Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Web Proof Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Web Proof Information Pack. Web Proof Information Pack of ASR HOLDINGS LIMITED 瀚洋控股有限公司 (Incorporated in the Cayman Islands with limited liability) WARNING This Web Proof Information Pack is being published as required by The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission solely for the purpose of providing information to the public in Hong Kong. This Web Proof Information Pack is in draft form. The information contained in it is incomplete and is subject to change which can be material. By viewing this document, you acknowledge, accept and agree with ASR Holdings Limited (the “Company”), its affiliates, sponsor, advisers and members of the underwriting syndicate that: (a) this Web Proof Information Pack is only for the purpose of facilitating equal dissemination of information to investors in Hong Kong and not for any other purposes. No investment decision should be based on the information contained in this Web Proof Information Pack; (b) the posting of the Web Proof Information Pack or supplemental, revised or replacement pages on the Website of Hong Kong Exchanges and Clearing Limited does not give rise to any obligation of the Company, its affiliates, sponsor, advisers or members of the underwriting syndicate to proceed with an offering in Hong Kong or any other jurisdiction. There is no assurance that the Company will proceed with the offering; (c) the contents of the Web Proof Information Pack or supplemental, revised or replacement pages may or may not be replicated in full or in part in the actual prospectus; (d) the Web Proof Information Pack is in draft form and may be changed, updated or revised by the Company from time to time and changes, updates and/or revisions could be material, but neither the Company nor any of its affiliates, sponsor, advisers or members of the underwriting syndicate is under any obligation, legal or otherwise, to update any information contained in this Web Proof Information Pack; (e) this Web Proof Information Pack does not constitute a prospectus (as defined in section 2(1) of the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) (the “Companies Ordinance”)), notice, circular, brochure or advertisement offering to sell any securities to the public in any jurisdiction, nor is it an invitation to the public to make offers to subscribe for or purchase any securities, nor is it calculated to invite or solicit offers by the public to subscribe for or purchase any securities; (f) this Web Proof Information Pack must not be regarded as an inducement to subscribe for or purchase any securities, and no such inducement is intended; (g) neither the Company nor any of its affiliates, sponsor, advisers or members of the underwriting syndicate is offering, or is soliciting offers to buy, any securities in any jurisdiction through the publication of this Web Proof Information Pack; (h) neither this Web Proof Information Pack or anything contained herein shall form the basis or to be relied on in connection with any contact or commitment whatsoever; (i) neither the Company nor any of its affiliates, sponsor, advisers or members of the underwriting syndicate makes any express or implied representation or warranty as to the accuracy or completeness of the information contained in this Web Proof Information Pack; (j) each of the Company and its affiliates, sponsor, advisers and members of the underwriting syndicate expressly disclaims any and all liability on the basis of any information contained in, or omitted from, or any inaccuracies or errors in, this Web Proof Information Pack; (k) securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and any applicable state securities law of the United States, or another exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any applicable state securities law of the Unites States. The Company has not and will not register the securities referred to in this Web Proof Information Pack under the U.S. Securities Act or any state securities laws of the United States. This Web Proof Information Pack is not an offer of securities for sale in the United States. You confirm that you are accessing this Web Proof Information Pack from outside the United States; and (l) as there may be legal restrictions on the distribution of this Web Proof Information Pack or dissemination of any information contained in this Web Proof Information Pack, you agree to inform yourself about and observe any such restrictions applicable to you. THIS WEB PROOF INFORMATION PACK IS NOT FOR PUBLICATION OR DISTRIBUTION TO PERSONS IN THE UNITED STATES. ANY SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT, AND MAY NOT BE OFFERED OR SOLD WITHOUT REGISTRATION THEREUNDER OR PURSUANT TO AN AVAILABLE EXEMPTION THEREFROM. NO PUBLIC OFFERING OF THE SECURITIES WILL BE MADE IN THE UNITED STATES. NEITHER THIS WEB PROOF INFORMATION PACK NOR INFORMATION CONTAINED HEREIN CONSTITUTES OR FORMS PART OF AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN THE UNITED STATES. THIS WEB PROOF INFORMATION PACK IS NOT BEING MADE AND MAY NOT BE DISTRIBUTED OR SENT INTO ANY JURISDICTION WHERE SUCH DISTRIBUTION OR DELIVERY IS NOT PERMITTED. No offer or invitation will be made to the public in Hong Kong until after a prospectus of the Company has been registered with the Registrar of Companies in Hong Kong in accordance with the Companies Ordinance. If an offer or an invitation is made to the public in Hong Kong in due course, prospective investors are reminded to make their investment decisions solely based on a prospectus of the Company registered with the Registrar of Companies in Hong Kong, copies of which will be distributed to the public during the offer period. THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. CONTENTS This Web Proof Information Pack contains the following information relating to the Company extracted from the Hearing Proof of the draft document: • Contents • Summary • Definitions • Glossary • Forward-looking statements • Risk factors • Information about this document • Directors and parties involved • Corporate information • Industry overview • History and corporate development • Information about our Group members and our corporate structure • Business • Regulatory overview • Exempted continuing connected transaction • Directors, senior management and employees • Substantial Shareholders • Relationship with the Controlling Shareholders • Share capital • Financial information • Future plans • Appendix I — Accountants’ Report • Appendix III — Property valuation • Appendix IV — Summary of the constitution of our Company and Cayman Islands Companies Law • Appendix V — Statutory and general information YOU SHOULD READ THE SECTION HEADED “WARNING” ON THE COVER OF THIS WEB PROOF INFORMATION PACK. THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM. The information contained in it is incomplete and is subject to change. This Web Proof Information Pack must be read in conjunction with the section headed “Warning” on the cover of this Web Proof Information Pack. SUMMARY OUR BUSINESS MODEL We are an air freight solution provider positioned in the wholesale market, with an operating history since 1991. Our business model principally involves purchasing air cargo space from airlines and/or integrated carriers and on-selling such space to our customers, namely freight forwarders. Airlines and integrated carriers generally engage their respective appointed wholesalers and freight forwarders to market and/or on-sell their air cargo space for ease of management, cost effectiveness and minimising credit exposure instead of dealing with a large pool of freight forwarders and shippers themselves. Our main role for airlines and integrated carriers is to source a necessary amount of air cargos from freight forwarders on a timely basis to enable them to maximise the utilisation of air cargo space of their aircrafts. We handled approximately 13,386 tons, 18,849 tons, 29,114 tons and 17,059 tons of cargo for the three financial years ended 31 December 2008, 2009 and 2010 and the six months ended 30 June 2011 respectively. Our wholesale market positioning Airlines and integrated carriers are the initiating parties along the supply chain of the air cargo industry for the delivery of air freight services through layers of intermediaries to the eventual shippers. Our wholesale market positioning is demonstrated in the below diagram: Airlines * Cargo and/or courier/express parcel transporters using their own Our Group’s freight fleets to provide direct positioning and fully integrated express * / Wholesalers air cargo services riers ar ated c gr freight forwarders Inte Freight forwarders global Shippers We position ourselves as an air freight solution provider in the wholesale market so that our freight forwarding customers do not have to worry about their own retail customers i.e. shippers being solicited by us. Positioning ourselves in the wholesale market therefore enables us to secure an extensive network of freight forwarders as our customers. During the Track Record Period, we served over [1,000] freight forwarders, comprising 100 of them contributing to approximately [79.9]%, [80.8]%, [78.5]% and 1 THIS WEB PROOF INFORMATION PACK IS IN DRAFT FORM.