% 41.80% % 37.43%

2003 2004-008. 2. 3.4. 6..10..13.. 16..16..33..34 2003. 37..38..74 1

2003. 2003 63.80 5.42 39.47% 41.80% 0.39 38.38% 37.43% 15 744 2003 2002 7 1 2003 19.9 2

2004 2003 2004 5~10 1 CHINA VANKE CO., LTD. ( VANKE) 2 3 xiaol@vanke.com xuemt@vanke.com 4 3

5 0755-25606666 0755-83152041 6 63 518049 7 www.vanke.com zb@vanke.com 8 www.cninfo.com.cn 9 10 11 A 000002 B 200002 12 1984 5 30 2003 12 17 13 4403011019092 14 440304192181490 440301192181490 15 1 2 8 10 8 1 ( ) 830,366,745.19 542,270,658.17 527,202,240.44 1,391,002,481.29 4,612,198.18 823,399,775.06 (6,874,043.09) - 13,841,013.22 (1,478,383,770.29) 4

(218,620,845.38) 15,068,417.73 13,841,013.22 721,974.40 846,873.95-341,443.84 2 3 2003 2002 2001 6,380,060,435.28 4,574,359,629.05 4,574,359,629.05 4,455,064,776.93 4,455,064,776.93 830,366,745.19 520,011,132.06 520,011,132.06 501,852,215.83 501,852,215.83 542,270,658.17 382,421,274.06 382,421,274.06 373,747,217.73 373,747,217.73 10,561,040,095.70 8,215,822,308.30 8,215,822,308.30 6,482,911,630.82 6,482,911,630.82 ( ) 4,701,359,103.82 3,506,963,985.91 3,380,769,043.31 3,250,284,348.35 3,250,284,348.35 0.388 0.606 0.606 0.592 0.592 0.403 0.606 0.606 0.592 0.592 0.378 0.567 0.617 0.252 0.302 1 2 0.367 - - - - 3.368 3.337-1.06 5.558 5.358 5.151 4.951 5.428 5.228 0.20 0.20 5.064 4.864-1.91-1.91 11.53% 10.90% 11.31% 11.50% 11.96% 12.98% 11.32% 11.54% 11.99% 12.21% 12.62% 10.59% 11.74% 5.11% 6.23% 1 1 2004 5 1 - [2004]4 2002 2001 2 2004 3 4 1,477,724,982 81,875,538 2002 15 2004 1 1 3 4 4,789,732 5.85 / A 5

3 2003-1-1 2003-12-31 542,270,658 1,445,975 2,281,313 1,884,817 22,965,433 521,147,696 4 ( ) 630,974,713.00 1,435,442,203.51 1,302,470,413.97 169,232,014.46 138,464,583.92 (387,928.49) 3,506,963,985.91 764,874,731.00 699,794,166.38 298,248,862.01 27,113,532.91 542,270,658.17 (264,473.64) 2,304,923,943.92 676,899,970.00 433,628,856.01 1,110,528,826.01 1,395,849,444.001,458,336,399.89 1,600,719,275.98 196,345,547.37 247,106,386.08 (652,402.13) 4,701,359,103.82 2003 2003 2003 2002 2003 1 1 2003 12 31 + - 1 ( 2) 6

1 52,750,318 52,750,318 105,500,636 52,750,318 52,750,318 105,500,636 2 57,754,610 57,754,610 115,509,220 110,504,928 110,504,928 221,009,856 1 398,714,649 87,974,761 444,639,906 931,329,316 2 121,755,136 121,755,136 243,510,272 520,469,785 87,974,761 566,395,042 1,174,839,588 630,974,713 87,974,761 676,899,970 1,395,849,444 1 2003 ~5 22 45,925,257 5 23 ~12 31 42,049,504 10 10 133,900,018 2 5 22 676,899,970 45,928,029 10 10 444,639,906 A 3 2003 12 31 133,905,562 9.59% 1 2004 3 4 1,477,724,982 81,875,538 2004 1 1 3 4 4,789,732 A 2 2004 3 9 101.5 / 2004 4 23 1,516,782,212 2 3 2002 6 1500 100 15 1.5% 2002 6 11 6 11-6 13 6 13 6 19 2002 6 28 125002 7

2002 12 13 A 2 1 221,274 A 208,741 B 12,533 22003 12 31 10 (% ) +78,075,749 156,151,498A /11.19 CREDIT LYONNAIS SECURITIES ASIA LTD +17,073,528 34,147,056B 2.45 +12,158,127 24,316,254A 22,876,254 TOYO SECURITIES ASIA LITMITED-A/C CLIENT 1.74 +12,981,566 14,726,631B 1.06 HOLY TIME GROUP LIMITED +7,321,242 14,528,800B 1.04 +12,055,956 12,055,956A 0.86 +12,000,000 12,000,000A 0.86 +5,895,078 11,790,156A 0.84 +8,031,439 10,139,487B 0.73 +8,123,499 9,520,317A 0.68 1 5% 78,075,749 2003 6 27 156,151,498 2,295,420 6 30 7 11 2 CREDIT LYONNAIS SECURITIES ASIA LTD 34,147,056 B 2.45% 3 2003 6 100% 8 8

164.67 16,464,463,526 99.984211% 650,000 0.003947% 96.59 190,298,554 13.64% 4 2003 12 31 10 CREDIT LYONNAIS SECURITIES ASIA LTD TOYO SECURITIES ASIA LITMITED-A/C CLIENT (% ) +17,073,528 34,147,056B 2.45 +12,981,566 14,726,631B 1.06 HOLY TIME GROUP LIMITED +7,321,242 14,528,800B 1.04 +12,055,956 12,055,956A 0.86 +12,000,000 12,000,000A 0.86 +8,031,439 10,139,487B 0.73 +8,123,499 9,520,317A 0.68 BONY A/C MIF-MATTHEWS DRAGON CENTURY CHINA FUND +8,472,349 9,314,082B 0.67 +7,446,370 9,000,056A 0.64 +8,751,221 8,751,221A 0.63 3 2003 12 31 2,295,420 229,542,000 754,810 75,481,000 354,170 35,417,000 316,700 31,670,000 9

- -UBS LIMITED 266,600 26,660,000 234,086 23,408,600 190,570 19,057,000 188,550 18,855,000 185,222 18,522,200 151,680 15,168,000 1 12.10 2002 7 2003 5 2001 0.2 2002 0.2 10 5.85 2 2002 12 13 A 2003 12 31 7,925,420 133,905,562 2004 3 4 12,715,152 215,781,100 1 1951 1984 1988 1999 2002 3 1958 2000 2002 3 1986 1999 1963 2001 2002 3 1986 2000 2001 1965 1994 2002 3 1990 1996 1999 2001 10

1954 1997 2002 3 1956 2002 3 2000 2001 2003 1967 1991 2002 3 2000 2001 2003 1953 1995 2002 3 2003 1 1953 2002 3 10 1959 2002 3 1956 1998 2001 2002 3 1950 1990 1993 1995 2001 3 1963 2001 3 1988 1990 1999 2000 2002 1965 1992 1997 2004 3 2004 3 11

1970 1992 2001 1969 2002 1966 1993 2002 1964 1994 1995 139,559 279,118 24,096 128,192 38,914 77,828 40,255 82,410 A 80,000 A 1,900 440 80 90 1 70 80 1 60 70 1 50 60 1 40 50 3 30 40 1 163 177 6 2500 4 5000 12

2003 3 18 13 5 2003 4 23 13 6 2003 7 24 13 7 2004 3 5 13 10 2004 3 5 2004 3 5 13 10 2 2003 12 31 7025 10 16.17% 42 274 4.58% 993 ( ) 14.67% 441 IT 10.18% 5317 19.86% 30 3974 56% 30 40 2798 40% 40 253 4% 31 1 13

1 2 3 4 5 2003 The Asset 100 2000 6 50.3% 2000 13.64% 50.3% 2002 549 50 2003 6 30 93.69 39.58 14

2 2003 4 3 13.64% 4 2002 13 4 15

1 15 15 2003 4 22 3 18 4 2 38 155,434,631 24.63% 2002 2002 2002 2003 70 100 2002 4 23 2 2003 1 2003 1 2003 10 27 9 9 27 9 18 40 363,367,852 26.05% 10 28 3 1 2003 16

2003 10106.1 29.7% 6782.4 28.6% 2003 3.7 2.1 21.5 % 20.2 % 2003 32200.5 28502.5 21% 28.9% 6303.9 37.4% 2211 3.8% 2003 10 2001 2002 10 18 136.4 62.2 21.8% 40.6% 0.94% 0.99% 1.55% 3.44% 1.27% 1.91% 6.31% 6.39% 20.09% 2003 22.51% 50.31% 2.08 38.38% 0.41 0.24 2 3 11.9 99.4% 2 3 8.9 99.7% 1 10.9 98.6 % 4.6 93.2% 9.6 91.3% 17

2.03 37.43% 7.0 71.1% 4.8 68.8% 4.7 99.4% 1.4 94.7% 13.6 83.1% 7.4 84.1% 7.6 92.0% 10.1 84.3% 10.3 96.1% 6.5 73.4% 3.1 92.6% 276 744 2004 2005 61 18

2003 2003 2002 2004 1 10 2003 IR 10 73.5 A 60.8 15 B 12.7 B 11 100 2 1988 1992 2001 A % % 621,922.37 97.48 54,428.13 100 16,083.67 2.52 (201.06) ** 638,006.04 100.00 54,227.07 100.00 19

B % % % 172,424 27.73 20,745 35.82 34.9 25.59 161,657 25.99 20,056 34.63 22.4 16.42 21,221 3.41 4,102 7.08 3.6 2.64 32,699 5.26 2,761 4.77 10.2 7.48 50,685 8.15 2,610 4.51 14.6 10.70 25,028 4.02 2,391 4.13 9.6 7.04 29,743 4.78 2,048 3.54 10.5 7.70 20,123 3.24 1,474 2.54 6.8 4.98 48,825 7.85 928 1.60 8.7 6.38 58,867 9.47 797 1.38 14.9 10.92 650 0.10-3,484 ** 0.2 0.15 621,922 100 54,428 100 136.4 100.00 C 2003 136.4 62.2 44.9 21.8% 40.6% 35.0% 22.51% 2.42 2003 6303 0.99% ( 2003 2003 2003 2003 ) % 100 174,673 20,810 186,784 100 165,094 20,298 316,358 100 21,221 4,102 59,110 100 33,054 2,763 38,991 20

100 51,389 2,380 71,281 50 25,074 2,368 20,824 100 29,930 2,039 40,173 100 20,297 1,470 23,470 100 50,823 1,100 129,124 100 60,155 261 127,665 2003 2003 2003 243,000 77,000 166,000 166,000 214,800 67,000 77,000 77,000.17 50,678 25,000 - - 447,000 72,000 - - 92,500 30,000 - - 227,205-109,000 109,000 147,455 106,000 - - 576,000 113,000 115,500 285,500 156,409-118,000 156,409 155,000 49,000 38,000 106,000 222,300 149,000 138,000 222,300 566,157 79,800 96,000 190,588 164,676 82,300 76,800 124,732 185,983 89,200 89,200 185,983 107,010 107,010 - - 286,400 104,000-182,400 285,200 86,400 59,000 198,800 337,218 102,900 112,000 112,000 108,400-54,800 108,400 377,299-9,200 326,500 436,000 125,800 120,800 314,800 21

108,900 108,900 - - 263,618 120,200 115,000 257,468 898,500 80,000 - - ** 1,774,510 1,494,300 ** 3 A 5 2003 5 1.28 26.96% B 5 2003 62.2 5 1.19 1.87% 4 2003 744 2003 86.7 20.1 28.8% 15.4 76.6% 22

1.20 52.4% 3.52 4.6% 82.1% 2004 2003 2004 5 2003 2002 2003 181 171 145 2003 177 149 130.6 136.4 2003 2004 2003 2 745 11.5 4.1 1 2002 6 13 15 2002 6 20 23

25,000 20.0% 25,000 31.4% 100.0% 40,000 22.4% 40,000 29.0% 78.6% 30,000 13.5% 30,000 16.6% 66.4% 30,000 17.9% 30,000 16.8% 74.6% 25,000 19.5% 25,000 21.4% 73.2% 150,000 150,000 A 2003 B 2 a -- 5000 b -- 2000 c -- 5000 d -- 3000 e -- 1,000 f 65% 100% g 42.25% 100% H 100 80% 10% 24

13 236 276 11.2 14.2 39.8 42.8 8.2 16.2 13.6 19.3 32.4 50 19.2 12.2 53# 5.8 14.5 13.4 21.1 41.2 14.3 15.3 20.4 16.2 22.4 15.4 17.3 4.5 10.9 236.2 275.6 29.7 2003 22.8 3 2003-12-31 2002-12-31 (%) 1,056,104 821,582 28.55 26,946 30,230-10.86 25

867,093 597,617 45.09 5,708 6,453-11.55 26,802 34,886-23.13 100,527 170,930-41.19 1 470,136 350,696 34.06 139,100 88,594 57.01 54,227 38,242 41.80-21,862 38,202-157.23 54.92 56.76-1.84 2.13 2.62-0.49 0.32 0.60-0.28 44.52 42.69 1.83 16 27-11 568 559 9 4 2003 6 8 5 2004 26

2004 33 178 154 2004 04 04 03 ( ) ( ) 268,484 214,800 70,800 48,900 7.1.17 67,571 50,678 26,000 25,000 2.6 398,000 428,000 115,000 115,000 42.8 220,101 250,143 14.2 136,000 193,000 60,000-19.3 82,000 162,000 50,000-16.2 438,000 447,000 143,000 139,000 37.9 324,000 500,000 57,500 35,000 50 123,000 180,000 40,000 24,000-599,647 576,000 90,000 52,900 10.7 110,000 124,000 123,900-12.0 53# 57,900 145,000 54,000 14.5 317,485 92,500-30,000 6.0 430,530 147,455-33,600 4.1 214,344 227,205 40,600 70,300 4.0 192,000 122,000 - - 12.2 51,568 155,000-49,000-134,000 211,000 100,000-21.1 224,668 222,300-29,000-347,300 391,700 65,000 46,800 39.2 27

83,300 164,676-19,500 3.2 446,900 566,157 103,000 81,000 30.6 411,600 142,500 - - 14.3 153,000 204,000 75,000 49,500 20.4 161,890 224,268 85,000 65,000 22.4 154,000 173,000 75,000 60,000 17.3 98,811 107,010-107,010-251,639 286,400-47,000-112,348 285,200-38,000-550,896 377,299 5,253 5,253 4.7 350,175 337,218 113,600 66,500 29.2 2,730,014 1,365,007 63,000 29,000 136.5 407,000 436,000 117,000 80,000 11.7 45,000 108,900-108,900-466,669 532,003 - - 53.2 898,500 898,500 63,000 84,700 81.9 6,943 48,300 48,300-4.8 ** ** 1,783,953 1,539,863 744.1 A B C D 643 6 1 2003 5 28

A 2003 3 13 13 5 2002 2002 2002 2003 2002 2003 15 2003 3 18 B 2003 4 22 13 6 2003 1 2003 4 23 C 2003 7 24 13 7 2003 2003 2003 2003 7 29 D 2003 9 5 13 8 2003 1 2003 9 9 E 2003 10 27 13 9 2003 3 2003 10 28 2 13 A 2003 1 14 B 2003 1 22 NO.2003A01 C 2003 3 14 29

D 2003 3 27 E 2003 5 16 F 2003 6 3 G 2003 6 17 H 2003 6 30 I 2003 8 6 J 2003 9 12 K 2003 9 23 L 2003 11 20 M 2003 12 17 2003 6 27 7 4 7 11 8 12 8 19 9 27 11 26 3 15 2002 2002 10 2 2003 5 22 5 23 A 10 1.6 B 1 =1.0610 10 10 2003 5 22 A 2003 5 23 B 2003 5 28 30

2003 10 27 2003 1 7 2003 545,355,248.09 554,371,807 2003 542,270,658.17 521,147,696 138,464,583.92 168,604,105 2002 (135,379,994.00) (135,379,994) 2003 545,355,248.09 2003 1 10% 2 5% 3 40% 4 0.15 5 545,355,248.09 54,227,065.82 9.94% 27,113,532.91 4.97% 216,908,263.28 39.78% 247,106,386.08 45.31% 2003 209,377,416.60 38.39% 37,728,969.48 6.92% 256,122,945 31

2003 209,377,416.60 46,745,528.40 10 0.50 1 2003 12 31 1,395,849,444 209,377,416.60 69,792,472.20 : 10 4 2003 12 31 1,395,849,444 2,093,774,166 558,339,777.6 1,458,336,399.89 899,996,622.29 2002 12 13 10 4 2004 3 4 2003 81,875,538 1,516,782,212 2003 120,932,768 6,046,638.40 60,466,384 8 9 10 2003 12 31 63,085.7 2002 32

18.0% 2003 66,928.95 2002 19.1% 111,110.2 2003 23.6% 723.9 03.06.23-04.03.31, 28361.8 03.12.31-06.01.30, 8000 03.09.29-04.09.28 8000, 5000 03.12.11-04.12.10 5000, 5000 03.12.25-04.12.24 5000, 16000 01.05.10-04.11.09 1.6, 2000 04.1.12-05.1.11 2000, 350 04.01.15-05.01.14, 5000 04.1.15-05.7.12 5000, 240 04.02.1-05.01.31, 8000 04.2.09-05.2.08 8000, 7000 04.2.16-05.2.08 7000, 5000 04.2.18-05.2.08 5000, 10000 04.2.19-05.7.12 10000, 434.5 04.3.4-05.2.28, 10000 04.03.08-05.03.04 10000, 2003 (1)2003 3 13 4 12 2002 2002 2002 2002 (2) 2003 4 22 4 13 2003 1 (3) 2003 7 24 4 14 2003 2003 33

(4) 2003 9 5 4 15 (5) 2003 10 27 4 16 2003 3 1 2 3 15 2002 6 2003 4 100% 5 2003 2003 1 2003 9 4 1635 2002 2972 2003 3 34

2 3 99.98% 100% 4597.67 789.48 5387.15 02 840.46 2019 4 " 35% 55.46% 65% 2003 8 31 51,472,566.55 11,536,477.5 2003 8 25 82,423,242.00 96,495,825 2003 8 31 33,486,780.95 2,536,105.5 2003 9 3 2003 10 27 2003 1 2003 12 31 2003 2003 168 2003 2,483 8,698 4 1 2 3 4 2003 6 9 15 2003 7 14 7 13 35

5 5% 2001 2002 2001 6 15 2003 2003 2002 RMB700,000.00 HKD1,000,000.00 RMB75,000.00 RMB180,000.00 3 11 2 3 RMB700,000.00 HKD1,000,000.00 RMB75,000.00 RMB180,000.00 HKD24,000.00 11 HKD24,000.00 : 36

7 8 1 2003 6 27 156,151,498 2,295,420 6 30 7 11 2 2003 12 17 138568.0062 2003 6 15 7 7 4 15 5 6 156,151,498 2,295,420 7 9.7 10 2003 1 37

KPMG-A(2004)AR No.0044 2003 12 31 2003 2003 12 31 2003 1 8 100738 2004 3 5 38

( : ) 2003-12-31 2002-12-31 5 968,784,720.92 502,518,244.00 1,187,405,566.30 594,208,822.07 6 269,464,752.24-302,297,113.93-7 96,504,251.87 4,167,159,743.81 139,889,751.50 2,853,369,025.25 8 203,589,856.93 206,023.65 128,417,736.00 98,523.65 9 8,670,928,242.49-5,976,170,097.26-10 1,752,657.85-4,918,461.06-10,211,024,482.30 4,669,884,011.46 7,739,098,726.05 3,447,676,370.97 11 57,078,249.53 2,414,811,664.92 64,530,667.02 2,013,547,908.48 57,078,249.53 2,414,811,664.92 64,530,667.02 2,013,547,908.48 :(4,428,267.95) (4,428,267.95) (902,168.13) (902,168.13) 406,542,374.42 92,067,455.22 501,133,309.69 130,449,371.92 138,517,445.83 22,691,641.80 147,267,844.65 31,141,716.53 268,024,928.59 69,375,813.42 353,865,465.04 99,307,655.39 - - 5,207,000.00 5,207,000.00 12 268,024,928.59 69,375,813.42 348,658,465.04 94,100,655.39 268,024,928.59 69,375,813.42 348,658,465.04 94,100,655.39 13 24,912,435.28 490,185.38 63,534,450.19 3,137,145.92 24,912,435.28 490,185.38 63,534,450.19 3,137,145.92 10,561,040,095.70 7,154,561,675.18 8,215,822,308.30 5,558,462,080.76 39

( : ) 2003-12-31 2002-12-31 14 1,680,000,000.00 1,680,000,000.00 460,000,000.00 460,000,000.00 3,000,000.00-9,687,600.00-15 2,100,180,916.65-1,621,948,607.72-16 464,745,080.69-544,317,647.75-17,345,416.25 7,138,827.86 18,080,509.61 6,873,834.27 17 145,383,129.67 453,437.54 80,553,052.66 (406,060.48) 18 1,839,236.17 27,384.24 2,167,314.20 10,833.44 19 193,111,654.68 49,798,991.09 187,890,030.39 70,489,831.38 20 11,194,961.73 1,837,000.00 4,703,397.53 1,800,000.00 21 18,513,132.37-24,523,671.90-22 160,000,000.00 - - - 4,795,313,528.21 1,739,255,640.73 2,953,871,831.76 538,768,438.61 22 260,200,000.00-160,000,000.00-23 713,294,528.50 713,294,528.50 1,512,341,727.75 1,512,341,727.75 24 31,771,644.44-36,954,931.28-1,005,266,172.94 713,294,528.50 1,709,296,659.03 1,512,341,727.75 5,800,579,701.15 2,452,550,169.23 4,663,168,490.79 2,051,110,166.36 25 59,101,290.73-45,689,831.60-26 1,395,849,444.00 1,395,849,444.00 630,974,713.00 630,974,713.00 27 1,458,336,399.89 1,458,336,399.89 1,435,442,203.51 1,435,442,203.51 28 1,600,719,275.98 1,600,719,275.98 1,302,470,413.97 1,302,470,413.97 196,345,547.37 196,345,547.37 169,232,014.46 169,232,014.46 29 247,106,386.08 247,106,386.08 138,464,583.92 138,464,583.92 69,792,472.20 69,792,472.20 126,194,942.60 126,194,942.60 (652,402.13) 0.00 (387,928.49) - 4,701,359,103.82 4,702,011,505.95 3,506,963,985.91 3,507,351,914.40 10,561,040,095.70 7,154,561,675.18 8,215,822,308.30 5,558,462,080.76 40

( : ) 2003 2002 30 6,380,060,435.28-4,574,359,629.05-30 4,639,877,677.85-3,472,885,808.98-31 349,180,276.14-215,534,742.77 -. 1,391,002,481.29-885,939,077.30 - / 4,612,198.18 (1,450,683.19) 16,725,998.62 92,666.99 210,754,591.18-126,595,070.85-362,260,438.88 30,028,033.85 253,026,171.76 24,838,353.60 32 (800,125.65) (32,514,733.63) (5,524,494.33) (30,276,010.99). 823,399,775.06 1,036,016.59 528,568,327.64 5,530,324.38 / 33 (6,874,043.09) 538,312,410.59 (5,802,876.82) 377,199,041.85 20,461,228.60 3,124,538.50 7,735,366.39 1,122,341.80 6,620,215.38 202,307.51 10,489,685.15 1,430,433.97. 830,366,745.19 542,270,658.17 520,011,132.06 382,421,274.06 264,476,130.39-121,962,824.42-23,619,956.63-15,627,033.58 -. 542,270,658.17 542,270,658.17 382,421,274.06 382,421,274.06 : 12,269,641.32 12,269,641.32 4,617,138.00 4,617,138.00 126,194,942.60 126,194,942.60 126,194,388.20 126,194,388.20. 680,735,242.09 680,735,242.09 513,232,800.26 513,232,800.26 : 54,227,065.82 54,227,065.82 38,242,127.41 38,242,127.41 27,113,532.91 27,113,532.91 19,121,063.70 19,121,063.70. 599,394,643.36 599,394,643.36 455,869,609.15 455,869,609.15 : 216,908,263.28 216,908,263.28 191,210,637.03 191,210,637.03 29 135,379,994.00 135,379,994.00 126,194,388.20 126,194,388.20. 29 247,106,386.08 247,106,386.08 138,464,583.92 138,464,583.92 1- (829,665.82) 2 - - 3- - 4- - 5 - - 6 - - 41

( : ) 2003 6,407,518,317.80-8,728,244.63 2,727,961.79 33,311,319.35 331,383,468.03 6,449,557,881.78 334,111,429.82 6,603,956,363.79-4,501,228.06-293,181,094.09 35,491,472.27 594,434,244.46 4,938,945.63 (c) 431,868,721.67 1,549,709,732.55 7,927,941,652.07 1,590,140,150.45 (a) (1,478,383,770.29) (1,256,028,720.63) 300,000.00 300,000.00 914,374.40 118,942,807.68 9,028,049.42 77,314,433.32 24,090,747.43 22,735,215.12 34,333,171.25 219,292,456.12 41,498,244.37 6,447,340.18-64,000,000.00 41,498,244.37 70,447,340.18 (7,165,073.12) 148,845,115.94 100,000.00 - - - 3,102,200,000.00 3,152,000,000.00 - - 3,102,300,000.00 3,152,000,000.00 1,622,000,000.00 1,932,000,000.00 8,846,800.00-135,379,994.00 135,379,994.00 69,743,689.88 69,196,972.21 1,835,970,483.88 2,136,576,966.21 1,266,329,516.12 1,015,423,033.79 598,481.91 69,992.83 (b) (218,620,845.38) (91,690,578.07) 42

( : ) (a) 542,270,658.17 542,270,658.17 23,619,956.63-40,108,673.10 (5,149,628.50) 58,249,889.43 6,392,123.51 66,370,546.12 6,079,608.24 3,165,803.21-6,491,564.20 37,000.00 ( ) (1,985,216.36) (2,922,230.99) (800,125.65) (32,514,733.63) / 6,874,043.09 (538,312,410.59) (2,664,456,556.71) - /( ) 1,215,537.60 (1,212,359,308.96) /( ) 440,491,456.88 (19,549,797.88) (1,478,383,770.29) (1,256,028,720.63) (b) - - 968,784,720.92 502,518,244.00 1,187,405,566.30 594,208,822.07 (218,620,845.38) (91,690,578.07) (c) 43

( : ) 1,769,059,159.60 1,362,486,910.71 155,996,876.58 250,575,372.31 3,324,984,028.88 2,452,842,505.39 1,182,646,865.04 898,945,198.82 93,726,497.87 189,975,168.35 2,551,234,643.26 1,780,943,328.98 1,759,385,707.98 1,323,851,652.07 123,316,103.74 312,217,952.17 1,867,838,862.46 1,298,810,554.60 741,109,232.49 566,057,060.17 71,085,504.22 103,966,668.10 1,477,398,867.36 1,075,960,223.26 330,412,144.79 255,973,084.93 24,917,546.59 49,521,513.27 389,908,878.51 234,641,268.88 262,457,714.16 199,067,769.37 21,033,922.64 42,356,022.15 387,514,336.67 238,743,696.11 617,727,204.30 564,549,388.02 52,127,264.65 1,050,551.63 1,276,652,469.06 1,170,664,081.76 242,226,863.10 246,436,786.76 35,328,818.85 (39,538,742.51) 1,093,068,432.37 989,690,851.20 509,883,294.40 438,731,411.25 58,640,687.14 12,511,196.01 1,291,240,992.38 1,089,659,113.54 660,590,841.69 586,940,726.28 43,471,696.01 30,178,419.40 1,458,769,649.90 1,253,155,132.90 212,592,723.00 144,363,084.66 14,028,190.85 54,201,447.49 591,101,939.01 488,534,840.54 357,219,706.90 296,615,859.92 19,318,158.55 41,285,688.43 199,831,537.06 120,972,555.12 250,798,736.08 167,291,389.84 12,655,934.77 70,851,411.47 208,239,560.84 109,943,987.82 170,122,391.50 124,377,840.45 7,220,555.77 38,523,995.28 110,838,673.30 60,062,265.11 299,143,081.42 210,323,149.41 53,156,478.11 35,663,453.90 401,725,692.66 335,691,554.10 289,054,506.32 222,687,306.35 35,178,319.96 31,188,880.01 348,271,505.76 302,628,000.26 729,366,123.11 613,732,319.32 69,802,208.02 45,831,595.77 1,191,646,849.92 836,379,651.04 714,646,479.44 576,480,602.47 55,762,517.66 82,403,359.31 1,048,785,448.13 671,688,581.03 - - 9,464,500.30 (9,464,500.30) 611,125,708.21 472,676,409.71 106,958.88-739,925.05 (632,966.17) 63,324,685.79 65,013,425.46 3,223,347.67 4,674,030.87 (1,890,464.54) 439,781.34 6,602,438,132.00 3,303,345,578.90 3,685,559.52 3,592,892.53 (8,769,168.30) 8,861,835.29 5,517,345,735.16 2,941,858,057.09 (14,732,784.10) (14,732,362.30) (421.80) - (7,195,863,018.23) (5,992,609,845.13) (7,961,001.73) (7,961,001.73) - - (6,040,561,206.46) (4,837,547,625.73) 6,466,858,738.25 5,071,244,058.78 572,214,904.41 823,399,775.06 10,561,040,095.70 5,800,579,701.15 4,615,906,117.31 3,713,241,041.39 374,096,748.28 528,568,327.64 8,215,822,308.30 4,663,168,490.79 1. 90% 2. 44

( : ) 1. ( ) (1988)1509 1988 11 1, 1991 1 29 A 1993 5 28 B 1993 12 28 : ( ) ( 113 ) 2. ( ) (a) (b) (c) ( ) (d) [1995]11 50% 50% 50% 50% 45

46 50% (e) (f) a. b. ( ) (, ) 1% 5% 30% (g) (h) 12.5-25

(i) 5-2003 4 7 ( [2003]10 ) 10 1,000,000.00 500,000.00 50% 20,000,000.00 8,000,000.00 40% (j) 2,000 ( ) 4% 12.5-25 3.84%-7.68% 10 9.6% 5 19.2% 5 19.2% 5 19.2% (k) 2003 4 7 47

( [2003]10 ) 48

(l) 5 m (n) (o) i) ( 20% / ) ii) iii), 49

3 (l) (p) (q) (r) (s) (t) (u) 2003 4 14 2002 2001 2001 12,269,641.32 4,617,138.00 (18,160,279.99) 126,194,942.60 126,194,388.20 113,574,949.38 138,464,583.92 130,811,526.20 95,414,669.39 3. : 15%--33% 5% ( ) ( ) - 30%-60% 3%--5% 50

4. 4.1 1. 100,000,000.00 95% 5% 2. 1,000,000.00-100% 3. 80,000,000.00 75% 25% 4. 6,000,000.00 95% 5% 5. 5,000,000.00 90% 10% 6. 1,000,000.00-100% 7. 10,000,000.00 90% 10% 8. 15,000,000.00 95% 5% 9. 8,000,000.00 95% 5% 10. 50,000,000.00 20% 80% 11. 20,000,000.00-100% 12. 50,000,000.00 90% 10% 13. 30,000,000.00-100% 14. 30,000,000.00 95% 5% 15. 100,000,000.00 90% 10% 16. 15,000,000.00-100% 17. 15,000,000.00-100% 18. 15,000,000.00-100% 19. 50,000,000.00-100% 20. 8,000,000.00-100% 21. 20,000,000.00-50% 22. 15,000,000.00-100% 23. 1,000,000.00-100% 24. 50,000,000.00 95% 5% 25. 100,000,000.00 80% 20% 26. 10,000,000.00 60% 40% 27. 1,000,000.00-100% 28. 100,000,000.00 95% 5% 29. 12,000,000.00-100% 30. 10,000,000.00-100% 31. 10,000,000.00-100% 32. 3,000,000.00-100% 33. 50,000,000.00 95% 5% 34. 500,000.00-100% 35. 32,000,000.00 75% 25% 36. 10,000,000.00 90% 10% 37. 500,000.00-100% 38. * 5,172,700.00 35% 65% 39. 500,000.00-100% 40. 50,000,000.00 95% 5% 41. 12,000,000.00-100% 42. 80,000,000.00 90% 10% 51

43. 2,000,000.00-100% 44. 108,010,000.00 74% 26%, 45. 60,000,000.00-100% 46. 80,000,000.00 50% 50% 47. 10,000,000.00-100% 48. 20,000,000.00 50% - 49. 1,000,000.00-45% 50. 10,000.00 100% - 51. 50,000.00-100% 52. 50,000.00-100% * 4.2 A 5000 80% 20% B 2000 20% 80% C 5000 90% 10% D 3000 80% 20% E 1,000 90% 10% F 100 80% 10% 10% 2003 1 1 2003 12 31 2003 1 1 12 31 52

5. 2003-12-31 2002-12-31 1,817,074.40 1,817,074.40 1,289,582.56 1,289,582.56 17,876.64 8.2767 147,959.60 18,684.80 8.2773 154,659.70 229,872.66 1.0657 244,975.29 99,782.59 1.0611 105,879.31 120,076.00 0.0773 9,281.87 76.00 0.0690 5.24 2,219,291.16 1,550,126.81 839,752,557.43 839,752,557.43 1,123,844,413.94 1,123,844,413.94 1,705,017.89 8.2767 14,111,921.57 388,343.18 8.2773 3,214,433.00 75,940,045.33 1.0657 80,929,306.32 20,583,980.08 1.0611 21,841,661.27 934,793,785.32 1,148,900,508.21 31,771,644.44 31,771,644.44 36,954,931.28 36,954,931.28 968,784,720.92 1,187,405,566.30 38,000,000 6. 2003-12-31 2002-12-31 % % 1 243,458,179.31 87.62% 2,434,581.79 1.00% 285,298,769.68 91.46% 2,852,987.70 1.00% 1-2 24,315,466.81 8.75% 1,215,773.34 5.00% 11,984,541.34 3.84% 599,227.07 5.00% 2-3 2,273,939.30 0.82% 113,696.97 5.00% 6,885,741.79 2.21% 2,171,778.89 31.54% 3 7,799,279.96 2.81% 4,618,061.04 59.21% 7,782,125.45 2.49% 4,030,070.67 51.79% 277,846,865.38 100.00% 8,382,113.14 311,951,178.26 100.00% 9,654,064.33 2003 12 31 5 2003-12-31 2002-12-31 45,225,720.73 28,632,459.85 16.28% 9.18% 5% 5% 2 f 53

7. 2003-12-31 2002-12-31 % % 1 57,833,746.99 55.12% 578,337.47 1.00% 85,576,144.93 58.14% 855,761.45 1.00% 1-2 18,166,022.77 17.32% 908,301.14 5.00% 26,290,896.22 17.86% 1,314,544.81 5.00% 2-3 8,604,773.65 8.20% 430,238.68 5.00% 21,846,289.46 14.84% 1,092,314.47 5.00% 3 20,309,786.70 19.36% 6,493,200.95 31.97% 13,484,345.17 9.16% 4,045,303.55 30.00% 104,914,330.11 100.00% 8,410,078.24 147,197,675.78 100.00% 7,307,924.28 2003 12 31 5 2003-12-31 2002-12-31 25,754,503.51 32,246,196.53 24.55% 21.91% 34(4) 5% 5% 2 f 8. 2003-12-31 2002-12-31 (%) (%) 1 179,911,809.16 88.37% 116,341,532.78 90.60% 1-2 13,453,430.42 6.61% 11,178,102.28 8.70% 2-3 9,989,911.87 4.90% 554,150.00 0.43% 3 234,705.48 0.12% 343,950.94 0.27% 203,589,856.93 100.00% 128,417,736.00 100.00% 5% 5% 54

9. 2003-12-31 2002-12-31 1,869,154,721.89 17,031,700.90 1,341,790,216.07 17,263,008.13 2,461,102,279.93-1,704,964,640.32-184,875,766.18 22,209,777.54 246,674,291.08 7,700,000.00 4,250,034,229.57 60,919,000.00 2,736,214,309.76 34,919,000.00 2,652,393.81-3,289,909.11-2,341,444.42 259,686.77 2,354,703.80 259,686.77 1,187,571.90-1,023,722.02-8,771,348,407.70 100,420,165.21 6,036,311,792.16 60,141,694.90 (1) 2002 12 185,555,219.34 5,475,178.09 166,618,930.56 24,411,466.87-2001 12 200,824,960.12 2002 12 4,492,256.20 113,900,813.24 91,416,403.08-2001 6 66,365,140.81-30,122,359.70 36,242,781.11 1,114,475.30 2003 12-854,671,671.19 552,187,769.60 302,483,901.59-1999 12 35,995,844.46 320,000.00 31,936,919.52 4,378,924.94-2003 12-390,356,635.27 162,256,785.67 228,099,849.60-2003 12 17,441,690.40 380,990,367.95 395,449,450.05 2,982,608.30-1999 12 12,283,180.55-2,326,661.17 9,956,519.38-2003 6 24,055,096.27 389,153,372.78 405,205,762.63 8,002,706.42-2003 12-346,962,015.85 342,119,704.08 4,842,311.77-2000 12 131,213,493.88 2003 3 354,062,756.05 293,301,968.25 191,974,281.68-2002 12 165,471,690.90 2003 1 13,917,290.72 98,608,687.05 80,780,294.57-1999 12 24,690,885.09-19,746,405.78 4,944,479.31 1,153,965.99 2001 12 52,737,561.19 2003 6 35,568,323.75 65,849,447.73 22,456,437.21-2002 12 20,107,571.00 2003 12 162,842,082.45 159,342,915.91 23,606,737.54-2003 12-398,302,592.06 232,108,892.92 166,193,699.14 2000 6 40,041,012.92-16,208,027.69 23,832,985.23 3,962,068.65 2001 12 30,888,025.61-29,540,155.56 1,347,870.05-2002 12 42,591,740.85 2003 12 262,206,201.73 151,939,217.14 152,858,725.44-2002 12 74,366,268.99 2003 12 232,497,935.88 223,571,403.79 83,292,801.08-2002 12 54,773,030.13 2003 12 252,841,056.85 224,631,245.39 82,982,841.59-2002 12 35,069,760.59 2003 12 244,200,952.25 191,164,280.54 88,106,432.30-2002 12 57,270,532.73 2003 12 205,334,926.80 152,480,583.19 110,124,876.34-2002 12 2003 12 6,517,472.67 219,681,159.51 153,212,179.31 72,986,452.87-1997 10 51,355,683.29-18,977,051.26 32,378,632.03 10,601,190.96 2003 12-142,464,723.71 133,154,471.95 9,310,251.76-12,174,354.28 6,474,825.17 9,489,728.76 9,159,450.69 200,000.00 55

1,341,790,216.07 4,902,816,324.26 4,375,451,818.44 1,869,154,721.89 17,031,700.90 (2) * 71,411,281.99-69,171,371.08 2,239,910.91-7,419,979.73-1,043,296.41 6,376,683.32-26,734,101.39-1,026,589.52 25,707,511.87 - - 10,399,840.95-10,399,840.95-16,430,794.86-15,651,453.38 779,341.48-13,177,665.23-1,296,163.80 11,881,501.43-3,045,634.89-3,045,634.89 - - 48,828,024.16-2,018,765.56 46,809,258.60 2,500,000.00 25,577,718.29-799,013.08 24,778,705.21 9,925,465.21 4,921,273.24-940,078.00 3,981,195.24-7,190,832.03-345,433.25 6,845,398.78-4,451,330.95 6,100,429.56 6,909,422.93 3,642,337.58-10,869,527.85-2,962,158.66 7,907,369.19 1,575,000.00-19,718,890.73 788,755.62 18,930,135.11 4,460,000.00 6,616,126.47 12,839,224.04 4,858,774.00 14,596,576.51 3,749,312.33 246,674,291.08 49,058,385.28 110,856,910.18 184,875,766.18 22,209,777.54 * 34 2 (3) 17 2003 7 2004 8 8,450-77,377,806.93-2003 1 2004 3 47,470-54,259,731.56-2003 10 2005 9 31,772 453,394,239.08 108,831,256.26-2003 8 2004 9 21,168-72,427,216.62-2003 8 2004 7 46,483 155,918,001.69 154,343,262.74-145,613,667.25 - - 2002 11 2004 3 39,798 53,180,940.03 223,942,295.39-2002 10 2004 6 20,854 196,451,101.71 174,640,539.14-2003 9 2004 3 73,920-355,091,271.87-2003 6 2004 6 43,580 251,118,673.53 239,496,887.92-2003 12 2004 6 64,648-434,111,409.00-2003 3 2004 3 39,404 6,368,679.54 169,688,978.63-2003 12 2004 12 1,919 4,446,960.83 17,806,383.40-70,908,275.61 - - 5,208,374.87 - - 2003 9 2004 9 8,640-43,163,051.43-2003 8 2004 4 2,990 12,405,371.88 4,344,751.03-2003 9 2004 9 31,500-129,154,818.19-2003 9 2004 12 15,500 145,392,820.68 37,414,571.35-2003 12 2004 12 13,533 70,781,318.80 68,691,544.87-2003 6 2004 9 22,661 55,114,344.30 92,149,239.22-2003 10 2004 12 6,000 5,213,133.24 4,167,264.38-73,448,737.28 - - 1,704,964,640.32 2,461,102,279.93-56

4 ( ) 64,263,694.39 - - 2004 2 2004 12 66,711 466,723,297.03 298,659,585.74-17 2004 1 2005 8 20,150 69,450,077.48 33,148,434.88 - - 122,851,591.73-2004 2 2004 12 210,647-1,009,074,050.18-2004 3 2004 12 107,715 23,640,205.42 125,400,466.47-2004 6 2005 11 34,773-79,033,450.66-2004 9 2005 12 53,410-53,379,934.62-2004 3 2004 12 105,580-141,447,301.17-53 2004 12 2006 7-34,118,152.00-2004 12 2005 12 21,846,103.36 20,000,000.00-193,257,795.63 - - 2004 8 2005 10 114,492,862.96 79,626,507.20-2005 2 2005 12 19,524 70,873,984.92 55,112,219.61-12,999,754.70 - - 2004 4 2005 11 67,350-101,157,103.02 - - 79,565,604.40-62,214,235.92 - - 2004 6 2005 12 121,270-452,877,875.00-146,435,254.36 - - 19,759,366.89 - - 288,911,352.96 - - - 22,548,444.42-2004 4 2004 12 57,726 221,930,212.21 221,930,211.92-2004 4 2004 12 27,990 129,206,164.53 56,248,458.58-2004 8 2005 10 132,986.80 110,355,098.62-978,673.18 161,207.50-2004 5 2006 10 13,845 98,619,823.61 99,368,646.61 58,000,000.00 2004 3 2004 11 250,000 530,554,583.86 546,414,214.07-15,388,613.98 15,388,613.98 2,919,000.00 2004 3 2004 12 93,955 119,673,846.57 183,471,676.08-64,861,419.00 39,876,461.00-2004 3 2004 12 21,000-82,570,374.93-2004 3 2004 11 61,816-130,650,593.39-2004 4 2004 12 32,640-55,597,951.79-2,736,214,309.76 4,250,034,229.57 60,919,000.00 10. 2002-12-31 2003-12-31 3,813,518.51-3,813,518.51-499,732.26 106,780.43 458,079.60 148,433.09 35,229.80 401,194.09 334,239.88 102,184.01 569,980.49 4,007,461.83 3,075,401.57 1,502,040.75 4,918,461.06 4,515,436.35 7,681,239.56 1,752,657.85 ( ) 57

11. 2002-12-31 2003-12-31 69,590,667.02 143,600.00 7,596,017.49 62,138,249.53 49,271,347.00 143,600.00-49,414,947.00 9,213,085.24-4,069,917.67 5,143,167.57 10,600,000.00 - - 10,600,000.00 (902,168.13) - 3,526,099.82 (4,428,267.95) 1,408,402.91 - - 1,408,402.91 : 5,060,000.00 - - 5,060,000.00 64,530,667.02 143,600.00 7,596,017.49 57,078,249.53 (1) 2.43% 506,000 5,060,000.00 5,060,000.00 0.37% 440,000 920,000.00-2.21% 4,593,600 5,440,000.00-20,161,310.40 1.78% 1,320,000 3,700,000.00-1.55% 2,200,000 5,070,000.00-13,398,000.00 ( )1.00% 1,820,000 2,990,000.00-8,426,600.00 ( )2.07% 5,903,750 7,307,500.00-19,423,337.50 1.89% 3,240,000 3,000,000.00-17,463,600.00 1.40% 4,299,360 8,841,200.00-38,909,208.00 0.10% 2,016,000 5,836,647.00-17,156,160.00 0.04% 100,000 306,000.00-800,000.00 0.04% 210,000 143,600.00-869,400.00 0.23% 200,000 800,000.00-49,414,947.00 5,060,000.00 (2) 70 2,949,847.19 (19,166.05) 1,610,712.82 4,560,560.01 50% 30 8,000,000.00 (4,050,751.62) (7,417,392.44) 582,607.56 40% 10,949,847.19 (4,069,917.67) (5,806,679.62) 5,143,167.57 58

3 50 2,000,000.00 2,000,000.00 6.67% 15 8,600,000.00 8,600,000.00 8.60% 10,600,000.00 10,600,000.00 4 5 19,271,878.97 (4,196,783.42) (19,271,878.97) - 10 (3,244,452.41) 314,445.24 1,493,614.89 (1,750,837.52) 5 479,706.05 (108,000.00) (371,706.05) 108,000.00 10 (4,642,383.87) 464,238.36 1,856,953.44 (2,785,430.43) 11,864,748.74 (3,526,099.82) (16,293,016.69) (4,428,267.95) 5 1,408,402.91 1,408,402.91 (6) [1998]274 5,060,000.00 2002-12-31 2003-12-31 2,013,547,908.48-401,263,756.44-2,414,811,664.92-59

1 10 95% 15,000,000.00 225,259.33 64,891,887.71 79,891,887.71 5% 10 95% 7,600,000.00 (732,623.67) 3,839,178.89 11,439,178.89 5% 50 95% 95,000,000.00 182,441,497.64 624,477,480.28 719,477,480.28 5% 20 75% 56,660,695.41 (53,470,717.13) (21,861,040.49) 34,799,654.92 25% 18 95% 5,700,000.00 2,419,909.37 489,587.03 6,189,587.03 5% 10 90% 4,500,000.00 973,528.40 7,620,189.95 12,120,189.95 10% 20% 10,000,000.00 (6,844,605.90) (6,844,605.90) 3,155,394.10 80% 90% 45,000,000.00 (94,729.84) (94,729.84) 44,905,270.16 10% 18 95% 28,500,000.00 (4,674,420.01) 74,941,963.33 103,441,963.33 5% 10 90% 90,000,000.00 168,644,515.71 354,107,782.96 444,107,782.96 10% 10 95% 47,500,000.00 23,708,116.53 52,567,098.47 100,067,098.47 5% 50 80% 80,000,000.00 2,963,347.08 99,849,262.95 179,849,262.95 20% 10 60% 6,000,000.00 (3,978,506.63) (4,467,384.11) 1,532,615.89 40% 20 95% 95,000,000.00 1,980,434.15 144,119,850.41 239,119,850.41 5% 5 95% 47,500,000.00 4,169,126.00 21,728,390.77 69,228,390.77 5% 10 95% 47,500,000.00 20,390,633.06 15,434,138.56 62,934,138.56 5% 100% 7,478.00 (368,361.69) (4,444,527.40) (4,437,049.40) - 30 90% 72,000,000.00 6,496,969.07 75,167,609.63 147,167,609.63 10% 15 75% 28,991,381.52 863,169.82 4,548,384.10 33,539,765.62 25% 10 90% 9,000,000.00 (2,984,905.51) (2,984,905.51) 6,015,094.49 10% 50 74% 126,544,270.31 28,813,074.63 (74,175,633.58) 52,368,636.73 26% 50 50% 40,000,000.00 (28,511,492.82) (28,541,492.82) 11,458,507.18 50% 30 50% 10,000,000.00 23,684,639.76 39,072,843.86 49,072,843.86-11 35% 10,420,085.10 (20,528,918.61) (19,834,848.91) (9,414,763.81) 65% 30 35% 8,000,000.00 (4,050,751.61) (7,417,392.44) 582,607.56 5% 50 90% 9,000,000.00 (725,164.82) (1,533,625.38) 7,466,374.62 10% 70 50% 2,949,847.19 (19,166.05) 1,610,712.82 4,560,560.01-15 8.6% 8,600,000.00 - - 8,600,000.00-1,006,973,757.53 340,789,856.26 1,412,266,175.34 2,419,239,932.87 2 11 4 60

12. *1 *2 : 372,558,837.38-9,010,920.24 45,831,900.88 65,132,541.02 8,599,110.17 501,133,309.69 5,000,466.38 36,897,027.75 386,925.46 8,315,871.12 10,864,497.55 807,461.28 62,272,249.54 139,562,140.65-2,555,699.82 6,848,217.16 6,618,307.82 1,278,819.36 156,863,184.81 237,997,163.11 36,897,027.75 6,842,145.88 47,299,554.84 69,378,730.75 8,127,752.09 406,542,374.42 72,809,886.35-5,331,065.94 29,675,737.36 34,060,865.60 5,390,289.40 147,267,844.65 20,722,254.88 19,559,668.31 817,759.60 5,460,361.54 10,489,809.41 1,200,035.69 58,249,889.43 51,445,817.22-2,476,439.55 6,496,773.67 5,390,647.09 1,190,610.72 67,000,288.25 42,086,324.01 19,559,668.31 3,672,385.99 28,639,325.23 39,160,027.92 5,399,714.37 138,517,445.83 5,207,000.00 - - - - - 5,207,000.00 5,207,000.00 - - - - - 5,207,000.00 - - - - - - - 195,910,839.10 17,337,359.44 3,169,759.89 18,660,229.61 30,218,702.83 2,728,037.72 268,024,928.59 294,541,951.03-3,679,854.30 16,156,163.52 31,071,675.42 3,208,820.77 348,658,465.04 *1 4,605 *2 2 k 13 13. 2002-12-31 / /2003-12-31 886,239.44 250,709.84 31,950.90 282,660.74 886,239.44-15,381,970.00 11,821,270.24-11,821,270.24 15,381,970.00-31,680,353.16 27,983,696.31 288,828.38 18,062,377.02 21,470,205.49 10,210,147.67 11,676,800.00-11,676,800.00 - - 11,676,800.00 41,424,005.65 23,478,773.80 15,750,951.93 36,204,238.12 38,398,518.04 3,025,487.61 101,049,368.25 63,534,450.19 27,748,531.21 66,370,546.12 76,136,932.97 24,912,435.28 5 2 l 10 20 34 2 2 22 61

14. 2003-12-31 2002-12-31 1,680,000,000.00 1,680,000,000.00 6-12 5.04% 460,000,000.00 460,000,000.00 1,680,000,000.00 460,000,000.00 5% 5% 15. 2003 12 31 3 5% 5% 16. 2003-12-31 2002-12-31 % % 1 448,993,322.76 96.62% 542,820,787.43 99.73% 1-2 15,542,362.97 3.34% 1,427,995.26 0.26% 2-3 140,529.90 0.03% - - 3 68,865.06 0.01% 68,865.06 0.01% 464,745,080.69 100.00% 544,317,647.75 100.00% 5% 5% 2003-12-31 86,188,075.93 2004 3 29.09% 61,397,222.00 2004 6 17.74% 207,269,979.00 2004 3 84.00% 54,456,709.50 2004 9 66.87% 409,311,986.43 62

17 2003-12-31 2002-12-31 62,538,259.68 49,592,032.43 79,086,433.14 34,364,307.81 (384,045.82) (7,233,345.08) 1,233,955.63 392,476.97 2,272,314.78 2,716,159.99 127,092.26 208,075.57 50,639.12 201,202.75 458,480.88 312,142.22 145,383,129.67 80,553,052.66 1 95,195.94 2 918,681.23 26,548.38 45,800.33 3 527,186.53 585,799.92 4 (26,760.57) 1 106,006.81 2 539,999.59 3 568,606.71 4 77,399.69 18. 2003-12-31 2002-12-31 1,688,063.04 1,899,150.48 151,173.13 268,163.72 1,839,236.17 2,167,314.20 63

19. 5% 5% 20. 2003-12-31 2002-12-31 2,263,820.87 1,800,000.00 2,908,443.32-6,022,697.54 2,903,397.53 11,194,961.73 4,703,397.53 21 2002-12-31 2003-12-31 *1 15,351,011.95 1,000,000.00-16,351,011.95 *2 9,172,659.95 4,500,000.00 11,510,539.53 2,162,120.42 24,523,671.90 5,500,000.00 11,510,539.53 18,513,132.37 *1 36 2 *2 22 2003-12-31 2002-12-31 *1 160,000,000.00 160,000,000.00 260,200,000.00 *2-2001.05.10 2004.11.09 5.022% 2003.12.31 2005.12.31 4.5% - *1 160,000,000.00 1 *2 2003 12 31 2.602 2 4.5% 64

23 2002-6-13 5 2002-6-19 1,500,000,000.00 792,542,000. 00 5,836,528.50 713,294,528.50 [2002]52 2002 6 1500 100 150,000 1.5%, 2003 6 13 2002 6 13 2002 12 13 2007 6 13 12.10 2002 7 17 2001 0.2 2003 5 23 2002 0.2 10 10 5.85 24. 2003-12-31 2002-12-31 31,771,644.44 36,954,931.28 31,771,644.44 36,954,931.28 2 p 25. ( ) 50% 10,000,000.00-2,308,230.61 36,990,129.42 49,298,360.03 50% 10,000,000.00 - - (21,438.43) 9,978,561.57 55% 100,000.00 - - (275,630.87) (175,630.87) 20,100,000.00-2,308,230.61 36,693,060.12 59,101,290.73 65

26. (+,-) 2002-12-31 *1 *2 2003-12-31 1 52,750,318-52,750,318 52,750,318 105,500,636 57,754,610-57,754,610 57,754,610 115,509,220 110,504,928-110,504,928 110,504,928 221,009,856 1 398,714,649 87,974,761 444,639,906 532,614,667 931,329,316 2 121,755,136 121,755,136 121,755,136 243,510,272 520,469,785 87,974,761 566,395,042 654,369,803 1,174,839,588 630,974,713 87,974,761 676,899,970 764,874,731 1,395,849,444 1.00 *1 2003 1 1-5 22 (2002 ) 45,925,257 5 23-12 31 42,049,504 10 10 133,900,018 *2 5 22 676,899,970 45,928,029 10 10 133,905,562 27. 2002-12-31 2003-12-31 1,418,278,879.27 699,794,166.38 676,899,970.00 1,441,173,075.65 144,060.91 - - 144,060.91 123,135.73 - - 123,135.73 16,896,127.60 - - 16,896,127.60 1,435,442,203.51 699,794,166.38 676,899,970.00 1,458,336,399.89 23, 10 10 26 28. 2003-01-01 278,460,384.38 169,232,014.46 854,778,015.13 1,302,470,413.97 54,227,065.82 27,113,532.91 216,908,263.28 298,248,862.01 - - - - - - - - 2003-12-31 332,687,450.20 196,345,547.37 1,071,686,278.41 1,600,719,275.98 66

29. 12,269,641.32 *1 126,194,942.60 542,270,658.17 680,735,242.09 *2 135,379,994.00 *3 54,227,065.82 *3 27,113,532.91 *3 216,908,263.28 247,106,386.08 2003 *3 209,377,416.60 *1 2003 4 14 2 u * 2 2002 0.2 2003 5 22 45,925,257 676,899,970 135,379,994.00 *3 2003 10% 54,227,065.82 5% 27,113,532.91 40% 216,908,263.28 247,106,386. 08 2003 209,377,416.60 ( 10 0.50 1,395,849,444 0.15 ) 69,792,472.20 10 4 2003 12 31 1,395,849,444 2,093,774,166 558,339,777.6 10 4 30. 2003 2002 2003 2002 2003 2002 6,219,223,686.70 4,422,204,817.58 4,489,902,732.04 3,326,477,035.41 1,729,320,954.66 1,095,727,782.17 160,836,748.58 152,154,811.47 149,974,945.81 146,408,773.57 10,861,802.77 5,746,037.90 67

6,380,060,435.28 4,574,359,629.05 4,639,877,677.85 3,472,885,808.98 1,740,182,757.43 1,101,473,820.07 2003 5 1.19 1.87% 68

31. 2003 2002 5% 319,003,021.76 206,209,635.41 1%-3% 30,177,254.38 9,325,107.36 349,180,276.14 215,534,742.77 32. 2003 2002 76,342,433.57 86,973,022.67 70,580,058.83 86,066,626.06 5,762,374.74 906,396.61 8,564,945.44 10,821,820.55 (2,802,570.70) (9,915,423.94) 462,159.13 598,161.09 1,536,847.68 254,696.59 ( ) 3,077,133.60 4,047,465.11 (800,125.65) (5,524,494.33) 33. /( ) (1) 2003 2002 721,974.40 1,135,227.20 (4,069,917.67) (1,609,251.68) - (829,665.82) (3,526,099.82) (4,499,186.52) (6,874,043.09) (5,802,876.82) 2 2003 2002 - (829,665.82) 541,838,510.41 382,527,894.19 (3,526,099.82) (4,499,186.52) 538,312,410.59 377,199,041.85 69

34. (1) (a) (b) (2) " 2003 9 9 2003 10 27 2003 12 31 96,495,825 (3) 2 (4) /( ) (8,304,747.21) 6,794,145.37 35. 1 2003 12 31 2 2003 12 31 160,000,000.00 2001.05.10-2004.11.09 7,239,000.00 2003.06.23-2004.03.31 80,000,000.00 2003.09.29-2004.09.28 50,000,000.00 2003.12.11-2004.12.10 50,000,000.00 2003.12.25-2004.12.24 70

283,618,000.00 2003.12.30-2005.12.30 36. 1 46.6 24.8 21.8 2 2001 2002 2003 9 4 1 2 16,351,011.95 21 3 2002 29,719,204 37. 2003 12 31 ( ) 36.5 38. 16,961,988.61 1,102,153.96 1,271,951.19 16,792,191.38 9,654,064.33-1,271,951.19 8,382,113.14 7,307,924.28 1,102,153.96-8,410,078.24 - - - - 60,141,694.90 52,425,443.80 12,146,973.49 100,420,165.21 17,522,694.90 11,915,666.26 12,146,973.49 17,291,387.67 - - - - 34,919,000.00 26,000,000.00-60,919,000.00 7,700,000.00 14,509,777.54-22,209,777.54 5,060,000.00 - - 5,060,000.00 5,060,000.00 - - 5,060,000.00 5,207,000.00-5,207,000.00-5,207,000.00-5,207,000.00 - - - - - - - - - - - - - 71

87,370,683.51 53,527,597.76 18,625,924.68 122,272,356.59 39 2002 72

1 (2003 ) ( 2003 12 31 ) 521,147,696 4,739,948,767 (1,445,975) (4,536,267) (2,281,313) 108,000 1,884,817 (1,051,433) - 2,894,701-17,146,128 - (62,534,948) 22,965,433 22,965,433-322,127 - (13,903,405) 21,122,962 (38,589,664) 542,270,658 4,701,359,103 2 29.59% 33.09% 0.997 1.034 17.51% 19.59% 0.590 0.612 11.53% 12.90% 0.388 0.403 11.21% 12.54% 0.378 0.392 73

30% 5% 10% a 39.47% 768.34% 33.60% 558.77% 62.01% 42.05% 66.48% 25.38% 43.17% 43.63% 116.85% 31.85% b 45.10% 82.10% 265.20% 15.91% 29.49% 19.89% -52.80% 6.75% 121.20% 13.22% 1 2 3 4 74

2003 KPMG-A(2004)OR No.0007 2003 12 31 2003 ( ) 2004 3 5 2003 2003 2003 2003 1 8 100738 2004 3 5 2003 75

( 7,309,925.66-515,780.29 6,794,145.37 40%) 76