPV Chen SPV Liu SPV Perfect Move 57.3% 14.6% 28.1% Perfect Move 51.0% 13.0% 25.0% Standlink Aleman 4.0% 7.0% 11. 2010 3 82010 3 9 99.0% VIII-4

12. 2010 4 13XI 13. 2011 1 28Modern Global Fast FortuneStandlink Aleman 11,322,000 19,814,000 Perfect Move Modern Global Fast Fortune89% 6.6% 4.4% 14. 2011 3 21% 300,000 15. 2011 1 282011 2 18Modern Global Fast FortuneChen SPV Liu SPV Perfect Move Chen SPV Liu SPV 36.870.8 Perfect Move Modern Global Fast Fortune 60% 40% 16. 2011 6 15VMS NWS Mining Modern Global Fast Fortune Perfect Move Pioneer Vast Star Valiant (a) Fast Fortune Perfect Move 40% Modern Global Perfect Move Modern Global (b) Modern Global6.6% Perfect MoveFast Fortune 4.4% Perfect MovePerfect Move (c) Pioneer Vast Star Valiant (a) (b) Pioneer Vast Star Valiant (d) Fast Fortune (a) (b) (e) (f) (a) (b) 40% Fast Fortune Fast Fortune 40% 60% (a) (e) 10% 17. 319,999,899.9 3,199,998,999 VIII-5

5. 1. 2009 8 17 212 2010 2 10 2. 2010 2 21 12 20 2010 7 7 3. 2010 7 3020 30 2011 1 7 6. 2006 5 10 30 2006 5 102056 5 9 99.0% 99.0% 1.0% VIII-6

7. (a) (i) 2011 6 8 A. 3. 2010 4 92011 1 252011 6 82011 6 10 (ii) (iii) 10.0%30 VIII-7

5.0% (iv) (v) (aa) (bb) (vi) 30 (vii) (b) VIII-8

B. 1. (a) 2009 6 26 2007 11 28 (b) 2009 8 17 2007 11 28 2,800,000 2,000,00030,000,000 12,000,000 (c) 2009 11 9 199% 13.2 (d) 11,027,000 1,000 1,000 2010 1 15 (e) 8W APO Holdings, Ltd. Long Tree Investment Limited China Gate Worldwide Limited Citicorp International Limited 8W APO Holdings, Ltd. Long Tree Investment Limited China Gate Worldwide Limited 2010 1 22 (f) Citicorp International Limited 2010 1 22Citicorp International Limited (g) Citicorp International Limited Citicorp International Limited2010 1 22 VIII-10

(h) Citicorp International Limited Citicorp International Limited 2010 1 22 (i) Citicorp International LimitedCiticorp International Limited 2010 1 22 (j) 2010 2 20 12,000,000 20,000,000 (k) Easytime Development Limited 11 2010 3 8 (l) 1 99.0%2010 3 9 (m) 2010 5 1 2010 1 22 (e) (n) Citicorp International Limited 2010 5 1 Citicorp International Limited (o) Citicorp International Limited Citicorp International Limited 2010 5 1 (p) Citicorp International Limited Citicorp International Limited 2010 5 18 (q) 2007 11 282010 7 20 20,000,000 30,000,000 VIII-11

(r) Plus All Holdings Limited2011 5 30 Plus All Holdings Limited 200 (s) Citicorp International Limited2011 6 15 (f)2010 1 22 (t) Citicorp International Limited 2011 6 15 (g)2010 1 22 (u) Citicorp International Limited 2011 6 15 (h)2010 1 22 (v) Citicorp International Limited 2011 6 15 (i) 2010 1 22 (w) Citicorp International Limited 2011 6 15 (n)2010 5 1 (x) Citicorp International Limited 2011 6 15 (o)2010 5 1 (y) Citicorp International Limited 2011 6 15 (p) 2010 5 18 (z) Plus All Holdings Limited 2011 6 16 400 (r)2011 5 30 (aa) VIII-12

2. (a) 2019 11 8 37 301469971 * 37 4 6 7 35 37 39 40 42 301818838 2011 1 24 4 6 7 35 37 39 40 42 301818865 2011 1 24 4 6 7 35 37 39 40 42 301818883 2011 1 24 4 6 7 35 37 39 40 42 301818829 2011 1 24 VIII-13

4 6 7 35 37 39 40 42 301818856 2011 1 24 4 6 7 35 37 39 40 42 301818892 2011 1 24 4 6 7 35 37 39 40 42 301818847 2011 1 24 4 6 7 35 37 39 40 42 301818874 2011 1 24 4 6 7 35 37 39 40 42 301818900 2011 1 24 4 6 4 6 VIII-14