Jiangsu Expressway Company Limited 2005 3 18

2004 2004 2

2004 2003 3

Jiangsu Expressway Company Limited Jiangsu Expressway 8625-8446 9332 852 2801 8008 8625-8420 0999-4706 4716 8625-8446 6643 nhgs@jsexpressway.com 69 210004 http://www.jsexpressway.com nhgs@public1.ptt.js.cn www.sse.com.cn www.hkex.com.hk 528 183 19 69 16 20 20 4

A A A 600377 H H H 0177 ADR ADR JEXWW 477373104 1992 8 1 3200001100976 320003134762764 89 11 B 111 26 26 5 16 20 20 16 20 20 111 1312 852 2520 2248 852 2520 2241 166 183 19 5

[ ]1992 8 1 50.38 1997 6 27 12.22 2001 1 16 1.5 A ADR 2002 12 23 2004 12 31 5,037,747,500 2004 12 31 700 206.4 6 6

H 24.25 A 2.98 55.22 11.90 100 95 100 85 100 70 5.65 35.71 33.33 33.2 26.66 7

2004 1 12.5 2 8 3 2003 50 2004 4 2003 2004 2004 6 2003 2003 8 2004 2004 10 2004 8

2004 2004 12 31 1,390,204 826,725 1,104,208 1,847,350 (4,219) 1,527,917 131,254 - (268,967) 1,675,403 (1,012,254) 2004 12 31 2,951,996 1,545,244 997,139 1,483,019 1,503,116 (1,012,254) 9

2004 2004 2003 12 31 2003 12 31 826,725 950,531 14,666,085 14,562,325 26,490 23,122 116,994 90,504 62,933 46,874 (1,481,262) (1,544,195) 73,483 (4,279) 43,976 (29,507) (9,067) 7,508 (1,408) 997,139 1,005,773 13,345,793 13,079,127 2004 2003 9,886 8,456 9,969 11,828 (278,853) (274,486) (8,789) (12,046) - - 19,648 - (12,216) (11,997) (12,088) (11,997) 1,913-10,049 9,000 1,787 1,477 (12,995) (5,462) (277,483) (276,550) 5,793 (8,677) 10

249,139 1 186,490 1 180,098 129,548 50,550 2 107,573 14,727 92,846 3 61,613 18,519 43,094 2 62,649 1 150,157 89,728 60,429 2 7,964 5,744 2,220 2004 2003 2002 2001 2000 3,060,081 2,731,760 2,314,373 1,861,861 1,591,897 826,725 950,531 816,833 780,864 691,486 20,638,701 16,732,357 15,081,793 14,914,400 15,057,227 5,559,152 1,769,782 417,181 670 109 1,132,571 14,666,085 14,562,325 14,268,109 14 112 946 13,795,206 0.164 0.189 0.162 0.16 0.14 2.91 2.89 2.83 2.80 2.74 2.91 2.89 2.83 2.80 2.74 0.33 0.29 0.26 0.22 0.20 11

5.64% 6.53% 5.72% 5.53% 5.01% 5.66% 6.59% 5.75% 5.59% 5.31% 2004 2003 2002 2001 2000 2,951,996 2,675,814 2,272,515 1,829,552 1,542,952 997,139 1,005,773 854,445 841,240 688,306 19,318,407 15,278,665 13,566,108 13,334,684 13,400,108 5,559,149 1,799,288 441,344 452,305 940,466 13,345,793 13,079,127 12,728,261 12,728,261 12,115,691 0.198 0.200 0.1696 0.167 0.1407 2.65 2.60 2.53 2.48 2.41 2.65 2.60 2.53 2.48 2.41 1,503,116 1,441,643 1,298,775 1,092,958 916,085 7.47% 7.69% 6.78% 6.76% 5.68% 373,358 225,971 (1) 223,751 (2) 2,220 12

5,037,747,500 / / 5,037,747,500 / 7,484,734,745 3,459,671 / 7,488,194,416 766,382,010 159,162,495 / 925,544,505 255,460,669 53,054,165 / 308,514,834 (4,048,916) / 4,048,916-547,036,108 826,724,975 889,635,883 484,125,200 730,473,388 730,473,388 730,473,388 730,473,388 14,562,324,835 103,760,174 / 14,666,085,009 12.60% 12.64% 0.367 0.367 10.42% 10.46% 0.303 0.303 5.64% 5.66% 0.164 0.164 7.53% 7.56% 0.219 0.219 13

2004 6 2004 2004 3,104,839 10.47 826,725 0.164 13.02% 997,139 0.198 0.86% 2004 2004 0.145 88.36%, 2005 5 10 2004 2004 2004 14

2004 130 2005 2005 2005 15

2004 16

12 2004 1 2004 1,390,204 (523,954) (40,118) : 593 826,725 547,036 1,373,761 (106,108) (53,054) 1,214,599 (730,473) 484,126 0.164 17

1,545,244 (507,987) (40,118) 997,139 (106,108) (53,054) - 837,977 1,544,544 2003 (730,473) 1,652,048 2004 0.145 / 0.198 / 2 2004 2004 826,724,975 10% 5% 547,036,108 1,214,598,588 5,037,747,500 1.45 2005 5 10 2004 2003 18

2004 7 9 2004 7 12 H 1.366 2004 5 28 2004 6 28 2004 7 16 A H 19

1 2004 3,104,839 10.47 826,725 0.164 13.02% 997,139 0.198 0.86% 2 2004 9.5% 0.4 14.9 2003 1.4 2004 7.6 6.9 7.2 7.3 2004 161.19 22.3 78.2 2003 33.2% 20

2004 1600 7 421 2424 7 3 2004 1 1 12.5 2003 12 28 2004 60 4 8 2004 2004 6 1 8 1 2004 6 12 40.39 2004 1 5 58.93 60 2004 6 21

[2004]1 249,139 2004 2004 ( ) (%) % ( ) % 1,813,419 58.41 4.67 406,970 77.56 290,380 9.35 25.98 151,955 47.67 68,712 2.21 15.92 30,833 55.13 537,490 17.31 62.46 118,506 77.95 350,080 11.28 7.54 353,951 1.11 44,758 1.44 43.23 48,976 9.42 3,104,839 100.00 10.47 1,111,191 64.21 1. 2. 3. 22

4. 1 1 2 2 2004 1,111,191 3.86% RMB % RMB % 406,970 36.62 476,167 14.53 151,955 13.67 114,936 32.21 30,833 2.77 29,688 3.86 118,506 10.66 112,552 5.29 353,951 31.85 363,116 2.52 48,976 4.41 59,365 17.50 1,111,191 100.00 1,155,824 3.86 23

43,923 2 2,710,001 87.28% 15.17% 2004 / / 2004 2003 2004 2003 28,414 31,038-8.45 4,968.3 4,746.6 4.67 42,341 39,958 5.96 795.6 631.5 25.99 11,009 10,994 0.13 188.3 162.4 15.95 29,707 22,766 30.49 614.4 374.2 64.19 25,209 20,689 21.85 858.2 532.2 61.26 31,273 23,667 32.14 1,989.4 1,116.6 78.16 * 17,871 23,094-22.62 1,582.1 920.7 71.84 * 8 2004 2 20 2003 2004 24 6 24

8 12 130 2004 43.74 34.28 2005 2005 6 30 120 2005 8 2004 6 1 2004 8 1 2004 6 12 22,222 3,101.5 34.52 40.39 2004 1 5 40.15 58.93 2004 4,968.3 4.67 28,414 8.45, 2005 25

17.5 6 2004 6 12 49,357 1,036.1 27.31 80.82 2004 1 5 52.05 105.37 2004 42,341 5.96% 795.6 25.99% 11,009 0.13% 188.3 15.95% 2004 29,707 614.4 30.49 64.19 6 8 15 12 1 5 2004 25,209 858.2 21.85 61.26 2004 31,273 1,989.4 32.14% 78.16% 81,899 26

2003 11 8 2004 17,871 1,582.1 71.84 38,543 3 2004 8 350,080 3,982 4 2004 12 31 RMB RMB RMB 95% 100,000 111,543 1,690 95.5% 35,000 69,539 2,839 27

85% 850,000 2,749,443 266,367 33.2% 150,300 250,538 14,769 26.66% 2,137,248 3,542,507 340,135 33.33% 1,578,600 4,954,141 126,777 35.71 21,000 20,798 231 GIS GPS 1 2 2004 12 31 28

1 2004 2003 % 20,638,701 16,732,357 23.35 2,481,289 1,715,106 44.67 3,077,863 54,677 5,529.17 413,464 400,250 3.30 14,666,085 14,562,325 0.71 1,847,350 1,500,514 23.11 826,725 950,531 13.02 (1,012,254) 717,417-1 2 2004 1,847,350 23.11% 12.02% 88.56% 356,871 25,079 3 17.50 2.00 4 35.73 5 2004 12 31 26.94% 16.36 29

2004 2003 % 19,318,407 15,278,665 26.44 2,481,285 1,715,104 44.67 3,077,864 84,184 3,556.12 413,468 400,250 3.30 13,345,793 13,079,127 2.04 1,483,019 1,457,763 1.73 997,139 1,005,773 (0.86) 1,012,255 708,351-2 2004 2003 % 3,060,081 2,731,760 12.02 1,847,350 1,500,514 23.11 122,204 786 15,447.58 1,527,917 1,357,057 12.59 131,254 69,948 87.65 1,390,204 1,447,833 3.98% (523,954) (475,924) 10.09 (40,118) (22,982 74.56 826,725 950,531 (13.02) 0.164 0.189 (13.02) 0.145 0.145-30

1 88.56% 356,871 25,079 2 3 38,543 11,606 26,937 81,899 37,287 44,612 2004 2003 % 2,951,996 2,675,814 10.32% 10,330 9,094 13.59% 11,998 29,618 (59.49%) 1,483,019 1,457,763 1.73% 200,333 97,198 106.11% (132,534) (8,899) 1,389.31% (12,735) (12,607) 1.02% (507,987) (505,219) 0.55% 40,118 22,982 74.56% 997,139 1,005,773 (0.86%) 8,308,045 8,041,379 3.32% 0.198 0.200 (0.86%) 0.145 0.145-52,269 23,064 126.63 134,285 60,625 121.50 3 31

2004 3,086,088 6.06% 2004 12 31 2003 12 31 318 266 524,456 1,536,508-255 524,774 1,537,029 1,950,000 1,400,000 6,813 6,813 3,077,863 54,677 5,034,676 1,461,490 2004 32 2004 2003 1,675,403 1,453,795 (5,373,358) (1,328,037) 2,685,701 591,659 (1,012,254) 717,417 2004 12 31 1,012,254 1

2 3 2003 2004 12 31 2003 2004 12 31 % 2003 12 31 % 2,481,289 12.03 1,715,106 10.25 3,077,863 14.91 54,677 0.33 5,034,677 24.40 1,461,490 8.74 - - - - 524,475 2.54 308,293 1.84 14,666,085 71.06 14,562,325 87.03 413,464 2.00 400,250 2.39 20,638,701 100.00 16,732,358 100.00-26.94-10.58 2004 12 31 14,666,085 103,760 5,559,152 3,789,369 2004 12 31 2003 2004 12 31 % 2003 12 31 % 33

2,481,285 12.85 1,715,104 11.23 3,077,864 15.93 84,184 0.55 5,034,677 26.06 1,461,490 9.57 - - - - 524,472 2.72 337,798 2.21 13,345,793 69.08 13,079,127 85.60 413,468 2.14 400,250 2.62 19,318,407 100.00 15,278,665 100.00-28.78-11.78 / 2004 5,463,262 125,585 3,572,677 1,750,000 15,000 5,463,262 2003 1 1 5,730,454 375,463 187,733 1,285,862 7,579,512 - - - 942,292 942,292-94,448 47,224 (141,672) - - - - (654,907) (654,907) 34

2003 12 31 5,730,454 469,911 234,957 1,431,575 7,866,897 - - - 856,646 856,646-83,574 41,787 (125,361) - - - - (730,473) (730,473) 2004 12 31 5,730,454 553,485 276,744 1,432,387 7,993,070 162,986,000 (2003 81,007,000 ) 2004 12 31 1,312,877,000 2003 1,332,973,000 2004 12 31 1998 9,800,000 2004 12 31 54,677 33% 2004 523,954 2004 12 31 2004 12 200,000 2004 12 27 2005 12 26 5.022 35

6 2005 2005 6 30 120 2005 8 2005 7 8 2005 36

2004 9 37

1 55.22 11.86 2 38

11 1 6 4 2003 5 2006 2004 1 2004 1 30 10 2004 2 2004 4 1 11 2003 2003 1.45 6,423 3 2004 4 3 8 4 2004 4 26 10 2004 50,000 2004 39

5 2004 8 20 10 2004 110,979 6 2004 10 27 9 2004 95,720 4 2004 10 2005 5 10 2004 40

3.13 3 1 2004 2 2004 1 2004 3 31 41

2003 2 2004 4 26 2004 3 2004 8 20 2004 4 2004 10 27 2004 3 2004 1 2004 1 30 2 2004 3 31 4 / 6/6 - - - 2/2 - - - 6/6 - - - 42

6/6 - - 2/2 5/6 - - 2/2 5/6-3/4-6/6 - - - 5/6 - - 2/2 5/6-2/4-5/6 - - 2/2 6/6-4/4 2/2 5 6 5 3 2 2003 5 2006 2004 43

1 20 2 44

50 40 60 10 14 14 2005 1 1 2005 1 1 45

13,381,214,600 3,381,214,600 2,781,743,600 2,781,743,600 599,471,000 599,471,000 2284,532,900 284,532,900 3 4 3,665,747,500 3,665,747,500 1 150,000,000 150,000,000 2 1,222,000,000 1,222,000,000 1,372,000,000 1,372,000,000 5,037,747,500 5,037,747,500 1 1997 6 27 H 12.22 3.11 3.33 2 2000 12 22 12 23 A 1.5 4.20 2001 1 16 46

3 ADR 2002 12 23 1 2004 12 31 36,907 35,947 960 2 1 2004 12 31 +- (%) 1 2,781,743,600 55.22 2 597,471,000 11.86 3 J.P. Morgan Chase 131,104,500 131,104,500 2.60 H Co. 4 Sumitomo Mitsui Asset 99,548,000 22,912,000 1.98 H Management Limited 5 UBS AG 74,454,000 74,454,000 1.48 H 6 27,287,472-712,051 0.54 A 7 21,160,000 4,500,000 0.42 8 14,450,000 0.29 9 14,150,000 14,150,000 0.28 10 Winner Glory 12,000,000 0.24 H Development Ltd a b 47

2 --- 2000 9 15 2,781,743,600 55.22% 46 5% 2004 9 15 55.22 3 10 1993 12 18 5 11.86% 48

3 2004 12 31 1 J.P. Morgan Chase Co. 131,104,500 H 2 Sumitomo Life Insurance Company 99,548,000 H 3 UBS AG 74,454,000 H 4 27,287,472 A 5 Winner Glory Development Ltd 12,000,000 H 6 1,911,070 A 7 1,573,900 A 8 1,386,707 A 9 594,031 A 10 Arsenton Nominees Limited 522,000 H 4 2004 12 31 5 H H % J.P. Morgan Chase Co. 1 Sumitomo Life Insurance Company 2 131,104,500 10.73 (2.60) 99,548,000 8.15 (1.98) UBS AG 3 74,454,000 6.09 49 (1.48) 1 J.P. Morgan Chase Co. 131,104,500 H 1JP Morgan Chase Bank NA(J.P. Morgan Chase Co. 100 ) / 484,900 H 2J.P. Morgan Chase Co. 100 22,705,600 H H

3 100 7,914,000 H 2 Sumitomo Life Insurance Company Sumitomo Mitsui Asset Management Company,Limited Sumitomo Mitsui Asset Management Company,Limited 3 UBS AG 1. 204,000 H 74,250,000 H 2. 74,454,000 H 2,000,000 3. 112,000 H UBS AG UBS Global Asset Management(Japan)Limited 2004 12 31 2004 12 31 ( ) 2004 12 31 2005 2 28 ( ) 25% 50

57 2003 5 2006 54 2004 6 2006 44 2003 5 2006 42 2003 5 2006 58 2003 5 2006 53 2003 5 2006 44 2003 5 2006 73 2003 5 2006 66 2003 5 2006 55 2003 5 2006 45 2003 5 2006 52 2003 5 2006 54 2003 5 2006 48 2003 5 2006 42 2003 5 2006 42 2004 7 2006 52 2003 12 2006 12 41 2003 12 2006 12 41 2004 1 2007 1 41 2003 12 2006 12 49 2003 12 2006 12 44 2004 8 2005 5 31 1 30 51

2 2004 10 2005 5 10 3 2001 1 2003 5 2003 5 1998 11 2002 12 2002 2 2000 11 2002 1 1998 9 2004 4 1 106 40 292 2 2004 52

2004 300 300 106 106 106 106 40 40 40 40 166 166 166 166 292 632 924 3 2004 22 12 1,931 512 675 53

4 2004 0 10 10 20 20 30 2 2 1 0 2 0 0 2 3 5 2004 1 2003 2004 6 28 2003 2006 2004 7 30 2004 10 2005 5 10 2004 8 2003 2006 54

18 1948 1981 1992, 1992 1997 2001 1 1951 1978 1985 1992 2003 8 55

2004 1 1947 1968 1974 1998 1961 EMBA 1994 1995 2001 2003 1963 1952 56

1961 1984 1932 1939, 1950 1976 1982 1987 1960 1981 1987 1994 1999 57

1953 1985 1985 1997 1999 2001 1 1951, 1985 1996 2001 1 2001 7 2002 1 1956 1975 1990 1 1994 6 1963 1991 1992 1993 1997 2002 1963 1985 7 1993 5 1993 6 1996 9 1996 9 2000 5 2002 2 2004 1 58

1953 1996 1 1964 1992 8 1964 1987 1992 1992 1964 1992 8 1956 1992 8 1961 1983 59

2004 12 31 2,409 339 68 90 2,070 12% 36 1 2004 92,887 2004 2005 1998 11 30 5 2004 2004 10800 21% 8% 2004 13,400 60

2003 12 9% 2004 18,670 2 2004 14 562 100% 61

2004 2004 2004 3 23 69 4,584,100,598 90.995% 118 / 2004 3 24 2003 2003 2004 6 28 69 3,640,218,061 72.2588% 62

2003 2003 1.45 118 / 105.4 6 423 2004 6 29 2003 63

2004 2004 1 2004 4 1 2003 2 2004 8 20 2004 1 2004 2 2004 64

2004 2004 3 8 200 4 65

2001 11 101 96 95.05 ( ) 200 2004 8 30 1 * * * * * 66

2 2004 4 28 2004 5 1 2004 12 31 46,000 20,000 2004, 70% 85% 15% 66,000 2003 12 31 2.5%, 14A.34 2004 4 29 3, 1 67

2004 12 161 78.80 38.59 2 3 4 1 2004 4 6 2004 5 1 2004 12 31 46,000 2 2004 4 14 27 2012 6 27 2024 6 26 3 2004 12 200,000 2004 12 27 2005 12 26 5.022 1 2004 2004 50% 2 5% 68

2004 2003 2003 2004 118 / 2003 2 2004 6 5 2003 12 28 2004 1 1 2005 1 10 2005 1 20 69

8 30 70

1996 9 248.21 6 18 61.57 2004 6 105.4 2006 5 2032 271.1 1991 12 6 1997 6 13.46 15 2005 2004 6 27 12 2024 1996 9 29.8 1 1999 12 4.48 30 2029 1999 9 17.2 1 2029 1999 9 35 1 4 2029 71

1999 9 3071 1 2029 100.1 54.4 2002 12 45.7 2003 11 2 10 2032 / 7 1 0.45 15 2 1.5 0.675 15 8 19 1.5 0.675 15 2 5 2 0.90 20 5 20 39 2 0.90 20 5 10 10 2.5 1.125 20 40 2 0.90 20 10 15 15 20 3 1.35 30 >15 3.5 1.575 30 40 72

/ 7 25 2 35 8 19 35 2 5 5 60 20 39 60 5 10 10 85 40 60 10 15 15 >15 20 40 95 100 G312 / / / 5 20 5 7 10 30 10 2 12 30 12 8-19 12 30 12 2-5 5 15 40 20 20-39 15 40 20 5-10 10 25 80 30 40 15 40 20 10-15 15 30 100 40 73

20 >15 40 45 120 60 2 20 40 1 0.09 / 10 10 40 0.09 / 0.04 / 40 0.04 / 5 5 20 20 2 6 / 10 6 10 40 6 / 3 / 40 3 / 5 5 3 1.5 / 10 10 40 1.5 / 1.1 / 40 1.1 / 12 12 4 10 1.5 10 40 / 1.5 1.1 40 1.1 10 2 10 40 / 2 1.47 312 40 1.47 74

1 30 2 30 50 50 30 2 3 50 100 100 30 3 4 100 30 4 75

2004 12 31

2004 12 31 1 2 3 4 5 6 7 38

2004 12 31 (05) P0253 2004 12 31 2 38 2004 12 31 2005 3 18

2004 12 31 6 524,774,481 1,536,773,636 382,704,360 1,308,857,139 7-255,000 - - 8-4,490,964-4,490,964 405,440 535,040 211,040 211,040 9 15,843,717 14,358,099 3,019,974 3,872,010 10 39,031,352 52,602,684 37,451,190 57,459,393 12 20,422,888 19,863,764 9,172,797 12,294,632 13 6,408,573 9,875,337 3,465,281 5,949,699 15 15,000,000 - - - 621,886,451 1,638,754,524 436,024,642 1,393,134,877 14 1,568,230,714 1,498,468,487 3,900,206,541 3,754,353,713 15-19,000,000 - - 1,568,230,714 1,517,468,487 3,900,206,541 3,754,353,713 16 12,864,447,028 13,255,872,715 10,210,093,783 10,645,694,334 16 2,325,063,294 2,080,564,743 2,045,636,098 1,882,474,341 16 10,539,383,734 11,175,307,972 8,164,457,685 8,763,219,993 16 - - - - 16 10,539,383,734 11,175,307,972 8,164,457,685 8,763,219,993 17 114,037,781-114,037,781-18 4,630,430,383 919,969,662 4,615,718,503 897,852,521 15,283,851,898 12,095,277,634 12,894,213,969 9,661,072,514 19 1,412,599,448 1,477,302,628 1,401,826,706 1,466,310,034 20 2,132,501 3,554,166 - - 21 1,750,000,000-1,750,000,000-3,164,731,949 1,480,856,794 3,151,826,706 1,466,310,034 20,638,701,012 16,732,357,439 20,382,271,858 16,274,871,138-2 -

( ) 2004 12 31 22 1,950,000,000 1,400,000,000 2,150,000,000 1,400,000,000 23 303,413,526 77,251,165 296,441,924 61,944,199 24 3,769,626 11,641,834 1,341,111 2,527,100 13,549,342 14,192,212 10,359,342 12,483,399 19,905,504 15,298,625 14,700,093 11,252,983 9,709,367 7,264,536 9,709,367 7,264,536 25 66,614,310 129,387,676 54,289,060 115,967,906 26 107,513,784 53,256,558 91,705,407 41,616,703 27 6,813,262 6,813,262 6,813,262 6,813,262 2,481,288,721 1,715,105,868 2,635,359,566 1,659,870,088 27 3,077,863,348 54,676,610 3,077,863,348 54,676,610 3,077,863,348 54,676,610 3,077,863,348 54,676,610 5,559,152,069 1,769,782,478 5,713,222,914 1,714,546,698 413,463,934 400,250,126 - - 28 5,037,747,500 5,037,747,500 5,037,747,500 5,037,747,500 29 7,488,194,416 7,484,734,745 7,488,194,416 7,484,734,745 30 925,544,505 766,382,010 830,230,202 704,869,469 30 308,514,834 255,460,669 276,743,401 234,956,490 31 - (4,048,916) - - 32 484,125,200 547,036,108 582,403,438 602,499,338 32 730,473,388 730,473,388 730,473,388 730,473,388 14,666,085,009 14,562,324,835 14,669,048,944 14,560,324,440 20,638,701,012 16,732,357,439 20,382,271,858 16,274,871,138 2 38-3 -

2004 12 31 33 3,060,081,264 2,731,760,309 2,455,154,969 2,361,997,416 33 1,062,214,459 1,096,458,438 895,745,631 962,956,896 34 150,516,583 134,787,819 120,685,879 116,425,414 1,847,350,222 1,500,514,052 1,438,723,459 1,282,615,106 ( ) 35 (4,218,541) 19,476,446 - - 589,539 2,821,737 - - 192,421,110 159,325,698 167,610,924 151,907,055 36 122,203,877 785,604 126,605,099 3,592,719 1,527,917,155 1,357,057,459 1,144,507,436 1,127,115,332 37 131,253,520 69,947,565 357,175,485 211,125,542 38-19,647,700 - - 9,885,754 9,969,379 8,455,633 11,828,087 39 278,852,435 8,788,778 274,485,541 12,045,965 1,390,203,994 1,447,833,325 1,235,653,013 1,338,022,996 40 523,953,745 475,924,102 399,914,792 393,541,579 40,118,300 22,982,173 - - 593,026 1,603,677 - - 826,724,975 950,530,727 835,738,221 944,481,417 547,036,108 490,912,703 602,499,338 530,163,522 1,373,761,083 1,441,443,430 1,438,237,559 1,474,644,939 32 106,108,330 109,289,289 83,573,822 94,448,142 32 53,054,165 54,644,645 41,786,911 47,224,071 1,214,598,588 1,277,509,496 1,312,876,826 1,332,972,726 32 730,473,388 730,473,388 730,473,388 730,473,388 484,125,200 547,036,108 582,403,438 602,499,338-4 -

2004 12 31 3,051,428,236 2,874,126,628 2,453,889,729 2,415,518,754 34,660,376 35,511,928 17,396,301 11,232,545 3,086,088,612 2,909,638,556 2,471,286,030 2,426,751,299 446,915,356 668,647,324 367,648,379 556,634,463 153,710,636 132,070,183 131,438,385 114,756,349 745,541,838 562,936,120 587,293,354 460,189,020 42 64,517,959 92,189,935 41,134,288 68,737,517 1,410,685,789 1,455,843,562 1,127,514,406 1,200,317,349 1,675,402,823 1,453,794,994 1,343,771,624 1,226,433,950 19,000,000 10,047,854-9,000,000 41 442,772-1,000,000-67,441,927 32,732,000 217,788,085 141,725,418 2,605,300 4,080,139 2,459,050 30,248,183 414,038 - - - 89,904,037 46,859,993 221,247,135 180,973,601 5,448,261,579 1,266,546,851 5,403,297,599 1,219,927,069 15,000,000 108,350,000 514,793 86,483,034 5,463,261,579 1,374,896,851 5,403,812,392 1,306,410,103 (5,373,357,542) (1,328,036,858) (5,182,565,257) (1,125,436,502) 6,580,000,000 1,500,000,000 6,780,000,000 1,500,000,000 6,580,000,000 1,500,000,000 6,780,000,000 1,500,000,000 3,006,813,262 226,813,591 3,006,813,262 226,813,591 887,486,174 681,527,275 860,545,884 662,292,204 26,904,492 19,235,071 - - 3,894,299,436 908,340,866 3,867,359,146 889,105,795 2,685,700,564 591,659,134 2,912,640,854 610,894,205 - - - - (1,012,254,155) 717,417,270 (926,152,779) 711,891,653-5 -

( ) 2004 12 31 1. 826,724,975 950,530,727 835,738,221 944,481,417 40,118,300 22,982,173 - - (593,026) (1,603,677) - - 11,701,262 388,861 4,277,450 7,380,353 509,917,679 448,589,015 426,338,490 378,842,225 64,703,180 63,645,340 64,483,328 63,645,340 1,421,665 710,834 - - 253,420,888 1,864,398 253,335,483 1,130,333 132,232,891 8,831,992 132,517,328 8,831,992 (131,253,520) (69,947,565) (357,175,485) (211,125,542) ( ) 3,466,764 (2,131,627) 2,484,419 1,415,675 ( ) 49,582,254 (11,027,221) 29,877,421 (4,652,969) ( ) (86,040,489) 40,961,744 (48,105,031) 36,485,126 1,675,402,823 1,453,794,994 1,343,771,624 1,226,433,950 2. 524,774,481 1,536,773,636 382,704,360 1,308,857,139 1,536,773,636 719,611,366 1,308,857,139 496,965,486-255,000 - - 255,000 100,000,000-100,000,000 (1,012,254,155) 717,417,270 (926,152,779) 711,891,653-6 -

2004 12 31 1. ( ) 1992 8 1 312 ( ) ( ) 1997 6 2000 12 ( H )1,222,000,000 ( A )150,000,000 1 H A 2. 1 1 12 31-7 -

2004 12 31 2 (1) (2) 2% - 8 -

2004 12 31 2 (1) - 10 [2003]10-10 [2003]10 - (2) (3) - 9 -

2004 12 31 2 ( ) 3% 30 3.2% 3% 10 9.7% 3% 10 9.7% 3% 8 12.1% 3% 8 12.1% 3% 5-8 12.1%-19.4% 0 5 20% - 10 -

2004 12 31 2 3 10-11 -

2004 12 31 2, - 12 -

2004 12 31 3. 17% 3%-5% 33% 7% 4% 4. (1) 12 31 50% (2) - 13 -

2004 12 31 5. 2004 12 31 % % (" ") 850,000 85.00 - (" ") 2002.9-2052.9 100,000 95.00 - (" ") 2003.4-2033.4 35,000 70.00 30.00 41 6 45 6. 318,421 265,439 498,372,492 1,501,101,646 3,072,744 8.2765 25,431,566 4,165,717 8.2767 34,478,390 612,841 1.0639 652,002 870,695 1.0660 928,161 524,774,481 1,536,773,636 7. - - - 255,000-255,000 260,534-14 -

2004 12 31 8. - 4,490,964 9. % % 1 11,413,951 65 514,892 10,899,059 12,086,142 82 78,496 12,007,646 1 2 3,698,633 21 61,738 3,636,895 344,913 2 2,600 342,313 2 3 130,000 1 11,331 118,669 704,325 5 14,087 690,238 3 2,402,584 13 1,213,490 1,189,094 1,698,259 11 380,357 1,317,902 17,645,168 100 1,801,451 15,843,717 14,833,639 100 475,540 14,358,099 % 6,128,259 35 2004 12 31 5% 10. % % 1 25,587,160 51 13,629 25,573,531 24,656,091 46 157,348 24,498,743 1 2 7,178,732 14 781,599 6,397,133 26,601,438 50 620,046 25,981,392 2 3 17,468,092 35 10,407,404 7,060,688 2,172,436 4 49,887 2,122,549 50,233,984 100 11,202,632 39,031,352 53,429,965 100 827,281 52,602,684-15 -

2004 12 31 10 % 30,574,864 61 2004 12 31 5% 11. 475,540 1,404,728 (78,817) 1,801,451 827,281 22,526,869 (12,151,518) 11,202,632 1,302,821 23,931,597 (12,230,335) 13,004,083 12. % % 1 18,560,088 91 13,583,964 68 1 2 1,583,000 8 6,279,800 32 2 3 279,800 1 - - 20,422,888 100 19,863,764 100 5% - 16 -

2004 12 31 13. 4,985,290-4,985,290 7,307,994-7,307,994 1,423,283-1,423,283 2,567,343-2,567,343 6,408,573-6,408,573 9,875,337-9,875,337 14. (1) 1,485,389,183 1,403,410,751 (2) 2,000,000 2,000,000 (3) 80,841,531 93,057,736 1,568,230,714 1,498,468,487 - - 1,568,230,714 1,498,468,487-17 -

2004 12 31 14. (1) % 1996.6- ( ) 2016.6 33.20% 49,899,600 49,899,600 43,494,744 (27,697,867) 7,584,621 (4,490,964) 51,079,365 (32,188,831) 65,696,477 68,790,134 ( ) 26.66% 631,159,243 631,159,243 92,979,611 (45,803,265) 90,469,300 (37,438,203) 183,448,911 (83,241,468) 678,335,589 731,366,686 ( ) 33.33% 526,090,677 526,090,677 14,536,607-42,489,084 (18,909,170) 57,025,691 (18,909,170) 540,627,284 564,207,198 ( ) 35.71% 7,500,000 7,500,000 (1,837,882) - 163,142 - (1,674,740) - 5,662,118 5,825,260 1,214,649,520 1,214,649,520 149,173,080 (73,501,132) 140,706,147 (60,838,337) 289,879,227 (134,339,469) 1,290,321,468 1,370,189,278 ( ) 20.00% 100,000,000 100,000,000 4,167,423-2,326,171-6,493,594-104,167,423 106,493,594 2003.8-2021.3 30.20% 7,806,888 7,806,888 (85,203) - (225,830) - (311,033) - 7,721,685 7,495,855 ( ) 20.69% 1,200,000 1,200,000 175-10,281-10,456-1,200,175 1,210,456 109,006,888 109,006,888 4,082,395-2,110,622-6,193,017-113,089,283 115,199,905 1,323,656,408 1,323,656,408 153,255,475 (73,501,132) 142,816,769 (60,838,337) 296,072,244 (134,339,469) 1,403,410,751 1,485,389,183-18 -

2004 12 31 14. (1) 1999 139 107,705,300 150,300,000 2000 5 12 1999 8 31 150,300,000 150,300,000 1 49,899,600 33.2% 5,190,865 1999 4 8 472,670,218 381,185,660 17.83% 2001 9 4 244,189,503 188,650,000 8.83 26.66 85,700,478 2002 4 8 315,400,000 ( )33.33% 39,459,323 2003 9 13 2003 2003 76,150,000 33.33% 2002 6 17 4 35.71% - 19 -

2004 12 31 14. 2002 5 28 100,000,000 170,000,000 20% 34% 2003 8 7 10,000,000 30.2% 2,193,112 2002 9 10 20.69% (2) ( ) 14 17.24% 2,000,000-20 -

2004 12 31 14. (3) (5,190,865) (3,374,061) 10-519,086 (2,854,975) 85,700,478 61,776,123 10 - (8,570,048) 53,206,075 39,459,323 32,553,942 10 - (3,945,932) 28,608,010 119,968,936 90,956,004 - (11,996,894) 78,959,110 2,193,112 2,101,732 10 - (219,311) 1,882,421 122,162,048 93,057,736 - (12,216,205) 80,841,531 15. 15,000,000 19,000,000 - - 15,000,000 19,000,000 15,000,000 - - 19,000,000 2004 5 26 15,000,000 2005 5 30 16,560,000 30.2% 55.8% 2005 5 31 30.2% 2004 747,781 2004 12 31 535,248 2006 4 1 4.8% 2004 4 399,665-21 -

2004 12 31 16. 11,099,333,301 522,231,410 499,921,205 260,361,954 246,551,194 154,497,473 174,625,016 298,351,162 13,255,872,715-3,192,798 189,000 2,796,470 29,971,229 13,888,425 29,572,554-79,610,476-31,717,117 - - 12,691,584 5,565,412 5,627,005-55,601,118 - - - - - - (4,572,720) (2,602,891) (7,175,611) (107,573,200) (47,180,914) (180,097,799) (85,074,355) (65,082,305) (7,904,603) (23,437,793) (3,110,701) (519,461,670) 10,991,760,101 509,960,411 320,012,406 178,084,069 224,131,702 166,046,707 181,814,062 292,637,570 12,864,447,028 1,224,436,518 120,910,919 316,122,846 120,368,436 106,165,926 72,565,773 71,944,446 48,049,879 2,080,564,743 309,328,098 17,444,393 38,764,010 21,156,282 27,524,321 15,798,475 21,386,431 58,515,669 509,917,679 - - - - - - (979,606) (1,004,040) (1,983,646) (14,726,800) (8,869,579) (129,548,154) (50,781,185) (38,946,578) (5,924,997) (14,638,189) - (263,435,482) 1,519,037,816 129,485,733 225,338,702 90,743,533 94,743,669 82,439,251 77,713,082 105,561,508 2,325,063,294 - - - - - - - - - - - - - - - - - - - - - - - - - - - 9,874,896,783 401,320,491 183,798,359 139,993,518 140,385,268 81,931,700 102,680,570 250,301,283 11,175,307,972 9,472,722,285 380,474,678 94,673,704 87,340,536 129,388,033 83,607,456 104,100,980 187,076,062 10,539,383,734-22 -

2004 12 31 17. 114,037,781-18. (1) 893,828,150 3,720,109,550-4,613,937,700 30,378,852 31,903,980-62,282,832 353,832,302 273,337,406-627,169,708 32,325,280 2,793,725,241-2,826,050,521 382,510,570 382,229,284-764,739,854 (2) - 30,192,240-30,192,240-30,040,210-30,040,210 94,781,146 178,681,189-273,462,335 6,896,859 2,695,119 (9,591,978) - 19,244,653 43,257,170 (46,009,140) 16,492,683 919,969,662 3,766,061,839 (55,601,118) 4,630,430,383 - - - - 919,969,662 3,766,061,839 (55,601,118) 4,630,430,383 (1) 105.4 2004 12 31 78.8 45% (2) 3,019 5% - 23 -

2004 12 31 19. 1,747,268,410 269,965,782 64,703,180 334,668,962 1,477,302,628 1,412,599,448 30 40 22 39 20. 3,554,166 - (1,421,665) 2,132,501 2003 6 426.5 2006 6 21. 1,750,000,000-2004 4 14 2,700,000,000 2012 6 27 2024 6 26 2004 12 31-24 -

2004 12 31 22. - 1,950,000,000 1,400,000,000 4.54% - 5.58% 23. 5% 24. 5% 25. 58,158,144 113,807,691 3,128,920 617,520 7,912,457 14,028,982 (2,585,211) 933,483 66,614,310 129,387,676 26. 5% - 25 -

2004 12 31 27. % % 4,955,221 8.2767 41,012,874 41,012,874 2027 7 18 1 2,473,694 8.2767 13,663,736 20,476,998 2007 12 31 6.77 ( 1) 7,428,915 8.2767 54,676,610 61,489,872 200,000,000-2009 11 20 5.18 100,000,000-2010 11 20 5.18 50,000,000-2011 11 20 5.18 50,000,000-2011 11 20 5.18 100,000,000-2009 7 26 5.58 100,000,000-2009 7 26 5.58 200,000,000-2011 9 6 5.76 100,000,000-2009 4 12 5.49 100,000,000-2009 8 12 5.58 100,000,000-2009 12 7 5.58 400,000,000-2010 9 30 5.18 200,000,000-2014 10 24 5.76 1,000,000,000-2014 10 26 5.76 200,000,000-2008 6 30 5.51 130,000,000-2012 12 31 5.51 ( 2) 3,030,000,000-3,084,676,610 61,489,872 6,813,262 6,813,262 3,077,863,348 54,676,610 1 1998 9,800,000 4,900,000 4,900,000 2000 3 14 2007 1 14 2 2004 12 31 3,030,000,000-26 -

2004 12 31 28. 2004 2003 3,381,214,600 2,781,743,600 599,471,000 284,532,900 3,665,747,500 150,000,000 1,222,000,000 1,372,000,000 5,037,747,500 1 29. 2003 1 1 12 31 4,801,561,763 2,682,977,235-7,484,538,998 - - 195,747 195,747 - - - - 4,801,561,763 2,682,977,235 195,747 7,484,734,745-27 -

2004 12 31 29 2004 1 1 12 31 4,801,561,763 2,682,977,235 195,747 7,484,734,745 - - 3,459,671 3,459,671 - - - - 4,801,561,763 2,682,977,235 3,655,418 7,488,194,416 2004 2003 30. 2003 2004 2003 1 1 401,632,052 200,816,024 602,448,076 2003 109,289,289 54,644,645 163,933,934 2004 1 1 510,921,341 255,460,669 766,382,010 2004 106,108,330 53,054,165 159,162,495 2004 12 31 617,029,671 308,514,834 925,544,505 31. - 4,048,916 2004 8 30 41-28 -

2004 12 31 32. 547,036,108 490,912,703 826,724,975 950,530,727 ( 1) 106,108,330 109,289,289 ( 2) 53,054,165 54,644,645 1,214,598,588 1,277,509,496 ( 3) 730,473,388 730,473,388 484,125,200 547,036,108 1 177 10% 2 177 5% 3 2005 3 18 2004 5,037,747,500 ( 1 ) 1.45 33. ( ) ( ) 1,813,418,730 406,969,727 1,732,510,339 476,166,859 290,379,736 151,955,039 230,490,351 114,935,897 313,240,752 69,063,341 194,264,589 70,636,426 224,249,410 49,442,524 136,589,570 41,916,003 68,712,286 30,833,000 59,274,602 29,687,538 350,080,350 353,950,828 378,630,858 363,115,715 3,060,081,264 1,062,214,459 2,731,760,309 1,096,458,438-29 -

2004 12 31 33 2004 2003 2004 34. 3%-5% 7% 4% 35. ( ) - 35,513,073 54,445,443 - (43,155,599) (48,428,121) (7,642,526) 6,017,322-9,244,622 20,842,468 - (5,820,637) (9,231,212) 3,423,985 11,611,256 - - 3,553,945 - - (1,706,077) - 1,847,868 (4,218,541) 19,476,446-30 -

2004 12 31 36. 132,517,328 9,513,893 10,329,757 8,727,452 16,306 (837) 122,203,877 785,604 37. 1,512,962 10,047,854 139,357,098 71,987,984 200,000 - (12,216,205) (12,088,273) 2,000,000-399,665-131,253,520 69,947,565 38. - 19,647,700 39. 250,569,505 2,013,398 28,282,930 6,775,380 278,852,435 8,788,778-31 -

2004 12 31 40. 399,914,792 393,541,579 124,038,953 82,382,523 523,953,745 475,924,102 41. 2004 8 30 95.05% 200 2003 2004 8 30 2003 12 31 4,183,641 3,210,643 3,268,612 3,593,114-1,598,851 7,452,253 8,402,608 (247,236) (7,351,524) (11,846,959) (5,100,000) (12,094,195) (12,451,524) (4,641,942) (4,048,916) (4,641,942) (4,048,916) 2003 2004/1/1 2004/8/30 2003 (593,026) (1603,677) - 32 -

2004 12 31 41. 2004 8 30 1,000,000 1,000,000 2,000,000 1,000,000 (557,228) 442,772 42. 64,517,959 43. (1) 5 (2) 4,600,000,000 2004 9 15-33 -

2004 12 31 43. (3) % 2,781,743,600 55 (4) (5) (a) - 8,400,000 7,500,000 (b) 1,716,375 - (c) 27-34 -

2004 12 31 43. (5) (d) 15,000,000 - - 19,000,000 15,000,000 19,000,000 15 (e) 757,199 1,562,921 454,551 411,691 285,760 438,799 1,497,510 2,413,411 2,800,000-2,185,990 689,449 218,548 1,191,883 5,204,538 1,881,332 129,317-28,019 83,932 157,336 83,932 4,146,172 374,149 2,000,000 1,210,127 6,146,172 1,584,276-35 -

2004 12 31 44. 45. - 2,584,216,826 3,049,192,782 - (1) 950,000,000-3,534,216,826 3,049,192,782 (1) 2004 4 312 2004 12 31 17.5 2000 1 1 17% 46. % % 1 1,250,651 28 109,012 1,141,639 1,796,453 42 59,983 1,736,470 1 2 625,054 14 54,482 570,572 130,000 3 2,600 127,400 2 3 130,000 3 11,331 118,669 704,325 16 14,087 690,238 3 2,402,584 55 1,213,490 1,189,094 1,698,259 39 380,357 1,317,902 4,408,289 100 1,388,315 3,019,974 4,329,037 100 457,027 3,872,010-36 -

2004 12 31 46. % % 1 19,471,112 40 4,629 19,466,483 28,210,186 43 155,989 28,054,197 1 2 7,178,732 15 771,415 6,407,317 37,053,138 57 7,680,630 29,372,508 2 3 21,984,794 45 10,407,404 11,577,390 33,355-667 32,688 48,634,638 100 11,183,448 37,451,190 65,296,679 100 7,837,286 57,459,393 2,451,058,153 2,373,076,241 14(1) 1,370,189,278 1,290,321,468 14(3) 78,959,110 90,956,004 3,900,206,541 3,754,353,713 - - 3,900,206,541 3,754,353,713-2,243,985,207 514,793-2,244,500,000-129,091,034 77,467,119-206,558,153 2,373,076,241 77,981,912-2,451,058,153 2004 12 31 ( ) 2,124,485,207 514,793 2,125,000,000 24,500,000-24,500,000 95,000,000-95,000,000 2,243,985,207 514,793 2,244,500,000-37 -

2004 12 31 46. 1,813,418,730 424,212,394 1,732,510,339 492,868,869 290,379,736 151,955,039 230,490,351 114,935,897 68,712,286 30,833,000 59,274,602 29,687,538 282,644,217 288,745,198 339,722,124 325,464,592 2,455,154,969 895,745,631 2,361,997,416 962,956,896-9,000,000 367,172,379 214,122,436 (11,996,894) (11,996,894) 2,000,000-357,175,485 211,125,542 * * * * * * - 38 -

2004 12 31 1. 2004 12 31 826,725 14,666,085 2004 2004 12 31 826,725 14,666,085 26,490 116,994 62,933 (1,481,262) 73,483 43,976 7,508-997,139 13,345,793 2. ( / ) (%) 0.3667 0.3667 12.60% 12.64% 0.3033 0.3033 10.42% 10.46% 0.1641 0.1641 5.64% 5.66% 0.2192 0.2192 7.53% 7.56% - (12,216,205) - 1,912,627 - (268,966,681) (279,270,259) - 1,787,519 (277,482,740) - 1 -

2004 12 31 3. 2004 12 31 ( ) 2004 1 1 2004 12 31 475,540 457,027 1,404,728 1,004,070 78,817 72,782 1,801,451 1,388,315 827,281 7,837,286 22,526,869 15,447,932 12,151,518 12,101,770 11,202,632 11,183,448 1,302,821 8,294,313 23,931,597 16,452,002 12,230,335 12,174,552 13,004,083 12,571,763 4. 30% 30% 5% 5% 10% 10% 1 66% 2 403% 18 3 1,750,000,000 21 4 39% 22 5 293% 23 6 4,917% 27 7 3,073%, 39-2 -