SHENZHEN EXPRESSWAY COMPANY LIMITED ( ) 2004 2005 2 18

1 3 2004 5 6 8 9 10 11 14 2004 15 16 17 19 23 25 26 29 30 31 32 34 2003 37 2004 38 2004 39 39

40 41 43 45 46 47 48 A 48 48 49 51 52 52 53 55 57 / 60 62 63 63 65 65 65 66 67 69 71 2004 78 156 158 159

Shenzhen Expressway Company Limited 5022 A 19 5022 A 19 518033 0755-8294 5880 0755-8291 0696 http://www.sz-expressway.com 0755-8294 5618 / 8294 5638 secretary@sz-expressway.com 1996 12 30 / 8 1805 2004 3 29 4403011018527 440304279302515 A 600548 H 0548 http://www.sse.com.cn http://www.hkex.com.hk http://www.sz-expressway.com - 1 -

5022 A 19 8 29 2911-2912 202 11 22 B 16 8 29 2911-2912 8 29 2911-2912 (852) 2543 0633 (852) 2543 9996 183 46 A 5022 A 1211 H 111 1312-2 -

2004 1996 12 30 12.682 1997 3 H 7.475 1997 3 12 0548 2001 12 A 1.65 2001 12 25 600548 21.807 0152 30.03% 2004 12 31 8 5 CEPA 9+2-3 -

A 7.57% H 43.42% 100.00% 34.28% 30.03% 20.99% 7.13% 95% 40% 55% 25% 100% 100% (A B ) 30% 51% * 100% ( ) 42% 95% 100% ( ) 40% 30% 100% (C ) ( ) 25% 95% - 25% 4-25% 2005 2 18

2004 2 3 25% 2003 8 50 4 25% 5 25% MSCI 6 25% 2003 33 8 2004 10 11 100 61 2004 12 30% ( ) 2005 2009

2004 2004 7.06 4.85 2003 5.98 8.52 0.222 2003 0.391 2003 26.7% 25.1% 2005 4 8 2004 0.110 49.55% 2004 CEPA 30% 2004 200 2004 11 12 2005 2 200-6 -

2008 4,000 2010 3,000 1,400~1,500 2005 2 18-7 -

1 2004 568,769,473.28 484,564,032.97 348,126,045.54 512,953,718.77 17,896,506.16 444,138,511.66 (8,777,381.54) 140,911,570.11 (7,503,226.95) 511,542,703.34 (5,568,245.32) (1) (7,573,206.78) (2) 1,048,310.23 (3) 140,911,570.11 (4) 111,210.05 (5) (41,230.22) (6) 855,000.00 (7) 1,126,334.04 136,437,987.43 28.16% 2 2004 2003 2002 ( ) 2002 ( ) 705,775,573.99 598,137,200.85 646,127,965.77 646,127,966 484,564,032.97 852,037,109.31 337,453,630.00 351,353,919 7,518,609,524.83 7,105,308,870.56 6,922,502,650.84 6,922,502,651 ( ) 6,023,099,835.53 5,952,865,584.17 5,363,351,814.59 5,160,312,772 0.222 0.391 0.155 0.16 2.76 2.73 2.46 2.37 2.76 2.73 2.44 2.35 0.23 0.20 0.20 0.20 ( ) 8.05% 14.31% 6.29% 6.81% ( ) 5.88% 3.70% 6.59% 6.75% - 8 -

3 2,180,700,000.00 2,180,700,000.00 2,060,481,625.15 2,060,481,625.15 1,067,475,237.74 120,368,980.46 1,187,844,218.20 295,062,882.80 56,275,127.92 351,338,010.72 644,213,821.28 484,564,032.97 534,701,980.46 594,075,873.79 5,100.00 3,218.39 1,881.61 5,952,865,584.17 604,936,231.82 534,701,980.46 6,023,099,835.53 2004 12 31 2004 2004 12 31 2004 / 6,086,606 418,870 : 1 (59,541) (3,982) 2 (17,022) (654) 3 13,054 70,330-106,109 13,054 (35,779) 3 - /( ) (63,506) 65,694 / 6,023,100 484,564 1. 2001 1 1 2. 3. 2003 107 205 2004 ( 2003 ) 2004 107 205-9 -

1 + - 1126,820 126,820 65,478 65,478 61,342 61,342 2 3 4 126,820 126,820 1 16,500 16,500 2 3 74,750 74,750 4 91,250 91,250 218,070 218,070 2-10 -

1 39,290 4 A 38,796 H 490 ( (%) ) HKSCC NOMINEES LIMITED +1,139,900 729,523,398 33.45% 0 654,780,000 30.03% 0 457,780,000 20.99% 0 91,000,000 4.17% 0 64,640,000 2.96% J.P. MORGAN CHASE & CO. 2 SUMITOMO MITSUI ASSET MANAGEMENT COMPANY LIMITED 2 VALUE PARTNERS LIMITED 2 HSBC NOMINEES (HONG KONG) LIMITED 0 63,376,000 2.91% 0 61,814,000 2.83% 0 38,930,000 1.79% +32,000 3,832,000 0.18% -9,909,711 3,612,781 0.17% - 11 - A B H ) HKSCC NOMINEES LIMITED 1 729,523,398 H J.P. MORGAN CHASE & CO. 2 63,376,000 H SUMITOMO MITSUI ASSET MANAGEMENT COMPANY LIMITED 2 61,814,000 H VALUE PARTNERS LIMITED 2 38,930,000 H HSBC NOMINEES (HONG KONG) LIMITED 3,832,000 H 3,612,781 A ARSENTON NOMINEES LIMITED 3,000,000 H MERRILL LYNCH INTERNATIONAL 1,999,954 A 1,396,371 A ING BANK N.V. 1,059,986 A 1 HKSCC NOMINEES LIMITED H 2 2004 12 31 H HKSCC NOMINEES LIMITED

2 1993 9 8 2 3 (1) Shenzhen International Holdings Limited 1989 11 22 1,121,721,162.6 Bank of Bermuda Building, 6 Front Street, Hamilton HM11, Bermuda 43.42% 7.03% 49.55% (2) 1987 7 2004 10 13 400,000-12 -

43.42% 100% 30.03% 4 10% 10% 20.99 % 1993 6 500 2004 12 31 10% - 13 -

1 49 2003.01-2005.12 41 2003.01-2005.12 42 2003.01-2005.12 41 2003.01-2005.12 43 2003.01-2005.12 49 2003.01-2005.12 41 2003.01-2005.12 51 2003.01-2005.12 63 2003.01-2005.12 63 2003.01-2005.12 36 2003.01-2005.12 40 2003.05-2005.12 58 2003.01-2005.12 37 2003.01-2005.12 42 2003.01-2005.12 44 2003.08-2005.08 42 2003.08-2005.08 47 2003.08-2005.08 32 2002.11-2005.11 48 2004.10-2006.10 33 2004.09-2007.09 35 2004.09-2007.09 2 2003.03-2003.03-2002.02-2004.05-2008.05 2000.10- / 1998.07-1997.10-2000.07-2003.03- - 14 -

2004 2004 70% 1 2004 21 21 5,808 0 10 10 50 50 100 5 5 2 2 1 0 * 0 2 4 6 2 2004 300 300 618 46 664 3 1,533 4 1,903 5-15 -

6 2004 ( ) 1 13 502 133 28 676 2 8 380 67 71 526 10 10 8 8 8 8 9 9 318 13 331 159 11 170 150 12 162 150 12 162 159 11 170 10 10 10 10 10 271 48 61 390 936 160 1,153 248 160 2,642 1 15 2 2004 9 2004~2005 337 1 2004 9 13 2004 9 13-16 -

2 2004 10 25 2004 10 25 1 2003 5 28 2005 12 31 2003 1 1 2005 12 31 2 3 4 5 3.13 3.13-17 -

6 7 (1) 2004 12 31 15 352 2004 12 31 5,501,400 2,750,700 ( c) a 2,750,700 ( c) b 2,750,700 ( c) a 2,750,700 ( c) b 2,750,700 2,750,700 ( c) ( c) a b a. 3.456 2003 3 16 2004 3 15 b. 3.456 2004 3 16 2005 3 15 c. 2001 3 6 2003 10 30 2004 12 31 (2) (i) 2004 12 31 15 7 8-18 -

352 (ii) 2004 12 31 (iii) 49 2000 1 1993 4 2000 9 2000 3 0152 0106 41 1987 2002 1996 11 2002 1 2002 10 2002 11 1 42 1985-19 -

1988 1993 1996 2004 9 2000 12 41 1985 2002 1993 5 2003 3 0152 43 1984 1990 2000 1 2000 1 2002 1 49 1999 11 41 1987 2001 1994 51 1977 1994 3 1996 1-20 -

63 1995 1999 1999 63 36 1998 9 40 1993 58 1997 10 37 1988 2001 3-21 -

42 1984 1987 1998 10 44 1994 1996 42 1994 A 32 1994 1999 1999 47 1995 1996 48 1998 3 2000 3 2004 10 2004 10 25-22 -

33 1992 1998 10 2000 9 2000 10 2003 3 2003 3 2004 9 2004 9 13 35 1992 MONASH 2000 2004 9 13 1,270 8% 3% 13% 76% 11% 24% 1 (1) 2004 4 (2) - 23 -

(3) 2 (4) 2001 2003 10 30 2 5 786 12-24 -

2001 2004 12 4 2003 1 1 2005 12 31-25 -

2004 1/6 1/3 2004 100% 1999 8-26 -

2004 2001 11 2004-27 -

2001 11 2003 1 2004 2004 8 2004-28 -

/ 8/8 3/3 1/1 8/8 1/1 6/8 6/8 6/6 1/1 8/8 1/1 7/8 7/8 7/8 1/1 5/8 6/6 7/8 3/3 1/1 8/8 3/3 4/8 5/6 1/1 2004 2000 8-29 -

2004 12 45 30.03% 20.99% 2004-30 -

- 31 -

2004 2004 2003 8 50 2004-32 -

20 Finance Asia 14.13 52% 2004 100 2004 5 MSCI 2005 2005-33 -

1. 90% 2. - 34 -

3. 2004 3% 12%, 4. 5. 2.5% 2.5% - 35 -

2004 6. 2001 11 28 2004 11 IC 2004-36 -

2004 4 23 2003 2004 2004 6 14 2004 5022 A 19 2003 2003 2004 3 8 6 1,340,108,000 61.45% 10 1 2003 2 2003 3 2003 4 2003 2003 2,180,700,000 10 1.90 10 0.9 414,333,000 2003 5 2004 6 2003 7 2004 2004-37 -

1 2 3 H H 10% H H 4 20% 2004 4 26 2004 2004 3 8 1 4 1,268,200,100 88.49% H 10% 2 2004 4 7 2 80,864,000-38 -

H 10% 2004 4 26 2004 2004 2004 4 26 4 1,275,540,000 60.28% 8 1 2004 3 5 25%, 2 2004 4 7 25%, 2004 6 15-39 -

2004 CEPA 2004 2004 A B 7 107 205 2003 3 18 705,775,574 18% 484,564,033 43.13% 0.222 26.66% 25.13% % (%) 692,017 17.54 146,128 510,178 78.89 13,759 46.37 10,233 2,775 25.63 705,776 18.00 156,362 512,954 77.85-40 -

( ) ( ) 259,022 42,924 83.43% 26.62% 32.63% -0.75% 217,351 33,387 84.64% 22.92% 20.88% 0.26% 127,042 18,905 85.12% 26.70% 19.46% 0.9% (A B ) 32,634 33,840-3.70% 46.16% 24.29% 18.25% 55,967 17,072 69.5% 27.75% 22.43% 1.33% 10,298 8,026 22.06% 18.12% -2.25% 16.24% 3,462 2,208 36.22% 407.93% 305.66% 16.08% 705,776 156,362 77.85% 26.66% 24.36% 0.90% 0 0 0 0 0 0 55% 51% 40% 42% ( ) ( ) 2004 2003 (%) 2004 2003 (%) 95% 64,199 46,397 38.37 707,711 560,477 26.27 55% 44,446 33,308 33.44 631,107 499,489 26.35 100% 35,257 28,284 24.65 593,856 484,467 22.58 (A B )* 100% 9,427 7,423 27.00 89,165 61,171 45.76 40% 39,733 30,397 30.71 382,291 300,079 27.40 51% 4,623 3,454 33.84 55,170 46,836 17.79 42% 2,888 2,706 6.73 22,512 24,359-7.58 * (B ) 2003 6-41 -

2003 67.9% 2004 70.3% 3.8% 1.6% 70.3% 4.2% 2.7% 67.9% 14.7% 13.0% 9.6% 12.1% 2004 2003 2004 38.4% 2004 7 2004 43.8% 2004 33.5% 2003 25% 2003 2004 100 A B 2004-42 -

27% C 38 229 2004 30.7% 2004 9 2004 11 2004 33.8% 42% 2002 10 1 2006 3 1 90% 42% 332,400 95% 5% 2004 751,924 259,022 162,125 440,000-43 -

55% 2004 1,187,081 230,985 142,565 200,000 51% 2004 693,467 20,192 4,759 100,000 40% 2004 962,404 139,918 54,536 2003 1 1 2003 10 248,750 100% 42% 17,000 2003 19,984 43,000 42% 2002 4 1 15 2004 41,032 8,239 2,415 2003 11 1 2,000,000 95% - 44 -

2004 12,883 6,473 1,325 2002 8 3,000 2004 4 70% 2004 5 30% 2004 15,621 11,529 5,066 2004 5 1 2002 7 200,000 25% 2004 2,456,159 11 14,184 2,325 25% -581 5,000 2004 8 2 945 55% 2004 8 26 95% 2004 12 31 56,284-45 -

2002 1 18 150,000 2002 8 26 343,520 2003 1 28 2004 6 8 1,080,000 2004 5 24 2,500,000 1 2004 80 100% 15-20 2-46 -

2004 11 2004 12 1 2004 11 2004 3% 12% 2 3-47 -

4 A 604,000 30,500 414,000 604,000 (B ) 414,000 1 2 1 190,000 2 (B ) 2001 6 2003 6 A 2004 9,427 89,165-48 -

1,149,000 2003 7 281,000 25% 2005 2,876,000 2004 11 2005 2.5 2004 12 24 2004 271,680 271,680 25% 308,273 205,090 25% 250,000 270,000 62,500 270,000 25% 25% 60,000 179,180 60,000-40% 30% 2005 2 18 2004 3 5 271,680-49 -

25% 60% 15% 25% 2004 11 400 2004 4 7 169,500 25% 60% 15% 25% 138,770 2,120,850 67% 2005 10 60 2004 5 24 25% 40% 35% 3,003,000 1,000,000 250,000 306,310 10% 2004 9 2007 6 2004 6 270,000 25% 45% 25% 5% 2003 5 3,301,480 1,673,760 51% - 50 -

2006 5.25 5.1 2004 5 26 10% 30% 20,000 2004 7 50,000 150,000 40,000 2003 450,000 88% 95% 2005 40% 2004 12 8 179,180 30% 67% 3% 30% 2004 12 2005 2 18 2005 2005 2 3 1,839,200 56.28% 215-51 -

39 2005 2 16 C A B 515,000 C 2005-52 -

- 53 -

2004 2 11 2,268,000 2.5% 2.5% 2.5% 15 471,920 2005 2005 400,000 355,567 2004 3 12 450,000 14,090 30,000 18,445 2006-54 -

7,518,610 2003 7,105,309 5.82% 2004 6,292,968 2003 5,322,465 18.23% 2004 5,764,328 1,164,716 2003 382,155 2004 12 31 7,147,356 780,360 6,366,996 / ( ) 61.5 55.1 58.3 53.2 62.9 2.4 2.2 2.6 2.3 11.0 52.7 56.1 58.9 50.9 51.9 2000 2001 2002 2003 2004-55 -

2004 26,918 2004 12 31 1,727,363 2003 2,304,208 1,297,811 55,988 421,964 2004 12 31 876,806 2003 368,357 156,538 55,988 583,082 2004 12 31 201,099 2003 342,430 16,280 54,000 130,819 2004 12 31 318,764 35,708 2004 12 31 713,901 2003 414,521 / - 56 -

2004 12 31 6,023,100 2003 70,234 511,543 18.55% 579,000 105,204 1,649,204 386,000 2005 414,521 2004 12 31 5,568 1,164,716 2003 382,155 105,204 414,333 2004 705,776 18% 2003 3 26.66% A B 26.62% 22.92% 46.16% 26.70% 27.75% 18.12% 2004 13.38% 19.04% 25,710 B 39.36% 15,201 16.67% 16,092 11.72% 105,710-57 -

67.61% 68.62% 2004 2003 16.44% 15.66% 10.45% 5.27% 7.70% 8.25% 2004 19.48% 512,954 2003 3 27.38% 2004 77.85% 2003 76.94% 2004 187.3% 17,897-11,018 6,333 2004 74,691 24.19% 30,311 2004 12,020 25.78% 2004 38.44% 444,139 2003 3 50.97% - 58 -

8,777 2003 60,535 8,096 68,562 2003 69,312 6.06% -1.54% 105,204 35,708 2003 646,726 2004 8,090 2003 77,000 2004 568,769 484,564 43.06% 43.13% 31.62% 25.13% 2003 3 18 646,726 2003 64.74% 2003 548,865 2003 64.42% 105,204 57.03% -1.32% 4.79% 24.77% - 59 -

/ 65% 10 2004 2004 AAA 2004 1 2 4.839% 5.111% 5 1 48.9 44 % / 95.2 4.8 / / 95.2 4.8 86.0 14.0 81.7 17.5 0.8 64.4 35.6 2004 12 31 24.47% 2003 19.0% 11.85% 2003 5.03% 20.53 2003-60 -

14.56 2004 12 31 20.53 % % 2004 12 31 C 7,147,356 3,900,000-61 -

3817 805 345 500 328 1575 200 396 371 25 1164 128 809 227 1839 125 150 1100 922 100 92 730 535 115 298 420 298 2003 2004 2005 2006 2007 2008 2009-62 -

2004 H 2004 22.68 2.5% 2.5% 2.5% 4.5 1 30,000 15,000 2003 2003-63 -

2004 2004 2004 H 2005-2009 1 2003 2003 2004 4 23 2003 2003 2,180,700,000 10 1.90 414,333,000 2004 4 26 2003 2004 5 18 2003 2003 2004 5 28 2 H H H H - 64 -

3 1996 2004 4 23 4 1 2004 484,564,032.97 64,093,852.54 56,275,127.92 2004 594,075,873.79 2004 2,180,700,000 10 1.10 239,877,000.00 2005 4 8 2 2003 56 3 2003 56-65 -

2010 3,000 1,400 2008 4,000 2013 200 270-66 -

2004 2004 2003 2004 2003 2004 2004 2004 2004 2004 2004 1 2004 2-67 -

2004 3 6.04 2001 12 A 1.65 (B ) 2001 6 2003 6 12 30,500 2004 12 31 4.14 4 2004 3 5 271,680 25% 2004 4 7 169,500 25% 2004 12 8 179,180 30% 5 2004 8 2 2005 2 18-68 -

25% 30% 5% 5% 2004-69 -

1996 2003 2004 2003 2004 2004 2003 1,230 1,006 1,145 500 150 288 710 270 a. b. 1 2 3-70 -

A B C 19.30 95% 6/4 1995 5-2027 3 23.30 55% 6 1997 10-2027 3 21.00 100% 6 1999 5-2027 3 (A B ) 18.80 100% 6 2001 4-2031 12 20.14 40% 6 2002 2-2025 12 79.76 25% 4 2004 11-2027 7 * 36.50 30% 4 2004 12-2027 11 34.52 51% 4 1999 11-2029 12 0.58 42% 4 2002 4-2017 3 15.20 100% 6 31.20 100% 6 C 9.80 100% 6 5.25 40% 6 32.38 25% 4 39.13 25% 6 15.60 25% 6 19.13 17.18 * 2005 2 18 10 ( ) 12 ( ) - 71 -

1995 5 205 107 1997 10 1999 5 A B 2001 3 2003 6 C 2002 2 2002 12 40% 2004 11 2003 2001 25.77-72 -

2003 2004 12 14.20 107 319 316 2002 4 4,300 2003 11 42% ( / ) 0.60 1.20 1.80 20 2.40 40 3.60 2 2-4 0.60 <3.2 2 4 0.90 3.2 2 6 1.20 3.2 3 6-10 1.80 3.2 >3 >10 2.40 3.2 ( / ) 0.60 0.90 1.20 1.80 20 2.40 40-73 -

2 2-4 <1.3 <3.2 2 4 1.3 3.2 2 6 1.3 3.2 3 6-10 1.3 3.2 >3 >10 1.3 3.2 ( / ) 0.45 0.675 0.90 1.35 20 1.80 40 ( / ) 2 12 0.40 2 6 13 19 0.70 6 11 20 49 1.00 11 18 50 1.30 18 25 1.60 25 1.90 ( / ) 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 (A B ) 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 54,927 117,473 319,965 492,328 680,821 945,437 1,238,717 1,646,465 1,976,878 2,481,812-74 -

( / ) 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 64,199 46,397 37,566 33,634 23,659 22,760 18,736 12,938 7,522 3,016 44,446 33,308 26,547 25,103 21,602 16,799 13,598 6,152 - - 35,257 28,284 21,809 16,134 12,787 10,028 - - - - (A B ) 9,427 7,357 5,343 5,762 - - - - - - 39,733 30,397 22,762 - - - - - - - 4,623 3,454 2,576 1,373 1,302 - - - - - 2,888 2,706 2,488 - - - - - - - 205 11.49 2003 2005 107 28.76 2005 2.5 C C A B 5.62 C 5.1 2005-75 -

27.1 4.64 2005 10 324 321 105 106 107 30.03 2007 19 33.09 2006 14.96 9 4.17 9 2003 12 30 12 18 45.84-76 -

4.55 17.18 18-77 -

2004-78 -

(2005) 846 ( ) ( )2004 12 31 2004 2004 12 31 2004 2005 2 18 - - 79 -

2004 12 31 ( ) 2004 12 31 2003 12 31 (1) 1,297,810,765.64 1,317,391,402.04 (2) 2,056,803.17 4,511,407.18 (2) 417,888,038.80 974,656,899.26 (3) 2,019,008.18 1,120,366.33 (4) 7,366,833.93 6,379,772.29 221,621.70 147,845.98 1,727,363,071.42 2,304,207,693.08 (5) 1,046,894,975.40 184,686,736.82 (5) 176,196,408.72 184,686,736.82 (5) 123,359,437.76 158,640,673.49 1,170,254,413.16 343,327,410.31-4,384,746,290.42 4,368,059,868.12 (385,370,241.81) (306,175,042.90) - 3,999,376,048.61 4,061,884,825.22 (77,000,000.00) (77,000,000.00) - (6) 3,922,376,048.61 3,984,884,825.22 (7) 284,040,960.17 39,848,767.47 4,206,417,008.78 4,024,733,592.69 (8) 386,467,841.25 404,106,105.45 (9) 1,189,120.35 1,645,575.26 387,656,961.60 405,751,680.71 (19) 26,918,069.87 27,288,493.77 7,518,609,524.83 7,105,308,870.56 - - 80 -

( ) 2004 12 31 ( ) 2004 12 31 2003 12 31 (10) 580,000,000.00 40,000,000.00 (11) 156,538,411.91 148,168,178.42 (11) 2,456,380.34 3,130,282.90 9,634,471.24 12,061,357.88 3,305,526.05 2,612,764.49 (12) 20,821,657.23 130,230,696.01 (13) 73,137.36 180,516.26 (11) 90,947,651.62 23,619,845.03 (14) 9,946,909.95 5,271,183.66 (15) 3,081,893.16 3,081,967.73 876,806,038.86 368,356,792.38 (15) 130,818,928.85 256,297,837.46 (16) 16,279,629.19 32,132,418.21 (17) 54,000,000.00 54,000,000.00 201,098,558.04 342,430,255.67 (18) 318,764,135.69 354,472,114.27 (19) 77,212,155.02 65,893,243.33 1,473,880,887.61 1,131,152,405.65 21,628,801.69 21,290,880.74 (20) 2,180,700,000.00 2,180,700,000.00 (21) 2,060,481,625.15 2,060,481,625.15 (22) 1,187,844,218.20 1,067,475,237.74 351,338,010.72 295,062,882.80 (23) 594,075,873.79 644,213,821.28 239,877,000.00 414,333,000.00 (1,881.61) (5,100.00) 6,023,099,835.53 5,952,865,584.17-7,518,609,524.83 7,105,308,870.56-81 -

2004 12 31 ( ) 2004 12 31 2003 12 31 1,219,272,248.37 1,241,687,100.94 (1) 5,385,386.05 5,921,050.98 (1) 419,415,039.77 971,803,680.09 1,537,100.00 1,063,777.83 6,292,294.96 5,479,650.28-29,097.76 1,651,902,069.15 2,225,984,357.88 2,211,578,523.99 1,313,221,312.88 754,026,280.75 876,353,026.18 (2) 2,965,604,804.74 2,189,574,339.06-2,350,197,621.67 2,341,222,411.85 (154,549,789.90) (115,459,311.35) - 2,195,647,831.77 2,225,763,100.50 280,242,222.09 39,539,596.17 2,475,890,053.86 2,265,302,696.67 73,861,607.00 77,218,955.00 1,076,626.18 1,383,089.13 74,938,233.18 78,602,044.13 1,878,493.77 1,878,493.77 7,170,213,654.70 6,761,341,931.51 - - 82 -

( ) 2004 12 31 ( ) 2004 12 31 2003 12 31 360,000,000.00 40,000,000.00 145,181,783.99 144,354,429.39 52,598.75 22,231.25 7,536,216.37 10,375,580.38 3,237,321.95 2,434,479.73 7,521,888.72 119,841,808.16 33,414.91 132,617.44 82,337,873.49 20,413,278.00 5,996,687.49 4,443,407.86 3,081,893.16 3,081,967.73 614,979,678.83 345,099,799.94 130,818,928.85 33,094,637.46 54,000,000.00 54,000,000.00 184,818,928.85 87,094,637.46 318,764,135.69 354,472,114.27 28,549,194.19 21,804,695.67 1,147,111,937.56 808,471,247.34 (20) 2,180,700,000.00 2,180,700,000.00 (21) 2,060,481,625.15 2,060,481,625.15 1,092,401,298.48 995,488,491.88 319,504,984.21 271,048,580.91 689,518,793.51 716,200,567.14 239,877,000.00 414,333,000.00 6,023,101,717.14 5,952,870,684.17 7,170,213,654.70 6,761,341,931.51 - - 83 -

2004 ( ) 2004 2003 (24) 705,775,573.99 598,137,200.85 (24) (156,361,770.43) (137,903,442.67) (25) (36,460,084.79) (30,920,703.73) 512,953,718.77 429,313,054.45 (26) 17,896,506.16 6,229,171.70 (74,691,380.95) (98,525,396.59) - (27) (12,020,332.32) (16,196,081.19) 444,138,511.66 320,820,748.37 ( )/ (28) (8,777,381.54) 60,534,951.14 (29) 140,911,570.11 47,888,368.73 (30) 586,971.05 647,277,341.29 (31) (8,090,198.00) (77,602,811.61) 568,769,473.28 998,918,597.92 (76,019,281.11) (140,209,030.11) (8,186,159.20) (6,672,458.50) 484,564,032.97 852,037,109.31 2004 2003 1. - 646,725,879.54 2. - - 3. /( ) - - 4. /( ) - - 5. - - 6. - - - 84 - -

2004 ( ) 2004 2003 (3) 249,985,881.04 240,079,272.22 (4) (67,226,326.63) (67,013,580.80) (12,999,263.46) (12,484,305.66) 169,760,290.95 160,581,385.76 12,431,353.46 1,260,897.77 (49,140,809.59) (73,220,084.34) - (1,792,448.30) (3,807,009.91) 131,258,386.52 84,815,189.28 (5) 245,480,893.26 207,305,143.61 140,911,570.11 41,458,768.73 482,661.00 647,246,035.54 (3,811,235.07) (503,176.19) 514,322,275.82 980,321,960.97 (29,758,242.85) (128,284,851.66) 484,564,032.97 852,037,109.31 2004 2003 1. - 646,725,879.54 2. - - 3. /( ) - - 4. /( ) - - 5. - - 6. - - - - 85 -

2004 ( ) 2004 2003 484,564,032.97 852,037,109.31 (23) 644,213,821.28 243,505,123.37 1,128,777,854.25 1,095,542,232.68 (64,093,852.54) (98,028,370.63) (56,275,127.92) (91,616,040.77) 1,008,408,873.79 905,897,821.28 (23) (414,333,000.00) (261,684,000.00) 594,075,873.79 644,213,821.28 - - 86 -

2004 ( ) 2004 2003 484,564,032.97 852,037,109.31 716,200,567.14 296,254,879.69 1,200,764,600.11 1,148,291,989.00 (48,456,403.30) (85,203,710.93) (48,456,403.30) (85,203,710.93) 1,103,851,793.51 977,884,567.14 (414,333,000.00) (261,684,000.00) 689,518,793.51 716,200,567.14 - - 87 -

2004 ( ) 736,739,459.33 27,827,959.34 764,567,418.67 (45,719,685.67) (47,008,496.56) (108,293,523.13) (32) (52,003,009.97) (253,024,715.33) 511,542,703.34 38,246,433.73 10,180,860.26 393,314.00 (33) 684,203,591.53 74,795,146.00 807,819,345.52 (295,501,288.70) (869,215,000.00) (2,468,304.53) (33) (105,203,591.53) (1,272,388,184.76) (464,568,839.24) 880,807,042.66 880,807,042.66 (484,751,403.27) (448,235,477.02) (6,890,299.00) (932,986,880.29) (52,179,837.63) (362,271.79) (1) (5,568,245.32) - - 88 -

( ) 2004 ( ) 1 484,564,032.97 8,186,159.20 561,702.31 105,709,777.91 17,638,264.20 456,454.91 ( ) (73,775.72) ( ) 4,675,726.29 ( ) (475,761.00) ( ) 8,048,967.78 ( ) 12,020,332.32 ( ) 7,832,381.54 ( ) 11,689,335.59 ( ) (987,061.64) ( ) (17,835,338.36) ( ) 10,443,075.15 (140,911,570.11) 511,542,703.34 2-3 1,241,823,156.72 (1,247,391,402.04) (1) (5,568,245.32) - - 89 -

2004 ( ) 269,169,582.48 24,188,709.61 293,358,292.09 (27,211,540.17) (33,344,488.81) (45,216,563.36) (36,037,002.43) (141,809,594.77) 151,548,697.32 131,390,666.77 217,706,519.95 384,514.00 (33) 684,203,591.53 74,795,146.00 1,108,480,438.25 (284,355,254.10) (869,215,000.00) (33) (105,203,591.53) (1,258,773,845.63) (150,293,407.38) 660,807,042.66 660,807,042.66 (243,082,104.79) (427,028,000.63) (670,110,105.42) (9,303,062.76) (354,688.67) (8,402,461.49) - - 90 -

( ) 2004 ( ) 1 484,564,032.97 564,927.31 47,019,317.16 3,357,348.00 306,462.95 ( ) 29,097.76 ( ) 1,553,279.63 ( ) 7,610.60 ( ) 3,324,146.44 ( ) 1,792,448.30 ( : ) (246,425,893.26) ( ) 6,744,498.52 ( ) (812,644.68) ( ) (30,112,402.90) ( ) 20,548,038.63 (140,911,570.11) 151,548,697.32 2-3 1,163,284,639.45 (1,171,687,100.94) (8,402,461.49) - - 91 -

2004 ( ) 1996 12 10 [1996]185 ( 2002 11 21 ( ) ) ( ( ) ( ) ( ) 1996 12 30 N23624 4403011018527 1996 12 31 [1997]9 [1997]11 (H ) 1997 3 12 (H ) 747,500,000 1997 4 16 2000 12 28 18,000 (A ) 2001 11 29 [2001]57 2001 12 6 (A ) 165,000,000 2001 12 25 2001 12 19 2,180,700,000 1 2,180,700,000 2004 4 23 2003 H 10% 2004 12 31 ( ) - 92 -

2004 ( ) (1) (2) 1 1 12 31 (3) ( ) ( ) (4) (5) - 93 -

2004 ( ) ( ) (6) (7) (8) 0% 5% 10% 20% - 94 -

2004 ( ) ( ) (8) ( ) (9) (10) (a) 50% / 20% 50% - 95 -

2004 ( ) ( ) (10) ( ) (a) ( ) 2003 3 17 2003 3 17 ( ) 360 1997 3 1-2027 2 28 149 2003 11 1-2016 3 31 ( ) 277 2003 1 1-2026 1 31 ( ) 338 2004 7 1-2032 8 26 ( ) 277 2004 7 1-2027 7 23 (b) - 96 -

2004 ( ) ( ) (10) ( ) (c) (11) (12) 2001 1 1 1997 1 1 (1996)911 ( ) - 97 -

2004 ( ) ( ) (12) ( ) [1996]672 1997 3 30 1997 11 2026 10 1997 12 346 (28.83 ) 1999 5 1999 6 333 (27.75 ) ( ) 1999 11 30 [2001]219 A A 2001 4 30 B 2003 6 28.83 [2001]B1425 2002 2 24 [2002] 33 16 2002 2 14.17 3 5 2001 2001-98 -

2004 ( ) ( ) (12) ( ) ( ) 0.72 1.17 1.08 ( ) 6.50 3.36 2.23 ( ) (%) (%) A 30 - B 28.83-30 - ( ) 30-28.83-27.75-24 - * 14.17-7.06 30 5 3.17 10 5 9.50 15 5 6.33 10 5 9.50 10 5 9.50 6 5 15.83 5 5 19.00 * ( ) - 99 -

2004 ( ) ( ) (12) ( ) (13) - 100 -

2004 ( ) ( ) (14) 2001 1 1 1997 1 1 1996 6 30 - - ( ) ( 1997 12 ) 346 ( 1999 6 ) 333 1997 3 360-101 -

2004 ( ) ( ) (15) ( ) (16) (17) (18) - 102 -

2004 ( ) ( ) (19) (a) (b) (c) (d) (e) (20) (20) A B 450,000,000.00 [2001]764 [2003]213 A B - 103 -

2004 ( ) ( ) (20) ( ) ( (12)) 2001 (21) (22) (1995)11-104 -

2004 ( ) (a) 5% 3% 1% 3% 5% (i) 3% (ii) 2% (iii) 1 (iii) (i) ( ) 5% 3% (ii) ( ) 3% (iii) 2% 1 (b) 15% 33% 15% 16.5% [2001]251 [2001]839 2003 8 20 [2003]693 2004-105 -

2004 ( ) ( ) (b) ( ) 2003 4 11 15% 2004 7.5% (a) 50% / 2,000,000.00 95% 4.75% 332,400,000.00 95% - 17,000,000.00 100% - 5,000,000.00 95% - ( ) (i) 40% 1997 7 1,800. - ( ) 55% 2002 2003 11 55% 55% - 106 -

2004 ( ) ( ) (a) ( ) (i) ( ) 2004 8 2 900,000.00 55% 45,000.00 945,000.00 2004 8 26 95% (1995)11 (ii) ( )70% 2004 3 5 4,000,000.00 2004 5 9 7,000,000.00 70% 30% (b) / 100,000,000.00 40% - (i) 440,000,000.00 55% - (ii) 200,000,000.00 51% - (iii) 43,000,000.00-42% (iv) - 107 -

2004 ( ) ( ) (b) ( ) (i) (ii) (iii) ( ) (iv) 2.5 (1) 2004 12 31 2003 12 31 227,061.94 232,911.44 1,291,583,703.70 1,311,158,490.60 6,000,000.00 6,000,000.00 1,297,810,765.64 1,317,391,402.04 2004 12 31 9,486.30 8.2765 78,513.37 61,233,606.34 1.0637 65,134,187.06 11.70 1.0812 12.65 446.00 0.0468 20.88 30.00 15.9310 477.93 74.20 11.2627 835.69 65,214,047.58-108 -

2004 ( ) ( ) (1) ( ) 2004 12 31 1,297,810,765.64 * (55,987,608.92) 2004 12 31 1,241,823,156.72 2003 12 31 1,247,391,402.04 2003 12 31 1,317,391,402.04 (70,000,000.00) (5,568,245.32) * ( (11)(c)(ii)) (2) (a) 2004 12 31 2003 12 31 2,062,653.17 4,520,482.18 (5,850.00) (9,075.00) 2,056,803.17 4,511,407.18 2004 12 31 2003 12 31 (%) (%) 1,970,653.17 95.54-4,228,983.18 93.55-67,000.00 3.25 3,350.00 266,499.00 5.90 6,575.00 25,000.00 1.21 2,500.00 25,000.00 0.55 2,500.00 2,062,653.17 100.00 5,850.00 4,520,482.18 100.00 9,075.00-109 -

2004 ( ) ( ) (2) ( ) (a) ( ) 2004 12 31 2004 12 31 2003 12 31 2,062,653.17 4,520,482.18 2,062,653.17 4,520,482.18 100.00% 100.00% 2004 12 31 5%( 5%) (b) 2004 12 31 2003 12 31 464,157,508.51 1,021,306,441.66 (46,084,070.57) (46,464,143.26) (185,399.14) (185,399.14) 417,888,038.80 974,656,899.26 2004 12 31 2003 12 31 (%) (%) 30,851,144.55 6.65 474,927.31 975,830,133.10 95.55 2,783,761.40 389,631,196.40 83.94 2,826,133.15 25,525,747.90 2.50 25,325,751.54 25,525,747.90 5.50 25,283,379.79 1,484,720.50 0.15 255,782.82 18,149,419.66 3.91 17,685,029.46 18,465,840.16 1.80 18,284,246.64 464,157,508.51 100.00 46,269,469.71 1,021,306,441.66 100.00 46,649,542.40 2004 12 31 5%( 5%) - 110 -

2004 ( ) ( ) (2) ( ) (b) ( ) 2004 12 31 2004 12 31 (i) 386,000,000.00 107 205 2005 15,000,000.00 ( ) 1,000,000.00 6,319,173.77 ( ) (ii) 46,084,070.57 474,927.31 2,783,761.40 25,256,450.00 17,568,931.86 i. 107 205 2005 ( 20%) - 111 -

2004 ( ) ( ) (2) ( ) (b) ( ) ii. 2003 12 31 46,464,143.26 2003 (a)(i) 855,000.00 855,000.00 474,927.31 2004 2004 12 31 46,084,070.57 (3) 2004 12 31 2003 12 31 (%) (%) 2,019,008.18 100.00 718,266.33 64.11 - - 402,100.00 35.89 2,019,008.18 100.00 1,120,366.33 100.00 5%( 5%) - 112 -

2004 ( ) ( ) (4) 2004 12 31 2003 12 31 2,147,099.33 1,193,804.15 31,464.50 136,075.80 5,188,270.10 5,049,892.34 7,366,833.93 6,379,772.29 2004 12 31 2003 12 31 (5) 2003 12 31 2004 12 31 (a) - 2,000,000.00-2,000,000.00 (b) 2,000,000.00 795,398,146.68 (2,000,000.00) 795,398,146.68 (c) 191,941,335.34 77,790,000.00 (10,034,908.10) 259,696,427.24 193,941,335.34 875,188,146.68 (12,034,908.10) 1,057,094,573.92 (d) (9,254,598.52) (945,000.00) - (10,199,598.52) 184,686,736.82 874,243,146.68 (12,034,908.10) 1,046,894,975.40 (e) 158,640,673.49 - (35,281,235.73) 123,359,437.76 343,327,410.31 874,243,146.68 (47,316,143.83) 1,170,254,413.16-113 -

2004 ( ) ( ) (5) ( ) (a) (a)(i) 40% 95% (b) 2003 2004 2003 2004 (. ) 12 31 12 31 12 31 /( ) 12 31 ( (5)(a)) 2003.4-2019.5 40% 95% 2,000,000.00 2,000,000.00 (2,000,000.00) - - - ( (a)(ii)) 2002.8-2022.8 70% 30% 2,100,000.00-2,134,142.45 1,420,222.08 1,454,364.53 3,554,364.53 2004.6-2042.1-40% 60,000,000.00-60,000,000.00 - - 60,000,000.00 (i) (ii) 2004.6-2032.8-25% 174,410,000.00-174,410,000.00 - - 174,410,000.00 2004.6-2038.1-25% 270,000,000.00-270,000,000.00 - - 270,000,000.00 (iii) (iv) 2004.6-2027.7-25% 225,515,000.00-225,515,000.00 (581,217.85) (581,217.85) 224,933,782.15 2004.6-2034.8-25% 62,500,000.00-62,500,000.00 - - 62,500,000.00 (v) 2,000,000.00 792,559,142.45 839,004.23 873,146.68 795,398,146.68-114 -

2004 ( ) ( ) (5) ( ) (b) (i) ( ) ( ) ( ) 2002 1 18 50,000,000.00 70% 30% 2004 5 26 10% 30% 5,000,000.00 15,000,000.00 2004 5 26 60% 40% 2004 5 26 50,000,000.00 150,000,000.00 90,000,000.00 60,000,000.00 (ii) ( ) 2002 8 26 3.4352 85% 15% 30 2004 4 7 2003 10 31 25% 138,820,000.00 169,500,000.00 2004 6 14 25% - 115 -

2004 ( ) ( ) (5) ( ) (b) (ii) ( ) ( ) 138,770,000 25 35,590,000.00 103,180,000 (iii) ( ) ( ) ( ) 2003 1 28 35 30 2004 6 8 ( ) ( ) 1,080,000,000.00 270,000,000.00 25% 270,000,000.00 (iv) ( ) ( ) 2002 7 25 2 85% 15% 25 2004 3 5 25% 271,680,000.00 2004 6 18 25% 11-116 -

2004 ( ) ( ) (5) ( ) (b) (v) ( ) 2004 5 24 ( ) ( ) ( ) 30.03 2.5 1 40% 0.875 35% 0.625 25% 62,500,000.00 2004 6 187,500,000 (c) 2003 12 31 2004 12 31 ( ) 210,130,700.00 (i) 360 177,359,420.86 - (7,655,802.36) (40,427,081.50) 169,703,618.50 5,688,585.90 (ii) 149 5,613,707.90 - (756,928.34) (831,806.34) 4,856,779.56 1,791,205.41 (iii) 277 1,713,608.06 - (77,597.40) (155,194.75) 1,636,010.66 217,610,491.31 184,686,736.82 - (8,490,328.10) (41,414,082.59) 176,196,408.72 10,004,570.00 (iv) - 7,254,598.52 945,000.00 - (1,804,971.48) 8,199,598.52 46,165,000.00 (v) 277-46,165,000.00 (999,960.00) (999,960.00) 45,165,040.00 30,680,000.00 (vi) 338-30,680,000.00 (544,620.00) (544,620.00) 30,135,380.00 86,849,570.00 7,254,598.52 77,790,000.00 (1,544,580.00) (3,349,551.48) 83,500,018.52 303,515,061.31 191,941,335.34 77,790,000.00 (10,034,908.10) (44,763,634.07) 259,696,427.24 (i) 1997-55% 21,597,846.00 1999 7 ( ) 45% 260,694,614.00 5% 28,966,068.00-117 -

2004 ( ) ( ) (5) ( ) (c) ( ) (ii) (iii) 2003 11 1 3,200,000.00 100% 5,688,585.90 2002 12 26 40,000,000.00 10% 30% 1,791,205.41 (iv) 1997 6 3 11,059,570.00 40% 9,059,570.00 (a)(i) 2004 8 945,000.00 55% 945,000.00 10,004,570.00 2001 12 31 7,254,598.52 945,000.00 8,199,598.52 ( (d)) (v) (5)(b)(iv) 2004 3 5 271,680,000.00 25% 46,165,000.00 ( ) (vi) (5)(b)(ii) 2004 4 7 169,500,000.00 25% 30,680,000.00-118 -

2004 ( ) ( ) (5) ( ) (d) 2,000,000.00 7,254,598.52 945,000.00 2004 12 31 10,199,598.52 (e) 2003 2004 12 31 12 31 330,000,000.00 - - 158,640,673.49 - (35,281,235.73) 123,359,437.76 2003 330,000,000.00 2004 12 31 124,400,937.06 ( 58,802,059.54 ) 205,599,062.94 (2003 12 31 264,401,122.48 ) 123,359,437.76-119 -

2004 ( ) ( ) (6) 2003 12 31 3,874,791,154.30 233,497,922.60 217,810,313.43 2,805,757.08 20,771,665.79 18,383,054.92 4,368,059,868.12-7,542,145.06 38,480,496.48 - - - 46,022,641.54 90,000.00 209,272.12-11,060.70 2,809,398.05 2,639,045.14 5,758,776.01 - (246,873.50) (28,760,966.35) - (4,583,898.50) (1,503,256.90) (35,094,995.25) 2004 12 31 3,874,881,154.30 241,002,466.28 227,529,843.56 2,816,817.78 18,997,165.34 19,518,843.16 4,384,746,290.42 2003 12 31 166,619,496.48 32,475,702.06 81,997,189.22 1,874,182.85 14,844,251.69 8,364,220.60 306,175,042.90 70,867,997.06 9,055,186.17 21,340,003.18 58,699.50 1,973,845.96 2,414,046.04 105,709,777.91 - (146,527.72) (21,190,575.93 ) - (4,144,728.72) (1,032,746.63 ) (26,514,579.00) 2004 12 31 237,487,493.54 41,384,360.51 82,146,616.47 1,932,882.35 12,673,368.93 9,745,520.01 385,370,241.81 2003 12 31 77,000,000.00 - - - - - 77,000,000.00 - - - - - - - - - - - - - - 2004 12 31 77,000,000.00 - - - - - 77,000,000.00 2004 12 31 3,560,393,660.76 199,618,105.77 145,383,227.09 883,935.43 6,323,796.41 9,773,323.15 3,922,376,048.61 2003 12 31 3,631,171,657.82 201,022,220.54 135,813,124.21 931,574.23 5,927,414.10 10,018,834.32 3,984,884,825.22 A B 2001 4 2003 6 2001 12 967,576,925.00 460,087,000.00 975,498,642.15 390,199,456.86 2003 2003 12 31 ( ) 594,547,109.00 303,219,025.00 2003 12 31 380,301,615.00 77,000,000.00-120 -

2004 ( ) ( ) (7) 2003 12 31 2004 12 31 1,272,031.00 - - (1,272,031.00) - - - - 500,000.00 - - (500,000.00) - - - - ( ) 2,950,298.85 - - - 2,950,298.85 * * 30,978,683.92 227,019,291.26 - - 257,997,975.18 10 25.8% 805,900.00 115,545.00 - - 921,445.00 625 14.74% 3,156,164.40 4,224,970.58 - - 7,381,134.98 28.76 0.26% - 38,480,496.48 (38,480,496.48) - - - - - 3,354,818.96 - - 3,354,818.96 478 70.18% C - 1,613,443.00 - - 1,613,443.00 5.15 0.31% - 8,093,995.06 (7,542,145.06) - 551,850.00 133 41.49% - 1,803,024.00 - - 1,803,024.00 * * - 663,982.27 - - 663,982.27 80 83% - 3,822,244.85 - - 3,822,244.85 400 95.56% - 289,000.00 - - 289,000.00 1,506 1.92% 185,689.30 2,506,053.78 - - 2,691,743.08 ** ** 39,848,767.47 291,986,865.24 (46,022,641.54) (1,772,031.00) 284,040,960.17 37,746.78 (2003 671,749.98 ) 5.022%(2003 4.53%) * ** - 121 -

2004 ( ) ( ) (8) 2003 12 31 2004 12 31 92,606,800.00 77,218,955.00 (3,357,348.00) (18,745,193.00) 73,861,607.00 264 181,500,000.00 143,206,656.45 (6,294,796.20) (44,588,139.75) 136,911,860.25 261 250,000,000.00 183,680,494.00 (7,986,120.00) (74,305,626.00) 175,694,374.00 264 524,106,800.00 404,106,105.45 (17,638,264.20) (137,638,958.75) 386,467,841.25 (9) 2003 12 31 2004 12 31 866,756.13 (866,756.13) 158,905.07 (158,905.07) - - 1,050,000.00 (198,489.50) 886,510.54 (35,000.04) 851,510.50 292 550,546.20 (325,430.52) 337,673.52 (112,557.84) 225,115.68 24 749,960.00 (637,465.83) 262,486.13 (149,991.96) 112,494.17 9 3,217,262.33 (2,028,141.98) 1,645,575.26 (456,454.91) 1,189,120.35-122 -

2004 ( ) ( ) (10) 2004 12 31 2003 12 31 220,000,000.00-360,000,000.00 40,000,000.00 580,000,000.00 40,000,000.00 12 10% 4.536% 4.779%(2003 4.536%) (11) (a) 2004 12 31 2003 12 31 156,538,411.91 146,592,843.04-766,450.35-808,885.03 156,538,411.91 148,168,178.42 2004 12 31 (2003 12 31 ) 2004 12 31 5%( 5%) - 123 -

2004 ( ) ( ) (11) ( ) (b) 2004 12 31 2003 12 31 2,161,301.59 2,380,602.30 60,000.00-235,078.75 749,680.60 2,456,380.34 3,130,282.90 2004 12 31 (2003 12 31 ) 2004 12 31 5%( 5%) (c) 2004 12 31 2003 12 31 (ii) 55,987,608.92-19,736,449.03-2,148,424.95 5,470,470.47 1,897,283.95 884,878.07 1,543,317.88 1,987,271.05 590,550.80 328,339.28 515,849.47 10,283,281.26 8,528,166.62 4,665,604.90 90,947,651.62 23,619,845.03 (i) 2004 12 31 5%( 5%) - 124 -

2004 ( ) ( ) (11) ( ) (c) ( ) (ii) 2004 2 8 2004 3 12 ( ) ( ) ( ) 22.68 4.5 2.5% 2.5% 2.5% 2.5% 2004 12 31 400,000,000.00 30,000,000.00 430,000,000.00 (355,567,531.10) (18,444,859.98) (374,012,391.08) 44,432,468.90 11,505,140.02 55,987,608.92 2004 12 31 6,333,133.52 ( (26)) - 125 -

2004 ( ) ( ) (12) 2004 12 31 2003 12 31 3,384,908.94 6,368,826.50 63,033.14 71,027.67 17,030,783.38 123,571,086.28 318,502.77 69,330.41-125,996.15 24,429.00 24,429.00 20,821,657.23 130,230,696.01 (13) 2004 12 31 2003 12 31 73,137.36 169,573.61-10,942.65 73,137.36 180,516.26 (14) 2004 12 31 2003 12 31 4,332,180.00 1,764,541.86 3,469,133.68 1,047,652.32 954,040.59 625,828.56 714,154.34 330,400.00-45,500.00-603,783.07 477,401.34 853,477.85 9,946,909.95 5,271,183.66-126 -

2004 ( ) ( ) (15) 2004 12 31 2003 12 31 100,000,000.00 - - 223,203,200.00 (a) 33,900,822.01 36,176,605.19 133,900,822.01 259,379,805.19 (3,081,893.16) (3,081,967.73) 130,818,928.85 256,297,837.46 (a) 2004 12 31 ( ) ( ) 2,234,200.00 18,491,356.30 2006 11 2011 5 1.800% 1,861,833.59 15,409,465.71 2005 2009 7.170% 2 8 4,096,033.59 33,900,822.01 (372,366.72) (3,081,893.16) 2005 2 2005 8 7.170% 3,723,666.87 30,818,928.85 - (b) 4.941% - 127 -

2004 ( ) ( ) (16) 2004 12 31 2003 12 31-86,700.00 (a) 12,091,582.66 15,293,697.95 (b) 4,188,046.53 16,365,733.82-386,286.44 16,279,629.19 32,132,418.21 a) - b) - (17) 2004 12 31 2003 12 31 54,000,000.00 54,000,000.00 (18) 2003 12 31 2004 12 31 4.5 354,472,114.27 (35,707,978.58) (131,235,864.31) 318,764,135.69-128 -

2004 ( ) ( ) (18) ( ) (20) A B 4.5 35,707,978.58 (19) 2003 12 31 2004 12 31 (a) 490,303.99 - - 490,303.99 (b) 1,388,189.78 - - 1,388,189.78 (b) 25,410,000.00 - (370,423.90) 25,039,576.10 27,288,493.77 - (370,423.90) 26,918,069.87 (c) 65,893,243.33 11,318,911.69-77,212,155.02 (a) (b) ( ) 370,423.90 (c) ( ) ( ) 11,318,911.69-129 -

2004 ( ) ( ) (20) 2003 12 31 2004 12 31 1 1,268,200,000.00-1,268,200,000.00 654,780,000.00-654,780,000.00 613,420,000.00-613,420,000.00 1,268,200,000.00-1,268,200,000.00 165,000,000.00 - - 165,000,000.00 747,500,000.00-747,500,000.00 912,500,000.00-912,500,000.00 2,180,700,000.00-2,180,700,000.00 (21) 2003 12 31 /( ) 2004 12 31 2,060,009,684.88-2,060,009,684.88 406,180.00-406,180.00 65,760.27-65,760.27 2,060,481,625.15-2,060,481,625.15 (22) 2003 12 31 2004 12 31 319,021,024.88 64,093,852.54 383,114,877.42 295,062,882.80 56,275,127.92 351,338,010.72 453,391,330.06-453,391,330.06 1,067,475,237.74 120,368,980.46 1,187,844,218.20-130 -

2004 ( ) ( ) (22) ( ) 10% 50% 25% 2004 10% 48,456,403.30 (2003 10% 85,203,710.93 ) 5% 10% 2004 10% 48,456,403.30 (2003 10% 85,203,710.93 ) 2004 (2003 ) 2004 15,637,449.24 7,818,724.62 (23) 2004 2003 644,213,821.28 243,505,123.37 484,564,032.97 852,037,109.31 (64,093,852.54) (98,028,370.63) (56,275,127.92) (91,616,040.77) (414,333,000.00) (261,684,000.00) 594,075,873.79 644,213,821.28-131 -

2004 ( ) ( ) (23) ( ) 2005 2 18 2004 2,180,700,000 10 1.10 239,877,000.00 (24) 2004 2003 705,775,573.99 156,361,770.43 598,137,200.85 137,903,442.6 7 2004 2003 692,017,062.52 588,737,308.11 13,758,511.47 9,399,892.74 705,775,573.99 598,137,200.85 (25) 2004 2003 35,288,776.63 29,873,182.85 382,051.37 360,919.06 789,256.79 686,601.82 36,460,084.79 30,920,703.73-132 -

2004 ( ) ( ) (26) 2004 2003 (a) 17,867,613.01 (6,849,783.30) 11,017,829.71 - - - 6,473,015.16 (3,075,915.39) 3,397,099.77 4,137,992.25 (1,662,518.54) 2,475,473.71 4,842,555.72 (1,360,979.04) 3,481,576.68 4,711,795.22 (958,097.23) 3,753,697.99 29,183,183.89 (11,286,677.73) 17,896,506.16 8,849,787.97 (2,620,616.27) 6,229,171.70 (a) 2001 11,534,479.49 516,649.78 (11)(c)(ii) 6,333,133.52-133 -

2004 ( ) ( ) (27) 2004 2003 23,733,121.71 25,978,356.04 (12,444,177.29) (9,966,394.22) 360,474.27 53,331.35 (40,716.07) (286,355.93) 411,629.70 417,143.95 12,020,332.32 16,196,081.19 (28) ( ) / 2004 2003 (10,034,908.10) (8,095,758.83) 839,004.23 68,763.11-68,561,946.86 (945,000.00) - 1,363,522.33 - (8,777,381.54) 60,534,951.14 (29) 2004 2003 107 205 * 105,203,591.53 - - 12,048,600.00 ( (18)) 35,707,978.58 35,839,768.73 140,911,570.11 47,888,368.73 * 105,203,591.53-134 -

2004 ( ) ( ) (30) 2004 2003 475,761.00 646,785,004.54 111,210.05 492,336.75 586,971.05 647,277,341.29 (31) 2004 2003-77,000,000.00 8,048,967.78 183,060.22-250,000.00 41,230.22 169,751.39 8,090,198.00 77,602,811.61 (32) 2004 15,000,000.00 5,940,000.00 8,582,498.30 2,999,428.47 19,481,083.20 52,003,009.97-135 -

2004 ( ) ( ) (33) / 2003 107 205 579,000,000.00 105,203,591.53 107 205 105,203,591.53 (1) (a) 2004 12 31 2003 12 31 5,385,386.05 5,921,050.98 - - - - 5,385,386.05 5,921,050.98 2004 12 31 2003 12 31 100 (b) 2004 12 31 2003 12 31 465,684,509.48 1,018,453,222.49 (46,084,070.57) (46,464,143.26) (185,399.14) (185,399.14) 419,415,039.77 971,803,680.09-136 -

2004 ( ) ( ) (1) ( ) (b) ( ) 2004 12 31 2003 12 31 (%) (%) 32,219,016.32 6.91 474,927.31 973,205,881.29 95.56 2,783,761.40 389,949,454.40 83.74 2,842,046.05 25,366,618.90 2.49 25,325,751.54 25,366,618.90 5.45 25,267,466.89 1,428,380.50 0.14 255,782.82 18,149,419.86 3.90 17,685,029.46 18,452,341.80 1.81 18,284,246.64 465,684,509.48 100.00 46,269,469.71 1,018,453,222.49 100.00 46,649,542.40 2004 12 31 5%( 5%) 2004 12 31 2004 12 31 386,000,000.00 107 205 ( (2)(b)(i)) 2005 15,000,000.00 ( ) 745,110.20 1,000,000.00 ( (2)(b)(ii)) 46,084,070.57 474,927.31 2,783,761.40 25,256,450.00 17,568,931.86-137 -

2004 ( ) ( ) (2) 2003 12 31 2004 12 31 (a) 414,484,396.12 159,780,144.49 (131,954,394.36) 442,310,146.25 (b) 714,050,179.94 100,225,075.95 (89,901,853.55) 724,373,402.34 ( (5)(b)) 2,000,000.00 795,398,146.68 (2,000,000.00) 795,398,146.68 191,941,335.34 77,790,000.00 (10,034,908.10) ( (5)(c)) 259,696,427.24 1,322,475,911.40 1,133,193,367.12 (233,891,156.01) 2,221,778,122.51 ( (5)(d)) (9,254,598.52) (945,000.00) - (10,199,598.52) 1,313,221,312.88 1,132,248,367.12 (233,891,156.01) 2,211,578,523.99 (c) 876,353,026.18 - (122,326,745.43) 754,026,280.75 2,189,574,339.06 1,132,248,367.12 (356,217,901.44) 2,965,604,804.74 2004 12 31 49.24% - 138 -

2004 ( ) ( ) (2) ( ) (a) 2003 2004 2003 2004 (. ) 12 31 12 31 12 31 /( ) /( ) / 12 31 2003 12 31 1999.5-2019.7 95% 95% 4,671,964.98 4,671,964.98-1,258,429.00-1,287,007.01 5,958,971.99 4,700,542.99 1997.1-2027.2 95% 95% 320,734,074.00 320,734,074.00-154,018,456.92 (129,820,251.91) 90,213,151.03 410,947,225.03 386,749,020.02 2002.8-2022.8 70% 30% 2,100,000.00 2,100,000.00 (2,100,000.00) 186,490.81 (34,142.45) - - 1,947,651.64 100% 100% 20,885,590.26 20,885,590.26-2,316,767.76-2,518,358.97 23,403,949.23 21,087,181.47 ( (5)(a)) 2003.4-2019.5 40% 95% 2,000,000.00-2,000,000.00 - - - 2,000,000.00-348,391,629.24 (100,000.00) 157,780,144.49 (129,854,394.36) 94,018,517.01 442,310,146.25 414,484,396.12-139 -

2004 ( ) ( ) (2) ( ) (b) 2003 2004 2003 2004 2003 (. ) 12 31 12 31 12 31 /( ) /( ) 12 31 12 31 1997.1-2026.10 55% 55% 756,506,666.67 756,506,666.67-78,410,868.27 (87,474,789.61) (133,135,628.80) 623,371,037.87 632,434,959.21 1999.3-2030.3 51% 51% 102,000,000.00 102,000,000.00 - (2,427,063.94) - (72,325,210.91) 29,674,789.09 32,101,853.03 2002.12-2026.1 40% 40% 38,208,794.59 38,208,794.59-21,814,207.68-33,118,780.79 71,327,575.38 49,513,367.70 896,715,461.26-97,798,012.01 (87,474,789.61) (172,342,058.92) 724,373,402.34 714,050,179.94-140 -

2004 ( ) ( ) (2) ( ) (c) 2003 12 31 2004 12 31 480,233,220.00 - - 315,342,111.33 (55,624,750.39) 259,717,360.94 306,000,000.00 - - 296,609,792.37 (7,899,935.50) 288,709,856.87 330,000,000.00 - - 264,401,122.48 (58,802,059.54) 205,599,062.94 1,116,233,220.00 876,353,026.18 (122,326,745.43) 754,026,280.75 (3) 2004 2003 249,985,881.04 240,079,272.22 (4) 2004 2003 67,226,326.63 67,013,580.80 (5) 2004 2003 256,460,801.36 146,838,955.58 (945,000.00) - (10,034,908.10) (8,095,758.83) - 68,561,946.86 245,480,893.26 207,305,143.61-141 -

2004 ( ) (1) (a) (b) (2) 2003 12 31 /( ) 2004 12 31 2,000,000.00-2,000,000.00 332,400,000.00-332,400,000.00 440,000,000.00-440,000,000.00 200,000,000.00-200,000,000.00 100,000,000.00-100,000,000.00 17,000,000.00-17,000,000.00 43,000,000.00-43,000,000.00 5,000,000.00 5,000,000.00 (3) 2003 12 31 /( ) 2004 12 31 % % % 1,900,000.00 95 - - 1,900,000.00 95 315,780,000.00 95 - - 315,780,000.00 95 242,000,000.00 55 - - 242,000,000.00 55 102,000,000.00 51 - - 102,000,000.00 51 40,000,000.00 40 - - 40,000,000.00 40 17,000,000.00 100 - - 17,000,000.00 100 18,060,000.00 42 - - 18,060,000.00 42 2,000,000.00 40 2,750,000.00 55 4,750,000.00 95-142 -

2004 ( ) ( ) (4) ( 30.03% ) (5) (a) (b) (15) 4,096,033.59 2004 2003 92,721,296.95 72,294,862.00 2004 2003 98,733,036.67 79,256,000.00 92,721,296.95 98,733,036.67 (6) - 143 -

2004 ( ) ( ) (6) 2004 12 31 2003 12 31 3,408,288.64 2,080,496.00 1,533,729.89 936,223.20 46,084,070.57 46,464,143.26 823,278.64-370,475.39 - ( (5)(e)) 205,599,062.94 264,401,122.48 123,359,437.76 158,640,673.49 288,709,856.87 296,609,792.37 - - - 1,703,223.00-766,450.35 12,091,582.66 15,293,697.95-144 -

2004 ( ) (11)(c)(ii) 4.5 22.68 2.5% 2.5% 30,000,000.00 1 15,000,000.00 (a) 2004 12 31 2003 12 31 310,500,000.00 328,000,000.00 (b) 2004 12 31 2003 12 31 469,860,000.00 - - 145 -

2004 ( ) ( ) (b) ( ) 103,180,000 ( (5)(b)(ii)) 187,500,000 ( (5)(b)(v)) ( )30% 179,180,000 2004 12 8 ( ) 30% 179,180,000 (a) 2005 2 3 ( ) ( ( ) ( ) ( ) 1,839,200,000 ( )56.28% (i) (ii) 17.1% 17.1% 1,110,000,000 425,466,100 25% 390,000,000-146 -

2004 ( ) ( ) (a) ( ) (iii) 14.18% 14.18% 339,200,000 56.28% 85,000,000 (b) (23) 2005 2 18 2004 2,180,700,000 10 1.10 239,877,000.00 2003 10 30 2003 12 31 2004 12 31 2,750,700.00 2004.03.16-2005.03.15 2,750,700.00 2005.03.15-2006.03.15 3.456-147 -

2004 ( ) ( ) 20% 2004 2003 484,564,032.97 852,037,109.31 /( ) - ( ) 7,573,206.78 (646,725,879.54) - (1,048,310.23) (68,561,946.86) - (140,911,570.11) (47,888,368.73) - (111,210.05) (945,987.99) - 41,230.22 602,811.61 - - (855,000.00) - - - - 13,223,010.33 (135,312,653.39) (750,296,361.18) (1,126,334.04) 107,359,650.42 (136,437,987.43) (642,936,710.76) 348,126,045.54 209,100,398.55 2004 2005 2 18-148 -

- 149 -

( ) 2004 12 31 2004 2004 12 31 2004 / 6,086,606 418,870 : 1 (59,541) (3,982) 2 (17,022) (654) 3 13,054 70,330-106,109 13,054 (35,779) 3 - /( ) (63,506) 65,694 / 6,023,100 484,564 1 2001 1 1-150 -

( ) 2 3 2003 107 205 2004 ( 2003 ) 2004 107 205-151 -

( ) (%) ( / ) 8.52 8.67 0.235 0.235 7.37 7.50 0.204 0.204 8.05 8.19 0.222 0.222 5.78 5.88 0.160 0.160-152 -

( ) 2003.12.31 2004.12.31 46,658,617.40 474,927.31 - (858,225.00) (858,225.00) 46,275,319.71 9,075.00 - - (3,225.00) (3,225.00) 5,850.00 46,649,542.40 474,927.31 - (855,000.00) (855,000.00) 46,269,469.71 77,000,000.00 - - - - 77,000,000.00 9,254,598.52 945,000.00 - - - 10,199,598.52 9,254,598.52 945,000.00 - - - 10,199,598.52 - - - - - - - 153 -

( ) ( 30% ) 2004 12 31 2003 12 31 ( )% 1 2,056,803.17 4,511,407.18 (54.41%) 2 417,888,038.80 974,656,899.26 (57.12%) 3 1,046,894,975.40 184,686,736.82 466.85% 4 284,040,960.17 39,848,767.47 612.80% 5 580,000,000.00 40,000,000.00 1350.00% 6 20,821,657.23 130,230,696.01 (84.01%) 7 130,818,928.85 256,297,837.46 (48.96%) 8 90,947,651.62 23,619,845.03 285.05% 9 9,946,909.85 5,271,183.66 88.70% 10 16,279,629.19 32,132,418.21 (49.34%) 2004 2003 ( )% 11 17,896,506.16 6,229,171.70 187.30% 12 (8,777,381.54) 60,534,951.14 (85.50%) 13 140,911,570.11 47,888,368.73 194.25% 14 586,971.05 647,277,341.29 (99.91%) 15 8,090,198.00 77,602,811.61 (89.57%) 16 76,019,281.11 140,209,030.11 (45.78%) - 154 -

( ) 1. 2. 107 205 579,000,000.00 3. 4. 5. 6. 107 205 105,203,591.53 7. 8. 9. 10. 11. 12. 13. 107 205 14. 107 205 15. 77,000,000.00 16. 107 205 105,203,591.53-155 -

( ) 2 45 2004 12 31 2005 2 18-156 -

2004 12 31 2004 2003 3 482,540 421,531 3 110,609 79,510 産 4-691,416 (89,651) (82,188) 6 (40,337) (36,646) (8,912) (7,369) (57,114) (57,678) 5 397,135 1,008,576 8 (12,922) (13,140) 120,032 59,094 (706) - 503,539 1,054,530 9 (76,821) (148,641) 426,718 905,889 (7,848) (6,517) 10 418,870 899,372 11 239,877 414,333 12 0.192 0.412-157 -

- 158 -

A CEPA 1.00 H 1.00-159 -

/ 107 107 205 205 571 2004 12 31 A B C - 160 -