2

2012 30 15 5 AAAAAA 1

2

2010 3

4

/ / 5 2012 2012 2012 5

2008 2009 2010 2008 2009 2010 2011 19 2008 2009 2010 2011 9 6

WANO 7

ACP1000 ACP100ACP600 8

1 2 3 1 1 2 80.03 78.8478.66% 80.42% 20082010 2011 20% 80% 3 2011 9 30 689,213.94 24.934.88, 9

4 2011930 1,041.73 1 294.2128.241 5 20082010 2011 9 0.45 0.28 0.35 0.170.40 0.190.53 0.33 6 7 2011 9 30 1,135.58 247.74 689.92 2010 18.74 2010 52.72 8 4,850 4 10 9 2008 2009 2010 2011 9 46.59% 46.67% 48.61% 48.72% 10

2 1 2 3 2011 3 11 9.0 4 5 6 7 3 11

1 2 12 4 1 2 3 4 (2006 2010 ) (2011 2015) 2011 3 12

13

12012 2 3 [2012]MTN13 4 5 58 6 6 RMB3,000,000,000 7 RMB1,500,000,000 8 RMB100 9 5 10 11 12 13 14 15 2012 379:00 11:00 16 2012 37 17 :2012 38 18 2012 38 14

192012 38 20 2012 39 21 222013 2017 38 1 232017 38 24 25 AAA AAA 26 1 2012 2 2012 379:00 11:00 01068306995 3100 1,000 1,000 4 1 15

5 6 100 72012 37 2012 8 12012 229 22012 3 79:00 11:00 32012 3 716:00 42012 3 811:00 16

2100004 201100000017 52012 3 8 62012 38 72012 3 8 82012 39 9 2012 381100 2012 100 1,000 1,000 1,000 17

18

15 14 1 1 14 4.5 3.3 1 2 2.1 1 2 1.8 3 4 2.3 1 2 41 2011 2008 12 2013 12 2014 10 2108 260 52 20% 28.12 1 2 2009 4 2013 11 2014 9 2125 401 80 20% 24.63 1 2 2008 11 2013 11 2014 9 2108 270 54 20% 17.09 3 4 2010 12 2015 7 2015 12 2108 224 45 20% 4.18 1 2 2010 4 2014 265 189 38 20% 6.93 19

(2008)3409 [2007]178 [2008]367 0809 1 2 [2009]974 [2009]178 1 2 (2008)2956 [2008]3 [2009]1227 3 4 3 4 [2010]3055 3 6 [2009]403 [2009]1227 1 6 3 4 3 4 1 2 [2010]806 [2009]377 [2010]671 2 2012 1 1 2012 150 68 82 1 20

21

CNNC Nuclear Power Co. CNNC 159,800 2008 1 21 1000001004146 100045 01068555947 01068555942 20081 2008121 5,000 2011930 159,800 2008 10 201012 15 155,000 20113 22

159,800 155,0001,600 1,600 1,600 97% 1% 1% 1% 2011 12 30 51 1,998,738 23

50 2010 2,190.90607.022010446.50 48.96201192,516.86 628.93201119 305.49 49.82 2011930 1 2 3 4 5 24

25 1 2 / 3 4 5 6 / 52 1

7 1 1 1 1 1 4 2 1 26

2 1 50 50 1,000 1,000 500 1,000 27

28 20 500 5 2009 2009 49 5 2

3 4 2011 9 35 7 6 22 23 8 4 3 3 29 2010 2011 5 1 % % ( 1 2 3 4 5 6 7 100 50 51 50 51 51 51 100 50 51 50 51 51 51 124,433.64 520,000.00 100,000.00 249,000.00 224,950.00 222,000.00 40,368.00 124,433.71 190,000.00 51,000.00 124,500.00 181,024.50 113,220.00 34,326.88 2 2 2 2 2 2 2 1 1 1 1 5 5 5 29

% % ( 8 9 10 11 12 13 14 15 50 50 51 51 100 98 100 100 50 50 51 51 100 98 100 100 39,400.00 10,000.00 1,000.00 10,000.00 5,000.00 500.00 409.17 56.36 32,480.00 5,000.00 510.00 5,100.00 5,000.00 490.00 409.17 56.36 2 2 2 2 2 3 3 3 5 5 5 5 5 1 1 1 1 1. 2. 3. 4. 5. 2 2010 11 2010 2010 2011 9 3 2011 3 2011 2011 9 1 1982 11 2008 2008 131 253,975 30 30 19911219944 7 2011930 4032008 2 2008 12 2013 12 30

201410 2010 108.82 27.32 2010 8.68 0.53 2011 9 141.44 41.70 2011 19 7.83 1.36 2 1988 7 20 502012106 2 2008131 52 465 40123 20024152004532010105 465 2007 1 2012 20119 30 874 2010 257.11 67.26 2010 36.81 8.85 2011 9 265.41 68.06 2011 19 36.57 10.00 3 1997 1 31 512010109 2008 131 10 6 70 4012 2002 12312003 724 20119 30 947 2010 166.36 60.01 2010 43.05 9.79 2011 31

9 159.65 51.96 2011 19 32.23 11.05 4 1997 12 18 503020 2008131 24.9 1 2 AES91210640 1210620075172007816 2011930 656 2010 322.53 61.41 2010 56.17 25.45 2011 9 325.60 52.37 2011 19 41.13 18.75 5 2005 417 5120 14 105 2008131 22.5 6 2 AP1000 6020047 20094 12 20131120149 2010 182.77 35.23 20119236.68 44.26 6 2006 516 513910 32

2008131 22.2 6, 2 40 270 2 40 224 M310 2008 1120131120149 2010 12 20157201512 2010 115.49 22.20 20119159.75 35.21 7 2008 12 4.04 5130% 19 2010331 465 CNP600 40 12 2010425 11 21 189 2014 2010 33.77 6.73 2011 9 55.38 11.53 8 2008521 3.94 50% 25% 20% 5% 2010 630 2010 31.62 6.18 20119 36.06 7.66 9 2009327 33

1 5020 10 1010 2010630 2010 5.67 1 2011 9 6.91 1.64 10 20104 1 51409 2010630 2010 2.12 0.44 2011 9 2.16 0.95 11 2010 12 1 51 40 9 2010 2.11 1 2011 9 2.25 1 12 2010919 5,000 5,000 2010 0.50 0.50 2011 9 0.43 0.43 52 2011 9 30 1 279,927 5.00% 5.00% 2 125,600 11.78% 11.78% 34

52 7.00 2.39 2.39 11.78 1997 1997 7 21 2004 9 6 5% 2010 3 31 6 2 AP1000 60 2009 9 2014 1 53 2010 181.70 1,516.74 262.22 1,436.23 1,571.18 512.64 100.00 1,983.82 18,797.00 13,750.00 32,547.00 20,549.89 15,779.38 362.22 35,967.05 300.00 300.00 20,249.89 15,779.38 362.22 35,667.05 2 54 2010 35

49% 49% 2,513.84 486.16 48% 48% 442.25 520.04 97.38 2010 ( ) ( ) 1,470 49% 1994 70 48% 3 55 2010 20.41% 20.41% 9,878.15 20,163.16 2,511.69 2007 4,900 1,000 20.41% 4 56 13,750.00 0 13,750.00 0 13,750.00 17,060.00 17,060.00 0 0 17,060.00 5 57 36

( ) 70.00 181.70 46.74 24.00 204.45 1,000.00 1,571.18 512.64 100.00 1,983.82 1,470.00 1,470.00 238.22 1,231.78 6 58 200.00 200.00 100.00 100.00 300.00 300.00 1994 200 4 2004 25 100 2004 681,183.23 2007 318,816.77 59 37

58 2011 3 54 2011 3 46 2011 3 50 2011 3 50 2011 3 48 2011 3 59 2011 3 61 2011 3 54 2011 3 40 2011 3 51 2008 1 58 2010 1 51 2011 7 58 2011 7 43 2010 1 45 2010 1 41 2010 1 1953 6 261 1957 10 1976 8 1982 3 1965 38

1961 2 1961 1963 9 1952 5 1955 1957 1971 1960 1953 1960 39

1954 1968 1966 1970 1 510 20082010 2011 19 2011 19 2010 2009 2008 117.41 99.70% 142.16 99.65% 133.65 99.96% 132.37 99.23% 0.35 0.30% 0.50 0.35% 0.05 0.04% 1.03 0.77% 117.76 100% 142.65 100% 133.71 100% 133.40 100% 20082010 2011 99 20082010 132.40 133.71 142.65 2008 2009 2010 40

2009 6.37% 2010 3 2010 2009 20.12% 2011 19 117.76 2010 19 18.03% 2010 10 3 511 20082010 2011 19 2011 19 2010 2009 2008 66.14 99.68% 81.01 99.43% 76.96 99.94% 74.56 98.26% 0.21 0.32% 0.46 0.57% 0.05 0.06% 1.32 1.74% 66.35 100% 81.47 100% 77.01 100% 75.88 100% 20082010 2011 99% 20082010 75.88 77.01 81.47 512 20082010 2011 19 2011 19 2010 2009 2008 51.27 99.73% 61.15 99.94% 56.69 99.99% 57.81 100.50% 0.14 0.27% 0.04 0.06% 0.01 0.01% 0.29 0.50% 51.41 100.00% 61.18 100% 56.70 100% 57.52 100% 513 20082010 2011 19 201119 2010 2009 2008 43.67% 43.01% 42.42% 43.67% 40.00% 7.08% 13.28% 28.16% 43.66% 42.89% 42.41% 43.12% 20082010 2011 9 57.52 56.70 41

61.18 51.41 2009 2008 43.12 42.41 42.89% 43.66% 2009 11 20 0.01 / 2010 2010 2010 2011 19 2010 3 2010 2011 109.48 38.20 26.84 2011 2011 2011 444.35 155. 62 53.74 2011 2011 2011 2 2011 9 8 578 514 1994 4 31 100% 1 2 3 2002 4 2004 5 2010 10 65 65 65 50% 20% 12% 10% 6% 2% 1 2002 12 70 51% 20% 10% 2 2003 7 70 10% 9% 1 2007 5 106 2 2007 8 106 50% 30% 20% 42

10 985 515 4 65 158 2x125 401 2x108 270 2x108 260 2x65 189 2005 10 17 20052027 50 2007 1 2009 4 15 2009974 2008 11 8 20082956 51 2009 4 51 2008 11 2008 12 9 100 2008 12 20083409 2010 4 19 2010806 51 2010 4 3 108 224 2010 12 29 20103055 51% 2010 12 3 4 158 3 3 4 224 4 3 20082010 2011 9 516 2011 19 2010 2009 2008 21.06 19.66 23.24 21.69 23.62 21.95 26.24 24.55 110.58 103.14 119.41 111.65 99.41 92.89 99.58 93.11 87.66 81.22 114.12 105.57 117.24 108.55 112.38 104.11 115.57 107.89 157.02 146.71 142.67 132.69 140.75 131.20 334.87 311.91 413.79 385.62 382.94 356.08 378.95 352.97 2009 2010 11 12 43

2009 2010 2008 2010 3 2009 20.12% 1 2 2007 5 8 2010 2009 8.06% 20082010 2011 9 517 2011 2011 2010 2009 2008 2010 2009 2008 19 19 99.47 83.35 87.43 95.55 100.45 83.99 86.98 96.36 1 72.45 91.70 82.66 85.35 73.79 93.45 84.46 87.41 2 87.90 86.64 88.21 85.21 89.92 88.71 90.12 87.00 3 99.51 99.93 1 2 99.84 87.99 89.73 92.07 91.93 95.37 91.21 87.32 102.17 89.00 91.92 94.19 93.88 97.3 93.52 89.25 1 82.02 87.02 74.12 70.97 81.45 86.92 77.83 74.76 2 85.26 82.28 80.7 81.2 85.05 82.18 85.02 85.47 2008 2009 1 WANO 7 2010 WANO 518 2010 429 265 41 86.57 151 131 44

429 265 41 1 2 1 2 1 2 93.97 94.29 98.54 100.00 80.87 86.80 90 87 43 1 199 149 82 79 166 129 6 1 2011 2007 2008201020119 12 0.420 / 0.393 / 0.464 / 20072008 20091110.455 / 20091124 0.44520091120 3 201010 0.430 / 1 2 45

IAEA IAEA 1 2010 4 5 9,000 9.60 2 2011 4.70 2010 9,000 10.40 46

1 2010 41,923 11.09% 48 9 2010 984 5.44% 31318 10.91% 4,497 5,125 12.25% 12.65% 2005 2011 19 35,157 11.95% 9 3,915 12.17% 19 795 4.53% 26,235 12.13% 3,844 13.95% 4,282 10.61% 13% 4.7 12% 2010 30,887 5,187 25,699 7.01% 11.77% 2005 20.05% 2010 16.80% 2011 19 25,813 12.00% 9.51% 12.51% 2010 30% 11 12 2010 2 35.45% 12 29.20% 47

11 12 2010 2.50 2011 11,485 12.40% 2,640 10.30% 4.10% 10.80% 15.70% 2,174 18.50% 4,026 12.60% 2,646 9.80% 6 7 5 12.99% 8.18% 11.28% 10.63% 2 2010 9,127 48,610 2010 12,030 2010 47.07% 2005 81.00% 2010 64.34% 2010 96,219 6 7 8 9 13.22% 96.68% 2005 24.23% 2010 26.53% 2010 42,280 1.05 2005 0.07% 2010 1.18% 2011 19 34,540 12.70% 4,674 0.60% 28,532 14.40% 650 22.90% 3,000 48

/ 2011 32,565 64,911 12.06% 12.45% 2011 19 6,000 97,695 10.20% 19,170 7.60% 73,391 10.20% 1,191 31.1% 3,873 64.90% 2011 2010 6,000 4,660 114 2004 3,429 531 101 166 2011 19 3,603 78 2010 2388 301 3,986 193 2010 2011 2012 3 2010 220 44.27 19.74 2005 18.90 11.31 800 1000 3,282 640 2010 800 500 660 750 2010 1,492 21.71% 49

834 5.51% 2011 19 1,286 4,791 195 44 151 4 2010 7,051 3,641 3,410 4.26% 12.53% 3.20 2,949 46.05% 2011 2,488 635 742 532 4,962 873 3,295 109 658 2,201 220 12,817 22,507 2005 29% 2010 64% 2005 2,271 2010 1,311 5 2010 335 / 5 / 35 / 6.49% 0.23 0.72 2 2010 12 21 50

1 1,000 100 2 51

3 / 4 2020 2030 52

( ) 5 1 1 20 50 20 50 60 20 60 70 20 80 2010 441 104 58 54 32 21 13 53 MW 53

2 2007 8 2008 4 15 2007 2008 1 1 2008 2010 7 2010 10 1 0.026 / 3 80 90 90 2004 2005 (20052020) 54

30 60 100 70% 2005 2010 4 395 2009 9 2010 10 20092010 1,985 54 2005 2010 55 2005 2010 4 2010 13 1,081 1.1% 366 503 212 2010 768.17 55

1.82% 629 2010 2 65 2 108 3,000 2011 9 6 14 1,189 32 3,315 519 2011 9 31 1995/03/20 1991/12/15 1994/04/01 65 1996/16/02 2002/02/06 2002/04/15 65 1997/04/01 2004/03/11 2004/05/03 65 2006/04/28 2010/08/01 2010/10/21 70 1998/06/08 2002/11/19 2002/12/31 70 1998/09/25 2003/06/13 2003/07/24 98.4 1987/08/07 1993/08/31 1997/02/01 98.4 1988/04/07 1994/02/07 1994/05/06 99 1997/05/15 2002/02/26 2002/05/28 99 1997/11/28 2002/09/14 2003/01/18 108 2005/12/15 2010/07/15 2010/09/20 108 2006/06/15 2011/05/03 2011/08/07 106 1999/10/20 2006/05/12 2007/05/17 106 2000/09/20 2007/05/14 2007/08/16 520 2011 9 1 2 1 2 65 125 2 3 3 108 3 4 2 108 2 5 2 652 6 4 1104 7 4 108 4 8 6 108 6 9 2 170 2 10 2 100 2 11 2 125 2 56

12 1 20 31 3,315 3,318 3,129 85.70% WANO11 13 400 8 5 30 60 100 30 80% 60 70% 6 2003 57

20 2 2011 3 2012 10 2007 10 (20052020 ) 2005 2020 4,000 4% 2,6002,800 2015 4,294 2011 2015 2020 7,000 1 910 58

2050 3.60 30% 2.40 20% 1.20 10% 10 2011 9 8 578 6 1 2 1 2 3 4 610.8 2010 318.67 2010 339.53 41.48 20142017 2,286 1 2020 9,000 2 100 10 3.6 18 59

3 578 985 4 5 2020 20151,600ACP100ACP600 ACP1000 60

521 % 14,886,489.04 3,848,447.28 189,140.37 2,229,272.41 152,826.21 932,831.21 874,301.28 5,144,888.48 341,966.59 2,599,066.00 32.23 439,082.11 10,470.91 398,709.66 21,629.96 0 0 837,791.76 32,100.87 + 3 4 1,579,739.00 31.18 1,118,653.22 79,780.33 178,751.34 40,489.08 804,906.37 802,609.32 492,498.18 120,269.41 1 2 1,200,962.32 58,402.78 538,586.32 31,811.90 499.57 499.57 1,739,049.08 90,214.68 1 2 2,695,609.00 36.87 582,133.75 25,208.30 425,064.57 22,750.83 13,210.11 13,210.11 993,988.21 47,959.13 3 4 2,381,387.00 5.18 0 0 123,388.47 7,956.40 0 0 123,388.47 7,956.40 1,892,869.00 17.28 157,400.33 3,464.94 220,277.10 6,751.85 50,659.10 4,816.81 327,018.34 10,216.79 61

% 3,667,000.00 7.94 199,716.04 6,852.42 95,527.80 9,632.52 4,052.94 4,052.94 291,190.90 16,484.94 39,106.14 1,077.22 15,754.83 2,169.36 0 0 54,860.97 3,246.58 34,256.16 1,725.74 131,750.92 6,149.43 0 0 166,007.08 7,875.17 42,600.00 33.88 0 0 14,432.96 135.57 0 0 14,432.96 135.57 62

1 2 1 2 3 4 2009 4 15 2009974 401 244 62 60 35 2080 2008 11 8 20082956 270 171 41 40 17 2080 2008 12 9 20083409 260 149 45 45 21 2080 2010 4 19 2010806 2010 12 29 522 20122014 189 61 45 40 30 2080 20103055 224 39 35 40 45 2080 1 2AP1000125 20132014 [2009]974 [2009]178 20094 12 2013112014 9 2 AP1000 60 2 2 2013 2014 (2008)2956 [2008]3 2011 2012 2013 2014 11 [2009]1227 2 63

40 270 M310 2008 11 2013 11 2014 9 3 2 2013 2014 (2008)3409 [2007]178 [2008]367 2 2008 12 2013 12 2014 10 412 1 2 2 65 60 20152016 [2010]806 [2009]377 [2010]671 CNP600 4012 2010425 11 21 189 2014 5 2 3 4 2015 7 2015 12 3 4 [2010]3055 3 6 [2009]403 36 [2010]62 2 40 224 2010 12 2015 7 2015 12 34 56 64

65

20082010 201119 20082010 XYZH/2008A6042A XYZH/2009A6024AXYZH/2010A60521A 20082009 2010 2008 2010201119 201119 2006215 12011 2011192010 201011 2010 2010 2011 9 20113 2011 20119 22010 2010 12 3 66

2009 6 61 2010 34,326.88 51% 32,480.00 50% 5,000.00 50% 510.00 51% 5,000.00 100% 5,100.00 51% 2010 331 2010 630 20109 195,000 3 2008 2009 2008 2009 6 2008 1316 3 62 2008 2009 % 100 100 84,746.2 84,746.2 2 1 1 100 100 56.36 56.36 3 1 1 100 100 409.17 409.17 3 1 1 50 50 380,000 190,000 2 1 1 51 51 100,000 51,000 2 1 1 50 50 249,000 124,500 2 1 1 98 98 500 490 3 1 1 67

% 51 51 124,950 114,724.5 2 1 1 51 51 85,960 80,58 2 1 1 1. 2. 3. 4. 5. ( ) 0. 1. 2. 3. 4. 5. ( ) 63 2011930 20101231 20091231 20081231 : 585,640.15 326,499.35 144,653.08 368,765.95 250,650.07 144,614.45 88,909.51 207,476.23 165,542.64 132,264.09 192,291.01 92,554.31 155.41 193.05 198.85 121,707.32 97,550.71 82,853.10 62,336.46 689,213.94 771,240.32 553,610.08 438,411.98 : 510,288.52 350,235.99 319,529.83 ( ) 10.66 13.23 21.81 1,401.25 1,814,155.37 1,472,324.33 1,062,509.81 1,169,743.79 : 42,912.25 27,556.11 26,463.08 40,819.96 12,400.00 26,100.00 68

2011930 20101231 20091231 20081231 3,420.37 41,025.81 35,667.05 20,249.89 19,977.02 3,025.12 3,363.79 1,964.26 2,039.52 7,652,898.70 7,648,522.63 6,761,813.98 6,764,066.77 2,378,879.46 2,086,299.17 1,746,774.64 1,430,479.24 5,274,019.25 5,562,223.46 5,015,039.34 5,333,587.54 5,274,019.25 5,562,223.46 5,015,039.34 5,333,587.54 6,668,428.73 5,144,888.48 3,452,224.77 2,025,943.04 120,765.55 56,558.64 49,255.01 39,261.44 38.14 18,600.17 18,432.04 14,773.52 33,750.53 12,359.93 965.30 356.20 244.07 115,548.30 131,231.40 148,649.62 11,906.62 5,314.79 9,855.89 137,009.51 14,200.00 12,305,824.52 10,994,730.14 8,729,272.25 7,680,228.63 14,119,979.88 12,467,054.47 9,791,782.06 8,849,972.41 : 2,477,399.01 2,247,779.01 1,743,669.30 1,305,343.55 16,948.34 313,581.65 233,598.85 82,816.28 275,629.07 346,375.25 136,130.17 289,880.79 712.80 722.58 535.47 49.85 11,461.44 4,562.56 4,244.35 4,471.26 397.12 90.46 314.40 69

2011930 20101231 20091231 20081231 20.08 90,781.90 63,525.52 4,634.83 56,540.40 76,432.60 1,501.12 55,247.46 97,863.30 281,713.64 252,580.23 68,234.41 309,339.68 146,958.43 134,354.70 404,710.63 406,314.68 400,918.57 422,254.68 286,241.69 57,605.77 60,000.00 80,000.00 3,433,607.15 3,720,618.95 3,029,351.96 2,628,291.75 : 6,895,164.54 5,442,394.11 4,295,958.14 4,076,694.21 334,053.93 338,494.27 322,528.63 574,609.38 180,000.00 205.00 193.67 60,376.19 52,366.87 48,564.28 68,623.52 3,714.01 6,211.59 452,203.21 5.18 5.18 5.18 7,922,182.13 6,085,646.60 4,690,538.46 4,454,003.88 11,355,789.28 9,806,265.55 7,719,890.42 7,082,295.64 159,800.00 155,000.00 5,000.00 5,000.00 886,367.45 802,689.06 745,655.96 766,174.46 81,611.66 81,611.66 55,170.32 37,040.79 283,870.92 324,133.59 299,053.49 135,887.76 5,792.71 3,830.46 1,417,442.73 1,367,264.77 1,104,879.78 944,103.01 1,346,747.87 1,293,524.15 967,011.87 823,573.77 70

2011930 20101231 20091231 20081231 2,764,190.60 2,660,788.92 2,071,891.64 1,767,676.78 14,119,979.88 12,467,054.47 9,791,782.06 8,849,972.41 ( ) 64 2011 19 2010 2009 2008 1,177,930.86 1,434,390.35 1,341,839.02 1,334,002.07 1,177,930.86 1,434,390.35 1,341,839.02 1,334,002.07 1,174,423.72 1,426,545.96 1,337,051.03 1,323,690.89 3,507.15 7,844.38 4,788.00 10,311.18 856,425.94 1,040,579.41 1,044,348.76 1,115,897.35 664,518.28 817,951.68 778,896.18 758,842.68 663,510.13 814,728.46 770,060.59 745,625.85 1,071.14 3,223.22 8,835.58 13,216.83 20,495.80 23,689.28 23,454.93 23,771.28 6,463.38 4,107.73 3,510.90 3,450.88 55,996.42 83,105.94 82,921.94 75,618.26 : 854.68 848.17 880.23 22,410.78 5,636.98 61.49 108,889.43 103,178.63 155,542.36 254,107.16 187,403.27 204,808.71 266,277.52 2,635.46 1,329.04 2,288.43 96,757.31 62,132.85 23,224.37 0.36 8,546.15 22.44 107.08 71

2011 19 2010 2009 2008 406.59 2,802.67 4,316.56 3,948.75 4,814.02 4,979.73 321.16 341.50 326,228.08 394,957.01 302,304.28 223,084.44 166,037.25 152,172.47 158,350.54 146,007.33 321.68 31.81 7.63 151,674.57 158,261.38 145,812.04 270.38 8,662.33 20,896.51 4,737.96 7,479.21 18,696.42 1,757.55 491,994.95 538,467.16 439,758.31 364,353.81 95,137.57 101,355.93 75,588.11 62,471.17 396,857.37 437,111.23 364,170.20 301,882.65 196,303.33 217,635.17 181,295.26 150,810.88 200,554.04 219,476.06 182,874.94 151,071.77 3,328.56 9,420.61 440,439.79 373,590.81 219,381.39 192,296.24 221,058.39 181,294.57 65 2011 19 2010 2009 2008 72

2011 19 2010 2009 2008 1,266,869.23 1,619,554.73 1,687,329.80 1,539,191.40 119,454.73 140,721.69 159,202.20 187,699.07 10,645.23 8,460.02 12,480.09 15,288.57 1,396,969.18 1,768,736.43 1,859,012.09 1,742,179.04 319,121.49 524,656.58 479,394.77 380,591.57 96,607.48 141,047.99 138,926.84 138,343.87 283,422.74 350,370.86 345,857.74 324,132.96 27,390.01 31,316.48 28,935.56 46,126.71 726,541.72 1,047,391.91 993,114.91 889,195.11 670,427.46 721,344.52 865,897.18 852,983.93 900.00 10,000.00 19,000.00 15,000.00 3,240.38 3,829.61 4,529.52 4,691.14 660.20 4,765.35 1,009.25 8,099.10 8,384.00 25,226.46 25,162.02 23,680.36 13,184.58 43,821.42 49,700.78 51,470.60 1,818,813.40 1,812,901.24 1,463,248.31 1,140,504.42 17,594.51 26,000.00 13,000.00 4,582.30 11,559.15 8,600.00 27,787.41 1,823,395.70 1,842,054.90 1,497,848.31 1,181,291.83 1,810,211.12 1,798,233.48 1,448,147.53 1,129,821.23 205,669.30 315,802.60 117,178.50 78,354.00 145,103.40 117,178.50 73,354.00 73

201119 2010 2009 2008 4,884,820.68 7,322,729.65 4,759,869.27 3,242,422.31 14,354.05 11,315.95 183,701.37 3,150.62 5,104,844.03 7,649,848.20 5,060,749.15 3,323,926.93 2,723,389.36 5,575,801.68 4,154,878.04 2,528,767.97 965,872.20 682,259.12 392,650.23 355,318.82 165,732.88 155,033.00 108,700.00 15,483.28 134,234.89 154,701.02 1,920.77 3,704,744.84 6,392,295.69 4,702,229.29 2,886,007.56 1,400,099.19 1,257,552.51 358,519.86 437,919.37 1,174.73 3,179.62 382.39 1,969.16 259,140.80 177,483.94 224,112.87 159,112.91 149,015.42 368,765.95 209,653.04 326,499.35 144,653.08 368,765.95 66 2011930 20101231 20091231 20081231 : 147,425.46 164,719.56 4,010.72 5,034.22 2.42 46.69 131.78 22.55 147,577.21 164,791.22 4,010.72 5,034.22 : 74

2011930 20101231 20091231 20081231 3,000.00 38,428.00 1,185,688.75 880,345.09 645,550.77 479,557.57 161.24 136.90 12.69 23.89 34.84 11.13 3.91 3.05 126.40 125.77 8.78 20.84 126.40 125.77 8.78 20.84 248.26 191.92 1,189,063.41 919,090.78 645,559.55 479,578.42 1,336,640.62 1,083,882.00 649,570.27 484,612.63 : 4.85 25.67 42.31 240.33 10.47 160.08 0.34 19,195.16 1,104.30 11.42 267,705.02 111,193.77 95,171.18 19,241.38 269,235.39 111,193.77 95,170.84 : 574,609.38 180,000.00 574,609.38 180,000.00 593,850.76 449,235.39 111,193.77 95,170.84 159,800.00 155,000.00 5,000.00 5,000.00 510,698.95 442,166.95 386,880.07 386,880.07 30,517.97 30,517.97 14,649.64 41,772.94 6,961.69 131,846.79 2,438.28 742,789.85 634,646.61 538,376.50 389,441.79 75

2011930 20101231 20091231 20081231 742,789.85 634,646.61 538,376.50 389,441.79 1,336,640.62 1,083,882.00 649,570.27 484,612.63 ( ) 67 2011 19 2010 2009 2008 19,350.28 10,397.06 7,728.48 2,438.28 2,019.18 17,331.10 3,364.44 252.72 290,726.37 271,376.09 2,200.08 8,196.97 7,246.06 1,049.81 169,080.28 158,683.23 5,126.38 2,602.10 2,620.25 18.15 156,667.00 148,938.52 26.91 2,411.37 2,445.93 34.56 2,438.28 271,376.09 158,683.23 148,938.52 2,438.28 271,376.09 158,683.23 3.80 148,934.71 2,438.28 271,376.09 158,683.23 148,934.71 2,438.28 68 2011 19 2010 2009 2008 1,587.04 1,587.04 1,061.47 1,061.47 18.15 18.15 37.06 37.06 78.30 1,315.34 186.21 1,132.50 180.96 951.07 43.14 715.64 3.46 39.55 2.84 2,712.36 1,890.80 43.01 2.84 1,125.31 829.33 24.86 34.22 76

2011 19 2010 2009 2008 290,790.31 35,428.00 326,218.31 47,005.00 169,111.19 216,116.19 156,667.00 156,667.00 62.44 305,343.66 305,406.10 301.48 264,940.44 265,241.92 36,956.84 36,956.84 20,812.22 49,125.73 119,710.16 73,332.00 394,000.00 467,332.00 15,000.00 180,000.00 195,000.00 36,956.84 36,956.84 5,000.00 504,266.00 47.00 504,313.00 6,898.68 112,437.42 119,336.10 4,309.26 153,356.38 157,665.64 36,981.00 75,663.90 120,708.80 5,000.00 17,294.10 25,708.84 1,023.50 5,034.22 164,719.56 4,010.72 5,034.22 147,425.46 29,719.56 4,010.72 5,034.22 69 2011 19 2010 2009 2008 % % % 43.58 18.47 3.75 42.98 15.92 3.51 41.95 16.41 3.72 43.12 15.97 3.41 0.53 0.40 0.35 0.45 0.33 0.19 0.17 0.28 77

2011 19 2010 2009 2008 % EBITDA( ) 80.42 78.66 108.87 78.84 100.63 80.03 101.70 EBITDA 3.20 3.41 3.82 / 7.95 12.22 9.02 6.61 / 1.21 1.23 1.55 2.00 0.12 0.13 0.14 0.16 2011 19 2011 610 2011 9 30 2010 12 31 2009 12 31 2008 12 31 1,814,155.37 12.85% 1,472,324.33 11.81% 1,062,509.81 10.85% 1,169,743.79 13.22% 585,640.15 4.15% 326,499.35 2.62% 144,653.08 1.48% 368,765.95 4.17% 250,650.07 1.78% 144,614.45 1.16% 88,909.51 0.91% 207,476.23 2.34% 165,542.64 1.17% 132,264.09 1.06% 192,291.01 1.96% 92,554.31 1.05% 0.00% 155.41 0.00% 193.05 0.00% 198.85 0.00% 121,707.32 0.86% 97,550.71 0.78% 82,853.10 0.85% 62,336.46 0.70% 689,213.94 4.88% 771,240.32 6.19% 553,610.08 5.65% 438,411.98 4.95% 1,401.25 0.01% 0.00% 0.00% 0.00% 12,305,824.52 87.15% 10,994,730.14 88.19% 8,729,272.25 89.15% 7,680,228.63 86.78% 42,912.25 0.30% 27,556.11 0.22% 26,463.08 0.27% 40,819.96 0.46% 0.00% 0.00% 12,400.00 0.13% 26,100.00 0.29% 0.00% 3,420.37 0.03% 0.00% 0.00% 41,025.81 0.29% 35,667.05 0.29% 20,249.89 0.21% 19,977.02 0.23% 78

2011 9 30 2010 12 31 2009 12 31 2008 12 31 3,025.12 0.02% 3,363.79 0.03% 1,964.26 0.02% 2,039.52 0.02% 5,274,019.25 37.35% 5,562,223.46 44.62% 5,015,039.34 51.22% 5,333,587.54 60.27% 6,668,428.73 47.23% 5,144,888.48 41.27% 3,452,224.77 35.26% 2,025,943.04 22.89% 120,765.55 0.86% 56,558.64 0.45% 49,255.01 0.50% 39,261.44 0.44% 38.14 0.00% 0.00% 0.00% 0.00% 18,600.17 0.13% 18,432.04 0.15% 14,773.52 0.15% 33,750.53 0.38% 0.00% 965.30 0.01% 356.20 0.00% 244.07 0.00% 0.00% 115,548.30 0.93% 131,231.40 1.34% 148,649.62 1.68% 0.00% 11,906.62 0.10% 5,314.79 0.05% 9,855.89 0.11% 137,009.51 0.97% 12,400.00 0.10% 0.00% 0.00% 14,119,979.88 100.00% 12,467,054.47 100.00% 9,791,782.06 100% 8,849,972.41 100% 20082010 2011 9, 885.00 979.18 1,246.71 1,412.00 1 2008201020119116.97106.25 147.23181.42 13.2210.8511.81% 12.85% 2011 2008 2008201020119 36.88 14.4732.65 58.56 4.171.48 2.62 4.15% 2008 22,330.1,9 152,617.94 200812 2008619 3 2220092008 79

60.7720092010 2009 125.64% 2010 2009 6 20119 201079.36 20.75 8.89 14.16 25.07 2.34 0.91 1.16 1.78% 2009 2008 33.36 2009 12 2011 9 2010 77.05 2011 9 1 2010 5% 611 1 1 3 1 2 5 2 3 20 3 5 50 5 100 20082010 2011 9 612 20082010 80

2010 12 31 2009 12 31 2008 12 31 144,614.45 100% 88,910.45 100% 207,477.27 100% 0% 0.93 0% 1.04 0% 144,614.45 100% 88,909.51 100% 207,476.23 100% 613 2010 2010 % 144,614.45 1.00 144,614.45 1.00 144,614.45 614 2009 2010 2010 2009 1 12 23 34 45 5 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.05 0.00 0.00 0.00 0.00 0.87 0.06 0.00 0.00 0.00 0.00 0.87 0.00 0.00 2.92 0.93 615 2010 81

81,447.00 1 52,115.89 1 9,664.04 2 143,226.93 20082010 2011 9 6.23 8.29 9.75 12.17 0.70 0.850.780.86% 616 20082010 2010 12 31 2009 12 31 2008 12 31 98,233.09 100.00% 83,529.67 100.00% 63,925.88 100.00% 682.38 0.69% 676.57 0.81% 1,589.42 2.49% 97,550.71 99.31% 82,853.10 99.19% 62,336.46 97.51% 617 2010 2010 % 96,609.35 98.35% 1,623.73 1.65% 682.38 98,233.09 100.00% 682.38 97,550.71 618 2010 2010 82

2010 1 12 23 34 45 5 425.50 430.29 139.91 11.69 4.14 612.21 12.76 21.51 27.98 5.84 2.07 612.21 1,623.73 682.38 619 2010 35,753.41 13 29,385.05 1 8,440.21 2 4,567.28 15 3,285.33 12 2,238.78 1 ( ) 1,459.00 1 ( 1,258.54 1 86,387.60 200820102011 9 9.2619.23 13.2316.55 1.051.961.06 1.17% 20092011 920082010107.7625.09 200820102011943.8455.36 77.12 68.92 4.95 5.656.194.88% 20082010 20119 3 20119 201010.63% 620 83

20101231 20091231 20081231 518,917.17 351,180.99 321,348.48 10.66 13.23 21.81 207.41 50,741.85 41,540.58 260,733.73 152,619.01 77,319.76 779,868.98 554,555.08 440,230.63 8,628.65 945.00 1,818.65 771,240.32 553,610.08 438,411.98, 2 200820102011 9 768.02872.93 1,099.471,230.5886.7889.15 88.1987.15% 2008201020119 4.082.652.764.29 0.460.27 0.220.30% 2009 2008 35.172008110 5,462,687 49,750,0002006 6,15020092010 20119 2010 55.43% 20118 23,306,6888822011831 2008201020119 533.36 501.50556.22527.4060.27 51.2244.6237.35% 2008201020119 84

621 2010 2010 (1) 0 (2) 346,163.28 (3) 1,675,194.16 (4) 14,881.62 (5) 0 (6) 43,585.82 (7) 126.62 (8) 6,347.67 2,086,299.17 2008201020119 202.59 345.22514.49666.8422.89 35.2641.2747.23% 2008201020119 34 123 4 2008201020119 001.421.37 2010 2010 1.4 20100.02 20119 2011 622 2011 9 30 2010 12 31 2009 12 31 2008 12 31 3,433,607.15 30.24% 3,720,618.95 37.94% 3,029,351.96 39.24% 2,628,291.75 37.11% 2,477,399.01 21.82% 2,247,779.01 22.92% 1,743,669.30 22.59% 1,305,343.55 18.43% 0.00% 0.00% 16,948.34 0.22% 0.00 0.00% 0.00% 313,581.65 3.20% 233,598.85 3.03% 82,816.28 1.17% 275,629.07 2.43% 346,375.25 3.53% 136,130.17 1.76% 289,880.79 4.09% 85

2011 9 30 2010 12 31 2009 12 31 2008 12 31 712.80 0.01% 722.58 0.01% 535.47 0.01% 49.85 0.00% 11,461.44 0.10% 4,562.56 0.05% 4,244.35 0.05% 4,471.26 0.06% 90,781.90 0.80% 63,525.52 0.65% 4,634.83 0.06% 56,540.40 0.80% 0.00% 97,863.30 1.00% 281,713.64 3.65% 252,580.23 3.57% 68,234.41 0.60% 309,339.68 3.15% 146,958.43 1.90% 134,354.70 1.90% 404,710.63 3.56% 406,314.68 4.14% 400,918.57 5.19% 422,254.68 5.96% 286,241.69 2.52% 57,605.77 0.59% 60,000.00 0.78% 80,000.00 1.13% 7,922,182.13 69.76% 6,085,646.60 62.06% 4,690,538.46 60.76% 4,454,003.88 62.89% 6,895,164.54 60.72% 5,442,394.11 55.50% 4,295,958.14 55.65% 4,076,694.21 57.56% 574,609.38 5.06% 180,000.00 1.84% 0.00 0.00% 0.00 0.00% 0.00% 334,053.93 3.41% 338,494.27 4.38% 322,528.63 4.55% 205.00 0.00% 193.67 0.00% 0.00 0.00% 0.00 0.00% 0.00% 60,376.19 0.62% 52,366.87 0.68% 48,564.28 0.69% 0.00% 68,623.52 0.70% 3,714.01 0.05% 6,211.59 0.09% 452,203.21 3.98% 5.18 0.00% 5.18 0.00% 5.18 0.00% 11,355,789.28 100.00% 9,806,265.55 100.00% 7,719,890.42 100.00% 7,082,295.64 100.00% 2008201020119, 708.23771.99 980.631,135.58 2008201020119 130.53 174.37 224.78247.74 18.43 22.5922.9221.82% 2008201020119 01.69 0 0 00 0.22 02009 2008 201011 86

2009 2009 1.62010 2010 2009 2010 0 20119 0 200820102011 9 8.28 23.3631.360 1.173.03 3.200% 201192011 200820102011 9 28.99 13.6134.64 27.56, 4.091.76 3.532.43% 623 2010 (%) 297,410.83 85.86 36,383.79 10.5 9,406.41 2.72 3,174.22 0.92 346,375.25 100 3 696.48 2008201020119 13.44 87

14.7030.93 6.82, 1.901.90 3.150.60% 20119 2010 77.95% 2010 2009 201026.77 2010 4.162009 624 2010 (%) 290,672.43 93.97 6,308.91 2.04 5,726.62 1.85 6,631.73 2.14 309,339.68 100 2,496.00 1,501.62 625 2010 267,700.00 11,330.15 4,800.00 3,683.39 3,475.34 1,372.13 888.72 686.48 537.95 534.17 505.00 88

20082010201198 6 5.76 28.62 1.130.78 0.592.52% 20082009 86 2010 5.761.76 201192010396.88 20119 2008201020119 407.67 429.60544.24689.52, 57.56 55.6555.5060.72% 626 2010 2010 2,982,613.36 1,392,558.24 0 1,067,222.52 5,442,394.11 12 3 4 200820102011 9 20119 57.46 2010 319 2008 2011223 2011 20113172011 20 20082010 32.25 33.85 89

33.41, 4.55 4.38 3.41% 2011 9 20119 5.1820119 45.223.98% 2010772.97% 20119 31.78 6.27 7.17 2011 627 2011 19 2010 2009 2008 159,800.00 155,000.00 5,000.00 5,000.00 886,367.45 802,689.06 745,655.96 766,174.46 81,611.66 81,611.66 55,170.32 37,040.79 283,870.92 324,133.59 299,053.49 135,887.76 5,792.71 3,830.46 0.00 0.00 1,417,442.73 1,367,264.77 1,104,879.78 944,103.01 1,346,747.87 1,293,524.15 967,011.87 823,573.77 2,764,190.60 2,660,788.92 2,071,891.64 1,767,676.78 20082010201190.5 0.515.50 15.98 20081 0.5 2010 15 15.502011 0.16 0.48 20119 15.98 200820102011976.6274.57 80.2788.6420102009 7.64201020096 29,199.1202011 9 90

201010.43% 20113 6.85 1.52 200820102011 9 3.70 5.52 8.168.16 200820102011913.5929.91 32.4228.39 201190.58 2011 628 2011 19 2010 2009 2008 1,174,423.72 1,426,545.96 1,337,051.03 1,323,690.89 663,510.13 814,728.46 770,060.59 745,625.85 43.50% 42.89% 42.41% 43.67% 491,994.95 538,467.16 439,758.31 364,353.81 196,303.33 217,635.17 181,295.26 150,810.88 18.47% 15.92% 16.41% 15.97% 3.75% 3.51% 3.72% 3.41% 1 132.37 133.71 142.65 117.44 2008 2007 23.15 1 2 2007 5 8 2008 2007 71.77 2008 22.91 2010 2009 6.69% 3 2010 10 43.67 42.4142.89% 43.50% 91

2009 2010 2008 2009 11 20 0.01 / 2011 19 2010 10 3 2011 2010 15.08 18.13 21.76 2010 2010 2011 19 19.63 18.75% 2010 3 15.97 3.4116.41 3.72 15.92% 3.5113.85% 2.81% 2010 19 11.53% 2.81% 2 629 2011 19 2010 2009 2008 6,463.38 0.55% 4,107.73 0.29% 3,510.90 0.26% 3,450.88 0.26% 55,996.42 4.75% 83,105.94 5.79% 82,921.94 6.18% 75,618.26 5.67% 108,889.43 9.24% 103,178.63 7.19% 155,542.36 11.59% 254,107.16 19.05% 171,349.23 14.55% 190,392.30 13.27% 241,975.20 18.03% 333,176.30 24.98% 1,177,930.86 1,434,390.35 1,341,839.02 1,334,002.07 24.9818.0313.2714.55% 0.350.350.41 7.56 8.29 8.31 5.60 92

2011 2010 2.01 56.06% 25.4115.5510.32 10.892009 20082009 2011 2010 1.85 20.44% 2011 2011 630 2011 19 2010 2009 2008 670,427.46 1,396,969.18 721,344.52 1,768,736.43 865,897.18 1,859,012.09 852,983.93 1,742,179.04 726,541.72 1,047,391.91 993,114.91 889,195.11 1,810,211.12 1,798,233.48 1,448,147.53 1,129,821.23 13,184.58 43,821.42 49,700.78 51,470.60 1,823,395.70 1,842,054.90 1,497,848.31 1,181,291.83 1,400,099.19 1,257,552.51 358,519.86 437,919.37 5,104,844.03 7,649,848.20 5,060,749.15 3,323,926.93 3,704,744.84 6,392,295.69 4,702,229.29 2,886,007.56 259,140.80 177,483.94 224,112.87 159,112.91 1 85.3086.59 72.1367.04 20102009 16.70% 2009 2010 2 112.98144.81 93

179.82181.02 2010 3 43.79 35.85 125.76 140.01 2008 2009 2010 2011 19 2011 631 2011 9 30 2010 12 31 2009 12 31 2008 12 31 80.42% 78.66% 78.84% 80.03% 0.53 0.40 0.35 0.45 0.33 0.19 0.17 0.28 2011 19 2010 2009 2008 EBITDA( ) EBITDA 108.87 100.63 101.70 3.20 3.41 3.82 20082010 2011 9 80.0378.84 78.6680.42% 20082010 2011 9 2011 20082010 2011 9 0.45 0.28 0.35 0.170.40 0.19 0.53 0.33 20082010 2010 4 2011 3 2011 94

20082010 EBITDA 101.70 100.63 108.87 EBITDA EBITDA 3.82 3.41 3.20 2011 632 201119 2010 2009 2008 / / 7.95 12.22 9.02 6.61 1.21 1.23 1.55 2.00 0.12 0.13 0.14 0.16 2011 19 2009 2008 2009 12 2009 2011 633 95

1 11 MTN1 20 5 2011/2/25 2016/2/25 2 11 MTN2 20 5 2011/3/17 2016/3/17 634 2008 1 08 MTN2 18 5 2008/11/12 2013/11/12/ 635 1 07 CP01 5 270 2007/4/25 2008/1/20 2 08 CP01 8 365 2008/4/2 2009/4/2 3 09 CP01 6 365 2009/11/4 2010/11/4 4 10 CP01 4 365 2010/4/27 2011/4/27 5 11 CP01 6 366 2011/3/21 2012/3/18 636 1 06 CP01 2.9 182 2006/4/28 2006/10/27 2 07 CP01 5 180 2007/3/22 2007/9/18 15 1 637 2011 9 30 2010 12 31 2009 12 31 2008 12 31 2,477,399.01 25.34% 2,247,779.01 27.76% 1,743,669.30 27.08% 1,305,343.55 22.49% 96

2011 9 30 2010 12 31 2009 12 31 2008 12 31 404,710.63 4.14% 406,314.68 5.02% 400,918.57 6.22% 422,254.68 7.27% 6,895,164.54 70.52% 5,442,394.11 67.22% 4,295,958.14 66.70% 4,076,694.21 70.24% 9,777,274.18 100.00% 8,096,487.80 100.00% 6,440,546.01 100.00% 5,804,292.44 100.00% 2 2011 9 638 2011 9 0.97 109.64 29.68 133.80 2,477,399.01 404,679.99 6,894,921.11 2,477,399.01 404,710.63 6,895,164.54 639 2011 9 2011 9 2,477,399.01 1.81%5.176% 1 6,895,164.54 0.97%7.59% 127 640 2011 9 789,802.27 4% 22 451,066 6MLIBOR+45~50BPS 25 437,400.00 5.751% 22 406,121.16 3 MLIBOR +200 BPS 5 335,309.06 10% 5 281,000.00 5.751% 22 200,000.00 5.985% 3 97

196,811 6MLIBOR+4550BPS 27 191,424 6MLIBOR+4550BPS 22 173,130 10% 20 2010 1 1 641 100009563 2 642 2009 12 31 2010 12 31 1,998,738..00 0.00 0.00 1,998,738..00 3 643 % % 155,000.00 155,000.00 97 100 97 100 1,600.00 0 1 0 1 0 1,600.00 0 1 0 1 0 98

% % 1,600.00 0 1 0 1 0 2011 9 30 2010 12 31 2 1 644 2010 1 254844473 2 100008392 3 142941885 4 138970480 5 773136954 6 786948070 7 675554212 8 681168510 9 686644221 10 555062491 11 562398014 12 567271020 2 645 99

2009 12 31 2010 12 31 1 2 3 4 5 6 7 8 9 10 11 12 84,746.20 380,000.00 100,000 249,000.00 124,950.00 85,960.00 1,000.00 1,500.00 550.00 39,687.44 140,000.00 0 0 100,000.00 136,040.00 38,400.00 38,868.00 9,450.00 1,000.00 5,000.00 10,000.00 0 0 0 0 0 0 0 0 0 0 0 0 124,433.64 520,000.00 100,000 249,000.00 224,950.00 222,000.00 39,400.00 40,368.00 10,000.00 1,000.00 5,000.00 10,000.00 3 646 2010 12 31 2009 12 31 124,433.71 260,000.00 51,000.00 124,500.00 181,024.50 113,220.00 61,765.00 34,326.88 5,000.00 510.00510.00 5,000.00 5,100.00 84,746.27 190,000.00 51,000.00 124,500.00 114,724.50 80,580.00 500.00500.00 20,587.68 5,000.00 100.0% 50.0% 51.0% 50.0% 51.0% 51.0% 50.0% 51.0% 50.0% 51.0% 100.0% 51.0% 100.0% 50.0% 51.0% 50.0% 51.0% 51.0% 50.0% 51.0% 50.0% 100.0% 50.0% 51.0% 50.0% 51.0% 51.0% 50.0% 51.0% 50.0% 51.0% 100.0% 51.0% 100.0% 50.0% 51.0% 50.0% 51.0% 51.0% 50.0% 51.0% 50.0% 3 1 100

647 100 48.00% 48.00% 102092399 4900 20.41% 20.41% 79979498X 3000 49.00% 49.00% 551376418 (2) 648 2010 2010 1,145.79 703.53 442.26 520.04 97.38 12,490.36 2,612.22 9,878.14 20,163.16 2,511.69 6,133.00 3,619.00 2,514.00 486.00 4 649 1 2 3 4 5 6 7 8 9 404 10 11 101

102 12 O 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 262 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

44 45 46 47 48 49 50 1 650 2010 2009 2008 1 355,543.00 1,664,837.00 2 1,614,670.00 1,650,000.00 1,030,000.00 3 1,900,000.00 20,363.85 4 8,932,951.00 4,375,548.00 7,889,017.00 5 947,000.00 4,578,453.55 6 O 631,008.00 7 8 9 10 1,497,300.00 888,000.00 2,876,904.37 791,000.00 2,408,000.00 1,215,978.30 144,000.00 795,938.00 78,456.00 11 400,000.00 103

2010 2009 2008 12 238,722.80 13 2,305,470.80 14 1,613,652.00 150,000.00 290,000.00 15 16 17 18 19 20 21 658,366.23 59,829.10 128,000.00 3,081,006.82 4,772,330.72 1,430,000.00 11,074,000.00 6,742,770.10 3,360,200.00 6,983,641.00 537,763.25 166,500.00 26,972,732.93 22 262 2,577,766.40 125,441.00 15,168,032.00 23 262 12,215,933.86 41,411,420.63 26,925,694.68 24 25 163,100.00 500,000.00 26 1,000,000.00 820,000.00 27 28 29 30 31 32 229,059.83 16,708,301.40 7,766,632,099.15 1,289,052,264.00 40,165,491.00 8,399,905.98 297,948.72 2,101,866,434.27 1,155,000.00 32,274,667.58 9,225,668.25 4,586,621,038.45 31,460,531.00 1,103,534.70 104

2010 2009 2008 33 709,735.04 34 35 36 37 38 39 40 41 42 43 44 45 46 607,911,550.63 3,317,538,316.58 6,093,600.00 17,822,991.45 201,231,493.46 2,876,923.07 600,000.00 924,400.84 269,943,100.00 245,927,314.41 2,391,490,886.92 2,567,686.00 727,012.12 169,230.77 4,524,307.69 223,125,344.26 156,943.80 223,955,184.10 946,060.00 131,570,674.04 1,208,908,314.08 859,000.00 22,786,307.70 179,411,954.21 333,335,983.98 686,118.00 47 0 471,512.44 48 49 50 51 52 7,788,000.07 3,842,065.11 46,878,927.83 20,058,949.20 13,687,175,699.18 7,247,900.83 5,251,560.02 37,313,650.60 5,805,064.05 5,363,826,770.27 4,329,570.48 14,705,460.32 35,977,751.98 6,398,859.00 6,644,108,066.35 105

2 651 2010 2009 2008 298,514.24 528,301.89 62,499,872.16 29,167,217.33 943,236.00 1,080,000.00 1,378,514.24 63,443,108.16 29,695,519.22 3 652 440,000.00 1994 6 2015 12 16,009.49 1996 6 30,635.5 1999 12 2016 12 4 5 653 20082010 2010 12 31 2009 12 31 2008 12 31 4,765,370,000.00 3,024,851,200.00 1,150,000,000.00 5,262,253,529.16 1,020,000,000.00 1,507,885,542.66 10,027,623,529.16 10,027,623,529.16 4,044,851,200.00 2,657,885,542.66 106

1 654 2010 12 31 2009 12 31 2008 12 31 1 30,000.00 30,000.00 2 191.81 3 11,392.41 71,699.00 4 44,800.00 8,800.00 8,800.00 5 718,000.00 3,539,750.00 6 208.59 7 262 173.50 103.62 8 262 452,850.00 165,500.00 204,000.00 9 272.32 1,308.88 10 78,135.00 2,071,000.00 11 1,688,491.60 3,344,695.39 255,571.51 12 53,076,600.00 515,105,420.00 13 82,328.40 4,951.38 14 457,520.00 172,630.00 15 161,080.00 162,880.00 16 57,996.86 73,707.94 17 357,534,149.16 209,700,917.13 169,456,290.44 18 713,436,548.39 761,941,232.36 826,421,554.53 107

2010 12 31 2009 12 31 2008 12 31 19 63,000.00 63,000.00 63,000.00 20 10,426,082.92 7,177,065.00 1,236,453,090.22 1,564,282,142.29 1,057,336,692.06 2 655 2010 12 31 2009 12 31 2008 12 31 1 2,821,924.70 1,215,136.40 2 3 4 5 6 7 8 9 10 11 12 13 14 15 42,000.00 225,194.20 2,000.00 96,500,000.00 149,066.90 173,850.00 230,000.00 237,056.28 99,607.26 7,000.00 305,500.00 124,000.00 6,550,000.00 42,000.00 17,420.00 562,463.20 2,000.00 50,000,000.00 161,400.00 1,250.00 253,324.00 200,268.26 305,500.00 22,000.00 4,122,000.00 1,330,500.00 1,000.00 487,000.00 779,925.20 1,250.00 253,324.00 166,500.00 443,000.00 16 35,000.00 17 18 19 20 21 262 262 700,000.00 3,918,853.15 419,143.00 1,574,500.00 1,000.00 500,000.00 4,906,807.60 419,143.00 1,000.00 600,000.00 2,181,896.49 1,000.00 108

2010 12 31 2009 12 31 2008 12 31 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 O 124,206.90 104,280.41 1,367,988,180.72 1,741,251.00 220,000.00 34,753,394.99 2,677,000,000.00 8,887,204.40 245,057,747.41 177,000.00 2,040,035.80 150,000.00 5,000,000.00 31,500.00 218,680.94 12,150.00 1,782,921.50 279,000.00 1,806,061.00 28,836.90 102,900.00 488,471,088.10 37,500.00 1,752,054,629.09 10,836,538.01 83,949,482.22 31,500.00 236,516.02 494,252.00 279,000.00 976,647.65 190,820.00 2,000.00 1,260,287,799.00 519,900.00 951,711,838.87 10,893,151.28 6,234,376.15 150,500.00 11,000,000.00 121,411.50 44,160.00 4,461,489,310.56 2,400,230,602.45 2,247,401,352.49 3 656 2010 12 31 2009 12 31 2008 12 31 6,859,112.09 15,345,785.75 2,420,107.77 109

2010 12 31 2009 12 31 2008 12 31 5,739,098.4 5,453,457.93 554,294.09 12,598,210.49 20,799,243.68 2,974,401.86 1 2 34 2006317 657 2010 52,366.87 8,009.33 0 60,376.19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 52,366.87 8,009.33 0 60,376.19 12010 7 201058 0.026 / 2010 110

6.7 2010 10 9 2 2010 60,376.19 2010 3 2008 08 MTN2 08820282008 11 11 18 4.15 2010 3 23 1992 12 28 1998 12 30 2010 3 23 2022 13 12% 12% 180 12% 2011 2010 7 3 23.91 2011 6 1.42 12 % 120056 111

5.6951020156 2011930 4,8502011 9 30 521.07 220086 3.5010201862011930 4 2011930 28,089 2009 200949 24 112

2012 AAA AAA 1 2011 3 2 97% 32011 9 578 48.53% 2011 9 985 4 2008~2010 30.19 36.42 43.71 85.30 86.59 72.13 1 113

20% 2 3 http://www.chinamoney.com.cn HTUhttp://www.chinabond.com.cn UTH, 2011 9 5,500 964 4,536 71 114

94.9 36.9 58 30.9 30.9 64 6 58 106 CP01 2006 4 27 2.9 2006 10 27 207 CP01 2007 3 21 5 2008 9 18 307 CP01 2007 4 24 5 2008 1 20 408 CP012008 4 1 8 2009 4 2 509 CP01 2009 11 3 6 2010 11 4 610 CP01 2010 4 27 4 2011 4 27 711 CP01 2011 3 30 6 2012 3 18 115

108 MTN02 2008 11 11 18 2013 11 12 211 MTN01 2011 2 24 20 2016 2 25 311 MTN02 2011 3 16 20 2016 3 17 116

117

2009 1 1 2008 1 1 1988 10 1 118

5 12012 22012 3 2012 4 2012 52008 20092010 201119 6 1 2 3 4 20 5 6 10 7 8 9 10 119

11 1 430 2 831 3 4301031 5 120

121 1 0.21 2 0.21 1 2 3 10% 4 5 6

1 2 1 2 3 4 5 1 1 2 3 4 ; 5 6 7 2 122

1 2 3 4 NAFMII0002 5 6 7 8 3 4 123

1 2 3 1 2 3 4 5 6 7 8 124

5 1 2 3 1 2 125

01068555947 01068555942 100045 29 01068306991 01068306995 100037 12 B 2 075525822615077525832525 075525832940 518028 6 2110 0106809895901068098797 01068098214 126

127 100045 69 01085209780 01085126513 100005 55 01066107438 01066108533 100140 188 02138579253 02168870216 200120 200 10F 02138571833/1819 02168598970 200120 2

128 010685606668653/8972 01058560742 100031 555 12 02123297054/7067 02123297107 510080 19 01088085136,01088085140 01088085135 830002 22 01085238764 01085238524 100005 25 01088007039 01066212533 100033

28 10 01057763888 01057763777 100033 8 A 9 01065542288 01065547190 100027 156 D 12 01066428877 01066426100 100031 10 01088170000 100033 129

1 01068555831 01068037640 100045 11.78 130

2012 2012 2008 2009 2010 2011 19 2012 01068555947 01068555942 100045 29 01068306991 01068306995 100037 http://www.chinamoney.com.cn http://www.chinabond.com.cn 131

/ / / 100% / / / EBITDA / EBITDA EBITDA/ + / / /2 / / /2 / 132