A A A A A 1

A A A A 1 2 3 4 2

1 2 3 4 5 6 7 8 1 2 3 3

4 4

A A A A A 1 3 2 1 5 1 1

() 2 2003 2004 2005 2003 215,429,423 2004 2,560,940,617 2005 1,709,286,955 () 3 2004 12 31 2005 12 31 2003 2004 2005 2004 2005 () 4 1 1 2 3 2

4 5 3 6 2 1 2 3 4 5 3

6 7 3 1 2 3 36 12 4 5 36 36 36 36 4

6 7 4 1 2 3 4 5 6 3 3000 5

3 5000 3 3 9,433,210,909 3,000 20 7 8 9 10 1 1 6

5 1 2 3 4 5 6 1988 2002 10 2004 9 30 69% 2004 12 15 H 7

1 2005 2005 2004 ATK 6.9% RTK 10.2% 2.3 2005 2005 2004 ATK( ) 11,422 10,684 6.9% RTK( ) 7,440 6,751 10.2% 74.2% 71.9% 2.3 2005 11.2%10.9%13.3% 2005 2005 2004 2005 2004 2005 2004 29,582 ASK( ) 27,897 6.0% 38,386 34,627 10.9% 2,694 2,371 13.6% 21,774 RPK( ) 19,628 10.9% 28,884 25,487 13.3% 1,747 1530 14.2% 73.6% 70.4% 3.2% 75.2% 73.6% 1.6% 64.9% 64.5% 0.4% 2005 10.2% 8

2005 2005 2004 (AFTK)( ) 5,063 4,843 4.5% RFTK() 732,995 665,253 10.2% 54.5% 53.3% 1.2 2 2005 12 31 2004 12 31 69,061,959,812 67,846,183,680 46,450,167,333 48,174,419,724 2,771,770,238 2,658,067,993 19,840,022,241 17,013,695,963 2005 2004 2003 40,081,238,004 34,845,699,600 24,446,735,653 7,094,962,208 7,968,023,010 4,752,385,614 2,558,571,777 3,223,002,886 159,977,715 1,709,286,955 2,560,940,617 215,429,423 1 GDP 1990 2004 GDP 9.64% 15.69%16.64% GDP GDP 9

2004 GDP39,947 4,232 GDP1,277 137 2 1 500 35 29 2005 2005 2006 1 2006 1 2008 2 2005 34.17 4,100.40 2004 57%76% 10

76%82% 2002 2005 44.4%50.2% 3 2005 69 29 2005 20 32.4% 30% 10 22 37 50% 4 11

CRM GreaterChina CRM CRM CRM 2006 1 2005 16% 30% 40%45% 5 16 2006 3 3 6 2006 5 22 6 2005 35% 12

13 7 2003 2002 2004 50% 2005 100% 8 3 A A 27 A 20 A330-200 15 787 10 737800 A A 1

14 2 2004 3,742 / 2005 4,836 / 2004 37.1% 2005 39.0% 1 2 1

A 2 3 A A A 15 10 1 1 15

10 2 7 3 4 5 2 6 7 8 16

2 2006 3 29 A A 8 A 17

HAIWEN & PARTNERS 2 1711 :100027 :(8610) 64106566 :(8610) 64106928/64106929 Room 1711, Beijing Silver Tower, No.2, Dong San Huan North Road, Chao Yang District, Beijing, 100027, P.R.C. ( A ) ( ) ( ) 1

2 12

1. 2006 3 28 2006 2006 2006 2. 2006 A 3. 1 [2004]872 ( ) ( ) 2004 9 30 2 [2004]939 [2004]39 2004 12 3

( H ) 3,226,532,000 ( 2,933,210,909 293,321,091 ) 3 ( )2005 11 29 20052877 2006 2 23 A 20050649 4 1 2 3 35 4 10% 5 9,433,210,909 3,000 4

6 7 2006 2436821 2003 12 31 2004 12 31 2005 12 31 2003 2004 2005 2005 8 2005 12 31 20 9 2003 215,429,423 2004 2,560,940,617 2005 1,709,286,955 10 5

1. 2. 3. 4. 1 (1) (2) (3) ( ) 6

(4) (5) 2 1 (1) (2) (3) (4) (5) / 7

(6) 2 ( 5% ) (1) 1 (2) 2 14.63% 10% 1 6,500,000,000 [2004]854 2 2004939 200439 2004 12 H 2004 913 H 3,226,532,000 ( ) 293,321,091 9,433,210,909 8

3 1 2 ( ) 3 4 5 () 1. 2005 12 31 (1) 2 3 4 ACT 5 9

2. ( ) 3. 4. 5. () 10

() 1. 8 1 32 1. 2.1 91 43 33 3. 1.2 2. 5 3. 3. 11

1. 50,000 ( ) 2. 2005 5 20 2005 9 30 3. 4. 5. 2005 12 31 12

1. (1) 2004 12 H (2) 2004 10 42% 48% 22.8% 2. 3. 1. 2. 2006 3 28 2006 13

3. 2006 3 28 2006 4. 2 3 5. 1. 2. ( ) 3. 14

4. 1. ( ) 2. 93 3. 2006 93 1. (1) 15

33 2003 11 2004 33 2005 24 2005 2006 2008 2005 2008 2009 2013 1998 15 (2) 3 5 3 5 4 6 4 17 6 17 5 7 7 5 3 4% 3% 1 20032005 2 (1) 2003 5 1 2003 16

12 (2) [2003]183 (3) 2005 24 2005 2006 2008 2005 2008 2009 2013 (4) 1998 15 3 8 4 1. 2006 3 16 200683 17

20 A330200 15 787 10 737800 2. 2004 3 26 2004101 3. 4. 2006 20 A330200 15 787 10 737800 20051317 20051215 2005 2546 20051702 2006353 1. 18

2. 5% 1 1. H 2. 19

3. 1 100% 2 100% 3 100% 4 100% 5 100% 6 100% 7 100% 1 2 3 20

HAIWEN & PARTNERS 2 1711 :100027 :(8610) 64106566 :(8610) 64106928/64106929 Room 1711, Beijing Silver Tower, No.2, Dong San Huan North Road, Chao Yang District, Beijing, 100027, P.R.C. ( A ) ( ) 200137 12 2006 3 29 060289 2006 5 18 1

2

1 2 2004 9 30 3 2004 9 9 [2004]A-1043 2005 5 19 200502357 2005 1 11 9,433,210,909 4 5 6 7 3

1 2 3 2006 2436821 2004 1 1 2004 2,560,940,617 2005 1,709,286,955 4 5 2004 12 31 2005 12 31 2003 2004 2005 2004 2005 6 9,433,210,909 3,000 7 10% 4

1 A 2 3 ( ) 4 5 6 5

7 1 2 3 (1) (2) 36 12 (3) (4) (5) (6) 6

(7) (8) 4 5 (1) 36 36 (2) 36 (3) 36 (4) (5) (6) 6 7 7

1 2 3 4 5 2006 3 29 2 3 6 (1) 3000 (2) 5000 8

(3) 3000 (4) 2005 12 31 20 (5) 2005 12 31 7 8 9 (1) (2) (3) 10 (1) (2) (3) 1 (4) 1 9

(5) (6) 1 20 A330200 15 787 10 737800 2 3 4 5 6 10

1 1. 2 3 2. 4 3. 5 4. 6 7 5. 8 9 6. 10 7. 11 8. 12 13 9. 14 126 1. AI-1-4 2. AII-1 3. AIII-1 4. AIV-1

2005 1231 2004 1231 : 1 2,744,162,242 10,209,109,046 2 3,063,389,632 2,374,364,558 3 869,164,099 936,361,757 4 36,284,284 67,693,645 1,015,860 894,070 5 107,459,765-6 1,090,691,416 883,674,443 7 114,729,315 102,470,144 8,026,896,613 14,574,567,663 : 8 2,316,814,976 2,573,650,007 8 869,019,386 954,023,480 8 48,994,488 87,332,064 3,234,828,850 3,615,005,551 : 9 54,173,358,835 47,350,172,948 9 6,247,725,932 2,249,829,792 9 47,925,632,903 45,100,343,156 9 60,300 8,051,535 9 47,925,572,603 45,092,291,621 10 9,368,638,281 4,121,146,414 57,294,210,884 49,213,438,035 : 11 506,023,465 443,172,431 506,023,465 443,172,431 69,061,959,812 67,846,183,680 14 126 2

2005 2004 2003 32 40,081,238,004 34,845,699,600 24,446,735,653 : - - 247,177,609 40,081,238,004 34,845,699,600 24,199,558,044 : 32 32,014,850,658 26,016,601,301 19,175,577,433 33 971,425,138 861,075,289 271,594,997 7,094,962,208 7,968,023,010 4,752,385,614 : 34 222,005,075 92,810,278 345,030,489 : 2,232,450,843 1,813,692,714 1,446,320,857 1,853,179,616 1,744,115,889 1,234,270,169 35 840,048,430 1,806,323,386 2,479,073,187 /( ) 2,391,288,394 2,696,701,299 ( 62,248,110 ) : 36 146,121,832 117,864,650 61,652,216 37 52,784,421 112,333,024 70,723,364 38 69,538,653 426,444,967 124,962,198 : 39 101,161,523 130,341,054 35,111,953 2,558,571,777 3,223,002,886 159,977,715 : 40 642,353,985 381,069,423 20,065,489 /( ) 206,930,837 280,992,846 ( 75,517,197 ) 1,709,286,955 2,560,940,617 215,429,423 2005 2004 2003 - - - - - - - - - - - - - - - 44,205,134 79,704,889 115,974,312 14 126 4

2004930 2004 2005 1231 1,709,286,955 259,538,353 : / 179,495,104-1,888,782,059 259,538,353 : 30 172,883,971 66,456,345 30 87,784,542 13,586,904 23,229,693-9,195,663-1,595,688,190 179,495,104 30 12,976,918 - / 1,582,711,272 179,495,104 14 126 5

: 2005 2004 39,668,938,231 34,797,687,443 33,151,673 35,739,947 41 586,224,407 868,954,732 40,288,314,311 35,702,382,122 (25,124,565,457) (21,301,188,398) ( 3,515,570,736 ) ( 3,415,009,437) ( 1,745,823,576 ) ( 912,801,131) 42 ( 2,834,660,374 ) ( 1,882,597,012) (33,220,620,143) (27,511,595,978) 7,067,694,168 8,190,786,144 : 299,973,880-266,298,811 180,527,272 220,261,581 35,647,552-1,128,310,603 101,584,466 113,466,693 888,118,738 1,457,952,120 (12,361,034,821) ( 6,824,751,427) ( 59,344,271 ) - - ( 970,398,410) ( 150,000,000 ) ( 290,022,919) (12,570,379,092) ( 8,085,172,756) (11,682,260,354 ) ( 6,627,220,636) : 1,172,096,507 9,239,630,112 11,112,573,955 10,872,107,391 12,284,670,462 20,111,737,503 ( 9,181,041,303 ) (11,008,879,084) ( 1,739,409,041 ) ( 1,842,977,013) ( 1,540,237,460 ) ( 1,607,056,162) 2,294,570,740 ) - ( 100,288,392 ) - ( 101,802,141 ) ( 128,938,162) - ( 42,150,115) (14,957,349,077) (14,630,000,536) ( 2,672,678,615 ) 5,481,736,967 ( 87,072,394 ) 141,264,598 /( ) ( 7,374,317,195 ) 7,186,567,073 14 126 6

( ) 2005 2004 1. : 1,709,286,955 2,560,940,617 : 206,930,837 280,992,846 11,779,086 6,884,322 - ( 31,722,542 ) 4,127,497,894 3,591,073,145 60,300 1,852,794 22,563,561 29,732,729 /( ) ( 33,398,702 ) 52,474,309 35 763,836,091 1,756,728,342 38 107,101,416 54,908,995 38 - ( 3,204,274 ) 38 ( 176,640,069 ) ( 478,149,688 ) /( ) ( 207,016,973 ) 14,969,734 ( 12,259,171 ) ( 32,703,882 ) 14,756,662 229,035,974 ( 896,770,677 ) ( 266,264,417 ) 1,429,966,958 423,237,140 7,067,694,168 8,190,786,144 2. : 27-2,849,210,051-1,208,376,726 3. /( ) : 1 2,744,162,242 10,209,109,046 : 3 1 170,875,394 320,849,274 1 176,575,197 117,230,926 2,396,711,651 9,771,028,846 : 9,771,028,846 2,584,461,773 /( ) (7,374,317,195 ) 7,186,567,073 14 126 7

2005 1231 2004 1231 : 996,845,316 8,502,377,197 1 2,154,022,427 1,402,298,550 2 1,375,189,016 2,062,600,994 23,166,677 45,235,462 107,459,765-541,452,589 468,929,587 93,851,511 82,750,417 5,291,987,301 12,564,192,207 : 3 4,684,579,403 4,621,775,916 3 513,986,076 526,695,478 5,198,565,479 5,148,471,394 : 4 48,525,685,575 43,027,462,502 4 4,612,312,636 924,685,487 4 43,913,372,939 42,102,777,015 4 - - 4 43,913,372,939 42,102,777,015 8,623,511,652 3,265,324,277 52,536,884,591 45,368,101,292 : 482,619,010 420,344,003 482,619,010 420,344,003 63,510,056,381 63,501,108,896 14 126 8

/ : () 2005 1231 2004 1231 7,116,491,000 6,264,429,850 327,936,726 362,032,874 4,458,391,626 4,471,893,984 360,937,133 204,681,372 977,010,459 883,156,379 7,300,112 605,285 385,842,978 175,072,073 122,721,614 136,989,398 804,345,282 268,188,865 1,615,318,726 4,689,875,004 365,379,436 304,377,670 623,738,650 558,006,255 119,484,933 86,208,326 5,066,447,507 3,798,213,428 22,351,346,182 22,203,730,763 : 9,448,066,574 12,896,621,763 3,000,000,000-791,950,265 810,819,085 8,078,671,119 10,576,241,322 43,670,034,140 46,487,412,933 / : 9,433,210,909 9,050,618,182 8,505,378,735 7,703,539,428 304,816,259 38,930,752 97,279,781 12,976,918 1,640,779,356 220,607,601 : - 12,976,918 ( 44,163,018 ) - / 19,840,022,241 17,013,695,963 / 63,510,056,381 63,501,108,896 14 126 9

2005 2004 2003 5 34,063,694,027 29,881,523,017 22,609,212,304 : 5 - - 247,177,609 34,063,694,027 29,881,523,017 22,362,034,695 : 5 27,365,808,577 22,252,801,999 17,627,246,680 5 881,078,470 706,852,389 246,280,736 5 5,816,806,980 6,921,868,629 4,488,507,279 : 291,218,439 93,613,573 327,073,061 : 2,025,369,857 1,651,781,578 1,376,876,597 1,173,227,664 1,152,336,645 936,976,671 834,850,651 1,825,209,178 2,448,511,791 2,074,577,247 2,386,154,801 53,215,281 : 33,238,277 81,450,050 59,800,797 29,212,748 81,491,019 50,084,652 6 226,333,095 422,540,152 79,150,024 : 104,662,779 115,423,666 26,821,331 2,258,698,588 2,856,212,356 215,429,423 : 7 572,641,326 295,271,739-1,686,057,262 2,560,940,617 215,429,423 14 126 10

2004930 2004 2005 1231 1,686,057,262 259,538,353 : / 220,607,601-1,906,664,863 259,538,353 : 168,605,726 25,953,834 84,302,863 12,976,918 1,653,756,274 220,607,601 12,976,918 - / 1,640,779,356 220,607,601 14 126 11

: 2005 2004 33,946,597,717 29,726,294,664 9,612,000 4,990,000 457,089,558 317,936,318 34,413,299,275 30,049,220,982 (21,514,361,555 ) (18,608,930,964) ( 2,792,835,786 ) ( 2,529,112,358) ( 1,522,380,673 ) ( 766,797,676) ( 2,408,371,098 ) ( 532,409,047) (28,237,949,112 ) (22,437,250,045) 6,175,350,163 7,611,970,937 : 292,892,541-50,576,805 89,511,623 169,445,277 25,372,080-5,770,323-1,138,044,905 26,567,896 151,063,940 539,482,519 1,409,762,871 (11,053,923,498 ) ( 5,594,251,158) ( 3,529,168 ) - - ( 310,116,690 ) ( 3,060,000 ) ( 591,396,401) (11,060,512,666 ) ( 6,495,764,249) (10,521,030,147 ) ( 5,086,001,378) : 1,172,096,507 8,161,620,808 9,626,779,750 9,200,994,023 10,798,876,257 17,362,614,831 ( 7,925,165,103 ) ( 9,632,535,961) ( 1,714,096,357 ) ( 1,790,777,059) ( 1,540,237,460 ) ( 1,607,056,162) ( 2,294,570,740 ) - ( 101,802,141 ) ( 128,938,162) - ( 29,074,000) (13,575,871,801) (13,188,381,344) ( 2,776,995,544 ) 4,174,233,487 ( 93,492,980 ) 131,376,029 /( ) ( 7,216,168,508 ) 6,831,579,075 14 126 12

2005 2004 1. : 1,686,057,262 2,560,940,617 : 9,098,501 5,779,498 3,766,358,498 3,211,761,596 22,186,156 27,017,078 6 41,701,414 7,459,793 33,466,003 51,054,407 6 - ( 3,204,274 ) 760,762,361 1,778,078,506 6 ( 268,034,509 ) ( 426,795,671 ) ( 72,523,002 ) ( 71,782,003 ) ( 11,101,094 ) ( 22,562,390 ) 23,379,290 78,010,312 ( 382,132,506 ) ( 296,370,145 ) 566,131,789 712,583,613 6,175,350,163 7,611,970,937 2. : 27-2,849,210,051-1,208,376,726 3. /( ) : 996,845,316 8,502,377,197 : 20,875,394 313,767,935 84,047,794 80,518,626 891,922,128 8,108,090,636 : 8,108,090,636 1,276,511,561 /( ) (7,216,168,508 ) 6,831,579,075 14 126 13

2002 7 2002 7 4 2002 12 31 2003 2003 2004 H 2004 9 20 [2004]872 9 30 1000001003917 2003 12 31 14

() (1) (2) 8 3 2003 12 31 560,782,100 5,054,276,915 27 H 1,445,723,085 27 2,518,413,900 27 1 560,782,100 2004113 [2004]39 H 200412 1 H 2,550,618,182 2.98 3.17 H 255,061,818 2.98 3.17 H 20041215 9,050,618,182 15

() 16 20051 1 H 382,592,727 2.98 3.17 H 38,259,273 2.98 3.17 H 9,433,210,909 1 20051231 3 ( 2004 2005 20041231 20051231 2004930 200311 2004 2005 20041231 20051231 20049 30 20031231 200492 [2004]069-1 [2004]069-2

() 17 1 2004930 (27)) 2004930 2004 1231 2005 20041231 20051231 2004 2005 20041231 20051231 2004930 20041231 2005 2004930 20041231 2005 2005 2005 200311

() 2 1 [2004]59 2 18

() 2 19

() ( ) 1 (2) a b (a)-(b) 20051231 69,061,959,812 69,061,959,812-46,450,167,333 46,450,167,333-22,611,792,479 22,611,792,479-2005 40,081,238,004 40,081,238,004-36,940,529,547 36,940,529,547-1,709,286,955 1,709,286,955-20041231 67,846,183,680 67,846,183,680-48,174,419,724 48,174,419,724-19,671,763,956 19,671,763,956-2004 34,845,699,600 34,845,699,600-31,380,733,290 31,380,733,290-2,627,336,719 2,560,940,617 66,396,102 2003 24,257,162,196 24,446,735,653 ( 189,573,457 ) 24,668,500,073 24,335,241,646 333,258,427 112,867,794 215,429,423 ( 102,561,629 ) 20

() 2004 9 30 2003 2004 1 1 2004 9 30 2003 12 31 2003 2003 2004 2003 2004 A 21

() 22 1 2003 2004 2003 2004 2004930 20041231 2005 2 11 1231 3 4 37 5

() 23 6. 7. [1995]11 50% 50% 8.

() 9. : (1) (2) 1 0.3% 1-2 5% 2-3 10% 3-4 30% 4-5 50% 5 100% 10. 24

() 25 10. 11. 2003317

() 12. [2004]54 : 20 5% 4.75% 15-35 5% 2.71%-6.33% 8-20 5% 4.75%-11.88% 6 5% 15.83% 4-10 5% 9.5%-23.75% 10-10% 26

() 27 13 14. 5 15. 16.

() 16. (1) (2) (3) 3 / 17. 18. IATA 28

() 18. 19. 20. 29

() 21. 2003 2003 2003 22. 23. 30

() 31 : (1) 3%5% [2003]113 [2003]227 2003 51 20031231 (2) 20051231 15% 33% [2003]1031 [2004]1052 2003 53 2004 63 2003 2004 [2006]207 20051019 [2005]112

() 32 (2) [99]162 1998 15% 20051128 2005 0179 2005 24% 2005 2006 2008 2005 2008 2009 2013 17.5% 1995918 [1995]1068 27% 2004 15% (3) 17%

() (3) 20011 20 [2001]104 20041229 [2004]63 2005 200511 [2004]63 200511 1231 39.3% 99.5% (4) 7%5% (5) 3%4% (6) 2004331 [1999]11 5% 2% 2003 [2003]1 200351 2003930 2026 2003101 2004331 33

() (6) 200494 200441 200438 34

() 2005 2005 12 31 12 31 2005 1231 2,200,000,000 *1 51% 1,028,663,831 331,268,000 *4 69% 1,957,146,223 187,533,000 *2 60% 441,784,662 90,000,000 100% 93,955,332 20,000,000 100% 20,872,040 18,000,000 51% 9,261,932 6,980,000 100% 352,881 5,533,000 100% 1,487,429 3,000,000 100% 6,080,290 2,000,000 *3 100% 2,000,000 1,500,000 100% 2,057,865 500,000 95% 307,746 *1 20031231 2003 2003 1231 *2 45,000,000 *3 200411 200 200411 35

() *4 200411 60% 200411 *5 20048 20048 200311 20051231 *1*3*4*5 36

1. 20051231 1,974,556 1.00000 1,974,556 371,115 8.07020 2,994,976 4,987,148 1.04030 5,188,130 1,464,861 11,622,523 941,495,950 1.00000 941,495,950 65,028,495 8.07020 524,792,960 400,182,800 1.04030 416,310,167 10,535,853 9.57970 100,930,309 79,267,320 1.00930 80,004,506 923,763,723 0.068716 63,477,348 100,541,095 0.13493 13,566,010 766,400 6.96310 5,336,519 376,211 13.91220 5,233,918 762,991 5.90660 4,506,684 558,182,500 0.00800 4,465,460 15,733,687 0.28076 4,417,390 570,370 4.85430 2,768,748 690,888 2.13554 1,475,419 191,542 6.13750 1,175,587 4,655,226 0.19670 915,683 5,077,939 0.11210 569,237 73,079 5.92945 433,320 14,777 27.64713 408,543 68,553 5.50310 377,254 214,622 1.28050 274,824 63,159,259 0.00081 51,159 8,070 1.01620 8,201 10,472,553 2,183,467,749 7 500,786,926 1.00000 500,786,926 48,285,044 2,744,162,242 37

1. 20041231 3,983,603 1.00000 3,983,603 315,742 8.27650 2,613,239 1,343,051 7,939,893 797,060,830 1.00000 797,060,830 58,832,282 8.27650 486,925,379 7,459,061,687 1.06370 7,934,203,916 1,328,679,561 0.07970 105,895,761 71,996,006 1.03000 74,155,886 3,564,738 11.26270 40,148,572 2,042,679 15.93100 32,541,915 2,373,431,891 0.00809 19,201,064 72,060,884 0.13933 10,040,243 1,642,947 5.05500 8,305,099 972,850 6.87390 6,687,277 802,052 6.44280 5,167,459 16,233,728 0.21220 3,444,797 8,092,289 0.29685 2,402,196 325,730 5.94005 1,934,851 49,354 28.22578 1,393,055 970,070 1.25080 1,213,363 723,844 1.51675 1,097,890 65,409,500,000 0.00001 654,095 39,128 7.30909 285,990 247,985,106 0.00093 231,226 1,486,777 0.11881 176,644 51,136 2.18564 111,765 26,647,507 9,559,926,780 (7) 606,481,499 1.00000 606,481,499 34,760,874 10,209,109,046 38

1 7 2005 1231 2004 1231 72,990,945 301,400,160 3 377,795,981-3 50,000,000 305,081,339 500,786,926 606,481,499 : 0.72% 0.72% 1.08-1.62% 1.89% 20051231 20041231 2005 1231 2004 1231 ( (23)) 81,598,344 64,241,706 ( (26)) - 16,276,920 94,976,853 36,712,300 176,575,197 117,230,926 39

1. 20051231 20041231 3 2005 1231 2004 1231 3 170,875,394 320,849,274 20051231 2. 2005 1231 2004 1231 3,116,702,362 2,416,562,757 ( 53,312,730) ( 42,198,199) 3,063,389,632 2,374,364,558 20051231 20041231 % % % % 12,997,313,812 96 25,238,023 1 2,370,192,273 98 20,781,071 1 12 91,398,316 3 12,033,175 13 20,833,974 1 5,131,258 25 23 12,348,797 1 4,781,204 39 11,381,260-5,886,598 52 34 4,644,232-2,483,401 53 14,155,250 1 10,399,272 73 45 10,997,205-8,776,927 80 - - - - 5 - - - - - - - 3,116,702,362 100 53,312,730 2,416,562,757 100 42,198,199 40

2. 2005 42,198,199 12,176,767 ( 470,425) ( 591,811) 53,312,730 20051231 20041231 1,028,894,949 728,914,902 33%30% 20051231 2005 1231 5,054,253 5,054,253 100% 20051231 41

2. 20051231 20041231 6 2005 1231 2004 1231 75,379,219 13,926,660 48,024,186 48,178,354 333,925,595 17,316,103 457,329,000 79,421,117 3. 2005 1231 2004 1231 872,903,663 940,028,577 ( 3,739,564) ( 3,666,820) 869,164,099 936,361,757 42

3 : 20051231 20041231 % % % % 1 537,056,622 62 128,046-593,422,547 63 2,119,374 1 12 177,501,101 20 2,172,227 1 133,107,250 14 51,808 1 23 47,922,655 5 97,675-76,851,340 8 3,644-34 31,183,174 4 16,692-40,836,853 4 1,491,994 4 45 15,179,082 2 77,111 1 17,871,681 2 - - 5 64,061,029 7 1,247,813 2 77,938,906 9 - - 872,903,663 100 3,739,564 940,028,577 100 3,666,820 2005 3,666,820 72,744-3,739,564 20051231 20051231 20051231 200412 31 43

3 20051231 20041231 6 2005 1231 2004 1231 26,814,297 8,699,062 16,962,947 8,809,130 35,095,924 31,719,556 78,873,168 49,227,748 20051231 20041231 121,067,270 158,089,545 15%17% 4 2005 1231 % 2004 1231 % 1 36,104,805 100 27,307,988 40 12 160,897-210,000-23 - - 39,891,960 59 3 18,582-283,697 1 36,284,284 100 67,693,645 100 44

4 () 5% 5 20041229 [2004]63 2005 200511 [2004]63 200511 1231 39.3% 99.5% 6 20051231 791,289,954 (10,000,000) 781,289,954 191,747,421 195,598,940-195,598,940 95,753 26,099,195 (2,047,127) 24,052,068 6,116,780 33,240,297-33,240,297-13,023,492-13,023,492-1,851,168-1,851,168 1,798,252 7,879,259-7,879,259-33,756,238-33,756,238-1,102,738,543 (12,047,127) 1,090,691,416 199,758,206 45

6 20041231 734,603,521 (10,000,000) 724,603,521 283,364,621 62,353,508-62,353,508-33,458,637 ( 4,300,000) 29,158,637 5,876,797 23,259,720-23,259,720 20,354 4,874,916-4,874,916-1,927,914-1,927,914 1,238,892 2,497,256-2,497,256-34,998,971-34,998,971 17,074,216 897,974,443 (14,300,000) 883,674,443 307,574,880 2005 14,300,000 ( 2,252,873) 12,047,127 20051231 20041231 7 46 200511 95,913,716 6,556,428 102,470,144 599,593,358 59,689,967 659,283,325 (586,905,175) (60,118,979) (647,024,154) 20051231 108,601,899 6,127,416 114,729,315 1 2 1 13 2

8 2005 1231 2004 1231 (i) 23,352,168 22,752,168 - (ii) 2,293,462,808 2,550,897,839 2,316,814,976 2,573,650,007 - (iii) 380,107,378 406,933,382 - (iii) 269,528,848 307,115,226 - (iii) 219,383,160 239,974,872 869,019,386 954,023,480 (iv) 48,994,488 87,332,064 3,234,828,850 3,615,005,551 20051231 20041231 20051231 160,192,917 20051231 20051231 14% 47

8 (i) 2005 1231 : / 2005 1231 2005 1231 2004 1231 300,000,000 7% 20,043,408 20,043,408 15 11,000,000 5.59% 2,197,272 2,197,272 30 6,615,000 4.16% 511,488 511,488 600,000-23,352,168 22,752,168 2005 2005 1 1 12 31 20,043,408-20,043,408 2,197,272-2,197,272 511,488-511,488-600,000 600,000 22,752,168 600,000 23,352,168 48

8 (ii) 2005 20051231 1231 2005 2004 : /1231 1231 % 500,000,000 43.29 1,483,875,586 1,555,676,763 580,000,000 48 228,078,292 308,738,431 400,000,000 22.8 50,253,470 135,221,094 60 300,000,000 25 132,727,177 178,294,718 50 505,269,500 23.5 143,383,639 168,428,302 ( ) 501 20.2 77,880,415 72,019,729 10,000,000 41 77,563,116 67,303,787 25 100,000,000 21 18,743,714 21,557,385 25 21,000,000 40.33 ( 4,885) 12,510,461 30 16,474,293 35.6 7,796,998 7,032,766 5 10,000,000 40 6,520,280 4,467,833 10 9,800,000 24.5 3,447,514 3,036,543 50 2,000,000 35 2,585,910 2,232,284 10 5,000,000 40 2,000,000 2,000,000 20 10,800,000 23.15 1,201,955 1,178,400 10,000 50 85,673,977 35,639,104 1 25 ( 27,875,033) 24,095,509 ) 100 35 ( 389,317) ( 344,252 ) 2,293,462,808 2,550,897,839 49

8. (ii) 50 2005 (i) (ii) (iii) (iv) (i)+(ii)+(iii)+(iv) 48% 308,738,431 (14,047,913) ( 66,612,226) ( 66,612,226) - - - 228,078,292 25% 206,651,450 (57,333,408) 11,765,867 ( 16,590,865) - - - 132,727,177 22.8% 135,221,094 (20,416,099) ( 64,551,525) ( 64,551,525) - - - 50,253,470 23.5% 153,547,190 (19,467,030) ( 5,577,633) 9,303,479 - - - 143,383,639 21% 21,557,385 ( 2,813,671) - - - - - 18,743,714 40.33% 8,337,823 - ( 12,515,346) ( 8,342,708) - - - ( 4,885) 35.6% 6,833,154 ( 801,937) 1,566,169 1,765,781 - - - 7,796,998 40% 4,101,654-2,052,447 2,418,626 - - - 6,520,280 24.5% 3,003,865-410,971 443,649 - - - 3,447,514 35% 1,872,309-353,626 713,601 - - - 2,585,910 40% 2,000,000 - - - - - - 2,000,000 23.15% 1,010,873-23,555 191,082 - - - 1,201,955 43.29% 1,398,173,440 - ( 37,547,951) 119,955,372 - - (34,253,226) 1,483,875,586 20.2% 71,688,233-7,447,248 7,778,744 - - ( 1,586,562) 77,880,415 41% 67,385,734-12,631,141 12,549,194 - - ( 2,371,812) 77,563,116 50% 27,185,045-51,694,178 60,148,237 - - ( 1,659,305) 85,673,977 35% 146,971 - ( 52,170) ( 543,393) - - 7,105 ( 389,317) 25% ( 22,168,693) - ( 4,357,245) ( 6,284,061) - - 577,721 ( 27,875,033)

2,395,285,958 (114,880,058) (103,268,894) 52,342,987 - - (39,286,079) 2,293,462,808 51

8 (ii) 2005 1 2 (i) (ii) (i)+(ii) (iii) (iv) (v) (iii)+(iv)+(v) - (14,047,913) (14,047,913) ( 71,893,919) - 5,281,693 ( 66,612,226) - (57,333,408) (57,333,408) 24,930,480 ( 13,291,125) 126,512 11,765,867 - (20,416,099) (20,416,099) ( 64,816,107) - 264,582 ( 64,551,525) - (19,467,030) (19,467,030) 10,089,698 - (15,667,331) ( 5,577,633) - ( 2,813,671) ( 2,813,671) - - - - - - ( 12,515,346) - - ( 12,515,346) - ( 801,937) ( 801,937) 1,566,169 - - 1,566,169 - - - 2,373,823 ( 321,376) - 2,052,447 - - - 594,721 ( 183,750) - 410,971 - - - 353,626 - - 353,626 - - - - - - - - - - 23,555 - - 23,555 - - - 129,080,021 (166,627,972) - ( 37,547,951) - - - 11,650,060 ( 4,202,812) - 7,447,248 - - - 82,314,025 ( 69,682,884) - 12,631,141 - - - 67,298,678 ( 15,604,500) - 51,694,178 - - - ( 52,170) - - ( 52,170) - - - ( 4,357,245) - - ( 4,357,245) - (114,880,058) (114,880,058) 176,640,069 ( 269,914,419) ( 9,994,544) (103,268,894) ( (38)) 52

8. (ii) 1 2005 2004 2005 2005 2004 2 (iii) 167,399,779 243,388,727 2,851,376 753,293 414,393,175 100,082,061 48,672,047 435,159,931 21,877,281 50,745,068 656,536,388 29,999,069 211,220,004 241,219,073 1,312,148,636 () 10 25 10 1 10 10 10 10 8 8 18 1 1 1 1 2 2 5 5 3 4 4 200511 163,214,785 240,938,505 2,780,092-406,933,382 86,034,148 33,727,948 121,254,161 15,597,867 50,501,102 307,115,226 29,710,616 210,264,256 239,974,872 954,023,480 * - - - - - 14,047,913 14,944,099 - - - 28,992,012 - - - 28,992,012 (16,739,978) ( 9,800,888) ( 285,138) - ( 26,826,004) (10,008,205) ( 4,867,205) ( 42,478,829) ( 2,135,586) ( 5,855,196) ( 65,345,021) ( 3,461,431) (11,468,960) (14,930,391) (107,101,416) - - - - - - - - - ( 1,233,369) ( 1,233,369) ( 731,815) ( 4,929,506) ( 5,661,321) ( 6,894,690) 20051231 146,474,807 231,137,617 2,494,954-380,107,378 90,073,856 43,804,842 78,775,332 13,462,281 43,412,537 269,528,848 25,517,370 193,865,790 219,383,160 869,019,386 * 2004 2005 2004 53

8. (iii) 1 2 200412 48% 22.8% 395 166 48% 22.8% 3 Fly Top Limited200412 20.2% 11,507 12,197 20.2% 4 2004421 Fly Top Limited 60% 2004426 2.94 6,700 200411 60% 60% 5 (iv) 20051231 20041231 6 54

9. 200511 37,957,151,741 4,475,602,569 1,548,267,627 620,611,301 180,690,220 2,567,849,490 47,350,172,948 3,147,371,354 9,045,652 87,816,195 92,238,756 38,965,102 264,767,950 3,640,205,009 3,200,895,703 113,857,289 75,521,448 5,147,665 1,701,444-3,397,123,549 ( 414,179) ( 49,720,484) ( 36,140,129) ( 34,222,730) ( 1,885,927) ( 73,895,832 ) ( 196,279,281 ) ( 10,758,113) ( 399,133) - ( 1,629,573) - ( 5,076,571) ( 17,863,390 ) 20051231 44,294,246,506 4,548,385,893 1,675,465,141 682,145,419 219,470,839 2,753,645,037 54,173,358,835 200511 1,017,182,896 281,028,633 432,618,452 118,038,718 109,518,178 291,442,915 2,249,829,792 3,034,263,975 179,780,356 153,792,739 153,296,036 20,386,206 585,978,582 4,127,497,894 ( 411,742) ( 6,436,900) ( 28,168,534) ( 15,134,140) ( 1,321,730 ) ( 68,966,216) ( 120,439,262) ( 4,515,051) ( 262,165) - ( 837,974) - ( 3,547,302) ( 9,162,492) 20051231 4,046,520,078 454,109,924 558,242,657 255,362,640 128,582,654 804,907,979 6,247,725,932 20051231 40,247,726,428 4,094,275,969 1,117,222,484 426,782,779 90,888,185 1,948,737,058 47,925,632,903 20041231 36,939,968,845 4,194,573,936 1,115,649,175 502,572,583 71,172,042 2,276,406,575 45,100,343,156 200511-8,051,535 - - - - 8,051,535-60,300 - - - - 60,300 - (8,051,535) - - - - ( 8,051,535) - - - - - - - - (8,051,535) - - - - ( 8,051,535) 20051231-60,300 - - - - 60,300 20051231 40,247,726,428 4,094,215,669 1,117,222,484 426,782,779 90,888,185 1,948,737,058 47,925,572,603 20041231 36,939,968,845 4,186,522,401 1,115,649,175 502,572,583 71,172,042 2,276,406,575 45,092,291,621 2005 12 31 302,900,070 20051231 55

9. 20051231 20041231 2005 1231 2004 1231 10,435,281,827 11,002,862,989 ( 972,755,572 ) ( 209,261,915 ) 9,462,526,255 10,793,601,074 20051231 20041231 2005 1231 2004 1231 ( (23)) 16,558,629,851 16,158,904,591 ( (26) 9,462,526,255 10,793,601,074 26,021,156,106 26,952,505,665 20051231 20041231 20051231 20041231 2005 2004 1231 1231 - - 439,171,758 432,547,216 - - 20051231 871,559,788 20031231 [2004]47 2003 1231 56

10. 2005 ( ) 11 2005 1231 759 261,696,471 275,792,597 ( 255,145,808 ) - 282,343,260 / 71 26,795 3,233,968,420 7,250,754,243 (2,733,493,313) - 7,751,229,350 42 500 257,833,885 15,619,227 - - 273,453,112 46 180 66,292,768 53,113,710 - - 119,406,478 66 199 33,737,770 56,895,982 - - 90,633,752 45.8 11 11,528,260 - ( 11,528,260) - - 100 22 6,866,677 1,037,363 ( 7,904,040) - - 100 886 2 1,368,000 - - - 1,368,000 70 597 113,057,894 264,275,612 ( 212,731,029) - 164,602,477 63 46.4 1,749,582 22,201,393 - - 23,950,975 51.7 2,086 3,344,382 390,469,807 ( 1,200,103) - 392,614,086 19 34.84 925,146 22,182,977 - - 23,108,123 66 25-14,935,564 - - 14,935,564 60 44.42-24,051,588 - - 24,051,588 54 128,777,159 273,654,864 ( 175,120,996) (20,369,511) 206,941,516-4,121,146,414 8,664,984,927 (3,397,123,549) (20,369,511 ) 9,368,638,281 9-53,308,936 - - 53,308,936 2005 19,308,936 35 34,000,000 4.5% 20051231 20041231 2005 12 31 42,000,000 20051231 57

10 2005 12 31 167,444,100 200312 31 [2004]47 20031231 11 200511 395,341,972 57,357,040 452,699,012 63,741,372 22,070,503 85,811,875 ( 395,184 ) ( 10,000 ) ( 405,184 ) 20051231 458,688,160 79,417,543 538,105,703 200511 5,117,306 4,409,275 9,526,581 7,001,685 15,561,876 22,563,561 ( 7,904 ) - ( 7,904 ) 20051231 12,111,087 19,971,151 32,082,238 20051231 446,577,073 59,446,392 506,023,465 20041231 390,224,666 52,947,765 443,172,431 48-49 3-5 20051231 20041231 20051231 20041231 58

11. 20051231 366,418,807 2003 1231 [2004]47 20031231 59

12 20051231 20041231 436,000,000 3,518,607,200 590,300,000 4,885,617,950 1,672,394,000 1,672,394,000 2,241,378,000 2,241,378,000 225,000,000 234,067,500-5,425,068,700 7,126,995,950 (1) 2,000,000,000 2,000,000,000 - - (2) 24,000,000 24,000,000 42,000,000 42,000,000 (3) 3,522,743 28,429,237 3,522,743 29,155,979 (4) 7,477,497,937 7,198,151,929 (1)20051231 20041231 160,526,500 488,283,900 7 (2) 2005526 20 2.92% (3) 20051231 (4) 20051231 20041231 2.92%- 5.234%1.77%-4.779% 20051231 20041231 60

13 2005 1231 2004 1231 153,013,770-174,922,956 362,032,874 327,936,726 362,032,874 20051231 5% 20051231, 103,425,601 20041231 ( 6 14. 20051231 20041231 1 4,934,316,884 99 4,560,316,393 99 12 55,674,692 1 338,340-23 272,023-7,126,722-3 13,180,726-9,120,220 1 5,003,444,325 100 4,576,901,675 100 20051231 20041231 6 2005 2004 1231 1231 143,542,623 95,966,707 23,783,455 24,126,634 28,376,457-195,702,535 120,093,341 61

14. : 7,818,671 1,092,089 1,014,435 269,191 2,986,340 13,180,726 15. 5% 16. 20051231 116,057 20041231 200,952 363,443 20041231 ( 6 5% 17. 2005 2004 1231 1231 17% 1,297,120 34,301,864 3-5% 385,465,031 178,479,486 15-33% 427,133,572 166,279,405 47,910,069 25,362,631 861,805,792 404,423,386 62

18. 20051231 20041231 % % 1 1,418,080,774 76 4,134,661,064 91 12 308,652,670 16 296,482,578 7 23 70,159,001 4 60,411,276 1 3 75,602,032 4 52,031,698 1 1,872,494,477 100 4,543,586,616 100 32,223,890 3 10,589,531 3 32,788,611 3 75,602,032 20051231 20041231 6 2005 1231 2004 1231 22,349,218 3,681,700 2,350,805 1,188,838 145,992,240 2,440,562,980 170,692,263 2,445,433,518 63

19. 2005 1231 2004 1231 267,725,526 213,815,539 86,993,742 86,203,868 10,637,148 4,312,825 62,764 75,762 365,419,180 304,407,994 7%1522% 5% 20. 2005 2004 1231 1231 253,705,649 237,364,477 228,745,952 157,909,428 31,444,206 31,453,063 18,721,228 28,129,932 45,908,855 18,681,358 23,318,465 12,812,570 208,454,737 265,553,632 810,299,092 751,904,460 21. 2005 87,237,651 595,640,441 (562,282,845) 120,595,247 64

22. 20051231 20041231 ( (23)) 169,073,029 1,364,453,161 157,778,611 1,305,854,671 1,713,885,756 1,713,885,756 685,410,756 685,410,756 3,078,338,917 1,991,265,427 ( (26)) 222,065,260 1,792,111,063 187,389,535 1,550,929,487 2,368,482,046 162,762,086 1,934,936,475 154,216,373 1,954,873,149 1,705,145,860 ( (25)) 100,218,101 101,802,141 5,133,430,167 3,798,213,428 2005 1231 2004 1231 2,438,765,857 2,313,870,800 ( 483,892,708 ) ( 608,724,940) 1,954,873,149 1,705,145,860 20051231 20041231 65

23. (i) 20051231 20051231 / 4,366,581,207 4,366,581,207 2006-2014 /953,333,873 7,693,595,021 2006-2017 ( (7)) 6,265,000 50,559,803 2009 12,110,736,031 /585,681,205 585,681,205 2007-2012 / 70,000,000 564,914,000 2007 1,150,595,205 13,261,331,236 1,713,885,756 1,713,885,756 ( (22)) 169,073,029 1,364,453,161 ( (22)) 10,182,992,319 20051231 16,558,629,851 9 20051231 81,598,344 1 2005 12 31 4.94%8.33% 20051231 6,780 20051231 4,891 66

23 ii20041231 20041231 / 5,284,122,738 5,284,122,738 2006-2019 / 1,009,953,399 8,358,879,315 2009-2014 ( (7)) 8,055,000 66,667,208 2009 13,709,669,261 / 598,862,929 598,862,929 2007-2012 /70,000,000 579,355,000 2007 1,178,217,929 14,887,887,190 685,410,756 685,410,756 ( (22)) 157,778,611 1,305,854,671 ( (22)) 12,896,621,763 20041231 16,158,904,591 9 20041231 64,241,706 1 20041231 8,294 20041231 5,943 1,455 (8) 761 8 20051231 67

24. 05 10200597 30 42.75 30 200597 30 2005 05 4.5% 97 25. 2005 1231 2004 1231 417,339,379 539,121,161 635,718,296 471,038,368 257,720 17,383,521 1,053,315,395 1,027,543,050 : ( (22) ) 100,218,101 101,802,141 953,097,294 925,740,909 68

26. 2005 1231 2004 1231 12,281,387,182 13,698,893,635 /( ) ( 707,605,454 ) 189,549,709 ( 1,540,237,460 ) ( 1,607,056,162 ) 10,033,544,268 12,281,387,182 ( (22)) ( 1,954,873,149 ) ( 1,705,145,860 ) 8,078,671,119 10,576,241,322 2005 1231 2004 1231 9,172,545,458 12,242,096,264 ( 1,093,874,339 ) ( 1,665,854,942 ) 8,078,671,119 10,576,241,322 10-12 20051231 20041231 1.64%-9.84%1.64% - 9.13% 69

26. 20051231 20041231 2005 2004 1231 1231 ( (9)) 9,462,526,255 10,793,601,074 20051231 20041231 16,276,920 1 20051231 20041231 12,044 14,785 20051231 2,521 20041231 3,074 20041231 921 8 3,976 8 20051231 20051231 20041231 20051231 20041231 611,373,815 4,933,908,963 833,222,591 6,896,166,774 45,761,963,854 3,144,762,156 46,173,555,096 3,680,074,548 8,078,671,119 10,576,241,322 70

27. 2004 4,274,911,984 200411 2,301,402,264 2004 (1) 1,769,158,827 2004 (2) (2,176,269,226 ) (3) 2,849,210,051 (( (28)) (5,054,276,915 ) H ( (28)) (1,445,723,085 ) ( (29)) (2,518,413,900 ) - 12004 305 2004 886 2004 22004 2004 20031231 2004930 3 20031231 200411 2004930 2,849,210,051 2004 200311 (2004930) 71

28. 6,500,000,000 1 2004 11. 2004 2005 1231 1231 1. - 5,054,276,915 198,331,240 4,855,945,675-29,749,686 4,826,195,989 H - 1,445,723,085 56,730,578 1,388,992,507-8,509,587 1,380,482,920. 1. - 2,805,680,000-2,805,680,000 420,852,000-3,226,532,000. - 9,305,680,000 255,061,818 9,050,618,182 420,852,000 38,259,273 9,433,210,909 6,500,000,000 5,054,276,915 H 1,445,723,085 27 1 2004 99 2004113 [2004]39 H 200412 1 H 2,550,618,182 2.98 3.17 H 255,061,818 2.98 3.17 20041231 9,050,618,182 20051 H 382,592,727 2.98 3.17 H 38,259,273 2.98 3.17 72

28. 9,433,210,909 2005519 29. 2004 11 2005 11 2005 1231 (1) - 2,518,413,900-2,518,413,900 - - 2,518,413,900 (2) - 134,905,003-134,905,003 2,738,046-137,643,049 (3) - 5,050,220,525-5,050,220,525 789,503,780-5,839,724,305 (4) - - - - 9,597,481-9,597,481-7,703,539,428-7,703,539,428 801,839,307-8,505,378,735 1 H 6,500,000,000 ( 27 2,518,413,900( 27 2 51% 134,905,003 73

29. 3 28 2,550,618,182 2.98 3.17 760,084 808,730 2,550,618,182 553,668 48,646 505,022 28 20051 382,592,727 2.98( 3.17) 114,013 121,298 382,592,727 83,039 4,089 78,950 4 74

30. 2004 11 2004 2005 1231 1231-66,456,345-66,456,345 172,883,971-239,340,316-13,586,904-13,586,904 87,784,542-101,371,446 - - - - 12,976,918-12,976,918 - - - - 9,195,663-9,195,663-80,043,249-80,043,249 282,841,094-362,884,343 10% 50% 25% 2005412 2005530 2004 2004 10%5%5% 2005 10%5% 75

31. 2004930( )200412 2005 31 / 179,495,104 - / 1,709,286,955 259,538,353 () / ( 306,070,787 ) ( 80,043,249 ) ( 172,883,971 ) ( 66,456,345 ) ( 87,784,542 ) ( 13,586,904 ) ( 12,976,918 ) - ( 23,229,693 ) - ( 9,195,663 ) - / 1,582,711,272 179,495,104-12,976,918 20041231 32. 5 2005 2004 2003 32,633,973,698 28,608,927,020 19,500,235,740 6,526,668,950 5,635,324,398 4,449,631,866 920,595,356 601,448,182 496,868,045 40,081,238,004 34,845,699,600 24,446,735,651 76

32 2005 2004 2003 26,853,998,430 21,414,132,112 15,296,315,748 4,495,053,332 4,218,109,300 3,529,663,220 665,798,896 384,359,889 349,598,465 32,014,850,658 26,016,601,301 19,175,577,433 2003 2004 2005 877,380,172 1,248,114,062 1,505,441,300 4% 2004 2004 33 2005 2004 2003 3-5% 908,128,775 799,565,650 248,728,745 1-7% 40,406,173 40,139,280 15,850,167 3-4% 22,535,368 19,663,475 6,976,470 354,822 1,706,884 39,615 971,425,138 861,075,289 271,594,997 2004 2003 2004 2004 77

34 2005 2004 2003 : 1,681,504 11,553,336 18,771,269 380,788,772 343,960,607 263,263,621 13,654,551 17,119,796 15,224,468 1 332,157,288 259,887,513 266,934,619 728,282,115 632,521,252 564,193,977 : 157,055,424 195,819,959 74,559,638 25,290,936 31,528,772 24,280,786 10,015,317 15,802,767 24,740,646 80,938,811 83,999,675 7,234,788 2 232,976,552 212,559,801 88,347,630 506,277,040 539,710,974 219,163,488 222,005,075 92,810,278 345,030,489 1 2 2005 2004 2005 2004 2003 2004 2003 78

35 2005 2004 2003 1,802,355,947 1,774,076,645 2,177,408,557 19,308,936 - - 110,674,271 35,647,552 18,825,383 /( ) ( 908,536,649 ) 18,299,249 297,176,496 76,212,339 49,595,044 23,313,517 840,048,430 1,806,323,386 2,479,073,187 2004 2003 2005 2004 2005 36 2005 2004 2003 80,363,666-17,914,369 2,778,389 2,166,569 854,717 7,150,694 35,796,684 - - 13,748,921 - - 3,335,359-55,829,083 62,817,117 42,883,130 146,121,832 117,864,650 61,652,216 79

37 2005 2004 2003 1-37,500,000 50,000,000 2 23,539,673 33,998,850-3 - 30,749,947 20,638,712 4 23,347,955 - - 5 800,000 - - 6 5,096,793 10,084,227 84,652 52,784,421 112,333,024 70,723,364 1 [1999]881 [1999]116 2 2002318 [2002]1 200411 3 2001120 [2001]104 4 80

37 () 5 200514 16846 2004 80 2005 6% 6 2005 2004 2003 3%4%3% 81

38 2005 2004 2003 ( (8) (ii) ) 176,640,069 475,853,108 170,517,358 (8) (iii) (107,101,416 ) ( 54,908,995 ) ( 45,961,035 ) - 3,204,274 - - 2,296,580 405,875 69,538,653 426,444,967 124,962,198 2003 2004 2003 2005 2004 39 40 2005 2004 2003 46,964,964 52,474,309-2,276,591 11,013,821 3,939,278 42,713,346 46,052,773 1,137,949 9,206,622 20,800,151 30,034,726 101,161,523 130,341,054 35,111,953 2005 2004 2003 642,353,985 381,069,423 20,065,489 2 82

41 2005 2004 1,681,504 11,553,336 380,788,772 343,960,607 13,654,551 17,119,796 57,206,938 48,116,101 43,172,421 112,333,024 74,986,387 69,830,067 42 2005 2004 1,129,059,722 877,764,443 150,380,454 138,374,131 2,276,591 11,013,821 42,713,346 46,052,773 370,827,372 378,201,522 70,009,010 36,349,451 120,362,423 122,095,623 31,272,759 24,186,046 113,835,489 108,012,095 24,988,667 21,709,370 9,033,916 11,435,694 17,713,061 20,548,570 76,212,339 49,595,044 83

32 2005 2004 2003 19,404,435,673 17,652,216,282 13,233,348,739 20,676,802,331 17,193,483,318 11,213,386,914 40,081,238,004 34,845,699,600 24,446,735,653 2005 2004 2003 - - 185,307,510 - - 61,870,099 - - 247,177,609 2005 2004 2003 14,314,237,594 12,394,146,295 9,375,627,958 17,700,613,064 13,622,455,006 9,799,949,475 32,014,850,658 26,016,601,301 19,175,577,433 2005 2004 2003 589,915,398 531,389,866 188,693,220 381,509,740 329,685,423 82,901,777 971,425,138 861,075,289 271,594,997 84

2005 2004 2003 4,500,282,681 4,726,680,121 3,483,720,051 2,594,679,527 3,241,342,889 1,268,665,563 7,094,962,208 7,968,023,010 4,752,385,614 85

1. 20051231 66% 2. 2005 1 1 2005 12 31 331,268,000 - - 331,268,000 187,533,000 - - 187,533,000 90,000,000 - - 90,000,000 20,000,000 - - 20,000,000 3,000,000 - - 3,000,000 18,000,000 - - 18,000,000 6,980,000 - - 6,980,000 1,500,000 - - 1,500,000 5,533,000 - - 5,533,000 500,000 - - 500,000 2,200,000,000 - - 2,200,000,000 2,000,000 - - 2,000,000 86

3. 2005 1 1 2005 12 31 % 69 226,462,800 - - 226,462,800 60 61,519,800 6,000,000-67,519,800 100 90,000,000 - - 90,000,000 100 20,000,000 - - 20,000,000 100 3,000,000 - - 3,000,000 51 6,120,000 3,060,000-9,180,000 100 6,980,000 - - 6,980,000 100 1,500,000 - - 1,500,000 100 3,000,000 - - 3,000,000 95 475,000 - - 475,000 51 1,122,000,000 - - 1,122,000,000 100 2,000,000 - - 2,000,000 87

88 4. : ACT

4. : Nexus Travel Services Co., Ltd. Zhuhai Air Express Co., Ltd. TTS Travel (Macau) Co., Ltd. Shanghai Air Express Co., Ltd. Easy Advance Ltd., Hemswell Ltd. & Wise Advice Ltd. 89

5 : 90 2005 2004 2003 1 TTS Travel (Macau) Co.,Ltd. 2,832,536 3,612,480 4,696,860 Nexus Travel Services Co., Ltd. - - 27,865 Shanghai Air Express Co., Ltd. 4,506 8,220,300 14,362,008 170,419 130,298 111,698 6,556,589 4,830,399 - Zhuhai Air Express Co., Ltd. 272,407 - - 1,462,883 3,598,700 1,363,338 11,299,340 20,392,177 20,561,769 2 322,506,884 313,027,874 215,329,740 29,121,533 20,199,759 20,761,031 132,555 6,605,034 9,919,283 26,864,809 32,455,901 23,363,177 14,065,424 11,217,522 11,335,639 392,691,205 383,506,090 280,708,870 28,408 - - 4,398 5,830 69,398 32,806 5,830 69,398 3 3,321,206 - - 971,611 - - 5,269,407 - - 5,695,278 10,000,027 17,352,054 15,257,502 10,000,027 17,352,054 4 2,506,351 3,571,887 8,736,237 2,506,351 3,571,887 8,736,237 5 284,700 - - 276,000 - - 1,061,121 - - 59,588 - - - - 553,159 1,681,409-553,159 6 25,089,420 20,583,178 14,550,998 11,413,504 - - - 667,554 730,380 36,502,924 21,250,732 15,281,378 7 18,700,000 4,250,000-18,700,000 4,250,000 -

5. : 2005 2004 2003 8 121,561 - - 4,636 - - 118,468 - - - 240,696 - - 66,616-336,000 423,762 - - 200,000 400,000 580,665 931,074 400,000 9 2,519,808 681,898-2,519,808 681,898-10 1,874,937 148,029-1,803,404 - - 9,875,771 1,460,970-13,554,112 1,608,999-11 477,574,300 - - 477,574,300 - - 12 11,649,011 - - 11,649,011 - - 13 623,000 - - 623,000 - - 14 779,355 - - 6,997,592 - - 975,931 - - 8,752,878 - - 15 486,000 - - 113,000 - - 368,140 - - 967,140 - - 16 49,694,837 43,240,734 42,401,085 7,496,236 5,122,937-88,230,764 165,108,267 118,843,921 27,273,778 45,087,718 45,501,388 172,695,615 258,559,656 206,746,394 17 5,851,487 5,905,700 5,118,500 91

5,851,487 5,905,700 5,118,500 5 : 2005 2004 2003 18 5,210,021 5,111,834 4,279,200 2,095,891 4,759,600 3,290,100 6,549,981 8,344,100 3,613,200-7,848,753 11,845,500 5,316,743 488,800 - - 1,044,175-19,172,636 27,597,262 23,028,000 19 16,377,149 24,529,534 21,961,136 16,377,149 24,529,534 21,961,136 20 90,807,052 73,497,220 55,250,797 136,486,725 127,057,960 99,771,370 2,770,213 4,743,500 3,402,669 96,443,556 73,554,237 62,376,672 5,032,153 - - 2,029,257 - - 7,395,676 4,747,266-340,964,632 283,600,183 220,801,508 21 179,341 - - 1,911,862 - - 4,028,218 - - 119,086 634,175 179,336 1,796,623 1,867,725 1,300,419 5,404,800 1,477,922 981,127 142,559 63,302-163 120,451-107,863 87,323-13,690,515 4,250,898 2,460,882 22 55,400 2,502,000 2,700,000 911,448 - - 966,848 2,502,000 2,700,000 23 6,310,200 6,360,000 6,360,000 ( ) 3,786,120 3,816,000 3,816,000-33,904,171 26,317,453 10,096,320 44,080,171 36,493,453 24 106,856,174 96,672,131 35,609,391 18,860,515 10,836,086 9,486,285 125,716,689 107,508,217 45,095,676 92

5. : 2005 2004 2003 25 156,000-1,208,200 156,000-1,208,200 26 28,376,457 16,985,942 5,263,701 15,679,841 4,459,329-1,724,879 - - 413,048 - - Easy Advance Ltd., Hemswell Ltd. & Wise Advice Limited 1,737,536 729,280-47,931,761 22,174,551 5,263,701 27-361,000,000-28 - 95,644,136 - - 456,644,136-29 1,184,000 - - 854,784 - - 2,038,784 - - 30 159,030,923 - - 42,356,732 - - 201,387,655 - - 31 12,700,000 - - 12,700,000 - - 32 1,626,500 - - 3,990,773 - - 1,900,000 9,049,900-7,517,273 9,049,900-93

5. : 1 2 3 4 5 6 7 8 94

5. : 9 10 11 12 13 14 15 95

5. : 16 17 18 19 20 21 22 96

5. : 23 24 25 26 27 7(iii)(4) 28 29 30 97

5. : 31 32 (I) 1997 10 18 2004 8 25 2004 8 25 1997 10 18 (II) 2005 9 30 10% 0.35 98

6. ( (2)) 2005 1231 2004 1231 1,881,909 5,692,068 19,931,951 5,750,048 7,930,905 2,484,544 45,628,737-5,717-75,379,219 13,926,660 197,932 694,881 1,095,938 594,279 1,109,072 886,521 5,591,806 - - 229,942 40,029,438 45,772,731 48,024,186 48,178,354 314,923,900 17,316,103 19,001,695-333,925,595 17,316,103 99

6. 2005 1231 2004 1231 106,557 593,291 4,405 458,740 5,624,205 6,225,211 2,125,531 1,354,848-66,972 77,360-88,421-18,787,818-26,814,297 8,699,062 15,920,000 3,734,871 167,666-28,442 6,634-34,850 1,080 12,531-240 1,393 215,939-4,250,000 506,300 506,300 24,781-46,462-7,410-169,937-89,476 47,765 16,962,947 8,809,130 35,095,924 31,719,556 35,095,924 31,719,556 100

6. 2005 12 31 2004 12 31-39,813,600 48,994,488 - - 47,518,464 48,994,488 87,332,064 103,425,601 - - 400 1,371,450 5,594,922 104,825,913 59,113,554 1,227,701-29,360,404 420,162-15,159,718 6,757,155 15,677,951 143,542,623 95,966,707 101

6. 2005 1231 2004 1231 7,525,623 4,852,172 12,700,000-553,568 1,526,697 1,724,879-413,038 - - 16,639,459-80,841-195,000 866,347 - - 127,815-704,650 23,783,455 24,126,634 28,376,457-116,057 200,952 363,443-102

6. 2005 1231 2004 1231 1,856,893 2,148,000 1,084,882 - - 33,700 19,407,443 1,500,000 22,349,218 3,681,700 261,783 1,168,838 1,778,273-20,000-263,000-27,749 - - 20,000 2,350,805 1,188,838 2,312,268 2,296,883,008 143,679,972 143,679,972 145,992,240 2,440,562,980 103

7. 2005 1231 2004 1231 ( (1)) 500,786,926 606,481,499 ( (23)) 50,559,803 66,667,208 ( (12)) 160,526,500 488,283,900 20051231 20041231 0.72% 20051231 20041231 1.08%1.62%1.89% 20051231 20041231 6 LIBOR+0.4% 104

8. 20051231 20041231 2005 1231 2004 1231 ( (23)) - 1,455,132,562 ( (23)) - 760,888,265 ( (26)) - 920,682,609 ( (26)) - 3,975,775,151 105

106 20051231 20051231 32,982,209,354 32,090,059,542 6,414,749,067 5,484,205,067 39,396,958,421 37,574,264,609 20051231 20051231-358,341,000 102,921,560 102,921,560 102,921,560 461,262,560 20051231 20051231 2,438,765,857 1,507,056,898 2,438,765,857 760,230,246 2,303,261,654 925,702,924 2,303,261,654 545,175,313 1,616,397,828 784,138,818 1,616,397,828 441,388,579 5,208,278,893 2,218,589,793 5,208,278,893 1,315,529,902 11,566,704,232 5,435,488,433 11,566,704,232 3,062,324,040 20051231 11,566,704,232 20051231 2010 20051231 1231 20051231 635,718,296 20051231

20051231 128,302,912 128,302,912 20,806,000-91,000,000-240,108,912 128,302,912 / 20051231 1,625 107

2002 4 15 CA129 121 8 2005 12 31 13,102 6,551 19,653 17,900 3,000 2005 12 31 108

1. 2005 1231 2004 1231 2,186,507,832 1,425,685,453 ( 32,485,405 ) ( 23,386,903 ) 2,154,022,427 1,402,298,550 20051231 20041231 % % % % 12,087,185,395 95 7,065,001 1 1,393,646,974 98 4,013,516 1 12 76,419,607 3 10,986,542 14 12,893,958 1 4,590,702 36 23 7,466,016 1 4,292,087 57 6,088,020-4,970,820 82 34 5,715,480-2,292,379 40 13,056,501 1 9,811,865 75 45 9,721,334 1 7,849,396 81 - - - - 5 - - - - - - - - 2,186,507,832 100 32,485,405 1,425,685,453 100 23,386,903 2005 23,386,903 9,098,502 32,485,405 109

1. 20051231 2005 1231 5,054,253 5,054,253 100% 20051231 20051231 20041231 2005 1231 2004 1231 197,046,967 22,522,965 25,139,522 10,565,337 333,925,595 17,316,103 556,112,084 50,404,405 110

2. 2005 1231 2004 1231 1,375,189,016 2,062,600,994 - - 1,375,189,016 2,062,600,994 : 20051231 20041231 % % % % 1360,635,797 26 - - 1,724,720,897 84 - - 12 856,908,186 63 - - 184,476,447 9 - - 23 46,767,668 3 - - 64,059,969 3 - - 34 32,204,838 2 - - 24,045,046 1 - - 45 14,911,960 1 - - 17,775,122 1 - - 5 63,760,567 5 - - 47,523,513 2 - - 1,375,189,016 100 - - 2,062,600,994 100 - - 111

2 20051231 20051231 20051231 200412 31 20051231 20041231 2005 1231 2004 1231 749,035,615 1,249,283,062 8,026,478 8,699,062 16,714,357 8,807,130 35,095,924 31,719,556 808,872,374 1,298,508,810 112

3. 2005 1231 2004 1231 (i) 2,858,760 2,858,760 - (iii) 4,110,562,459 3,821,867,831 - (ii) 571,158,184 797,049,325 4,684,579,403 4,621,775,916 - (iv) 380,107,378 406,933,382 - (iv) 133,878,698 119,762,096 513,986,076 526,695,478 5,198,565,479 5,148,471,394 20051231 20041231 20051231 160,192,917 20051231 20051231 26% 113

3 (i) : 2005 2005 12311231 2005 / 1231 2004 1231 15 11,000,000 5.59% 2,197,272 2,197,272 30 6,615,000 4.16% 511,488 511,488 3,000,000 5% 150,000 150,000 2,858,760 2,858,760 (ii) : 200512 31 2005 12312005 / 1231 2004 1231 % 580,000,000 48 228,078,292 308,738,431 60 300,000,000 25 132,727,177 178,294,718 400,000,000 22.8 50,253,470 135,221,094 50 505,269,500 19.3 117,807,759 120,779,410 25 100,000,000 21 18,743,714 21,557,385 25 21,000,000 40.33 ( 4,885 ) 12,510,461 30 16,474,293 35.6 7,796,998 7,032,766 5 10,000,000 40 6,520,280 4,467,833 10 9,800,000 24.5 3,447,514 3,036,543 10 5,000,000 40 2,000,000 2,000,000 50 2,000,000 35 2,585,910 2,232,284 20 10,800,000 23.15 1,201,955 1,178,400 571,158,184 797,049,325 114

3. (ii) 2005 (i) (ii) (iii) (i)+(ii)+(iii) 48% 308,738,431 (14,047,913) (66,612,226) (66,612,226) - - 228,078,292 25% 206,651,450 (57,333,408) 11,765,867 (16,590,865) - - 132,727,177 22.8% 135,221,094 ( 20,416,099) (64,551,525) (64,551,525) - - 50,253,470 19.3% 108,713,643 - ( 2,971,651) 9,094,116 - - 117,807,759 21% 21,557,385 ( 2,813,671) - - - - 18,743,714 40.33% 8,337,823 - (12,515,346) ( 8,342,708) - - ( 4,885) 35.6% 6,833,154 ( 801,937) 1,566,169 1,765,781 - - 7,796,998 40% 4,101,654-2,052,447 2,418,626 - - 6,520,280 24.5% 3,003,865-410,971 443,649 - - 3,447,514 35% 1,872,309-353,626 713,601 - - 2,585,910 40% 2,000,000 - - - - - 2,000,000 23.15% 1,010,873-23,555 191,082 - - 1,201,955 808,041,681 (95,413,028) (130,478,113) (141,470,469) - - 571,158,184 115

3. (ii) 2005 1 2 (i) (ii) (i)+(ii) (iii) (iv) (v) (iii)+(iv)+(v) - (14,047,913) (14,047,913) (71,893,919) - 5,281,693 ( 66,612,226) - (57,333,408) (57,333,408) 24,930,480 (13,291,125) 126,512 11,765,867 - (20,416,099) (20,416,099) (64,816,107) - 264,582 ( 64,551,525) - - - 8,546,173 - (11,517,824) ( 2,971,651) - ( 2,813,671) ( 2,813,671) - - - - - - - (12,515,346) - - ( 12,515,346) - ( 801,937) ( 801,937) 1,566,169 - - 1,566,169 - - - 2,373,823 ( 321,376) - 2,052,447 - - - 594,721 ( 183,750) - 410,971 - - - 353,626 - - 353,626 - - - - - - - - - - 23,555 - - 23,555 - (95,413,028) (95,413,028) (110,836,825) (13,796,251) ( 5,845,037) (130,478,113) ( (6)) 116

3. (ii) 1 2005 2004 2005 2004 2 117

3. (iii) 2005 2005 1231 1231 2005 2004 : / 1231 1231 * 331,268,000 69% 2,131,555,411 2,082,448,719 2,200,000,000 51% 1,250,248,712 1,172,744,495 187,533,000 60% 562,204,603 424,856,180 90,000,000 100% 106,416,477 94,172,080 20,000,000 100% 21,775,655 21,124,046 3,000,000 100% 15,203,830 7,382,546 18,000,000 51% 12,634,101 11,268,777 1,500,000 100% 4,130,882 3,694,612 2,000,000 100% 4,143,205 3,203,306 5,533,000 100% 1,399,351 1,579,241 6,980,000 100% ( 1,222,326) ( 1,025,594) 500,000 95% 2,072,558 419,423 4,110,562,459 3,821,867,831 * 0.1 20051231 1.52 1.58 118

3. (iii) 2005 (i) (ii) (iii) (iv) (i)+(ii)+(iii)+(iv) 69% 1,957,146,223-1,957,146,223 125,302,496 93,269,710 218,572,206 (44,163,018) 2,131,555,411 51% 1,039,939,331 (11,275,500) 1,028,663,831 132,805,164 88,779,717 221,584,881-1,250,248,712 60% 440,822,143 962,519 441,784,662 (15,965,963) 136,385,904 120,419,941-562,204,603 100% 93,955,332-93,955,332 216,748 12,244,397 12,461,145-106,416,477 100% 20,872,040-20,872,040 252,006 651,609 903,615-21,775,655 51% 10,557,932 ( 1,296,000) 9,261,932 710,845 2,661,324 3,372,169-12,634,101 100% 6,080,290-6,080,290 1,302,256 7,821,284 9,123,540-15,203,830 100% 2,057,865-2,057,865 1,636,747 436,270 2,073,017-4,130,882 100% 2,000,000-2,000,000 1,203,306 939,899 2,143,205-4,143,205 100% 1,487,429-1,487,429 91,812 ( 179,890) ( 88,078) - 1,399,351 95% 307,746-307,746 111,677 1,653,135 1,764,812-2,072,558 100% 352,881-352,881 ( 1,378,475) ( 196,732) ( 1,575,207) - ( 1,222,326) 3,575,579,212 (11,608,981) 3,563,970,231 246,288,619 344,466,627 590,755,246 (44,163,018) 4,110,562,459 119

3. (iii) 2005 1 2 (i) (ii) (i)+(ii) (iii) (iv) (v) (iii)+(iv)+(v) - - - 134,948,071 (42,987,791) 1,309,430 93,269,710 - (11,275,500) (11,275,500) 82,760,959-6,018,758 88,779,717-962,519 962,519 136,385,904 - - 136,385,904 - - - 11,749,686-494,711 12,244,397 - - - 651,609 - - 651,609 - ( 1,296,000) ( 1,296,000) 2,661,324 - - 2,661,324 - - - 7,221,284-600,000 7,821,284 - - - 276,085-160,185 436,270 - - - 939,899 - - 939,899 - - - (179,890) - - ( 179,890) - - - 1,653,135 - - 1,653,135 - - - ( 196,732) - - ( 196,732) - ( 11,608,981) ( 11,608,981) 378,871,334 (42,987,791) 8,583,084 344,466,627 ( (6)) 1 2 120

3. (iv) 1 167,399,779 243,388,727 2,851,376 753,293 414,393,175 100,082,061 48,672,047 148,754,108 563,147,283 () 10 25 10 1 10 10 1 1 1 1 2 2 200511 163,214,785 240,938,505 2,780,092-406,933,382 86,034,148 33,727,948 119,762,096 526,695,478 3 - - - - - 14,047,913 14,944,099 28,992,012 28,992,012 ( 16,739,978) ( 9,800,888) ( 285,138) - ( 26,826,004) ( 10,008,205) ( 4,867,205) ( 14,875,410) ( 41,701,414) 20051231 146,474,807 231,137,617 2,494,954-380,107,378 90,073,856 43,804,842 133,878,698 513,986,076 2 200412 48% 22.8% 395 166 48% 22.8% 3: 2004 2005 2004 121