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洛阳钼业:H股通函2019-04-29  

						                          (股份代號:03993)




                              H
                      IXM



                                  H

               1 44
               239                              AGM-1
AGM-8


           H
      24                  H
    183    17M


                      H




*
................................................................                                       ii


      ...........................................................                                      1


                                ..................................                                   I-1


                                     ...............................                                II-1


           H                                  ...........................                           III-1


                                  .................................                                IV-1


                                              ...........................                           V-1


                       ..........................................                                  VI-1


  A                           ...................................                                VII-A-1


  B       IXM                   ..................................                               VII-B-1


                                              ...........................                         VIII-1


  A                                  ...............................                             IX-A-1


  B       IXM                        ...............................                             IX-B-1


                           ......................................                                   X-1


                                                                                                   XI-1


                             2019-2021 . . . . . . . . . . . . . . . . . . . . . . . . . . .       XII-1


                 ................................................                                 XIII-1


            .....................................................                                AGM-1


           H                  ...................................                              NOTICE-1

                                      –i–
A                  0.20
                     603993


A   A


A
                                239
                                 A




                          239




        – ii –
198                        1,553




              H       A




Deloitte Touche Tohmatsu                   IXM




                              Deloitte NWE LLP
                                   Deloitte Touche Tohmatsu
Limited




          – iii –
           0.11




NCCL
                                          (i)
               Natural Resource Elite Investment Limited
                                     45%           (ii)Next
Goal Limited
                              55%
    New China Capital Legend Limited




        – iv –
                                  LDC   Louis Dreyfus
    Company Metals B.V.   IXM




H                          0.20




H   H


H
        A
            239
             H




              –v–
                                      297                    2,330




IXM   IXM B.V.           Louis Dreyfus Company Metals B.V.




IXM   IXM




LDC   Louis Dreyfus Company B.V.
            IXM                                IXM100%




              – vi –
               IXM
                           IXM




                                       495           3,883




                                 A               H




                      H              10%     H




NSR   New Silk Road Commodities Limited




                                       571


      A    H




               – vii –
                            A           20%   H   20%
      A                H


                                 A       H




New Silk Road Commodities SA
                           NSR
              IXM100%


(i)                              IXM
          (ii)


                                       100%




          – viii –
                                 IXM




%


           7.8445   1.00
    H.10




                      – ix –
 (股份代號:03993)




                         183
                       54




      H
IXM



          H

          –1–
1.




              IXM


                            H




     (i)


     (ii)


     (iii)


     (iv)


     (v)


     (vi)


     (vii)


     (viii)


     H


     (i)


2.




                    –2–
     1.                      17        20                   1.65          1.9


     2.                      1.45           1.6                0.90             1.0




     3.               80%           NPM           3   3.2                             2.5
                2.8


     4.                      0.95           1.1                       +
          100          115




3.




                0.11




            A




                                    –3–
    H                                     [2008897]
                  H
        10%


H                             H




                  [1994020]


                              [1994020]
              H




                              –4–
                [201481]


                H                      20%




            H




                H




        H                          H




4.




                           –5–
(1)




(2)                      12
              350




(3)


(4)




(5)




                    14   14A




      –6–
5.




     (1)           50


     (2)




     (3)




           –7–
                       14     14A


           14A


6.




                 150




     (1)                150




     (2)




     (3)




     (4)




                                    –8–
7.




                                        A
           H     20%        A       H


     (1)
                       A        H
                           20%
                 A




           (a)


           (b)


           (c)


           (d)


           (e)




                                –9–
(2)
                A          H
                                A   H
      20%


(3)
        A   H




(4)




(5)




      (a)                  12


      (b)


      (c)




(6)




(7)




                – 10 –
                                                 21,599,240,583              3,933,468,000
       H     17,665,772,583      A
                                         4,319,848,116                 786,693,600    H
     3,533,154,516       A                                   20%




8.                   H



                                                                         H




                                                         H                                 A
                             H
                                                                   H                 10%




                                     – 11 –
          (a)          (b)                                      (c)
                 (d)
(e)                                               (f)


                                                        H




      H


                                                  A         H




H                                             H                             H




            10               30
    30                                   45




                                        (a)
                   A               H                                  (b)
                                                                (c)




                             – 12 –
                             (c)


                                                      H


                              A                   H
                                                          13         A
                                       H
                      H                                              H
                    10%




9.




      [2012]37                     3                      [2013]43


                 2019-2021




10.


      (1)




                    NSR




                                       – 13 –
(2)


      (A)




            (1)
            (2)       NSR




                             100%
                                     IXM 100%


                                    495          3,883




                                     (i)
                                          (ii)




                  – 14 –
                 14.61




                 297
       2,330




(1)




(2)




      – 15 –
(3)




(1)


          (i)


          (ii)


          (iii)




      – 16 –
(2)




(3)              (i)
          (ii)




(4)




(5)




(6)




          (a)




          (b)                  (i)


                        (ii)
                       (iii)




      – 17 –
    (c)


                                  (i)
                          (i i)
           (iii)   (iv)


           (v)




    (d)




    (e)




    (f)




    (g)




– 18 –
(7)
                 (5)    (6)


(8)


                               (1)   (8)




                              (a)
                  (b)




      – 19 –
                                       100,000
                 1,000,000




                         100,000
                                           500,000




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




(1)




(2)




      – 20 –
(B)



                             (i)
      (ii)


                       495                          3,883




      (i)    495                                            IXM
                    449,755,000               1.1




      (ii)


             i.




             ii.




             iii.




             iv.




                                   – 21 –
1                                                  1.3x
                                        GLEN


                                        GLN
2                                                  1.5x
                                        ADM
3                                                  1.8x
                                        BG
4                                                  0.9x
                                        O32
5   Adani Enterprises Ltd.                         1.0x
                                (       ADANIENT


                                                   1.3x
                                                   1.3x




                             – 22 –
1                Yellowbird Capital                                 6.04          0.9x
                 Management
2                                     CWT Pte.                      2.60          1.6x


3                                                                          4.06   1.2x




4                                                                          7.94   1.1x




                                                                                  1.2x
                                                                                  1.2x


                     (i)
       1.3x   1.3x                           495
1.1x                       15.38%          15.38%      (ii)
                            1.2x       1.2x                   495
                     1.1x                          8.33%   8.33%




                                       – 23 –
                                          IXM
                                                  IXM


            EV/EBITDA         IXM
                        IXM




                                            (a)
                                    IXM
      (b)


IXM
                                          IXM




            IXM




             – 24 –
                                                    466




i.


ii.    IXM
       378,397,000
       449,755,000                                                 IXM
                                                    (1)
                                  61,297,000              362,127,000
                 423,425,000           (2)
               15,020,000                    32,289,000


iii.                                          1.1




iv.




v.




vi.




                            – 25 –
                  (i)                                         (ii)
                                          (iii)




(C)




      (1)


            IXM                                         LDC          IXM
                                    IXM
                                                  IXM




      (2)



                   IXM




                         – 26 –
      (3)




      (4)



                  IXM




(D)




            – 27 –
                        IXM




                        (i)


                 (ii)




                                     IXM




                          IXM 100%


(E)


                                      IXM




      – 28 –
i.



        101,216.1


        119,537.2


ii .



        51,618.2


        69,891.6


iii .



          40,948.9


                     40,996.6


iv .



          4,635.6


        4,873.1




                            – 29 –
v.




                               0.21   0.23    0.02


                               1.90   1.90       –
     (%)                      19.84   4.81   -15.04




           =


                          =


     =




               – 30 –
(F)




                      14.61




      1.




      2.




      3.




           – 31 –
1.




2.




3.


4.




5.




6.




7.




8.




9.




     – 32 –
10.




11.




12.




13.




14.




15.




                 14.62




      – 33 –
(G)


      1.



                                   IXM




            IXM




                             IXM




                                         IXM




           IXM




                  – 34 –
                       IXM
           IXM




                   IXM                              IXM
                                              IXM
                            IXM




1.


     IXM


                                  IXM
                                        IXM




                 – 35 –
2.


                                   IXM    13
     IXM




3.


           IXM                                 IT
                             IXM




4.


     IXM
            IXM
                                         IXM
                                                    IXM




5.


     IXM




                  – 36 –
          6.


                  IXM
                                                                     IXM
                                                                     IXM




(H)


      a




                                         IXM




                        78,000                    612,000


               24,000                      188,000          24,000              188,000




      b   IXM


          IXM                                                             IXM
                                                             IXM


                                                             IXM     15
                   250
                                 IXM




                                       – 37 –
          IXM                         IXM




                                    3,667,880   28,772,685    3,105,540   24,361,409
                                    3,260,869   25,579,887    2,651,815   20,802,163
                                     407,011     3,192,798     453,725     3,559,246
                                12,278,353      96,137,540   13,004,441 102,013,337
                                      92,267      723,788       34,490      270,557
                                     101,546      796,578       45,582      357,568


                                                                    IXM
            4,4361,971    3,982,687                              42.43
    45.07


c


    NSR
                  NSR


d




                         – 38 –
      e



           H     A                                                                             03993
                                 603993




(I)




                             100%




                             100%                           100%
                  Natural Resource Elite
                   Investment Limited               Next Goal Limited


                              45%                           55%


                                                                   New China Capital Legend Limited


                                             100%




                                             100%




                                             100%

                                           IXM




                                                                                                               (i) Next
      Goal Limited       (ii)                                                                    (iii)New China Capital
      Legend Limited




                                             – 39 –
                        100%




                        100%




                        100%

                   IXM

(J)


      IXM                      14.07
            100%
                                14



(K)           4.03



                                       4.03




            IXM




                   – 40 –
              (L)



                                                              [2014]17
                                                                            [2013]110


                       [2015]31




11.                      A                         H


                                                                           (i)
               (ii)                        (iii)                                     (iv)
                                             (v)                          (vi)
      (vii)                       (viii)                                         A
               H                            A           H                                   H




                                                                                       239
                                                                      H
        AGM-1         NOTICE-4                                    H




                                                   – 41 –
12.


                                        H
                  (www.hkexnews.hk)                (www.chinamoly.com)


          H                                                  H
                      H
              H                                        H


      H                                                                      24
                                H
                      183             17M                                H
                                                                     H




                                            H                    H




                                            – 42 –
13.


                             H                                        H


                 H                          H
                             H                  H                                            H
                             H
                       H                                                   H
                                                                  H
                                                    183               17       1712   1716


14.


                     13.39
                                                          H
                                        H
      13.39(5)


                                                              H




                                                    A




                                 – 43 –
15.


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


                                         A                    H




16.




                              – 44 –
.




                           2017
          2018
                                                (%)


     25,962,863    24,147,558     24,147,558    7.52
       4,635,582    2,727,796      2,727,796   69.94


       4,560,177    3,125,343      3,125,343   45.91
       9,434,533    8,428,813      8,428,813   11.93


                          2017
       2018
                                                (%)


     40,948,875    38,132,684     38,157,185    7.39
    101,216,117    97,812,745     97,837,246    3.48




    – I-1 –
                                                                                 2017
                                                    2018
                                                                                                             (%)


                                                      0.215                 0.14               0.14         53.57
                                                      0.211                 0.16               0.16         31.88
                       (%)                            11.72                 9.89               9.89     1.83


                                                      11.54                11.25           11.25        0.29
                (%)


.


    1.


         2018         TFM                                 16.83                           19.75             2.92
                -15%


                             1.87                          1.68              0.2        12%


                C1             -0.31                                     -0.42                  0.11
         25%


    2.


         2018                          1.54                                1.42           0.12         8%
                             6.45                                 6.32                  0.13            2%




                                              – I-2 –
                         1.17                                             1.15         0.02
     2%                             2.19                           2.26            0.07
      -3%


3.


     2018                                           +                   112                      107
                 4.4           4%


                         0.9                             0.94     0.04           -5%


4.


     2018              80%             NPM                       3.19                     3.10
          0.09          3%


                       2.53                               2.72          0.19     -7%


            C1                 1.08                              1.13             0.05
      -4%


                                2018




                                             – I-3 –
           2018




    2018


.




                         2018   8   3
                         2018   8   3
                         2018   8   3
                         2018   8   3
                         2018   8   3
                         2018   8   3




            – II-1 –
1.


                                                     MBA


                                         Seaspan
                  Seaspan                          IPO
                  Seaspan NYSE:SSW CEO


            Tiger Gas




2.




     SH:601877


3.




                                                   EMBA




                            – II-2 –
.




    – II-3 –
      6/6           1/1                     2/2         2/2         1/1
      6/6                       3/3         2/2                     1/1
      6/6           1/1         3/3         2/2                     1/1




4/4           2/2                     3/3         1/1         0/1     3/3
4/4                       2/2         3/3                     0/1     3/3
4/4           2/2         2/2         3/3                     0/1     3/3




            – II-4 –
                2018




1   2018 8 4




2   2018 8 27




                       – II-5 –
3   2018 12 26




4   2018 12 26              H




1   2018 1 31


2   2018 3 29       2018
                 2017
                         2017




                         2018




                        – II-6 –
3    2018 6 14




1.




2.                            2019




3.




4.




5.




6.




                 – II-7 –
.




    2018


    1.     2018




    2.




    3.        2019




                     – II-8 –
        1.




                             BHR Newwood           4,804,240.00      2017 4 5   2017 4 5   2024 4 5
                              Investment
                              Management Limited
                                                                                                               0.00
             (A)                                                                                       4,804,240.00


                                                                                                       3,186,075.20
                       (B)                                                                            20,344,075.20


(A+B)                                                                                                 25,148,315.20
                   (%)                                                                                       50.70


                                           (C)                                                                 0.00
                   70%                                   (D)                                                   0.00
        50%                  (E)                                                                         41,686.37
             (C+D+E)                                                                                     41,686.37




                                                                  – II-9 –
2.


        2018




1.


     2018   8   4




2.


     2018   8   4




                    2018
                                  2018




                    – II-10 –
3.


        2018      12   26




2018     1   31        7    31                                    2017
                                                           2018




                            2018




2018     5   25             2017                        2017
                                                 21,599,240,583
     0.076                                1,641,542,284.31




                                   – II-11 –
                     2018


2018




       2018




       – II-12 –
           2018




.


    2018




                  – II-13 –
2019




       – II-14 –
                                             H

                       10.06(1)(b)




1.




2.


                                                   4,319,848,116.60            3,933,468,000
           0.20    H       17,665,772,583                           0.20   A




                                                                           A
     H
         393,346,800   H                                        H                 10%




                                     – III-1 –
                                    H

3.   H


               H                         H




4.


               A           H


     A             H
         (1)                                     (2)




5.


     H




                       H                     H
                                H




                           – III-2 –
                 H

                 H




                       H


6.   H


         H




                           6.22   5.20
                           6.01   4.81
                           5.18   3.50
                           4.16   3.19
                           4.07   3.16
                           3.40   2.73
                           3.32   2.62
                           3.65   2.86
                           3.35   2.85




                           3.22   2.71
                           3.98   3.11
                           3.91   3.10
                           3.72   3.02




         – III-3 –
                                           H

7.




                                                        H




                                      H


8.


                         H
                32
                                                   26




                             24.69%       24.68%


       25.15%   25.13%


     8.08




                                 – III-4 –
                       H

9.        H


                                     H




10.   H




                                 5
          5%




                             H




               – III-5 –
             IXM B.V.    NEW SILK ROAD COMMODITIES SA




                                                                                      IXM
B.V.   New Silk Road Commodities SA
                                      New Silk Road Commodities SA


                      14.61
                                                       New Silk Road Commodities SA




                                                                               .




                                                           1




                                          – IV-1 –
                           14.62(2)




                                                   3000




                                                          New Silk Road Commodities
SA




Deloitte Touche Tohmatsu




                                      – IV-2 –
                   New Silk Road Commodities SA 100%
14.61




        Deloitte Touche Tohmatsu




        8
        12




                                   – V-1 –
                                                      http://www.chinamoly.com
     http://www.hkexnews.hk


1.


      http://www3.hkexnews.hk/listedco/listconews/SEHK/2019/0424/LTN201904241400.pdf


2.


      http://www3.hkexnews.hk/listedco/listconews/SEHK/2018/0420/LTN201804201324.pdf


3.


      http://www3.hkexnews.hk/listedco/listconews/SEHK/2017/0427/LTN201704271126.pdf




                                                          7.6082    1.00
                    6.6901    1.00                                         2019   2   28




                                         – VI-1 –
1.




                  15,638,623
                  10,200,049


                  25,838,672


2.




                   2,007,030
                   2,000,000


                   4,007,030


3.




                   2,886,139




     – VI-2 –
4.



     134


5.




                         539,270




                         690,010


                        1,229,280



6.




                        3,225,704




           – VI-3 –
7.




     1




         1,800                                                         172.4




     2                               Tenke Fungurume Mining S.A. TFM
                                                SNEL
                                         TFM
             0.0569                            0.0350          1,000
                         SNEL
                                                             TFM
                 1,000


     3




                                – VI-4 –
4


            25%
            EBITDA   EBITDA




5




    – VI-5 –
1.




                                                      2,577,954
                                                     11,147,754


                                                     13,725,708



2.




                                                       877,520



3.



           20


4.




     1
                                                        10%
                                             11.50
         76.94   5.60                37.46




                        – VI-6 –
2


                                                              10%
                                                     15.00
      100.35    8.41                         56.26




    70,310.84          101,923.84                    31,613   44.96%
                       99,804.06
76,116.01          23,688.05        31.12%




                               – VI-7 –
                                                                             694,957.10
            275,273.14                                  232,575.29
75,136.15




                                                          (%)         (%)    (%)            (%)


                2,815,657,614.65 1,511,570,037.60        46.32       16.29   1.91    7.57
                1,381,203,392.40 1,013,663,409.49        26.61       -4.27   8.85    8.84
                 410,653,115.36    306,579,395.96        25.34
                 729,610,629.70    584,775,039.30        19.85
                1,296,146,914.20   996,305,846.03        23.13
                 164,017,685.08     91,401,296.84        44.27       -8.98   0.30    5.16




                                           – VI-8 –
                                                                  (%)             (%)            (%)                    (%)


                  2,979,675,299.73 1,602,971,334.44             46.20           14.54           1.82           6.72
                  1,381,203,392.40 1,013,663,409.49             26.61           -4.27           8.85           8.84
                  1,140,263,745.06     891,354,435.26           21.83
                  1,296,146,914.20     996,305,846.03           23.13




                                                                                         (%)             (%)            (%)


       100%MO                         16,302       20,495               3,082           -4.10          13.43          -35.11
       100% WO3                       10,118       11,478               1,130           2.98           41.14          -61.82
  NPM 80%                             36,749       35,962               1,891           -8.04      -10.87             43.29
  Tenke 100%                          23,049       27,356          17,959
100%                                   1,574            1,825           2,216
                                       1,859            1,998           1,716
 (HA+LA)                             303,812      303,395               8,030




                                               – VI-9 –
                                      (%)      (%)      (%)

403,316,759.18       29.70   363,927,503.48   26.41    10.82
237,424,769.46       17.48   284,267,071.00   20.63   -16.48
152,910,337.76       11.26   149,600,529.75   10.86     2.21
222,309,861.23       16.37   234,165,473.61   16.99    -5.06
341,954,800.67       25.18   345,888,825.59   25.10    -1.14

192,728,597.14       19.05   182,014,850.14   18.72    5.89
193,110,803.82       19.09   189,096,920.33   19.45    2.12
489,816,482.74       48.42   467,983,452.88   48.12    4.67
84,446,093.80         8.35   83,890,820.35     8.63    0.66
51,561,431.99         5.10   49,465,112.05     5.09    4.24

57,181,564.25        19.80
43,116,390.13        14.93
73,105,393.55        25.31
14,221,870.38         4.92
101,191,691.13       35.04

277,550,931.41       50.94
97,370,347.49        17.87
33,798,104.90         6.20
35,162,089.31         6.45
101,005,042.65       18.54

257,195,990.00       24.97
196,758,290.00       19.10
253,099,657.00       24.57
46,738,488.00         4.54
276,267,442.00       26.82




       – VI-10 –
                                                            714.7
       357.2             357.5               100.1%




                                                                          236.14




                                                          407.7
46.2                 361.5             782.5%




                                                          174.2
  116.6                57.6             49.4%




                                                             46.4
       -2.8             49.2




                                                                  467.0
              50.2             416.8            831.19%




                               – VI-11 –
                                                                          28.0
           94.6                      66.6            70.4%




                                                                           170.9
                  -20.3                     191.2              942.3%




                                761.2                          236.8        31.1%   998.0




                                                                            21.2
                  -58.1                     79.3              136.5%




                                                               88,146.8
68,343.9                             19,803.0
                          17,353.5                        1,384.6         8.0%
                   18,738.1




                                                – VI-12 –
                                                         15,731.8                   4,071.2
    25.9%                                            19,803.0




                                                            15,148.8                   53,195.1
        351.2%                                           68,343.9




                                                                               40,000.00
            39,000.00                                           45,000.00
51,034.20                        63,000.00                             53,197.50
                        2,001.602971                                               5,000.00




                                       – VI-13 –
                   200,000,000.00      6/6/2015    5/6/2018        –       20,077,777.77     –
                   350,000,000.00     18/5/2015   18/5/2018        –       33,101,444.46     –
                   250,000,000.00     29/7/2015   29/7/2018        –       18,594,722.23 Y   –
                   100,000,000.00    23/12/2016   23/2/2017                                   –
NEW CHINA ASSET   1,763,468,867.81     8/5/2015    7/5/2017                                   –
MANAGEMENT


                  2,663,468,867.81                                          71,773,944.46




                                                              – VI-14 –
            A   1                                     40,000.00        5.30%
            C       2                                  5,000.00       12.20%
            E       2                                 46,020.49
            F       2                                  4,883.97       25.39%
            G   1                                       888.47         3.45%
            H   1                                       418.63         2.21%
                                                           0.49


                                                      97,212.05


1



2




                                           8,768.9                7,212.8
    82.3%                             15,981.7




                                            4,294.9                33,533.3
     780.8%                             37,828.2




                        – VI-15 –
(I)




(II)


       (1)




                            806,773,100.00    2,906,199,075.88
                           3,565,660,377.73   2,906,199,075.88


                           4,372,433,477.73   2,906,199,075.88




             – VI-16 –
(III)


        (1)




                                                        17,972,067,402.29    3,113,637,810.28
                                                         5,971,892,626.00    1,295,473,200.00
                                                            567,060,088.80   2,467,524,610.28


                                                        23,376,879,939.49    1,941,586,400.00




                                            CMOC LUXEMBOURG S.AR.L.
                     CMOCBRASIL SERVICOS ADMINISTRATIVOS E PARTICIPACOES LTDA.
                                      9                     62


                                                                    Libor+1.8%
              Libor+2.75%                            100%




                                                 CMOC DRC LIMITED
                   15.9              110


                                           Libor+1.7%               Libor+2.2%
                            100%




                                   – VI-17 –
       (2)




                                        3,989,536,037.20     311,692,800.00
                                       19,026,240,853.05    1,629,893,600.00
                                         361,103,049.24                   –


                                       23,376,879,939.49    1,941.586,400.00



                                          0.9%    4.5125%
             1.57%   3.06%




(IV)


       (1)




                                        2,000,000,000.00    2,000,000,000.00


                                        2,000,000,000.00    2,000,000,000.00




                         – VI-18 –
              (2)




12   MTN1 1         2,000,000,000.00        5     2,000,000,000.00   2,000,000,000.00                  –    98,800,000.00   98,529,315.09     40,873,424.67   –   –   2,000,000,000.00                 –



16     MTN001 2     2,000,000,000.00        5     2,000,000,000.00                 –    2,000,000,000.00    66,132,602.74              –     66,132,602.74   –   –                 –   2,000,000,000.00




                    4,000,000,000.00              4,000,000,000.00   2,000,000,000.00    2,000,000,000.00   164,932,602.74   98,529,315.09    107,006,027.41   –   –   2,000,000,000.00   2,000,000,000.00




                          1                                                                                                          2,000,000,000.00
                                       12       MTN1


                                                    4.94%


                          2                                                                                                                  2,000,000,000.00
                                        16                  MTN001


                                                                             4.22%




                                                                                        – VI-19 –
  1,800
           172.4




          TFM                                       SNEL
                                    TFM
0.0569                         0.0350     1,000
SNEL
                                              TFM
1,000              6,937




                      – VI-20 –
  19,701          AAFB   AANB




42.3%                                     61.0%




                                                           8,982.2
562.0      6.3%                                 8,420.2




                                                                        (%)


                         7,644,877,598.25       4,627,214,360.67      65.22
                          424,655,803.23          488,703,678.64      -13.11
                          396,778,870.84          320,302,856.46      23.88
                         3,335,928,536.55 12,223,309,959.59           -72.71




                           29,299,477.76           12,518,392.27     134.05


                                         0.00             4,282.41   -100.00




                           – VI-21 –
                                                          (%)


                       0.00    163,708,746.00          -100.00


      28,104,661,705.58             86,272.98    32,576,335.53
       1,416,192,938.05 12,122,847,408.83               -88.32
      29,429,208,701.12       7,289,549,745.87         303.72
       3,027,283,088.84       1,482,568,890.00         104.19
       5,186,639,691.64       4,285,424,431.32          21.03


       1,108,374,156.14       1,333,347,656.71          -16.87
       2,170,787,930.78       1,079,148,360.53         101.16


(1)




(2)


(3)




         – VI-22 –
(4)


(5)




(6)


(7)


(8)




(9)


(10)


(11)




       – VI-23 –
1.


                      100%MO    1.6                                      5.53
              6.11


2.


                      100%WO3   1.1
     1.38              1.52


3.


       80%           NPM                        3.4      C1              0.91
     1.01                             2.5


       100%          Tenke                        21.9        C1                0.98
            1.09                      1.8


4.


                                        118.2                      0.8




                                 – VI-24 –
1.   NPM




2.         A




3.




4.




5.




6.




7.




               – VI-25 –
1.


                                                                                15


                                                                     16.76




                                                               SPV
                                                        SPV                  152.26
                                     17.27%
              0.45           PPA                                                4.5%


2.




                      26.5


                26.65


                                                 CMOC DRC Limited
                                                        CMOC DRC Limited
     445.27                                               50.51%
                                   4.41                       PPA
                     44.2%




                                          – VI-26 –
3.             A




                                                A                               180
                   3.15                         5,714,285,714




                                                  A




4.     BHR          Tenke                                       Tenke Fungurume


                                  BHR Newwood Investment Management Limited
     BHR       Tenke Holdings Ltd              THL      Lundin
       Ludin          SPA         BHR                     THL         THL         Lundin DRC
     Holdings Ltd           Lundin             100%                          BHR
     Tenke Fungurume Mining S.A             TFM 24%                         BHR
                                    BHR                 BHR           TFM 24%
                                                        BHR
     BHR                                                        BHR         BHR




                                          – VI-27 –
          11,566




                            790      6.8%
                           1,153     10.0%
                           7,688     66.5%
                           1,935     16.7%




       20%            6%
1.5%                   5%      12%




        – VI-28 –
– VI-29 –
 1,019.24               3,595.62                         2,576.38       252.77%
                                                                          2,727.80
                                                998.04                  1,729.76
173.32%




            23,968.55                      17,171.26
                        8,905.47                             6,612.47




                             – VI-30 –
                                   (%)      (%)      (%)      (%)


23,968.55   15,063.08            37.15   252.62   234.42   3.42




                   – VI-31 –
                                  (%)      (%)      (%)      (%)


 3,772.29   1,819.36            51.77    33.98    20.36    5.45


 1,663.82   1,145.76            31.14    20.46    13.03    4.53


 1,670.08   1,251.48            25.06   306.69   308.21    0.28


 2,834.19   2,462.08            13.13   288.45   321.03    6.72


13,844.64   8,302.17            40.03   968.14   733.29   16.90


  183.53      82.23             55.19    11.90   -10.03   10.92




                  – VI-32 –
                                  (%)      (%)      (%)      (%)


 3,955.82   1,901.59            51.93    32.76    18.63    5.73


 1,663.82   1,145.76            31.14    20.46    13.03    4.53


 4,504.27   3,713.57            17.55   295.02   316.62    4.28


13,844.64   8,302.17            40.03   968.14   733.29   16.90




                  – VI-33 –
                                                          (%)      (%)     (%)


                16,717      19,252             2,620     2.55    -6.07   -14.99
                11,744      12,062              602     16.07     5.09   -46.68
NPM     80%     34,913      35,168             2,407    -5.00    -2.21   -10.59
TFM            213,843     214,866         16,931      827.78   685.44    -5.72
                16,419      15,326             3,307   943.14   739.78    49.23
                 8,674       8,548             1,842   366.59   327.83     7.33
  (HA+LA)     1,152,554   1,137,978        54,462      279.36   275.08   578.23




                                 – VI-34 –
                 (%)                (%)      (%)


6,958.96        46.48   1,187.97   28.06   485.78
1,559.26        10.42    767.78    18.14   103.09
4,243.10        28.34   1,002.73   23.69   323.16
 767.56          5.13    402.88     9.52    90.52
1,441.70         9.63    871.98    20.60    65.34




                 (%)                (%)      (%)


 614.38         36.17    403.32    29.70    52.33
 300.90         17.72    237.42    17.48    26.73
 159.34          9.38    152.91    11.26     4.21
 240.32         14.15    222.31    16.37     8.10
 383.60         22.58    341.95    25.18    12.18




  – VI-35 –
                 (%)              (%)        (%)


 210.53         18.14   192.73   19.05       9.24
 177.82         15.32   193.11   19.09      -7.92
 516.40         44.50   489.82   48.42       5.43
  84.96          7.32    84.45    8.35       0.60
 170.81         14.72    51.56    5.10    231.27


 623.44         47.92    57.18   19.80    990.28
 167.76         12.89    43.12   14.93    289.08
 294.64         22.65    73.11   25.31    303.04
  59.51          4.57    14.22    4.92    318.43
 155.65         11.96   101.19   35.04     53.81


1,596.90        61.78   277.55   50.94    475.35
 305.58         11.82    97.37   17.87    213.83
 342.14         13.24    33.80    6.20    912.31
 148.26          5.74    35.16    6.45    321.64
 191.87          7.42   101.01   18.54     89.96


3,913.72        47.58   257.20   24.97   1,421.69
 607.21          7.38   196.76   19.10    208.61
2,930.59        35.63   253.10   24.57   1,057.88
 234.52          2.85    46.74    4.54    401.78
 539.77          6.56   276.27   26.82     95.38




  – VI-36 –
                                                    214.84
90.62                  124.22          137.08%




                                                     1,159.09
   714.73                  444.36          62.17%




                                                     1,416.97
   407.67                  1,009.30         247.58%




                                                     1,786.20
   170.90                  1,615.30         945.17%




            998.04                     1,729.76         173.32%
            2,727.80




                         – VI-37 –
                                                         97,837.25
58,788.45                           39,048.80
                             18,738.06                   19,419.12       103.63%
                             38,157.18                                   A




                                                            19,802.96                    19,245.84
        97.19%                                              39,048.80




                                                             68,121.40                    9,332.95
        13.70%                                              58,788.45




                                                                             4,700.00
            400.00                                          300.00                             450.00
                              1,701.42                        630.00
                     24.42                      20.02                                   1.50
                 50.00




                                           – VI-38 –
                     200.00 2014/6/5      2018/6/5                 6.50%    33.26   0

                     350.00 2015/5/18    2018/5/18                 5.84%    53.82   0

                     250.00 2015/7/29    2018/7/29                 5.24%    31.88   0

NEW CHINA CAPTIAL   1,763.47 2017/9/8     2019/9/7                     –      –   0

 MANAGEMENT

                     300.00 2015/4/10    2018/4/10                 3.60%       –   0

                    1,500.00 2017/7/27   2018/1/29                 3.90%       –   0




                                                     – VI-39 –
2,000.00 2017/7/28    2018/1/29                 3.81%   –   0

2,500.00 2017/7/28    2018/1/29                 3.81%   –   0

 300.00 2017/8/4       2018/2/5                 4.00%   –   0

 500.00 2017/10/27 2018/1/26                    4.30%   –   0

 800.00 2017/10/27 2018/1/26                    4.55%   –   0

2,000.00 2017/10/30    2018/5/2                         –   0




                                  – VI-40 –
100.00 2017/10/30    2018/2/1                 –   0

300.00 2017/11/1     2018/2/1                 –   0

100.00 2017/11/2     2018/2/1                 –   0

700.00 2017/11/1    2018/1/30                 –   0

100.00 2017/12/18 2018/12/18                  –   0

400.00 2017/12/13 2018/12/13                  –   0

200.00 2017/12/20 2018/12/20                  –   0




                                – VI-41 –
  100.00 2017/12/22 2018/12/21                     –   0

 1,500.00 2017/12/21 2018/6/21                     –   0

  100.00 2017/12/22 2018/3/22                      –   0

  150.00 2017/12/20 2018/3/20                      –   0

  100.00 2017/12/29 2018/9/25                      –   0



16,713.47                                      157.65   0




                                 – VI-42 –
                                        15,981.67                    2,478.56
         15.51%                        13,503.11




                                          37,605.76                    819.24
         2.18%                        38,425.00
                  BHR




(   )




(   )


        (1)




                                                            –    806,773,100.00
                                              1,478,132,364.60   3,565,660,377.73


                                              1,478,132,364.60   4,372,433,477.73


                        – VI-43 –
(III)


        (1)




                                                          16,935,905,304.91 17,972,067,402.29
                                                           9,878,342,377.70   5,971,892,626.00
                                                           4,780,399,163.34    567,080,088.80


                                                          22,033,888,519.27 23,376,879,939.49




                                              CMOC LUXEMBOURG S.AR.L.
                     CMOCBRASIL SERVICOS ADMINISTRATIVOS E PARTICIPACOES LTDA.
                                        9                     62


                                                                     Libor+1.8%
              Libor+2.75%                              100%



                                                   CMOC DRC LIMITED
                   15.9                110


                                             Libor+1.7%              Libor+2.2%
                            100%


                                                    BHR                           6.9
                                   TFHL 30%
                                                                         LIBOR+2.50%
                   LIBOR+2.64%




                                     – VI-44 –
       (2)




                                        4,681,724,845.18   3,989,536,037.20
                                        7,647,569,834.09 10,448,558,302.29
                                        9,704,593,840.00   8,938,785,600.00


                                       22,033,888,519.27 23,376,879,939.49



                                         0.5153%     4.5125%
             0.9%   4.5125%




(IV)


       (1)




                                        2,000,000,000.00   4,000,000,000.00
                                                      –   2,000,000,000.00


                                        2,000,000,000.00   2,000,000,000.00




                         – VI-45 –
              (2)




12   MTN1 1             2,000,000,000.00         5      2,000,000,000.00 2,000,000,000.00 2,000,000,000.00    –   57,625,575,.36    56,500,000.00              –   –               –                –



16     MTN001 2         2,000,000,000.00         5      2,000,000,000.00 2,000,000,000.00                –   –    64,566,666.54    64,400,000.00   66,132,602.14   –               – 2,000,000,000.00




                        4,000,000,000.00                4,000,000,000.00 4,000,000,000.00 2,000,000,000.00    –   142,468,242.00   183,200,000.00   66,132,602.14   – 2,000,000,000.00 2,000,000,000.00




                    1                                                                                                   2,000,000,000.00
                                           12        MTN1


                                                       4.94%



                    2                                                                                                          2,000,000,000.00
                                            16              MTN001


                                                                           4.22%




                                                                                    – VI-46 –
(1)




                                         1,800
                                                              172.4




                        TFM                                              Société
      Nationale d’ Electricité SNEL
          TFM                                             0.0569
          0.0350                1,000                             SNEL


                          TFM                         1,000




                                        – VI-47 –
(2)


                                           Northparkes
                                                    3,292
      16,776




                                                              60.95%
                         53.08%




                                                   8,420.21
11,361.21      134.93%                           19,781.42




                             – VI-48 –
                                               8,428.81
      4,109.23                                            7,372.04




                                                              (%)


                         24,594.25       7,644.88          221.71
                               654.82     424.66             54.20
                         11,736.23       3,270.94          258.80
                           1,770.19       807.88           119.12
                           2,040.13       679.11           200.41
                           1,273.70       396.78           221.01
                           2,002.81      3,335.93           -39.96
                                93.33     270.86            -65.54


                                   –   28,104.66          -100.00
                           4,834.29      1,416.19          241.36
                         10,560.51      29,429.21           -64.12
                           1,485.20      3,027.28           -50.94
                         11,038.95       5,186.64          112.83
                           2,147.31      1,108.37            93.73
                           9,346.04      2,170.79          330.54



(1)




                 – VI-49 –
(2)




(3)




(4)




(5)




(6)




(7)




(8)




(9)




      – VI-50 –
1.


                   1.35     1.49                                      6                    6.63




2.


                   1.1     1.2                                                      2.15
            2.37


3.


      80%                 NPM                          3        3.2          C1            1.07
              1.19                                     2.64           2.8


     TFM                            19      20.5           C1               -0.44          -0.4
                                   1.6     1.75


4.




                                         – VI-51 –
1.    BHR                TFM24%


                                 BHR    Tenke Holdings Ltd.              THL         Lundin Mining
     Corporation           Lundin                               BHR                      THL
       THL         Lundin DRC Holdings Ltd               Lundin          100%
             BHR           TFM 24%


              BHR                                                                            BHR
     Newwood Investment Management Limited             Tenke Fungurume
                             BHR       BHR                               BHR             TFM
     24%                                                  BHR                                TFM
     24%


                               BHR                                THL          THL           100%
                       BHR                                      Lundin         100%
       TFM 24%




                                         – VI-52 –
2.             A


                                                  A


                                                                    [2017]918
                   5,769,230,769   A


                                                    8


                       A               4,712,041,884                        3.82
                                                        17,999,999,996.88




       (17)   00317                                                                A


     141,367,333.58                            17,858,632,663.30




                                          – VI-53 –
A                            16,887,198,699         21,599,240,583


                 A




    [2017]918                          A            4,712,041,884
          3.82                                1,800,000
14,137                                 1,785,863




                 1,786,523                                     660




                                – VI-54 –
3.



                    New China Capital Legend Limited
                                                                     New China Capital Legend
     Limited NCCL                                                 NCCL
                        10
                               45%      4.5


                                              100%     Natural Resource Elite Investment Limited
      NREIL      NCCL       Next Goal Limited NGL               Second Amended and Restated
     Exempted Limited Partenership Agreement                                           NREIL
     NGL                         NCCL                       NCCL
                              50,010               NREIL        22,500         NGL       27,500
             NCCL      10


                                        Louis Dreyfus Company B.V. LDC                 The Sale
     And Purchase Agreement
       Louis Dreyfus Company Metals B.V.      100%




                                         – VI-55 –
                     11,226




                                         1,616          14.40%
                                         1,565          13.94%
                                         7,006          62.41%
                                         1,039          9.26%


                                        11,226           100%




                                        19%
7%   0.7%                        0.5%            0.4%   1.9%
        5%   12%




                   – VI-56 –
– VI-57 –
359,562     515,004                  155,442        43.23%
                                                     463,558
                           272,780             190,778       69.94%


   A




                         258                   18


       98       9




                      – VI-58 –
                                     (%)     (%)      (%)           (%)

25,785,918   16,010,716            37.91    7.58     6.29    0.76




                                     (%)     (%)      (%)           (%)

 4,749,130    1,888,847            60.23     25.9     3.82   8.46
 1,458,264    1,030,876            29.31   -12.35   -10.03   1.83
 4,976,722    3,832,223            23.00    10.49     3.20   5.45
14,373,798    9,172,220            36.19     3.82    10.48   3.84
   228,004       86,550            62.04    24.23     5.25   6.85




                     – VI-59 –
                                   (%)      (%)      (%)           (%)

 4,977,134   1,975,397            60.31    25.82     3.88   8.38
 1,458,264   1,030,876            29.31   -12.35   -10.03   1.83
 4,976,722   3,832,223            23.00    10.49     3.20   5.45
14,373,798   9,172,220            36.19     3.82    10.48   3.84




                    – VI-60 –
                                                               (%)      (%)      (%)


        1               15,380      18,231           1,862    -8.00    -5.30   -28.93
        2               11,697      11,159           1,362    -0.40    -7.48   126.25
NPM         80%         31,931      31,659            886     -8.54    -9.98    17.98
TFM                    168,309     171,961          13,280   -21.29   -19.97   -21.57
                        18,747      19,390           2,649   14.18    26.52    -19.91
                         8,957       9,050           1,749    3.26     5.87     -5.05
     (HA+LA)      3   1,116,342   1,022,874        151,873    -3.14   -10.11   178.86


 1


 2


 3




                                     – VI-61 –
             (%)                       (%)      (%)


7,410,043   46.81         5,827,441   38.93   27.16
1,600,048   10.11     17,707,147      11.40    -6.27
3,696,336   23.35         4,239,607   28.32   -12.81
 765,587     4.84          766,421     5.12    -0.11
2,356,862   14.89         2,429,984   16.23    -3.01




            – VI-62 –
             (%)                       (%)      (%)


 596,810    35.07          614,380    36.17    -2.86
 296,106    17.40          300,897    17.72    -1.59
 157,581     9.26          159,343     9.38    -1.11
 227,576    13.37          240,318    14.15    -5.30
 423,537    24.89          383,602    22.58   10.41


 166,253    16.88          210,530    18.14   -21.03
 141,875    14.41          177,817    15.32   -20.21
 408,549    41.49          516,398    44.50   -20.88
 131,604    13.37           84,956     7.32   54.91
 136,381    13.85          170,808    14.72   -20.16


1,190,151   31.25         1,088,813   28.02    9.31
 596,838    15.67          621,221    15.99    -3.92
 587,819    15.43          633,280    16.30    -7.18
 205,660     5.40          206,625     5.32    -0.47
1,228,580   32.25         1,335,802   34.88    -8.03


5,456,829   58.46         3,913,718   47.58   39.43
 565,229     6.06          607,213     7.38    -6.91
2,542,387   27.24         2,930,587   35.63   -13.25
 200,747     2.15          234,523     2.85   -14.40
 568,363     6.09          539,771     6.56     5.30




            – VI-63 –
                                                                         96,822
             214,841                 118,019            -54.93%




                                                                         933,346
              1,057,300                 123,954           -11.72%




                                                                         634,046
              1,416,974                 773,928           -54.62%




                                                           101,216,117
62,051,733                          39,164,384
                          38,132,684                      2,816,191          7.39%
                       40,948,875




                                                           39,033,763                130,621
0.33%                                             39,164,384




                                          – VI-64 –
                                                    58,778,983                 3,272,750
      5.57%                                    62,051,733




                                                                 882,340
      300,000                    1,903,364                       1,701,421
                        39,534                         24,421
500             1,500




                                                13,503,107                 2,475,628
18.33%                                   15,978,735




                                                    38,425,003                 2,785,558
      7.25%                                    35,639,445




                                 – VI-65 –
            (%)                    (%)      (%)


 226,187    0.22    656,703        0.67   -65.56
2,522,865   2.49   1,136,373       1.16   122.01
3,906,622   3.86   2,746,900       2.81    42.22


1,893,822   1.87    950,111        0.97    99.33


 525,598    0.52    311,683        0.32    68.63
4,588,153   4.53   1,478,132       1.51   210.40
2,929,839   2.89   4,797,816       4.91   -38.93




                     – VI-66 –
                 1,800
                         172.4




                 TFM
          SNEL                                                    TFM
                                 0.0569                       0.0350
  1,000                          SNEL
                                                        TFM
1,000




                                          – VI-67 –
                                            Northparkes
                                               3,292                    15,922




                                                                          53.09%
                     51.00%




                                                           19,781,419
3,459,286   17.49%                                     23,240,705


                                                                         9,434,533
                          2,397,187
3,846,449




                              – VI-68 –
                                    (%)

1,136,281     654,815             73.53

3,876,806    2,040,127            90.03

6,076,816    2,002,813           203.41

 207,157       93,331            121.96

2,807,367    1,066,476           163.24

1,065,210     331,597            221.24

       –   17,858,633           -100.00   A

3,013,969    1,485,196           102.93

2,786,560    9,346,043            -70.18




                   – VI-69 –
      (   )




(1)




                            4,588,452,515.23   1,478,132,364.60


                            4,588,452,515.23   1,478,132,364.60




              – VI-70 –
(1)




                 1                                              16,268,306,635.19 16,935,905,304 .91
                 2                                               6,850,970,277.55   9,878,382,377.70
                                                                 2,922,422,080.00   4,780,399,163.34


                                                                20,196,854,832.74 22,033,888,519.27


      1


                                           CMOC LUXEMBOURG S.R.L
            CMOC BRASIL SERVICOS ADMINISTRATIVOS E PARTICIPACOES LTDA
                            9                 62


                                       LIBOR+1.8%                LIBOR+2.75%
                     100%


                                              CMOC DRC LIMITED
          15.9                  110


                      LIBOR+1.7%                   LIBOR+2.2%                               100%



      2                                            BHR Newwood Investment Management Limited
                                 6.9                                  TF Holdings Limited 30%


                            LIBOR+2.50%                 LIBOR+2.64%




                                          – VI-71 –
(2)




                                           3,512,041,857.17   4,681,724,S45.18
                                          14,506,433,295.57   7,647,569,834.09
                                           2,178,379,680.00   9,704,593,840.00


                                          20,196,854,832.74 22,033,888,519.27



                                        0.5447%   4.5225%
      0.5153%   4.5125%




(1)




                                           2,000,000,000.00   2,000,000,000.00


                                           2,000,000,000.00   2,000,000,000.00




                          – VI-72 –
(2)




16    MTN001 1       2,000,000,000.00   5   2,000,000,000.00 2,000,000,000.00    –   –   84,400,000.00   84,400,000.00      –   –   – 2,000,000,000.00




                     2,000,000,000.00       2,000,000,000.00 2,000,000,000.00    –   –   84,400,000.00   84,400,000.00      –   –   – 2,000,000,000.00




                 1                                                                     2,000,000,000.00


                                                                                                                      4.22%




                                                                        – VI-73 –
                            21,599,240,583        A   17,665,772,583
H   3,933,468,000




                      10,900




                                              1,571            14.40%
                                              1,540            14.10%
                                              6,777            62.20%
                                              1,012             9.30%


                                             10,900              100%




                    – VI-74 –
                                19%                             7%
0.7%         0.5%                              0.2%   0.95%
                           5%     12%




             17      20                               1.65          1.9


             1.45         1.6                            0.90             1.0




       80%          NPM                 3       3.2                             2.5         2.8




             0.95         1.1                                   +                     100
 115




                                 – VI-75 –
(I)       IXM 100%


                                                                                 NCCL
      Natural Resources Investment Fund LP            New Silk Road Commodities Limited
       NSR                                                495
                  NSR                New Silk Road Commodities SA   100%
          IXM    Louis Dreyfus Company Metals B.V. 100%




                                        – VI-76 –
(II)        TFM24%



                                             BHR                           Tenke Fungurume
                                                                           Tenke Fungurume




                                              BHR
                   1,135,993,578.71        BHR                  BHR Newwood DRC Holdings
        Ltd.100%                                         BHR Newwood DRC Holdings Ltd.
        CMOC International DRC Holdings Ltd.                                     TF Holdings
        Limited   100%                    TFM    80%           Tenke Fungurume Mining S.A.
          Tenke Fungurume




(III)




        CMOC Capital Limted


                                      3                            5.48%




                                           – VI-77 –
(IV)




            16%                 13%   10%
       9%


                    16%




                  – VI-78 –
             A

       VII-A-1   VII-A-22                    Deloitte Touche Tohmatsu



                                            NEW SILK ROAD COMMODITIES
SA




       New Silk Road Commodities SA                   VII-A-4   VII-A-22




         VII-A-4   VII-A-22
                                                                           IXM
B.V.




                                                  2




                                      – VII-A-1 –
    A




                        200




2




        – VII-A-2 –
            A




                                               2




                               VII–A-4




                           6




Deloitte Touche Tohmatsu




                               – VII-A-3 –
A




    – VII-A-4 –
A




                         –
                         1
                        23


                    5   24




    – VII-A-5 –
A




                    8    101




                          15
                    9      8


                          23


                          78




                    10   102
                         (24)


                          78




    – VII-A-6 –
A




                    102      –   102
                      –   (24)   (24)


                    102    (24)    78




    – VII-A-7 –
A




                    (24)


                      1


                    (23)
                     15
                      8


                      –


                      –




                    102


                    102


                      –
                     (1)




                    101




    – VII-A-8 –
            A




1.


     New Silk Road Commodities SA
                New Silk Road Commodities Limited


       Le Grand-Saconnex, Geneva, Switzerland




2.


                                       4




                                        – VII-A-9 –
         A

3.




                                     1
                      16
                                          3
                      17
                                                         1
                           23
                                          4
                      3
                                                                 2
                      10
                 28
                                                 5
             1
                 8
                                                         1
             19
                                                             1
             28


                                                     1




     1

     2

     3

     4




     5




                                – VII-A-10 –
        A

4.




            17
            2                     36




     




     




     




                 – VII-A-11 –
A




    – VII-A-12 –
A




    – VII-A-13 –
   A












       – VII-A-14 –
A




    – VII-A-15 –
     A

5.




                          –
                          –



6.




7.




         – VII-A-16 –
          A

8.




                                         101



9.




10.




      1


                                    –     –
                               100,000   102


                               100,000   102




              – VII-A-17 –
            A

11.




12.


      (a)




                                 101




                                  23




                – VII-A-18 –
      A

(b)




                           101   23




          – VII-A-19 –
 A




                             10%   10%




      10%
10%          10%




                                         7




            – VII-A-20 –
      A




              %


              –           15   15   15


              –            8    8    8


                           23   23   23



(c)




          – VII-A-21 –
            A

13.


                                                       New Silk Road Commodities Limited
      NSR               IXM B.V.                                        NSR
            IXM B.V.   100%        IXM B.V.
                                                                       IXM B.V.




14.




                                      – VII-A-22 –
             B                                                IXM

     VII-B-1      VII-B-106                        Deloitte Touche Tohmatsu



  IXM B.V.         Louis Preyfus Comany Metals B.V.




        VII-B-4         VII-B-106         IXM B.V.                      IXM
                                      IXM
                                    IXM


                                                   IXM                        VII-B-4
VII-B-106
                                                           IXM. B.V




      IXM


IXM B.V                              IXM                           2
            IXM
                                                IXM


                         IXM




                                           – VII-B-1 –
            B                                                  IXM




                IXM
                                                         200
                                                                             IXM




                                  IXM


                                                                      IXM
 2                                         IXM
                                                                            IXM B.V.
                                                                     IXM




                                 IXM                                          2
                           IXM
                IXM B.V.
IXM




      IXM                               VII-B-4                IXM




                                         – VII-B-2 –
            B                                        IXM




                           25   IXM              IXM B.V.


Deloitte Touche Tohmatsu




                                 – VII-B-3 –
        B                                      IXM

IXM


IXM


      IXM


      IXM         IXM


                                        Deloitte SA
            IXM


IXM




                        – VII-B-4 –
           B                                  IXM




               8             9,244,584          12,278,353     13,004,441
                            (9,109,217)        (12,097,105)    (12,822,578)


                               135,367              181,248       181,863
               15                   (5,210)           6,992         (2,369)
                                (51,238)            (62,209)       (74,561)
               10               (43,259)            (61,031)       (88,310)
               10                   21,240           27,975        28,576
               10                      64             1,239           196
               10                     415              141            306

               10               (21,540)            (31,676)       (59,232)
                                      149              195            434
               13                    (295)            6,996          (553)


                                    57,233          101,546        45,582
               14               (17,419)             (9,279)       (11,092)


               15                   39,814           92,267        34,490




IXM B.V.                            40,298           92,627        34,490
                                     (484)             (360)             –


                                    39,814           92,267        34,490




                    – VII-B-5 –
           B                                    IXM




                                      39,814          92,267    34,490


               25.3



                                        118                –    (303)


                                        118                –    (303)




                                       4,388          (4,388)        –


                                       (118)            124       203
                                      (4,057)          4,792    (4,928)


                                        213             528     (4,725)


                                        331             528     (5,028)


                                      40,145          92,795    29,462




IXM B.V.                              40,756          92,992    29,462
                                       (611)           (197)         –


                                      40,145          92,795    29,462




                      – VII-B-6 –
B                          IXM




      17              10,810       27,956      26,535
      18              11,367       10,688      10,920
                         209          199         572
      19               1,161          271      13,824
      14               2,803        3,223       1,878


                      26,350       42,337      53,729




      20            1,382,704    2,014,335   1,579,890
      22            1,106,781    1,016,019   1,052,348
     21.7            172,040      201,046     249,649
     21.6            168,740      353,528     141,221
                       4,848        6,734       7,636
      33              15,765        1,129           –
      23              13,588          167          61
      24               9,714       32,585      21,006


                    2,874,180    3,625,543   3,051,811


                    2,900,530    3,667,880   3,105,540




    – VII-B-7 –
     B                            IXM




                              5,021        5,021        5,021
                              9,999        9,999       27,268
                            299,810      392,462      426,935
                               (957)        (467)       (5,495)


IXM B.V.                    313,873      407,015      453,729
                              3,353            (4)          (4)


             25             317,226      407,011      453,725




             26              91,609      133,114      132,199
             28                 330          528          871
             14              28,998       34,028       29,105
             29                   –       4,628       13,856


                            120,937      172,298      176,031




             27            1,652,826    2,287,539    1,947,190
             33              81,417        4,750             –
             30             532,990      389,438      368,635
            21.7            190,128      396,806      156,548
                              5,006       10,038        3,411


                           2,462,367    3,088,571    2,475,784


                           2,900,530    3,667,880    3,105,540




           – VII-B-8 –
         B                                                   IXM



                                                IXM B.V.




                           25.1                               25.2

                           5,021       9,999     258,694     (1,415)      272,299     4,205     276,504
                               –          –     40,298          –       40,298      (484)     39,814
                               –          –          –       458           458      (127)        331

                               –          –     40,298        458        40,756      (611)     40,145

                               –          –           –         –           –     (241)       (241)
                   a           –          –         818         –          818         –        818

                           5,021       9,999     299,810       (957)      313,873     3,353     317,226

                               –          –     92,627          –       92,627      (360)     92,267
                               –          –          –       365           365       163         528

                               –          –     92,627        365        92,992      (197)     92,795

             13                –          –          25       125           150     (3,160)    (3,010)

                           5,021       9,999     392,462       (467)      407,015         (4)   407,011

                               –          –     34,490          –       34,490          –    34,490
                               –          –          –    (5,028)       (5,028)         –    (5,028)

                               –          –     34,490     (5,028)       29,462          –    29,462

                   a           –          –         (17)         –         (17)         –       (17)
         b                     –     17,269            –         –      17,269          –    17,269

                           5,021      27,268     426,935     (5,495)      453,729         (4)   453,725




(a)   IXM     IXM B.V.                                                 Louis Dreyfus Company Holdings
      B.V. LDCH                                 IXM                           LDCH
                                    LDCH

(b)                    IXM B.V.                                             Louis Dregfus Company
      B.V. LDC     1,700



                                      – VII-B-9 –
B                              IXM




                 39,814               92,267      34,490


                     3,195              7,515      2,869
                 17,419                 9,279     11,092
                 22,191               33,299      59,734
                     5,210             (6,992)     2,369


                       164                  9       (434)


                       295             (5,920)      553
                     2,703              3,288          –


                 90,991              132,745     110,673
               (314,380)             (443,685)   137,688
               (105,831)             (179,476)   207,769
               (290,208)              97,384     (49,601)
                135,681              (154,872)    (2,356)


               (483,747)             (547,904)   404,173
                (47,784)              (60,531)   (87,331)
                 25,034               29,554      27,706
                     (7,293)             139     (21,610)


               (513,790)             (578,742)   322,938




    – VII-B-10 –
B                              IXM




                     (3,243)         (13,931)       (808)
                      (573)             (375)     (1,225)


                        84                17          18
                     (2,408)           2,367           –
                     1,978            12,031           –
                       600              381      (15,044)


                     (3,562)            490      (17,059)



                311,248              557,994    (332,926)
                     2,506            43,200           –
                      (241)                –          –
                          –               –    17,269
                      (416)             (463)     (1,320)


                313,097              600,731    (316,977)


               (204,255)              22,479     (11,098)
                214,498                9,714     32,585
                      (529)             392         (481)



                     9,714            32,585     21,006




    – VII-B-11 –
             B                                                 IXM

IXM


1.


      IXM B.V
                            Louis Dreyfus Company Metals B.V.           IXM B.V
             Westblaak 92, 3012 KM Rotterdam      Netherlands       IXM B.V.   LDC
                                                         Louis Dreyfus Holding B.V. LDH
               Robert Louis Dreyfus


                                      NCCL Natural Resources Investment Fund LP NCCL
      NRIF              LDC                      Louis Dreyfus Company Metals BV
                                                         IXM B.V.    New Silk Road Commodities
      Limited NSR                                               NCCL NRIF
                 IXM B.V.


      IXM


                                                            IXM




      IXM                                       IXM B.V.


2.    IXM


      IXM                               6


      IXM B.V.




                                        – VII-B-12 –
                 B                                                           IXM

3.

                                         IXM B.V.




                                                                                IXM




     IXM Pte. Ltd. (Singapore)                         17,000,001     100%      100%     100%    100%

     IXM Chile Limitada                             200,000,000       100%      100%     100%    100%

     Louis Dreyfus Commodities                          3,674,000     100%      100%     100%    100%
       Metals MEA DMCC
     IXM S.A. (Switzerland)                             6,565,000     100%      100%     100%    100%

     IXM (Shanghai) Corporate                          15,000,000     100%      100%     100%    100%
       Management Company Limited
     Compromin S.A. de C.V.                            97,546,775     100%      100%     100%    100%

     IXM Peru S.A.                               23,949,300           100%      100%     100%    100%
     IXM Trading Peru S.A.C.                      1,008,100           100%      100%     100%    100%
     IXM Africa (Pty) Ltd                                     4,00      0%        0%     100%    100%
                                                   0
     Louis Dreyfus Company Metals                                –   100%      100%       0%      0%
       Investments Ltd a
     IXM Trading LLC                                            –    100%      100%     100%    100%
     GKE Metal Logistics Pte. Ltd. b                   13,500,000      51%        0%       0%      0%

     GKE (Shanghai) Metal Logistics                                    33%       0%        0%      0%
       Co., Ltd. b                                  6,000,000
     Shanghai GKE Logistics Co., Ltd.                                  33%       0%        0%      0%
            b                                          300,000




     (a)                                                              Louis Dreyfus Company Metals Investments
                          Ltd

     (b)                                         GKE Metal Logistics Pte Ltd       GKE Metal Logistics Co.Ltd
                          Shanghai GKE Metal Logistics Co. Ltd 2 GKE                                       13




                                                   – VII-B-13 –
               B                                              IXM

     IXM



     IXM
                                                                                        IXM



4.


                         IXM                                    IXM


                                                         15
                   IXM                                                    9
                                                                                    39
                                                         9
           6


                               9


                                   39
                                                                      9
                                                                                  IXM




                         9




     IXM                                9                                     9




                                             39




                                        – VII-B-14 –
B                                         IXM

         9                               39
                                                       XIM




                                39                                          9
                                              9
    39       9                                               9




                                 271              –             –         271

                                1,129             –             –       1,129

                              448,066             –             –     448,066

                              439,106             –             –     439,106

                              353,528             –             –     353,528

                              201,046             –             –     201,046

                                 167              –             –         167


                               32,585             –                     32,585




                          (133,114)               –             –    (133,114)

                               (4,628)            –             –       (4,628)

                         (2,287,539)              –             –   (2,287,539)

                               (4,750)            –             –       (4,750)

                          (213,432)               –             –    (213,432)

                          (146,693)               –             –    (146,693)

                          (396,806)               –             –    (396,806)



                                                  –             –



             – VII-B-15 –
         B                                                        IXM

5.




                                                 1
                      16
                                                          3
                      17
                                                                           1
                           23
                                                          4
                      3
                                                                               1
                      9
                      10
                                                      2
                 28
                                                                  5
             1
         8
                                                                           1
             19
                                                                                    1
             28

                                                              1



     1

     2

     3

     4




     5




                                  IXM B.V.




                      16


                                                                                        16
                             17


                      16
                      16                                                       15
                                                                      16



                                     – VII-B-16 –
      B                                                 IXM




     IXM                                                                16
                                                          IXM




                                                    16                         17




                   16


                                                         IXM
            1.0   0.2             1.3                         36
                                                   16         IXM




      IXM
           17                                             16




                                                              IXM
                        17                                          4
                                              16
17                       4                                                    IXM
                                                                        IXM
                                                         16




                             – VII-B-17 –
           B                            IXM

6.


     IXM
               IXM




                     IXM




                17
                      2                       36




     




     




                       – VII-B-18 –
        B                                        IXM






6.1.


                   10                            IXM
       IXM                 IXM B.V.         IXM
             IXM




                                                             IXM




       IXM


                    IXM                                            IXM


                                                       IXM




                                      IXM B.V.
                        IXM B.V.




                    IXM




                           – VII-B-19 –
 B                           IXM

      IXM




IXM



IXM                   IXM




            – VII-B-20 –
       B                            IXM

6.2.


                              IXM




       IXM




6.3.




6.4.




             – VII-B-21 –
          B                          IXM

6.5.




              IXM




                               IXM




                                           12
                          19


       
                                                2



                    5




                    – VII-B-22 –
       B                       IXM



                   IXM




       IXM




6.6.




        IXM




              – VII-B-23 –
       B                                 IXM




6.7.




                 IXM
                                               IXM
                  IXM
           IXM                                       IXM
                           IXM




                        – VII-B-24 –
B                                     IXM



                                IXM
                                            IXM




IXM
                                                              36




      36


 IXM
                    IXM
           9                     39                     IXM




                                                        IXM




                                                  IXM




                                IXM




               – VII-B-25 –
        B                                    IXM

        IXM                                IXM
                                                   IXM




              IXM                                              IXM
                                                         IXM




6.8.




6.9.




                    IXM




6.10.




                          – VII-B-26 –
B                          IXM

                 15




    IXM




                                 9




          – VII-B-27 –
  B                                       IXM

(i)


                  (i)         (ii)




      


      




      




      


      
                        IXM




      
             39




      21.5




                         – VII-B-28 –
  B                            IXM

(ii)


                                     (a)    (b)
        (c)                           IXM




                                 IXM
                                            IXM




                               IXM




(iii)




              – VII-B-29 –
   B                    IXM




               4              9




















       – VII-B-30 –
   B                            IXM



                                      3
                          IXM







       IXM







                           IXM




(i)




         – VII-B-31 –
  B                            IXM

(ii)




        IXM




(iii)




                                     9




              – VII-B-32 –
   B                           IXM
















                         IXM
   90




        – VII-B-33 –
B                                  IXM




       4                                  9


IXM                   9




                       12                     12
              12
       IXM




IXM




      IXM                            12
                             IXM




            – VII-B-34 –
  B                              IXM

(i)




         IXM




      


      




      




      


      




                   IXM                 30
                           IXM




               – VII-B-35 –
  B                                            IXM

                                                          IXM


              i                 ii)
                    iii
                           IXM



        IXM



(ii)


        IXM
                    IXM                      IXM



                          IXM                        90
                  IXM



(iii)




        (a)


        (b)




                            – VII-B-36 –
 B                                   IXM

       (c)



       (d)


       (e)


(iv)




                     IXM
             IXM



(v)




                                    IXM    IXM




                              IXM




                   – VII-B-37 –
B                                    IXM




    IXM




                                           IXM


     IXM
    IXM
     IXM                                         IXM




          IXM                    9




                – VII-B-38 –
   B                                         IXM




                                                   IXM B.V.




              (i)                   3
       (ii)         (iii)







                    IXM









                            – VII-B-39 –
   B                                IXM







                                          IXM





       9   39




           9




                                9




               – VII-B-40 –
   B                          IXM

IXM




IXM

       IXM
                                    IXM



                                     9






              80%    125%




             – VII-B-41 –
   B                              IXM




                                  IXM




                                            9


               IXM










                 IXM




         IXM




                                        9


   IXM




                 – VII-B-42 –
         B                           IXM




                                           9


        IXM




6.11.




                            IXM




              IXM
        IXM




                    – VII-B-43 –
B                            IXM



      IXM                          19




IXM




                                        IXM




                      IXM




IXM




            – VII-B-44 –
B                          IXM




    IXM
             IXM




          – VII-B-45 –
         B                           IXM

6.12.




        IXM




              IXM




                    – VII-B-46 –
        B                               IXM

                          IXM




                          IXM




6.13.


                  15     IXM




                          IXM
                                  IXM




            IXM




                       – VII-B-47 –
         B                                                   IXM

                      IXM




                                                       IXM
                                                       IXM
                                           IXM


          IXM                                                       IXM




          IXM                                                       IXM
                                                              IXM
                              IXM




6.14.


                        IXM


        (a)                         IXM


              (i)      IXM


              (ii)     IXM


              (iii)    IXM      IXM




                                      – VII-B-48 –
 B                                              IXM

(b)


        (i)            IXM


        (ii)




        (iii)          IXM


        (iv)


        (v)              IXM           IXM




        (vi)           (a)


        (vii) (a)(i)




        (viii)                                  IXM   IXM




6.15.




        IXM




                               – VII-B-49 –
            B                                 IXM

           6.16.




7.


            IXM    6           IXM B.V.




     IXM




                                        IXM




                       – VII-B-50 –
     B                                         IXM

         20   21   22    23    30




                        IXM                          13




                                               IXM




                    IXM


                                                          1.8
                               1.4
17




                              – VII-B-51 –
      B                                      IXM




                                                         9.0
      28.0         26.5                            3.6   4.0




2.8          3.2      1.9




                            – VII-B-52 –
            B                                       IXM

8.




                                             9,227,311    12,259,912   13,001,229
                                               11,877        14,110         2,109
                                                5,396          4,331        1,103


                                             9,244,584    12,278,353   13,004,441




                                             9,244,584    12,278,353   13,004,441


                                             9,244,584    12,278,353   13,004,441



9.


                       IXM B.V.
                                                   IXM




     9.1


           IXM


           (a)


                 IXM




                            – VII-B-53 –
        B                                  IXM




                                    6,817,852     8,605,302    8,286,992
                                    1,817,067     2,802,770    3,301,352
                                     171,265       245,880      132,938
                                     288,633       456,500     1,063,182
                                     149,767       167,901      219,977


                                    9,244,584    12,278,353   13,004,441


       (b)


             IXM




                                       5,699           487          765
                                       6,202        28,240       27,052
                                      10,485        10,116       10,210


                                      22,386        38,843       38,027




9.2.


                       IXM                 10%




                   – VII-B-54 –
           B                                         IXM

10.




                                                43,259     61,031     88,310
                                                (21,240)   (27,975)   (28,576)
                                                    (64)    (1,239)     (196)
                                                  (415)      (141)      (306)


                                                21,540     31,676     59,232




11.




      Paul Akroyd     Akroyd     a                    –      350        350
      Maurice Kreft    Kreft     b                    –         –         –


                                                      –      350        350




                               – VII-B-55 –
       B                                                         IXM




  Paul Akroyd              a                                     –          350          350
  Maurice Kreft                b                                 –            –           –


                                                                 –          350          350




  Paul Akroyd              a                                     –          350          350
  Maurice Kreft                b                                 –            –           –
  Ji Yongmei           c                                         –          237          237


                                                                 –          587          587




(a)     IXM                                                       IXM B.V.

(b)   Kreft                                              Kreft
                                                                 LDH            LDH
              LDH
                                        IXM

(c)                                    IXM B.V.

                                      IXM B.V.     IXM

               IXM                 IXM B.V.                                         IXM
                  IMX B.V.




                                        – VII-B-56 –
             B                                IXM

12.


              IXM               IXM B.V.




                                           1,466    1,513    1,515
                                           3,174    5,266    9,953
                                              –       –     518


                                           4,640    6,779   11,986


        IXM B.V.




      3,500,001                               5        5        5


                    IXM                               IXM




                          – VII-B-57 –
      B                                  IXM

13.




                23                     279             5,205            –
                                          –            533             –


                                          1              17          (447)
                                       (575)           1,241         (106)


                                       (295)           6,996         (553)


                        GKE                    3.1             GKE
          2.6                                    0.5
                0.1




                      – VII-B-58 –
             B                                 IXM

14.


      14.1




                                              1,674    2,582       437
                                              (554)      671      2,368
                                              1,013    6,647      9,899
                                               693     (6,326)     498
                                              1,892       53        89
                                              1,683      565       680
                                                  –     606        73
                                               459       299       199


                                              6,860    5,097     14,243




                                               630     8,607       (24)
                                             11,363    (1,857)   (2,802)
                                             (1,505)      (68)      21
                                              1,015    (1,335)      82
                                              (944)    (1,165)    (428)


                                             10,559    4,182     (3,151)


                                             17,419    9,279     11,092



                 IXM B.V.        25%




                            – VII-B-59 –
       B                               IXM




                                     57,233      101,546     45,582


           25%                       14,308        25,387    11,396
                                      1,954         2,321       689
                                       (590)         (127)        (4)
                                            42      1,272       746
                                        668           688       698
                                        668        (6,509)         –


                                            20    (12,103)    (1,614)
                                        349        (1,650)     (819)


                                     17,419         9,279    11,092


14.2




                                    2,803          3,223       1,878
                                  (28,998)       (34,028)    (29,105)


                                  (26,195)       (30,805)    (27,227)




                 – VII-B-60 –
B                                         IXM




        (83)         (15,955)              –           –            –   (16,038)
    (11,042)          14,251         (14,944)        422           754     (10,559)
          –               –              –           –           (2)        (2)
       302              102                –           –            –      404




    (10,823)          (1,602)        (14,944)        422           752     (26,195)
      1,986               703         (8,647)        (110)         1,886    (4,182)
          –                    –              –           –     (15)       (15)
          –                    –              –           –      235      235
      (531)              (44)                   –           –     (73)     (648)




     (9,368)            (943)        (23,591)          312         2,785   (30,805)
      2,315               200                   –   (233)           869     3,151
          –                    –              –           –       17       17
       265                      –              –           –      145      410




     (6,788)            (743)        (23,591)          79         3,816    (27,227)




               – VII-B-61 –
      B                           IXM

15.




                                784            828           978
                              1,018          1,361         1,428

                              1,802          2,189         2,406



                             29,432        37,480        51,742
                                298           407         1,003
                                687           863           774

                             30,417        38,750        53,519


                                297           297           583




                              (2,455)        8,979        (8,209)
                                 260           666          (664)
                                  64         1,239           196

                              (2,131)      10,884         (8,677)


                              1,393          1,775             –



                                   –        3,551          463



                              4,856         (7,532)         881

                                354           540          1,488


                              5,210         (6,992)        2,369


                                   –         267              –


                           8,781,564    11,505,090    13,026,386



          – VII-B-62 –
      B                                IXM

16.




17.




                                                 a



                                   3,168     10,388    13,556
                                        –    3,277     3,277


                                   3,168     13,665    16,833


          b                             –   26,576    26,576
              c                    (3,168)   (3,297)   (6,465)


                                        –   36,944    36,944


                                        –     933       933
                                        –    (463)     (463)


                                        –   37,414    37,414




                  – VII-B-63 –
B                            IXM




                                       a



                              –    3,627     3,627
                              –    1,018     1,018
                         1,393          –    1,393
                              –      (15)      (15)


                         1,393      4,630     6,023


                              –    1,361     1,361
                         1,775      3,551     5,326
    b                    (3,168)   (2,329)   (5,497)


                              –    8,988     8,988


                              –    1,428     1,428
                              –     463       463


                              –   10,879    10,879




                         1,775      9,035    10,810


                              –   27,956    27,956


                              –   26,535    26,535




        – VII-B-64 –
         B                                                       IXM




(a)


(b)                                                                                       2,600
                                 31(b)


(c)          GKE                      13


                        GKE
      GKE                                                                1.4        1.8




GKE Metal Logistics
  Pte.Ltd.                    1,775             –          –         346     –             –
Shanghai GKE Metal
  Logistics Co., Ltd.            –             –          –         269     –             –




                                           – VII-B-65 –
             B                                                       IXM




                                                                                              5
                                GKE Metal Logistics Pte. Ltd.          Shanghai GKE Metal Logistics
      Co., Ltd.                 9%   11%   GKE Metal Logistics Pte. Ltd.          Shanghai GKE Metal
      Logistics Co., Ltd.   5                               9%   11%




                                                                                              GKE Metal
      Logistics Pte. Ltd.   Shanghai GKE Metal Logistics Co., Ltd.




18.




                                           12,661            935         1,002         518        15,116
                                                –            35           119         413           567
                                           (1,916)           (48)          (13)        (83)       (2,060)
                                              112              –          294        (427)          (21)
                                               47            (21)          (39)          –          (13)

                                           10,904            901         1,363         421        13,589

                                                –               4          63         307          374
                                                –             (3)         (33)          –          (36)
                                                –           (383)         (93)          –         (476)
                                              550            132          (124)       (558)            –
                                                –            24            45           –           69

                                           11,454            675         1,221         170        13,520




                                           – VII-B-66 –
B                            IXM




       622              3       330       270     1,225
         –            (9)      (33)        –      (42)
        90             30          (41)   (79)        –
         –            (2)         (36)     –      (38)

    12,166           697       1,441      361    14,665



     2,720           214        455         –    3,389
       542             57       185         –     784
    (1,916)           (48)         (13)     –   (1,977)
        48             (5)         (17)     –      26


     1,394           218        610         –    2,222


       578             57       193         –     828
         –            (3)         (33)     –      (36)
         –          (138)         (80)     –    (218)
         –            11          25       –      36


     1,972            145       715         –    2,832


       715             73       190         –     978
         –            (7)         (33)     –      (40)
        (1)            (2)         (21)     –      (24)


     2,686           208        851         –    3,745



     9,510           683        753       421    11,367


     9,482           530        506       170    10,688


     9,480           489        590       361    10,920



    – VII-B-67 –
      B                                                               IXM

        GKE                                                                               13


19.




                    11,858     (10,933)           925     11,473    (11,473)      –   26,785    (12,961)     13,824
                         236         –           236         271         –    271        –          –          –


                    12,094     (10,933)          1,161    11,744    (11,473)    271    26,785    (12,961)     13,824


                                                                               9.8              8.7
        8.7
                                                                                 3
                6.5%
        2.1        2.8                    4.3
                                                 5%      9%
                                                                                                            7.5%
        8.5%


20.




                                                0.3
                                                                                                 1,274.5
      1,656.6         1,314.9




                                          – VII-B-68 –
              B                          IXM

21.


      21.1




                                     602,613     439,106     458,658


                                     172,040     201,046     249,649
                                      11,288         167
                                           –          –         61


                                     559,266     835,579


                                                             567,993


                                    1,345,207   1,475,898   1,276,361




                                     276,370     146,693     109,976
                                     190,128     396,806     156,548
                                    2,052,727   2,643,463   2,264,599


                                    2,519,225   3,186,962   2,531,123



      21.2


             IXM




             IXM
                   – VII-B-69 –
 B                                         IXM

(a)


                   IXM




      IXM                                        IXM




(b)


                                          IXM




                              95%
                               95%




      (i)


            IXM B.V.                                   IXM
            B.V.




                         – VII-B-70 –
B                                                                IXM




                                         2,189          1,805          898       20,734          21,018            542
                                        54,839         79,099    91,025         266,284         412,831      405,436
                                         1,452          2,487         2,400      29,676          26,141          19,218
                                         4,238          9,176          604        9,500           8,294          13,344
                                         5,328          3,614         2,978       4,458           3,266           1,222




                        IXM                                                                     5%


          5%


                                                         5%
                                                   5%
                    5%




    970   982   (296)   4,127   9,252     9,677   60       50   109       277    (46)     671      (46)   (18)      (92)


    970   982   (296)   4,127   9,252     9,677   60       50   109       277    (46)     671      (46)   (18)      (92)




                                        – VII-B-71 –
B                                               IXM

    (ii)


           IXM
                 26   27   IXM
                           27    IXM
                                IXM                                       IXM




                                            1,744,435   2,420,653    2,079,389



                                                                    IXM




                                              92,090     134,827      133,507
                                            1,652,345   2,285,826    1,945,882


                                            1,744,435   2,420,653    2,079,389



           IXM
           IXM




                           – VII-B-72 –
       B                                              IXM



                                              1.56%   5.99%    2.16%    6.30%    3.1%
                    5.07%


21.3


                                                                                IXM
        IXM                                  IXM                                        31
              IXM




       IXM                                                    IXM


                                                               IXM




       IXM




                            IXM                                     9
                                             IXM




                                  – VII-B-73 –
B                                       IXM



                 IXM
                                12




                          IXM


                         12
            19




                 IXM
                                                         12




      0.9


                                             31   IXM B.V.




                                        12




IXM
                              8.7        65.4           35.6




                       – VII-B-74 –
B                                              IXM




    1,282,655       (63) 1,282,592 1,305,255        – 1,305,255 1,157,985         – 1,157,985
        8,014      (184)     7,830    65,616     (200) 65,416       35,961      (377) 35,384
          235      (183)        52       199     (199)         –      226      (226)         –
          302      (301)         1       381     (381)         –      411      (411)         –
       11,769   (10,958)       811     3,381   (3,377)         4     4,024    (4,024)         –

    1,302,975   (11,689) 1,291,286 1,374,832   (4,157) 1,370,675 1,198,607    (5,038) 1,193,569



     360,059     (5,845) 354,214     443,760   (1,301) 442,459     366,614    (1,300)   365,314
      79,326     (3,768) 75,558       58,845        –  58,845      35,911         –    35,911
     602,613          – 602,613     439,106        – 439,106     458,658         –   458,658
      67,024          –  67,024      70,002        –  70,002     165,837         –   165,837
       9,448     (2,076)   7,372       8,463   (2,856)   5,607      30,366    (3,738)    26,628
     168,740          – 168,740     353,528        – 353,528     141,221         –   141,221
      15,765          –  15,765       1,129        –   1,129           –        –         –




                 – VII-B-75 –
       B                                          IXM

21.4


                   IXM
                         IXM




                               IXM




       IXM




                                                        IXM




                                            IXM


             IXM                                              IXM




                           – VII-B-76 –
B                                  IXM

    IXM
                                                         IXM




                           3
                 3             6         6




                      –            –          1,161          1,161         1,161
                963,388             –            811        964,199       964,199
                172,040             –              –       172,040       172,040
                168,740             –              –       168,740       168,740
                      –            –         15,765         15,765        15,765
                  2,300             –              –         2,300         2,300
                 11,288             –              –        11,288        11,288
                  9,714             –              –         9,714         9,714
             (1,652,826)       (1,495)       (111,072)    (1,765,393)   (1,744,435)
                      –            –        (81,417)       (81,417)      (81,417)
               (499,444)       (1,799)         (2,002)      (503,245)     (503,245)
               (190,128)            –              –      (190,128)     (190,128)

             (1,014,928)       (3,294)       (176,754)    (1,194,976)   (1,174,018)




          – VII-B-77 –
B                            IXM



                     3
           3             6         6




                –            –            271          271          271
          887,030             –            142      887,172      887,172
          197,532         1,532           1,982      201,046      201,046
          353,528             –              –     353,528      353,528
            1,129             –              –       1,129        1,129
              167             –              –         167          167
           32,585             –              –      32,585       32,585
       (2,287,539)       (1,111)       (158,458) (2,447,108) (2,420,653)
                –            –         (4,750)      (4,750)      (4,750)
         (358,098)       (1,411)           (616)    (360,125)    (360,125)
           (4,628)            –              –      (4,628)      (4,628)
         (394,378)       (1,618)           (810) (396,806.00) (396,806.00)

       (1,572,673)       (2,608)       (162,239)   (1,737,520)   (1,711,064)



                –         –            15,317        15,317        13,824
          850,600          –                 –      850,600       850,600
          236,254      2,467             10,928       249,649       249,649
          141,221          –                 –      141,221       141,221
               61          –                 –           61            61
           21,006          –                 –       21,006        21,006
       (1,947,190)    (1,687)          (149,787)   (2,098,664)   (2,079,389)
         (272,975)   (17,181)            (5,030)     (295,186)     (295,186)
         (156,548)         –                 –     (156,548)     (156,548)

       (1,127,571)   (16,401)          (128,572)   (1,272,544)   (1,254,762)




    – VII-B-78 –
        B                                       IXM

21.5


             IXM


       IXM                                              IXM




                              IXM
                   IXM




       IXM


       IXM




                                                –    1,382,704   1,382,704
                                           73,662        98,378     172,040
                                                –      602,613     602,613

                                           11,121          167      11,288


                                           84,783     2,083,862   2,168,645




                                          153,174       36,954     190,128
                                                –     276,370     276,370


                                          153,174      313,324     466,498



                         – VII-B-79 –
B                            IXM



                         1              2             3




                           –      2,014,335     2,014,335
                      71,547         129,499       201,046
                           –        439,106       439,106

                             –         167           167

                      71,547       2,583,107     2,654,654




                     308,041         88,765       396,806
                           –       146,693       146,693

                     308,041        235,458       543,499




                         1              2             3




                           –      1,579,890     1,579,890
                     171,484          78,165       249,649
                           –        458,658       458,658



                             –             61            61


                     171,484       2,116,774     2,288,258




                      95,381         61,167       156,548
                           –       109,976       109,976


                      95,381        171,143       266,524



    – VII-B-80 –
B                                IXM




    1,382,704        2,014,335   1,579,890   2


      73,662           71,547     171,484    1
     153,174          308,041      95,381
           –           5,887           –   2


       1,379            1,724      15,445    2
      11,566            1,721      12,577
      96,999          127,775      62,100    2
      25,388           81,157      47,990
           –               –        620    2
                                      600




           – VII-B-81 –
       B                                         IXM




                     11,121                 –              1


                       167                167               2


                                                      61    2


                    602,613         439,106       458,658   2


                    276,670         146,693       109,976   2




21.6


       IXM
             ISDA               ISDA
                              IXM




                         – VII-B-82 –
B                          IXM




    52,221       (809)     51,412        –   120,628   172,040
        –            –       –   168,740        –   168,740


    52,221       (809)     51,412   168,740   120,628   340,780




    14,220      (6,467)     7,753        –   193,293   201,046
        –            –       –   353,528        –   353,528


    14,220      (6,467)     7,753   353,528   193,293   554,574




     – VII-B-83 –
B                            IXM




    154,368     (29,622)    124,746        –   124,903   249,649
         –            –        –   141,221        –   141,221


    154,368     (29,622)    124,746   141,221   124,903   390,870




                (55,310)    208,638   153,328    36,800   190,128




      – VII-B-84 –
B                         IXM




              (24,333)   327,393   303,060   93,746   396,806




              (10,091)    77,506    67,415   89,133   156,548




    – VII-B-85 –
          B                                       IXM

       IXM




       


       




21.7




                    96,999           25,388   127,775    81,157    62,100    47,990
                        –               –        –        –      620       600
                     1,379           11,566     1,724     1,721    15,445    12,577
                    72,376          140,679    70,696   301,968   171,484    93,526
                     1,286           12,495      851     11,960        –     1,855




                172,040             190,128   201,046   396,806   249,649   156,548



              IXM




                             – VII-B-86 –
      B                                                                 IXM




22.




                 360,059    (5,845)    354,214     443,760         (1,301)    442,459     366,614    (1,300)     365,314
                  79,326    (3,768)     75,558      58,845              –     58,845      35,911         –      35,911
                  38,303         –     38,303      65,218              –     65,218     122,240         –     122,240
                  28,721         –     28,721       4,784              –      4,784      43,597         –      43,597
                 602,613         –    602,613     439,106              –    439,106     458,658         –     458,658
                   9,448    (2,076)      7,372       8,463         (2,856)      5,607      30,366    (3,738)      26,628

             1,118,470     (11,689)   1,106,781   1,020,176        (4,157)   1,016,019   1,057,386   (5,038)    1,052,348




                                                              948,997                    816,149               788,588
                                                                7,830                     65,416                35,384

                                                              956,827                    881,565               823,972


                                                        0     60
          21.3




                                         – VII-B-87 –
        B                                     IXM




                                           6,833            11,689            4,157

                                           4,867               781             881
                                             (11)           (8,313)              –

                                          11,689             4,157            5,038


                                    IMX




          1,170   420

IXM
                                              107.9              126.4
        IXM

                                                    272.8             253.0
      243.4                                   IXM




                        – VII-B-88 –
               B                                                     IXM

23.




                             Camrova Resources
        Inc.                                                       167     167

                   a                                          11,121         –




                              Camrova Resources
        Inc.                 b                                                                  61



                                      c                        2,300         –                  –


                                                              13,588       167                  61




      (a)                                           IXM                           16,878,000
                              30                                           IXM
                                     66,768,000              520


      (b)
                       IXM B.V.
                                                                                               IXM




      (c)


24.




                                            – VII-B-89 –
               B                                         IXM

25.




      IXM


      25.1.


              IXM                 IXM




              IXM B.V.                          41,349                        100
                         121


      25.2.




                                          –        (209)      155    (1,361)       (1,415)
                                      4,667         (327)      118    (3,930)          528
                                       (279)         209         –        –          (70)

                                      4,388         (118)      118    (3,930)         458

                                      4,388         (327)      273    (5,291)         (957)
                                        817         (203)        –    4,629         5,243
                                     (5,205)         327         –        –       (4,878)

                                     (4,388)        124          –   4,629           365
                                          –          –         –     125           125




                               – VII-B-90 –
        B                                                        IXM




                                                  –          (203)              273                (537)            (467)
                                                  –             –             (303)             (4,928)          (5,231)
                                                  –           203                 –                  –             203

                                                  –          203               (303)             (4,928)          (5,028)

                                                  –             –              (30)             (5,465)          (5,495)



25.3.




              134     (16)     118               –      –                –            (344)              41       (303)


              134     (16)     118               –      –                –            (344)              41       (303)




            4,388       –   4,388          (4,388)      –           (4,388)                –               –         –

             (132)    14      (118)           139      (15)             124               227               (24)      203

            (4,057)     –   (4,057)        4,792        –           4,792             (4,928)               –    (4,928)


              199     14       213            543      (15)             528             (4,701)             (24)    (4,725)


              333      (2)     331            543      (15)             528             (5,045)             17      (5,028)




                                     – VII-B-91 –
              B                                                 IXM

26.




                                                            1,609               3,114                2,199
                                                           90,000             130,000              130,000


                                                           91,609             133,114              132,199


                                        IXM                            91.6
              9,000                      5.25%
                  160                         4.66%




                                        IXM                    133.1                                    90
                                5.25%                                                              40
                           6%                                                           3.1
                  4.66%


                                        IXM                 132.2                                    90
                           5.25%                                                              40
                      6%                                                      2.2
      4.66%




27.


      IXM




                                          – VII-B-92 –
          B                                     IXM




                                         1,472,440    1,991,832      1,534,663
                                          179,905         293,994        411,219


                                              481           1,713          1,308


                                         1,652,826    2,287,539      1,947,190



                                         1,545,708    2,113,855      1,780,703
                                          107,118         173,684        166,487


                                         1,652,826    2,287,539      1,947,190




                                                –          1,713          1,308
                                         1,652,826    2,285,826      1,945,882


IXM




                                                           4.66%          4.66%
                                1.56%       5.99% 2.16%    6.30% 3.15%    5.07%




1,652.3       2,085.8   1,775.9




                        – VII-B-93 –
            B                                IXM




                                       133,030             157,936       130,552
                                        27,087              22,695        14,754
                                           118                 558         5,268

                                       160,235             181,189       150,574


                                                 1,547.3             1,909.6
            1,558.3

28.




      IXM
                                             IXM



      IXM
                                       IXM




                                          330                 528              871

                                          330                 528              871




                      – VII-B-94 –
      B                                       IXM

IXM




                                          0.70%       0.65%       0.85%
          -        1                      0.70%       1.00%       0.85%
          –       2                      0.70%       0.65%       0.85%


               1                          0.70%       0.25%       0.85%
               2                          0.70%       0.65%       0.85%
                                          1.00%       1.00%          1%
                                          0.50%       0.50%          2%
                                          0.00%       0.00%       0.00%
                                        M65/W64     M65/W64     M65/W64
                                           BVG         BVG       BVG
                                             GT          GT          GT




                                          10,210      11,840      12,263
                                          (9,880)    (11,312)    (11,392)


                                            330         528         871




                       – VII-B-95 –
B                        IXM




                       311       330       528


                       161       209          –
                      (134)         –     344
                         (8)      (11)       (1)


                       330       528       871




                      9,499    10,210    11,840


                       687       863       774
                        79        75        75
                        (81)      28       380
                       246       198      2,861
                          –        –   (3,417)
                      (220)      466      (250)


                     10,210    11,840    12,263




    – VII-B-96 –
      B                         IXM

29.




                                –          4,628    13,856

                                –          4,628    13,856


                                     32




30.




                           168,880        163,545   159,019
                           276,370        146,693   109,976
                            13,901         23,944    16,628
                            15,844          5,369    56,821
                            57,995         49,887    26,191


                           532,990        389,438   368,635




          – VII-B-97 –
                  B                                                        IXM




      0     60                                                        445,250       310,238             268,995


                                         0    60


                                                                                                 15.8
      5.4                 56.8




                               4.0           15.8               5.4




31.


      (a)        IXM




                                                                       54,263           24,191              13,627



      (b)                                                                               IXM
                                                                                167.2               260.0
                       265.0                 IXM
                 5%    10%       10.6%
                                                                                                              17.0
                                16.6            18.3


                                                                                        IXM
                                2,822        3,944         4,976



                                                     – VII-B-98 –
              B                                                    IXM

32.


                               LDCH
       EPP
            EPP         IXM                LDCH                                            IXM
                    EPP




      IXM          EPP




      IXM          LDCH                                      IXM                   LDCH
                                             IXM
                                 IXM                   LDCH




      IXM                       LDCH                               2.0                       1.9
                                                                           LDCH            2.8
                                                   1


                                                                     4.4          LDCH
                         IXM                           0.3                 IXM           LDCH
                                 (0.7)


                                      LDCH                         3.0
                  EPP                    12.7




                                           – VII-B-99 –
  B                                                             IXM

                                                                EPP                       9.2
      1.9                                                       0.2
                                         LDCH                              IXM
            (0.2)


                           LDCH                               1.8


                                              EPP             8.2                 3         4
                     4.5                                                              3         4
                               6.7               2.6


                                                        EPP                 3.3
                         2.7




                                 LDCH EPP
                                                                    PERP


                    PERP                        32.6
PERP                37                         4.4


                               PERP                                         17            53
        32.6


                                                       PERP                7.9                      0.9




                                     – VII-B-100 –
            B                                           IXM

33.


                24
                                                                                IXM
                                   LDH                       IXM
                 NCCL NRIF




      (a)


                                                          IXM




                                                3,633      6,013       1,263           –
                                               76,688     82,368           8           –


                                               80,321     88,381       1,271           –



                                            (2,067)          (957)      (119)          –
                                          (327,801)      (152,385)   (23,201)          –
                                                 –             –         –   (108,266)


                                          (329,868)      (153,342)   (23,320)   (108,266)




                             – VII-B-101 –
B                               IXM




                   (1,820)        (1,756)   (1,616)        –
                  (17,601)       (13,829)   (2,546)        –


                  (19,421)       (15,585)   (4,162)        –



                      (4,831)     (6,392)   (2,421)   (4,772)
                      (4,336)       (603)       (7)        –


                      (9,167)     (6,995)   (2,428)   (4,772)



    32




    – VII-B-102 –
      B                      IXM

(b)




                               103       120        –
                            15,662     1,009        –

                            15,765     1,129        –



                             3,633     2,260        –
                             7,459    16,682        –

                            11,092    18,942        –



                             1,379      192         –

                             1,379      192         –



                            90,000   130,000   130,000

                            90,000   130,000   130,000



                            81,417     4,750        –

                            81,417     4,750        –



                               663       509        –
                            35,618     5,876        –

                            36,281     6,385        –



                            11,594     1,397        –

                            11,594     1,397        –


          – VII-B-103 –
             B                                                IXM

      (c)                        IXM S.A.            Louis Dreyfus Company Metals S.A.    IXM
            B.V.                                                Louis Dreyfus Company Suisse
            S.A.                     250


      (d)


                                     11


34.


      IXM                      IXM
                   IXM


      IXM                                                      IXM                       250
                         1.1




                                          – VII-B-104 –
      B                                     IXM

35.


          IXM
                IXM




                               26             27          33




                           90,000       1,205,596    210,788     1,506,384
                             2,090       440,619     (129,371)    313,338


                              (481)       15,271            –     14,790
                                 –        (8,660)          –      (8,660)


                           91,609       1,652,826     81,417     1,825,852
                           42,737        597,100      (39,106)    600,731


                            (1,232)       27,445      (37,563)     (11,350)
                                 –       10,168            2      10,170


                          133,114       2,287,539       4,750    2,425,403
                            (1,320)     (330,366)      (2,560)   (334,246)


                               405         (1,155)     (2,188)      (2,938)
                                 –        (8,828)         (2)      (8,830)


                          132,199       1,947,190           –   2,079,389




                      – VII-B-105 –
            B                                        IXM

36.


      IXM




                                                  1,360        1,420         1,690


                   IXM




                                                   373          180           556
                                                   627           67           696
                                                     9            –            –


                                                  1,009         247          1,252


                   IXM
                                                          20


37.

                                                                       NSR
                 NSR                  IXM B.V.    100%
                           IXM B.V.



38.


      IXM       IXM B.V.




                                – VII-B-106 –
                       Deloitte Touche Tohmatsu




    VIII-5   VIII-18
    VIII-4


                                          IXM B.V.          IXM
                             New Silk Road Commodities SA




                                                  4.29
                       7
7




                       – VIII-1 –
                    1




    4.29(7)




                             3420


                 4.29
7




              – VIII-2 –








(a)


(b)


(c)                        4.29(1)


Deloitte Touche Tohmatsu




                                     – VIII-3 –
A.


                             (a)
                           (b)




                    4.29    14.69(4)(a)(ii)




     – VIII-4 –
B.


         (i)




                                                IXM
                                                                          IXM           IXM       IXM




                      1               1                             1           2             3         4     5




               26,647,644      101    693          21,006      144,168    (3,421,580)                             23,370,925
                3,259,167        –       –      823,972     5,655,085                                            8,914,252
                 151,004         –       –      122,240      838,958                              (5,778)         984,184
                1,040,049        –       –      167,849     1,151,982                                            2,192,031
     9          6,615,915        –       –    1,579,890   10,843,101                                            17,459,016


                          –     –       –      249,649     1,713,391                                            1,713,391
                1,450,605        –       –       87,205      598,505                                             2,049,110


               39,164,384      101    693       3,051,811   20,945,190                                            56,682,909




                                               – VIII-5 –
                               IXM
                                                             IXM         IXM       IXM




        1            1                              1              2           3         4   5




  2,522,865     –       –           572         3,926                   76,882                   2,603,673
   448,174      –       –             –              –                                          448,174
  3,906,622     –       –             –              –                                         3,906,622
      3,179     –       –             –              –                                             3,179
 23,620,518     –       –      10,920         74,946                                            23,695,464
  1,893,822     –       –             –              –                                         1,893,822
  5,122,434     –       –             –              –                                         5,122,434
 20,931,052     –       –      26,535        182,115         356,949                            21,470,116
   674,887      –       –             –              –                                          674,887
   129,023      –       –      13,824         94,877                                              223,900
   525,598      –       –          1,878      12,889                                              538,487
  2,273,559     –       –             –              –                                         2,273,559


 62,051,733     –       –      53,729        368,753                                            62,854,317


101,216,117   101    693       3,105,540     21,313,943                                          119,537,226




                              – VIII-6 –
                             IXM
                                                           IXM       IXM       IXM




       1           1                              1              2         3         4        5




 4,588,153    –       –    1,947,190     13,363,954                                                17,952,107
 4,250,711    –       –             –              –                                              4,250,711
   75,423     –       –      156,548      1,074,420                                                 1,149,843
 1,148,073    –       –      268,995      1,846,166                                                 2,994,239
  200,667     –       –       37,190       255,242                             (5,778)               450,131
  517,344     –       –       16,628       114,121                                                   631,465
 1,110,201    –       –          3,411      23,410                                       (5,140)    1,128,471
 1,027,782   23    158          26,191       179,754                                       34,265     1,241,959
 2,929,839    –       –             –              –                                              2,929,839
  130,542     –       –       19,631       134,731                                                   265,273


15,978,735   23    158       2,475,784     16,991,798                                                32,994,038




                            – VIII-7 –
                             IXM
                                                          IXM            IXM       IXM




       1           1                             1                2            3         4   5




   23,312     –       –            –              –                                             23,312
20,196,855    –       –      132,199      907,309                                              21,104,164
 2,000,000    –       –            –              –                                           2,000,000
  129,065     –       –          871         5,979                                               135,044
 1,908,084    –       –            –              –                                           1,908,084
   66,675     –       –            –              –                                             66,675
 8,021,118    –       –       29,105      199,753             49,937                            8,270,808
 3,294,336    –       –       13,856       95,098                                               3,389,434


35,639,445    –       –      176,031     1,208,139                                             36,897,521


51,618,180   23    158       2,651,815    18,199,937                                             69,891,559



49,597,937   78    535         453,725     3,114,006                                             49,645,667




                            – VIII-8 –
                                 IXM
                                                                IXM            IXM       IXM




        1              1                               1                2            3         4       5




  4,319,848    102    700              5,021       34,460         (35,160)                                      4,319,848
 27,582,795      –        –       27,268        187,146        (187,146)                                     27,582,795
   (799,326)     –        –       (5,495)        (37,713)           37,713                                     (799,326)
      3,038      –        –             –               –                                                       3,038
  1,160,396      –        –             –               –                                                   1,160,396
  8,682,124    (24)   (165)        426,935       2,930,140      (2,929,975)     76,882             (29,125)     8,729,881


 40,948,875     78    535          453,729       3,114,033                                                     40,996,632
  8,649,062      –        –             (4)          (27)                                                     8,649,035


 49,597,937     78    535          453,725       3,114,006                                                     49,645,667



101,216,117    101    693        3,105,540      21,313,943                                                    119,537,226




                                – VIII-9 –
           (ii)




                                                                     IXM

                                                                                                                           IXM
                                                                                         IXM




                                         1             1                         1              4       5         6          7


                                  25,962,863     –        – 13,004,441 87,112,849                                                 111,968,904
                                  25,962,863     –        – 13,004,441 87,112,849    (1,285,819)                       179,011    111,968,904

                                  16,180,247    –      – 12,822,578 85,894,603       (1,285,819)             20,863    118,561    100,928,455
                                   1,018,793    –      –          –         –                                                     1,018,793
                                      96,822    –      –          –         –                                                        96,822
                                     933,346   23     154      74,561    499,462                     34,265                           1,467,227
                                     254,356    –      –          –         –                                                       254,356
                                     643,046    1       7      59,232    396,777                                                      1,039,830
                                      66,583    –      –          –         –                                                        66,583
                                      17,793    –      –      2,369     15,869                                                         33,662

              -                     122,408      –        –          –         –                                                   122,408
                          -         202,270      –        –        434      2,907                                      (42,310)      162,867
                                    (31,122)     –        –       (553)    (3,704)                                                   (34,826)
                                     12,550      –        –          –         –                                                    12,550


                  -                7,057,983   (24)   (161)       45,582    305,341                                                   7,326,175
                                       2,578     –      –            –         –                                                      2,578
                                      70,705     –      –            –         –                                                     70,705


                      -            6,989,856   (24)   (161)       45,582    305,341                                                   7,258,048
                                   1,839,816     –      –       11,092     74,302                  (5,140)   (2,919)   (35,568)     1,870,491


                  -                5,150,040   (24)   (161)       34,490    231,039                                                   5,387,557
(1)
      1.                      -
                                   5,150,040   (24)   (161)       34,490    231,039                                                   5,387,557
(2)
      1.                             514,458     –      –            –         –                                                    514,458
      2.                           4,635,582   (24)   (161)       34,490    231,039                                                   4,873,099




                                                        – VIII-10 –
                                           IXM

                                                                                    IXM
                                                                 IXM




                 1              1                       1              4   5   6      7

            209,754       –        –   (5,028)   (33,681)                                  191,229

           (173,162)      –        –   (5,028)   (33,681)                        15,156   (191,687)
(1)
             (26,301)     –        –     (303)    (2,030)                                   (28,331)
      1.     (26,301)     –        –        –         –                                   (26,301)
      2.           –     –        –     (303)    (2,030)                                    (2,030)
(2)
           (146,861)      –        –   (4,725)   (31,651)                                 (163,356)
      1.
                   –     –        –        –            –                                      –
      2.     (20,822)     –        –        –            –                     15,156      (5,666)
      3.
             (17,113)     –      –        203      1,360                                    (15,753)
      4.    (108,926)     –      –     (4,928)   (33,011)                                  (141,937)
             382,916      –      –          –         –                                   382,916
           5,359,794    (24)   (161)     29,462    197,358                                  5,578,787


           4,462,420    (24)   (161)     29,462    197,358                                  4,681,413


            897,374       –        –        –            –                               897,374




                                 – VIII-11 –
    (iii)




                                              IXM
                                                                                          IXM




                   1             1                        1             2         5             8

.
            9,434,533       –       –   322,938    2,163,265                 (34,265)             11,563,533

.
            6,076,816       –       –         –            –                                     6,076,816
              207,157       –       –         –            –                                       207,157


               43,630       –       –        18         121                                          43,751

            6,327,603       –       –        18         121                                        6,327,724

                       –   –       –         –            –   3,234,429                         3,234,429


            2,807,367       –       –     2,033      13,618                                        2,820,985
            4,852,213       –       –         –          –                                       4,852,213
            1,065,210       –       –    15,044     100,775                                        1,165,985

            8,724,790       –       –    17,077     114,393                                       12,073,612

            (2,397,187)     –       –   (17,059)   (114,272)                                      (5,745,888)




                                 – VIII-12 –
                                       IXM
                                                                      IXM




           1             1                           1        2   5            8

.
     8,571,932      –       –           –             –                            8,571,932

     3,013,969    102    683        17,269       115,680                (116,363)      3,013,969

    11,585,901    102    683        17,269       115,680                              11,585,901
     9,999,664      –     –      334,246     2,239,013                              12,238,677

     2,646,126               –                          –                            2,646,126

     2,786,560      –       –           –             –                            2,786,560

    15,432,350      –       –    334,246     2,239,013                              17,671,363

    (3,846,449)   102    683       (316,977)   (2,123,333)                            (6,085,462)

      268,389      (1)       (7)       (481)       (3,222)                              265,160



     3,459,286    101    676        (11,579)     (77,562)                                 (2,657)

    19,781,419      –       –     32,585       218,277                    116,363   20,116,059

    23,240,705    101    676        21,006       140,715                              20,113,402




                         – VIII-13 –
C.


     1.


                 IXM




                 IXM                                                IXM
          B.V.
          IXM
                       1                   6.8632


                                                1       6.6987




     2.                                      495
                                            3,397
                                                                    3,234
                                                    1            6.5342




                  IXM            100%




                           – VIII-14 –
         4                   24
  499           3,422




                                           495
 3,234




                                   20




IXM




                        IXM




                                  13.99%




             – VIII-15 –
                            IXM




IXM




                      78     453,729    453,807     3,114,568
                       –     52,009     52,009       356,949
                       –     (7,276)    (7,276)      (49,937)


                      78     498,462    498,540     3,421,580




                                                   3,421,580
                                                   3,421,580


                                                           –




      – VIII-16 –
3.           (i)                                        IXM
                   IXM                      2,394,000                  16,432,000
                   IXM                           IXM
     8,808,000              60,450,000


                                                        IXM




                                                                   498,540   3,421,580


                           IXM
                                                  78     453,729   453,807   3,114,568
     IXM


                                                                    39,412    270,496




       IXM                                                           5,321     36,516
     IXM B.V.                                                         45%        45%


                     IXM                                             2,394     16,432



4.                           IXM




5.
     15%


6.




                                 – VIII-17 –
                      IXM
                 20,863,000




7.                                  45%   IXM


                      IXM




8.
           IXM




9.   IXM                                        2




     3
     5     IXM




                    – VIII-18 –
               A

A.




     .


         1.




                                                        –
                                                        1
                                                       23


                                                       24



         2.




              1,000   23,000
                                              24,000




                               – IX-A-1 –
         A

.


    1.




                            (24)

                              1


                            (23)
                             15
                              8


                              –


                              –



                            102


                            102


                            102
                              –
                             (1)
                            101




             – IX-A-2 –
      A




               102,000
     100,000


2.




                                    101


                                    101




                                     15
                                      8


                                     23


                     – IX-A-3 –
     A




                                     78


                                     78




                                    102
                                    (24)


                                     78




                        101,000




                         15,000




                            8,000   IXM




3.


                           82%


4.




         – IX-A-4 –
    A




.




.




.




.


        IXM                  IXM
               I.




              – IX-A-5 –
               B                                      IXM

B.       IXM


               IXM


     .


         IXM




                                            IXM                    13,004.4
                     6%         45.6                        34.5


                   IXM




                          IXM




                                       – IX-B-1 –
          B                  IXM

.




    (a)




                       6,817,852    8,605,302    8,286,992
                       1,817,067    2,802,770    3,301,352
                         171,265     245,880      132,938
                         288,633     456,500     1,063,182
                         149,767     167,901      219,977


                       9,244,584   12,278,353   13,004,441




              – IX-B-2 –
            B                                   IXM

    (b)


                                                           IXM




                                                5,699        487            765
                                                6,202      28,240         27,052
                                               10,485      10,116         10,210


                                               22,386      38,843         38,027




                                                                    IXM
                    10%


.




    IXM
                          IXM                    9,244.6      12,278.4
    13,004.4




    IXM




                                                              IXM
          9,109.2    12,097.1          12,822.6




                                – IX-B-3 –
        B                                                  IXM




                                                                  IXM
 135.4                 181.2              181.9                   1.4%         1.5%




                                                                  IXM
               51.2                62.2            74.6
                      IXM                                                IXM




IXM


                                                                  IXM
      21.5              31.7              59.2




                                                                  IXM
             (0.3)                7.0            (0.5)
        IXM




                                                                  IXM
        17.4                9.3                  47%      11.1   19%




                                           – IX-B-4 –
          B                   IXM

.


    IXM




                       9,244,584        12,278,353     13,004,441
                      (9,109,217)      (12,097,105)   (12,822,578)


                         135,367          181,248        181,867


                          (5,210)            6,992         (2,369)
                         (51,238)          (62,209)       (74,561)
                         (43,259)          (61,031)       (88,310)
                          21,240            27,975         28,576
                              64             1,239            196
                             415               141            306
                         (21,540)          (31,676)       (59,232)
                             149               195            434
                            (295)            6,996           (553)


                          57,233          101,546          45,582
                         (17,419)          (9,279)        (11,092)


                             39,814        92,267         34,490




                             40,298        92,627         34,490
                               (484)         (360)             –


                             39,814        92,267         34,490




              – IX-B-5 –
          B                              IXM

.




    IXM                                         9,244.6              33%
                             12,278.4




    IXM                                             9,109.2                33%
                                  12,097.1




                    IXM                                              135.4
              45%                               181.2




    IXM                                                       51.2
    21%                                  62.2




    IXM                                                   21.5
    47%                                  31.7




                          – IX-B-6 –
            B                                     IXM




    IXM                                                                       0.3
                                                      7.0
    IXM                      5.2                              1




    IXM                                                              17.4                  47%
                                          9.3
                                        IXM




                       IXM                                                          39.8
            132%                                            92.3


.




    IXM                                                       12,278.4               6%
                                      13,004.4
                2%


    IXM                                                            12,278.4                6%
                                           13,004.4




                     IXM                                                             181.2
                0.3%                                         181.9
     1.4%



                                   – IX-B-7 –
      B                           IXM




IXM                                                   62.2
20%                              74.6




IXM                                                   31.7
87%                              59.2




IXM                                                      7.0
                                   0.6
                  IT




IXM                                             9.3              20%
                       11.1




            IXM                                                92.3
      63%                                34.5




                  – IX-B-8 –
            B                           IXM

.




                                  (513,790)      (578,742)           322,938
                                       (3,562)       490              (17,059)
                                   313,097       600,731             (316,977)
                                        (529)        392                 (481)


                                  (204,784)       22,479              (11,098)
                                   214,498          9,714             32,585
                                       9,714      32,585              21,006



    IXM




    IXM                         IXM




                             IXM                             322.9
                    137.7                           207.8


                             IXM                             578.7
                443.7
    154.9         179.5




                        – IX-B-9 –
        B                                   IXM

                                 IXM                        513.8
                    314.4                                   290.2
            105.8




IXM


                                  IXM                               17.1




                                  IXM                                0.5
                                    IXM




                                  IXM                                3.6




IXM




                                 IXM                            317.0
                                              332.9
 17.3


                                 IXM                                 600.7
                                                      IXM                  40




                            – IX-B-10 –
          B                            IXM

                           IXM                                       313.1



.




    IXM       132.2                            90                        5.25%
                                               40                          6%
                                       2.2                       4.66%
                                                        133.1
              91.6




    IXM




                              $1,534,663            $1,991,832       $1,472,440
                                 411,219              293,994            179,905


                              $1,945,882            $2,285,826       $1,652,345


                                       1,308             1,713               481


                              $1,947,190            $2,287,539        1,652,826




                                      $1,308           $1,713                    $–
                              $1,945,882            $2,285,826        1,652,826


                      – IX-B-11 –
      B                                 IXM




                               $1,796,616       $2,106,350     $1,492,591
                                  130,552         157,936        133,030
                                       14,754         22,695      27,087
                                        5,268           558          118


                               $1,947,190       $2,287,539     $1,652,826




                                                IXM
3.7       14.3   2.0




                       – IX-B-12 –
       B                                       IXM




IXM               GKE Metal Logistics Pte Ltd




      IXM




                                                       IXM




            IXM




                                              54,263         24,191   13,627



                        IXM                              4,976




                              – IX-B-13 –
            B                              IXM

.




                                                   IXM
    411.8       537.0   576.0                                 IXM




                                   1,382,704        2,014,335       1,579,890
                                   1,106,781        1,016,019       1,052,348
                                     172,040         201,046         249,649
                                     168,740         353,528         141,221
                                           4,848          6,734        7,636
                                          15,765          1,129            –
                                          13,588           167            61
                                           9,714         32,585       21,006


                                   2,874,180        3,625,543       3,051,811




                                   1,652,826        2,287,539       1,947,190
                                          81,417          4,750            –
                                     532,990         389,438         368,635
                                     190,128         396,806         156,548
                                           5,006         10,038        3,411


                                   2,462,367        3,088,571       2,475,784


                                     411,813         536,972         576,027




                          – IX-B-14 –
      B                                               IXM




                                                               IXM         1,382.7
          2,014.3               1,579.9


              IXM                                      46%




              IXM                                22%




                                                               IXM
 (18.1)             (195.8)               93.1




              IXM




IXM                                                          168.7     110%
                            353.5


IXM                                                      353.5       60%
                    141.2




                                      – IX-B-15 –
              B                                             IXM




        IXM
                                               IXM                            1,106.8
                  1,016.0         1,052.3


                                      IXM                                8%




                      IXM                                         4%




                                                                  IXM
              533.0           389.4                368.6                IXM
                      27%


                      IXM                              5%




.




                                                                  IXM
                               IXM


    .



                            IXM
                                      IXM




                                            – IX-B-16 –
      B                                     IXM




          IXM




IXM                                          IXM




                                 IXM




                      95%
                95%




                            – IX-B-17 –
      B                                 IXM




IXM




                  IXM
          (ESG)


IXM




IXM               IXM
                                        IXM




IXM                                IXM




IXM




                        – IX-B-18 –
       B                                  IXM

IXM                                             36.9




             IXM
       IXM




              IXM
              IXM




                    IXM




IXM




                                          IXM




 IXM




                          – IX-B-19 –
            B                                            IXM

.


    IXM                      IXM
                             IXM


    IXM                                                     IXM                     250
                           1.1


.


                                   IXM                                  1,785.6




.


                                   IXM


.


                                                                  IXM
    85%     85%   82%                                                    17.3
                   332.9




.


                                   IXM        280
                                                          30.4          38.8      53.5




    IXM                                                     IXM




     32.6


                   IXM           IXM          Louis Dreyfus
             IXM

                                         – IX-B-20 –
.



            New Silk Road Commodities SA NSRC 100%    NSRC
    IXM.B.V. IXM 100%                                NSRC
            IXM 100%


.


                                       NSRC   IXM




.


                         NSRC   IXM


            NSRC   IXM


.




.




                                  – X-1 –
.




                                              (DCF)           DCF
                                                                    FCFE(Free Cash Flow to Equity)
                                                  (CAMP)


    E=P+C        (1)


    E:


    P:

           n
                   Ri           Rn +1
    P=∑                 i
                           +                (2)
           i =1 (1 + r )     r (1 + r ) n


    Ri :                            i


    r:


    n:


    C:




                                                  – X-2 –
– X-3 –
.




    1.




    2.




    3.




         – X-4 –
1.




2.




3.


4.




5.




6.




7.


8.


9.




10.




      – X-5 –
11.




12.




13.




14.




15.




      – X-6 –
.




                                                            453,807
             500,000                             46,193
    10.18%



                                     453,807              501,000
                       47,193           10.40%




                         – X-7 –
    (1)




    (2)




                                  NSRC
      IXM               500,000


.




            – X-8 –
    IXM                  ,




1                                             (     )                                   5,500

2                                             (     )                                  15,000



                                                   IXM                           560
            841




    Winston & Strawn LLP                                           Metals MEA DMCC
     DMCC


                     DMCC        Louis Dreyfus Commodities MEA Trading DMCC
          LDC Trading                                              Naim Khanafer
    Khanafer         Shift General Trading LLC                   Shift      Concorde Villa
Limited/ConcKhanafer Shift Concordeorde Pour L’Industrie et L’Exploitation SPRL
          Concorde     Khanafer       Shift       Concorde
                                                                   1,000
                                                  LDC Trading
                       DMCC       LDC Trading
                                  1                             DMCC     LDC Trading
                  DMCC       LDC Trading                                   LDC Trading
Concorde4,400                2
                                  DMCC            LDC Trading
               140                     3                                      DMCC      LDC
Trading      1,427.7775                                 8%




                                      – X-9 –
1.
     0.35%




2.                        60




3.                             0.46%




             – X-10 –
1.
      (IFRS)




2.




1.




2.




3.




     – X-11 –
4.




5.




6.




7.




8.




     (1)


     (2)




     (3)




           – X-12 –
.




    – X-13 –
                               IXM


    [2013]110
                    [2015]31




.




.




                – XI-1 –
.




                 3
                       2019-2021


.




     1.




    2.


    3.


    4.




          – XI-2 –
5.




6.




     – XI-3 –
                                                     2019-2021




                          2019-2021



[2012]37              3                   [2013]43


          2019-2021


      .




      .




                            – XII-1 –
                                         2019-2021

     .         2019-2021


1.




2.




                                 80%
                                              40%


                              20%
                                             30%
         30%




                           – XII-2 –
                       2019-2021

3.




     .


1.




2.




         – XII-3 –
                         2019-2021

3.




                   2/3




     – XII-4 –
1.




2.


     (A)




                XV                                       (i)
           XV   7    8
                                             ;   (ii)                352
                                (iii)




                         A                  1,587,692   0.0074%   0.0074%
                         A                  1,064,400   0.0049%   0.0049%
                         A                  1,050,600   0.0049%   0.0049%
                         A                  1,063,500   0.0049%   0.0049%




                             – XIII-1 –
(B)                                          XV       2    3




           XV           2       3
                                                                      5%




                                                                  5,329,780,425     A          30.17%
                                                                  5,329,780,425     A          30.17%
                                                                  5,030,220,000     A          28.47%
                                                                 303,000,000(L)     H           7.70%
      Cathay Fortune Investment                                  303,000,000(L)     H           7.70%
        Limited
                                                                   5,030,220,000    A           28.47%
                                                                  303,000,000(L)    H            7.70%
      BlackRock, Inc.                                            377,823,247 (L)    H        9.61% (L)
                                                                   17,862,000 (S)   H        0.45% (S)
                                                                       237,000(L)   H         0.00%(L)
                                                                    8,809,552(L)    H         0.22%(L)
                                                                     1,886,792(S)   H         0.04%(S)
                                                                  227,494,410(L)    H         5.78%(L)


                    (L) –          (S) –




      XV        2           3
                                                                                        5%




                                                  – XIII-2 –
3.




4.




     a)




     b)




5.




6.



                         XV   2   3




          – XIII-3 –
7.




8.




     (1)                        CMOC Limited       BHR Newwood Investment Management
           Limited                            BHR Newwood DRC Holdings Ltd.
                                                       1,135,993,578.71
                                 CMOC Limited                   BHR Newwood Investment
           Management Limited


     (2)




                                    – XIII-4 –
9.




      Deloitte Touche Tohmatsu




10.


      a)




      b)


      c)




                                 – XIII-5 –
11.




                      183             54


      a)


      b)


      c)


      d)


      e)




      f)   Deloitte Touche Tohmatsu
                                                          A


      g    Deloitte Touche Tohmatsu        IXM
                                                              B


      h)   Deloitte Touche Tohmatsu




      i)


      j)


      k)


      l)




                                           – XIII-6 –
     (股份代號:03993)




                           239




1.




2.


3.


4.


5.


6.




          – AGM-1 –
7.


8.


9.




10.




11.




12.                                       A   H




      (a)
                            A         H
                      20%
                  A




            (i)


            (ii)


            (iii)




                            – AGM-2 –
      (iv)


      (v)


(b)
                      A      H
                                  A   H
      20%


(c)
            A   H




(d)




(e)




      (i)                    12


      (ii)


      (iii)




(f)




                    – AGM-3 –
      (g)




13.                                            H


      (a)             (b)       (c)                                  (d)


                                                                       H


      (b)                 (a)                                    H
                                      H       10%


      (c)           (a)


            (i)                           A                                H
                                                            (c)(i)




            (ii)




            (iii)




                                              – AGM-4 –
      (d)




            (i)


            (ii)




      (e)                        H


            1.




            2.




            3.


            4.


            5.




            6.


14.


15.


16.




                   – AGM-5 –
17.




18.




19.
       [2007]128


20.




21.




22.




23.             2019-2021




      – AGM-6 –
(1)




(2)




(3)                                 H


                                                (10)


(4)                                     H




                H


                    24                                                    H
          H                             (9)



(5)                                             H
                                                               H
      H                                                                          H
      H                                                    H
                                H                                         H
                                                                          H
                                                       183         17   1712   1716


(6)                       H
                                                       H                                      H
                                                                    H                 H
                                H                                                         H
                                            H
                          H
          183       17   1712   1716




                                    – AGM-7 –
(7)



(8)




(9)            H




                   183


       17M
             (+852)2862 8555
             (+852)2865 0990   (+852)2529 6087


(10)




                   471500
             (+86)379 6860 3993
             (+86)379 6865 8017




*




                                             – AGM-8 –
                                            H




                                   (股份代號:03993)


                                            H



                                                              A        A


     239                                                 H         H




1.                                      H


           (a)   (b)     (c)                                 (d)


                                                               H


           (b)     (a)                                   H
                               H        10%




                                      – NOTICE-1 –
                        H

(c)           (a)


      (i)                                A
                              (c)(i)




      (ii)




      (iii)




(d)




      (i)


      (ii)




(e)                                  H


      (i)




      (ii)




      (iii)




                    – NOTICE-2 –
                                             H

          (iv)


          (v)




          (vi)




(1)




(2)                          H                 H


                                                          (8)


(3)              H                                      H
                                 H



                                     H
                                                                      H
                         H                         24
      H                          H                              (7)
                     H




                                         – NOTICE-3 –
                                                      H

(4)                     H                                 H
                                                                            H
                  H                                                                          H
                  H                      H                              H                H
                                                              H
       H                                                                             H
                                                                  183           17   1712    1716



(5)                             H



(6)


                            H


(7)           H




                  183


      17M
            (+852)2862 8555
            (+852)2865 0990         (+852)2529 6087


(8)




                  471500
            (+86)379 6860 3993
            (+86)379 6865 8017


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