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3 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT C0.,LTD. WGQ gudong@shwgq.com gudong@shwgq.com gudong@shwgq.com 1

4 A A A B B B B

5 2004 : : 90,436,120 76,481, , ,043,993 1,766, ,580 74,039,048 1,917,800 13,743, ,103, ,809,131 : : 76,482 25,014 1,287,643 1,364, ,571 6,370 29,600 24, ,373-31,926-31, ,672 4,756-5,722-11,394-21,000 61,600-17,613 2,006 4,789 16, ,852 24,773 1,284,384 1,422,746 : : 57,811,178 1,917, , , ,862 26,065,751-8,644,425 76,834,099 3

6 2004 : : (% 516,114, ,044, ,044, ,927, ,927,148 90,436,120 27,520,131 27,520, ,543, ,425,907 76,481,606 25,012,791 25,012, ,840, ,022, ,493-24,400,458-24,400, ,379, ,379, (% 3,926,045,444 3,230,588,077 3,230,588, ,981,641,200 3,004,871,275 1,364,125,458 1,287,643,852 1,287,643, ,262,465,900 1,285,696, ,103,597-97,773,242-97,773, ,836,368 25,836, (% % % (% % (%

7 2004 : : % : : 745,057, ,182, ,970,397 60,037,449 27,433,505 1,287,643,852 12,244,812 4,081,604 64,236,794 76,481, ,057, ,182, ,215,209 64,119,053 91,670,299 1,364,125,

8 : 435,600, ,600,000 54,450,000 54,450, ,050, ,050, ,450,000 54,450, ,557, ,557, ,007, ,007, ,057, ,057,500 2 (1 6

9 2004 (2 (3 1 68,519 2 A 34,074 B 34,443 2 : ( (% 0 435,600, ,450, NOMURA INTERNATIONAL (HONG KONG LIMITED 0 1,610, TOYO SECURITIES ASIA LTD. - A/C CLIENT 116,317 1,588, ,825 1,306, HSBC BROKING SECURITIES (ASIA LIMITED -35, , TAM, KING WAI 0 721, , NIKKO CORDIAL SECURITIES INC. -14, , HSBC JAMES CAPEL ASIA LTD ,

10 ,750, % 58.47% 4 8

11 NOMURA INTERNATIONAL (HONG KONG LIMITED - CUSTOMERS' SEGREGATED ACCOUNT TOYO SECURITIES ASIA LTD. A/C CLIENT HSBC BROKING SECURITIES (ASIA LIMITED CLIENTS ACCOUNT TAM, KING WAI NIKKO CORDIAL SECURITIES INC. HSBC JAMES CAPEL ASIA LTD. DAIWA SECURITIES CO., LTD. TOKYO ABH 1,610,930 B 1,588,877 B 1,306,138 B 961,506 B 721,862 B 703,735 B 703,665 B 672,956 B 627,700 B 538,740 B 9

12 : , , ( ( ( (

13 2004 ( (6 ( ( ( ( ( (12 ( ( ( ( ( ( ( (

14 : :

15

16

17

18 ,007, % B 667,376 B %

19 % % 7648, 206% % SUNPARK (1 17

20 2004 (2 : : (% (% 257,132, ,610, ,070, ,709, : 19,506, ,694, ,506,693 / 8,694,585 / 35,650,270 / / (3 9,999,999 ( 68,761,162 (4 10% : : (% 257,132, ,522, ,070, ,340, (1 18 : : 5,000 5, ,250 8,

21 2004 1,500 1, $1,500 45, KTV (2 10% : : (% 9, , , , ,259, ,894, Sunpark Sunpark 19

22 ,574, ,172,570 3 G013 63,768, ,244, ,500,000 : : 3,926,045,444 3,230,588, ,457, ,043, ,885,501 39,158, ,481,606 25,012,791 51,468, ,809,131-20,533, ,342, ,364,125,458 1,287,643,852 76,481, (1, (2 (3 (4 20

23 % ,987, , SUNPARK SUNPARK

24 SUNPARK 22

25 ,481,606, 103,852 8,163,208 4,081,604 27,433,505 91,670,299 8,163 4, ,477-33, : - 33,870 : ( ( ( [2003]56 23

26 ( : : 2,716 2,

27 % 95, % % SUNPARK 25

28

29

30 D2 1#2# 10,504, B 3#4# 6, ,

31 , ,700 6,

32 2004 : : , , , , , , , , , , , , , , , , , , , , ,

33 , , , , , , , , , , , , ,700 95, , , ,000 31

34 , %

35

36

37 2004

38

39 ( ( ( ( (

40 2004 ( ( (92435 ( , (A ,500 (B ( (1 (1 ( (3 (4 (5 (6-8 -

41 2004 ( ( (7 (8 (9 ( 0.5% 10% 30% 60% 80% 100% - 9 -

42 2004 ( ( (10 (11 50% ( 50 20% ( 2050% (

43 2004 ( ( (11 ( / ( % 2.57% - 4.5% 10 10% 9% % 9-15% 5 10% 18% 5 10% 18% 5 0% 20%

44 2004 ( ( (12 ( (13 (14 ( ( (

45 2004 ( ( (15 ( (16 ( ( (

46 2004 ( ( (18 ( ( (10 3 (3 (19 (20 ( (

47 2004 ( ( (22 (a (b (c (d (23 (24 (25 (

48 2004 ( 5.5% ( ( ,987,521 (a 15-33% 4-17% 4% 6% 17% (b 5-20% 1% ( 3% (a 15% 0% % 0% 2004 (b 5% 0%

49 2004 ( 2004 ( ( 1 1,690 1,690 49% 51% ( % - ( 3 1,500 1,500 20% 80% ( % 25% ( % 25% ( % 1(a ( 7 5,000 5,000 90% 10% 1(c ( % 1(b ( 9 1, % 1(c ( % 1(c ( 11 4,000 2, % 1(c ( % ( % ( % ( 15 5,000 4,500 90% - ( 16 4,250 3,740 88% - 2 ( % 3 ( % - ( 19 1,500 1,350 90% - 4 ( 20 1, % 4 ( % 4 (

50 2004 ( ( 1 (a 70% ,512,985 4,745,668 1,821,367 1,894,446 6,334,352 6,640,114 (2,775,595 (2,682,760 3,558,757 3,957, ,381,386 7,773,869 (398,597 (1,070,600 (b 70% ,240,137 5,757,575 1,467 1,598 2,241,604 5,759,173 (1,241,604 (4,744,940 1,000,000 1,014,

51 2004 ( ( 1 ( ,455,957 18,570, , ,283 48,599 43,958 (c 2 90% 10% % 18% % % 88%

52 2004 ( ( , , ,593, ,798, ,142, ,854, ,274, ,151,548 2,157, ,860,381 2,522, ,683,492 12, , , ,338 6,054, ,662,901 61,354, ,000 ( ,000 ( (17(b 537,274,003 3 (4,096, ,177, (432,368, ,809,

53 2004 ( ( ( ,801,147 16,971,648-29,000,000 3,000,000 2,006,000 55,801,147 47,977,648 (10,498,725-2,569,010 (7,929,715 45,302,422 40,047, ,000, ( ( ,615,000 (4 (a ,602,069 28,001,532 (426,519 (1,540,085 44,175,550 26,461,

54 2004 ( ( (4 ( (a ( (% (% 44,081, ,410 26,250, ,443,784 32, , , , , ,605 1,139, , , , , ,308 44,602, ,519 28,001, ,540, %(5% ( ,895,930 ( ,739, %( % (b ,449, ,373,710 (72,509,146 (51,935,916 (822,761 (2,502,759 97,117, ,935, (% (% 65,543, ,470 90,549, ,817, , , ,716, ,010, ,496, ,547,283 41, , , ,038 11,067, , ,449, ,331, ,373, ,438, %(5% (

55 2004 ( ( (4 ( (b ( ,018,992 ( ,947, %( % ,368,992 (i ( (34 34,650,000 19,000,000 (ii 3,000,000 1,000, ,018,992 (i ,000, ,000, ,000,000 6,631, ,368, ,684, ( ((2003 ( ,514,981 ( 97,230, ,573, ,257,726 ( ,684,496 (ii ( (1(c

56 2004 ( ( ( (% (% 56,675, ,942, , ,746, ,807, ,689, %(5% (2003 ( ,862,529 13,725, ,089,760 6,862,529 15,815,308 ( (a 914,913,882 1,226,492,011 (b 50,301, ,996,675 8,548,568-4,742, , ,949 93,693 38,163,290-1,017,213,497 1,397,359,124 (b (6,548,786-6,395,090 (153,696 (1,202,365-1,202,365 - (260,005-43,365 (216,640 (8,011,156-7,640,820 (370,336 1,009,202,341 1,396,988,

57 2004 ( ( (7 ( (a ,857, ,574, ,432,320 D 320,777,800 50,570,411 (54,056, ,291,631 D ,280,495 29,013,482 (54,056, ,237,397 (i D7C-05# ,334,114 8,649,412-20,983,526 D ,870,370 9,847,360-15,717,730 D ,292,821 3,060,157-6,352,978 G ,768,060-63,768,060 68,783,717 1,096,979 (69,880, ,820 - (494, ,913, ,010,225 (124,432,09 6 1,226,492, ,886,537-20,886, % (2003 (i D8 54,056,580 G ,237,397 D8 ( ,280,495 ( (17(a (b ,746, ,697,790 6,395,090 ( ,333 1,120,000 (1,085, , , ,576 (240,989 85, , ,804 (423, , ,721 1,880,380 (1,750, ,

58 2004 (

59 2004 ( ( ( / (a 2,135,146 - (3,292,861 (1,157,715 (b - 8,402-8,402 (c(d 259,820,773 31,123,858 (25,515, ,429,498 (e 126,213,487 10,526, ,739,596 (f 86,056,406 - (15,400,000 70,656, ,225,812 41,658,369 (44,207, ,676,187 2,000,000 - (2,000, ,225,812 41,658,369 (46,207, ,676,187 (g (36,766,725 (21,000,000 4,514,210 (53,252, ,459, ,423,672 (a / (1,819, (1,621,638-39, ,351 (1,582, , ,052 - (34,065 (204, ,987 (109, (95,930-5,456 18,641 (90,474 3, , ,820 3,625, ,041,791 - (3,041,791 (3,625, , ,051 - (262,051 (693,921-2,135,146 - (3,292,861 (4,267,322 (1,157, (b ( (3-85% - 850,000 - (841,598 (841,598-8,

60 2004 ( ( (9 ( (c ( 70 20% 20% 93,635,659 93,635,659 5,640,056 11,213,714 16,853,770 99,275, ,489, % 20% 80,000,000 80,000,000 - (1,023,548 (1,023,548 80,000,000 78,976,452 ( 70 20% 20% 69,163,760 69,163,760 (19,428,644 8,471,864 (10,956,780 49,735,116 58,206, % 30% 4,200,000 4,200,000 (153,680 (195,249 (348,929 4,046,320 3,851, % 20% 2,000,000 2,000, ,987 (94, ,882 2,908,987 2,814, % 30% 1,241,505 1,241, ,625 61, ,840 1,690,130 1,751, % - 5,255, ,160 (542,160-5,797, % - 600,000 - (243, , , % - 5,417,616-85,330 (85,330-5,502, ,514,357250,240,924 (12,200,340 18,049,575 5,849, ,314, ,090, 159 (d 13,825, ,443,049 (1,382,561 (2,765,122 11,060,488 (2,151, (1,936, , ,288 (1,721,149 10,506,756 (1,167,417 (2,334,834 9,339, (e ( ( 50 15% 126,213,487 ( (c 20 18% 10,526, ,739,

61 2004 ( ( (9 ( (f 50,184, % 54,852,406 20,000, % 15,400, ,544 <0.1% 260,000 39,930 <0.1% 144,000 70,656,406 (g / /( / ,252, ,252,515-21,000,000-21,000,000 2,514,210 - (2,514,210-2,000,000 - (2,000,000-36,766,725 21,000,000 (4,514,210 53,252,

62 2004 ( ( ( ,560,190 18,864,078 44,733,710 18,063,460 13,599,777 2,351, ,173,005 20,431, ,431,205 2,335,156 1,811, ,651 7,826,102 2,130,184 1,794,258 16,191,304 (18,596,722 (4,781,720 (40,654,162 (4,473,977 (3,105,833 - (71,612, ,729,829 15,894,311 4,373,199 21,415,585 12,624,128 4,146, ,183, ,586,328 7,686,884 15,319,607 10,225,965 8,355,080 81,701 80,255,565 6,262,690 2,059, ,523 1,944, , ,965 11,973,466 (2,179,255 (3,589,069 (12,334,033 (3,277,491 (1,225,470 - (22,605, ,669,763 6,156,879 3,247,097 8,892,821 7,811, ,666 69,623, ,092, ,426 14, ,767-33,118,144 (12,861,002 (466,692 (14, (13,341, ,231,932 16, ,767-19,776, ,828,134 9,720,698 1,126,102 12,522,764 4,284,874 3,300, ,782, ,880,928 10,693,768 29,400,086 7,837,495 4,716,930 2,270, ,799,296 65,753,797 17,512, ,547,507 ( 225,231,913 ( ,225,260 29,495,993 ( (17(a ( 8,403,217 19,034,507 9,859,461 10,340,170 ( 985,988 3,215, , ,767 19,776,433 33,118,

63 2004 ( ( ( ,316 5,274,633 79,800 6,222,749 - (5,274,633 (79,800 (5,354,433 10, ,000 (255, (255, , ,516 ( ,470, ,851, ,022, ,873,498 73% 9,036,000 6,952,583 3,821,897 (10,774, ,000,000 5,158,849 4,409,876 (9,568, , (569, , (325,000-1,000,000 88,000 - (88, , (25,000-3,450,000-3,135, ,135,723 90% 260,970, ,389,724 (20,431,205 (919, ,009,221 2,652,746 7,518, ,171, %( % ,873,498 ( ,851,270 ( (17(a (

64 2004 ( ( ( ,360 (141,127 7,120,304 - (6,423,089 (20, ,233 82,960 (5,225 97,691 82,960 (97,691 (5,225 77, ,397 - (63, ,320 (146,352 7,281,392 82,960 (6,584,177 (26, ,968 ( ,394,420-5,723,506 5,670,914-11,394,420 14,300,000 (7,150,000-14,300,000 (7,150,000 7,150, ,625 - (813, ,607 - (222, ,694,420 (7,150,000 6,759,738 19,970,914 (8,186,232 18,544, ( (a 579,216, ,919,978 (b 13,615, ,831, ,919,

65 2004 ( ( (16 ( (a ,827,670 55,193,251 (18,383, ,637,449 D7C 89,907,250 30,875 (10,883,962 79,054,163 F13# 77,530, ,634 (2,036,049 76,482,053 66,939,994 - (1,868,154 65,071,840 D8C - 54,056,580 (1,946,920 52,109,660 F14 30,630, ,162 (772,174 29,976,448 12# 28,819,498 - (876,213 27,943,285 B 3#,4# ( (5(c 68,092,308 - (68,092,308 - D 1#,2# ( (5(c - 75,960,014-75,960, ,360,379 (1,472,153 98,888,226-73,730,900-73,730, ,919, ,244,544 (87,947, ,216, ,637,449 ( 356,949,721 (2003 B 68,092,308 76,246,266 ( (17(a D 1#,2# 248,579,140 ( 250,051,293 (2003 (b (2003 ( ,868,031,450 1,478,256, ,553, ,830,100 2,224,584,450 1,740,086,

66 2004 ( ( (17 ( (a (b (c 659,779,455 ( ,180, ,237,397 ( (7(a 330,637,449 ( 356,949,721 ( (16(a 379,873,498 ( (12 199,547,507 ( 225,231,913 ( (10 1,655,300 ( ,430, ,000 ( (1 1,206,596,695 (2003 ( 195,000,000 (2003 1,011,596, %( % ( %(5% 3 (2003 ( %(5% 1 22,917 ( , ,000,000 (2003 ( (

67 2004 ( ( ( /( 11,840,584 (3,203,766 4,817,594 2,482, , ,258 25, ,276 4,547 6,687 (532,056 (5,053,020 16,369,012 (5,485,095 ( ,686 11,343 4,977 14,520-65, ,987 91,957 ( %(5% 3 i. 2,037, ,861 (2003 ii. 3,636,582 (2003 1,597,

68 2004 ( ( ( ,969,770 2,446,112 2,674,886-1,087,911-1,136,310-7,868,877 2,446, ( (2003 ( ,050, ,050,000 : 435,600, ,600,000 54,450,000 54,450, ,050, ,050,000 54,450,000 54,450, ,557, ,557, ,007, ,007, ,057, ,057,500 ( ,416, ,416, , ,512 (12,875 (12, ,182, ,182,

69 2004 ( ( ( ,192,900 60,037,449 33,740, ,970,397 8,163,208 4,081,604-12,244, ,356,108 64,119,053 33,740, ,215,209 ( 10% 50% 25% % 8,163,208 (2003 5,201,660 ( 5%10% % 4,081,604 (2003 2,600, (2003 ( ,433,505 30,180,560 - (19,957,356 27,433,505 10,223,204 76,481,606 25,012,791 (28 (8,163,208 (5,201,660 (28 (4,081,604 (2,600,830 91,670,299 27,433,

70 2004 ( ( ( ,281, ,425,080 52,706,965 35,461, ,835, ,776, ,185, ,778,976 49,851,632 18,097,677 45,919,229 15,043,958 25,234,631 14,564,021 3,093, ,717 30,670,028 13,737,571 18,852,738 4,410,308 8,919,200-8,097,186 7,450 3,381,386 3,186,848 7,773,869 7,210, ,048,932 48,199, ,950 77, , , ,114, ,865, ,044, ,629,716 9,999,999 ( 68,761,162 (7(b ( ,746,663 ( ,296, % ( % ( ,102,465 4,300,144 72,382 88,758 21,129 64,817 9,478 75,154 10,205,454 4,528,873 ( ,699 79,853 7,956, , , ,000 49, ,834,793 3,689, , , , ,059, ,135 13,038,081 4,134,

71 2004 ( ( ( ,053,191 64,869,555 (6,863,641 (3,078,098 13,661 26, , ,267 52,373,532 61,939,135 ( ,837,457 29,368,862 30,476,670 16,842,878 4,400,000 6,479,155 /( 1,609,821 (10,415,346 (1,187,988 (1,391,836 ( / (2,611,122 2,508,053 (18,485, ,455,066 74,039,048 47,846,832 10%(10% 2000 ( 60,682,150 ( 20,034,259 ( 10,361,786 77,000,000 16,317, ,350,000 34,650,

72 2004 ( ( ( ( ,500, / / , / ,800 - ( ,373,000 ( ,316, (3-625, / , (4-134,800 6,000 2,896 1,917,800 16,635,109 ( ,341, ,056 1,037, , ,798 14,223,388 1,460, ,849 39, ,213 5,438,308 50,000 84,800 59,634 55, ,696 5,618,221 (37 1,000,000 49,000, , ,700,000 1,000,000 49,000, , ,700,000 (111,228 (6,226,971 (1,990,055 (2,036,847 (9,234,376 (2,328,468 (21,927, ,772 42,773,029 (1,290,055 (2,036,847 (9,234,376 (2,328,468 28,772,

73 2004 ( (1 (a ,932,906 1,000 (34,665 (55 6,898, % (b ,811, ,065,269 (72,509,147 (51,935,916 (10,316,605 (2,885, ,985, ,243, (% (% 283,886, ,174,286 88,527, ,249,360 21,574, , ,583, ,137, ,282, ,567,771 33,665, , ,068, ,107, ,288, ,064, ,811, ,825, ,065, ,821, ,297,405 ( ,709, %( % ,191, ~ ,981, ,368,992 2~3 35,105, ,650, ,297,

74 2004 ( ( ( ,287,573 25,935,790 (52,564, ,659, ,426,574 31,045,810 (13,645, ,827, ,213,487 10,526, ,739,596 86,056,406 - (15,400,000 70,656, ,984,040 67,507,709 (81,609, ,882,300 (32,252,515 (21,000,000 - (53,252, ,731,525 46,507,709 (81,609, ,629,785 ( ,329,011 48,577,335 26,567,807 55,342, ,486-76,567, ,919,693 ( ,520,000 78,728,239 52,706,965 35,461,397 51,159,730 16,117,143 43,974,376 14,944, ,053-70,383 7, ,000-7,864, ,234,783 94,845, ,616,444 50,412,

75 2004 ( ( ( ,602,115 34,186,107 35,419,990 17,667,444 4,400,000 6,479,155 /( 2,315,216 (9,693,884 (1,148,410 (1,148,410 (21,000, ,455,066-2,508,053 81,588,911 54,453,

76 2004 ( (1 ( KTV E E OK ( A A

77 2004 ( ( (2 ( ( 82, ,420 1, ,690 US$ US$88 US$1, US$1,500 US$ US$250 US$ US$351 US$ US$ , ,000 4, , ,500-1,500-1,000-1, (3 ( % % % % ( 43, , , , US$ US$ US$1, US$1, US$ US$ US$ US$ US$ US$ , , , , , ,

78 2004 ( ( (4 ( ( ( (5 (a (b (c ,846,150 B 3#4# D2 1#2# B 3#4# 66,119,862 81,083,744 D2 1#2# 86,869,708 5,785,964 4,054,188 (d F7-7#, 8#, 21# 5,524,831 5,524,831 B-3#, 4# 4,701,515 4,440,395 ( F7-22# 4,678,295 4,678,295 D7C-2#, 3#, D8-4,602,052 3,257,943 34#37#1-2 35#2 19,506,693 17,901,

79 2004 ( ( (5 ( (e ( 1,500,000 - (f ( 12, ( ,000 36,038 7,344 17,941 37,344 53,979-27,160,000-8,804,066-35,964, ,802 ( 1,500,000-16,147 20,000 1,516,147 20,

80 (5(f ( 1, , , , , , , , , , , , , , , , , , , , , , , , , , ( 2, , , , , , ,700

81 ( ,058, ,666,800 61,483, ,515,464-4,130, , ,542, ,637,264 ( ,838,313 3,847,596 2,838,313 3,763,716 2,471,646 3,670,616 11,299,035 19,946,783 19,447,307 31,228,711

82 ,481,606 25,012,792 ( - (57,226,335 (31,876,915 - ( / (584,843 4,400,583 - (1,917,800 (16,635,109 - (825,846 (7,561, ,189 28,086, (4,144,675 - (119,621 (422, , , (7,906,112 - (2,569,010 (17,981,829 - (7,640,820 (178,155 - (2,514,210 (182 - (13,341,711 (256,409 8,644,425 4,883,128 (352,493 (24,400,458

83 ( (1 537,274, ,151, ,857, ,906,120 (2 40,047,933 45,302,422 34,874,382 38,245,480 (3-18,615, (6 6,862,529 15,815,308 6,862,529 15,815, (4 (1 44,175,550 26,461,447 6,898, (4 (1 97,117, ,935, ,985, ,243,602 (5 56,807,022 82,689, ,830 64,621,346 (7 1,396,988,788 1,009,202,341 1,324,478, ,946,209 (8 539, , , ,000 2,179,813,200 1,795,582,887 2,360,299,548 1,801,954,010 (9 (2 418,423, ,459, ,629, ,731,525 (1,157,715 2,135, ,183, ,173, ,391, ,055,865 (69,623,713 (80,255,565 (33,489,192 (28,780, ,559, ,917, ,902, ,275,706 (19,776,433 (33,118,144 (10,387,767 (10,387,767 - (10 330,782, ,799, ,514, ,887,939 (11 622,516 6,222, , ,316 (12 383,009, ,970,602-12,111,432 (13 1,263,850 12,102, (1,510,183 - (1,510, ,678, ,584, ,137, ,357,504 (14 753,968 7,281, , ,830 (15 18,544,420 6,759,738 7,150,000 - (16 592,831, ,919, ,216, ,919, ,130, ,961, ,911, ,476,808 3,926,045,444 3,230,588,077 3,772,977,379 3,017,519,

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127 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. (Incorporated in the People s Republic of China with limited liability CONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF THE AUDITORS FOR THE YEAR ENDED 31 DECEMBER 2004

128 11th Floor, PricewaterhouseCoopers Center, 202 Hu Bin Road Shanghai People's Republic of China Telephone +86 ( Facsimile +86 ( REPORT OF THE AUDITORS TO THE SHAREHOLDERS OF SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. (Incorporated in the People s Republic of China with limited liability 2005/SH-079/JQJ/JXJ We have audited the accompanying consolidated balance sheet of Shanghai Wai Gaoqiao Free Trade Zone Development Co., Ltd. ( the Company and its subsidiaries ( the Group as at 31 December 2004 and the related consolidated income and cash flow statements for the year then ended. These consolidated financial statements set out on pages 2 to 35 are the responsibility of the Company s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31 December 2004 and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. PricewaterhouseCoopers Zhong Tian Certified Public Accountants Ltd. Co. 1 April 2005

129 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated Notes Sales 4 503, ,102 Cost of sales (370,314 (269,231 Gross profit 133,534 78,871 Other operating income 7 80,813 48,613 Distribution costs (23,923 (9,282 Administrative expenses (67,166 (49,605 Other operating expenses (3,217 (21,972 Gain on discontinuing operation 5 1,048 - Profit from operations 6 121,089 46,625 Finance costs net 8 (47,148 (36,962 Share of results of associates before tax 16 28,634 18,076 Profit before tax 102,575 27,739 Income tax credit/(expense 10 2,828 (1,351 Group profit before minority interest 105,403 26,388 Minority interests 31 (1,551 (1,615 Net profit 103,852 24,773 Earnings per share - Basic and diluted 11 Rmb 0.14 Rmb 0.03 The accompanying notes are an integral part of these consolidated financial statements

130 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated 31 December 31 December Notes ASSETS Non-current assets Property, plant and equipment , ,276 Land use rights , ,803 Intangible assets 15 (1,158 2,135 Investments in associates , ,907 Available-for-sale investments , ,017 Deferred tax assets 18 16,312 4,789 Other non-current assets 19 20,766 - Current assets 1,455,641 1,210,927 Properties under development 20 1,607,629 1,214,171 Properties held for sale 161,747 - Inventories 21 8,750 54,985 Receivables and prepayments , ,776 Amounts due from fellow subsidiaries 34 6,863 22,530 Amounts due from associates ,304 Current tax recoverable - 3,204 Trading investments 23 11,048 45,302 Cash and bank balances , ,521 2,560,951 2,063,793 Total assets 4,016,592 3,274,

131 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED BALANCE SHEET (CONTINUED AT 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated 31 December 31 December Notes EQUITY AND LIABILITIES Capital and reserves Share capital , ,058 Share premium 471, ,848 Reserves ,855 67,478 1,422,746 1,284,384 Minority interests 31 20,126 57,699 Non-current liabilities Bank borrowings 26-20,000 Government grants 27 31,926 31,926 31,926 51,926 Current liabilities Trade and other payables , ,237 Amount due to the holding company 34 1,500 - Amount due to fellow subsidiaries Amounts due to associates Current tax liabilities 11,840 - Bank borrowings 26 2,224,584 1,744,087 2,541,794 1,880,711 Total liabilities 2,573,720 1,932,637 Total equity and liabilities 4,016,592 3,274,720 On 1 April 2005, the Company s Board of Directors authorised these consolidated financial statements for issue. The accompanying notes are an integral part of these consolidated financial statements

132 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated Share Share Reserve captial premium Statutory accumulatio n fund Statutory Discretionary welfare fund accumulation fund Fair value reserve Translation Accumulated reserve Losses Total As at 1 January , ,848 96,102 58,599 33, (145,721 1,260,306 Net profit for ,773 24,773 Reversals - ( (680 - (695 Profit appropriation - - 3,091 1, (4,529 - As at 31 December , ,833 99,193 60,037 33, (125,477 1,284,384 Fair value gains on available-for-sale investments, net of tax , ,510 Net profit for , ,852 Profit appropriation - - 8,163 4, (12,245 - As at 31December , , ,356 64,119 33,740 34,510 - (33,870 1,422,746 The accompanying notes are an integral part of these consolidated financial statements

133 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated CASH FLOWS FROM OPERATING ACTIVITIES Notes Cash (used in/generated from operations 33 (283,514 41,553 Interest paid (85,498 (70,317 Income tax paid (1,238 (10,016 Net cash generated from operating activities (370,250 (38,780 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (260,174 (39,324 Purchase of land use rights (18,665 (27,338 Acquisition of subsidiary, net of cash acquired (8,109 6,504 Acquisition of associates - (51,721 Loans advanced to related parties and third parties (17,001 (519,575 Proceeds from sale of property, plant and equipment 12,045 8,978 Disposal of subsidiary, net of cash disposed 28,215 7,155 Disposal of associates 8,730 7,955 Disposal of available-for-sale investments 41,432 - (Increase/decrease in time deposits with original maturity over 3 months 2,257 (8,342 Repayment of loans by related parties and third parties 143, ,450 Interest received 7,690 15,140 Dividends received 25,947 11,879 Government grants received - 13,553 Net cash used in investing activities (34,152 (195,686 CASH FLOWS FROM FINANCING ACTIVITIES Cash contribution from minority shareholders of subsidiaries 2,800 23,475 Proceeds from borrowings 2,277, ,668 Repayments of borrowings (1,775,572 (490,937 Dividends paid to minority shareholders - (305 Cash repayment to minority shareholders of liquidated subsidiaries - (7,967 Net cash generated from financing activities 505, ,934 Effects of exchange rate changes 5 - Net increase/(decrease in cash and cash equivalents 100,760 (20,532 Cash and bank balances at beginning of year 425, ,271 Cash and bank balances at end of year , ,739 The accompanying notes are an integral part of these consolidated financial statements

134 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2004 (All amounts are stated in Renminbi thousand Yuan unless otherwise stated 1 GENERAL INFORMATION Shanghai Wai Gaoqiao Free Trade Zone Development Co., Ltd. (the Company was established as a joint stock limited company in the People s Republic of China (the PRC and its major shareholder is Shanghai Wai Gaoqiao (Group Company Limited (the holding company. The Company s Renminbi ordinary shares ( A shares and domestically listed foreign shares ( B shares have been listed on the Shanghai Stock Exchange since 1992 and 1993, respectively. The principal activities of the Company and its subsidiaries (the Group are property development and leasing, modern logistics, hotel operations, medication & medical treatment (Note 5 and other operations. Details of the Company s principal subsidiaries and associated companies are summarised in Notes 16 and 35. The address of the Company s registered office is 889 Yang Gao Road(N, Pudong, Shanghai , China. The Group mainly operates in the PRC. 2 ACCOUNTING POLICIES (a Basis of preparation The Group maintains its books and prepares its statutory financial statements in accordance with relevant accounting standards and regulations in the PRC. The PRC accounting standards and regulations differ in certain respects from International Financial Reporting Standards ( IFRS. These consolidated financial statements incorporate adjustments made to the statutory financial statements in order to conform with IFRS. The consolidated financial statements have been prepared under the historical cost convention as modified by the revaluation of trading investments and available-for-sale investments. The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management s best knowledge of current event and actions, actual results ultimately may differ from those estimates. The Group adopted IFRS 3 Business Combination in 2004, the financial effect of the adoption was disclosed in Note 2 (i. (b Consolidation Subsidiaries, which are those entities in which the Group, directly or indirectly, has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies, are consolidated. Subsidiaries are consolidated from the date on which effective control is transferred to the Group and are no longer consolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given up, shares issued or liabilities undertaken at the date of acquisition plus costs directly attributable to the acquisition. The excess of the cost of acquisition over the fair value of the net assets of the subsidiary acquired is recorded as goodwill (Note 2(i. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated; unrealised losses are also eliminated unless cost cannot be recovered. Where necessary, accounting policies of subsidiaries have been changed to ensure consistency with the policies adopted by the Group