2003nb

2003 CHINA SOUTHERN AIRLINES CO., LTD.

2003 1

2003 4 6 9 12 14 16 17 37 37 44 2

2003 China Southern Airlines Company Limited 3

CSN 2003 020-8612 4737 020-8665 9040 ir.cz@cs-air.com 510405 www.cs-air.com ir.cz@cs-air.com www.sse.com.cn 600029 A 1055 H ZNH ADS 7 1995 3 25 2003 10 17 000995 440101100017600 4

440191100017600 2003 8 1 8 100738 1. 1. -361,524 2. 14,488 3. -526,971 4. 2,687,557 5. 325,949 6. -394,803 7. 61,676 8-9. -28,397 10. 2,842,153 11. -1,823,817 516,245 58,120-19,014 3,880, -13,263 545,968 5

2003 2003 2002 14,488 513,345-30,710 188,886-111,000-95,833 3,872 3,645 4,026-34,282-122,281 - -116,662 - (358,267) 575,761 2003 2002 11,549,849 8,894,594 213,846 244,556 308,167 419,167-165,420-169,292-10,735 224,182 11,895,707 9,613,207 6

2003 2. : 2003 2002 2001 1. 17,351,006 18,805,510 17,761,764 2. 14,488 513,345 417,048 3. 0.003 0.152 0.124 4. -0.121 0.159 0.125 5. % 0.14 5.94 5.39 6. % -5.16 6.19 5.46 7. 0.65 1.42 0.66 2003 2002 2001 1. 39,372,204 37,470,113 30,663,055 2. 11,549,849 8,894,594 8,381,429 3.2.64 2.64 2.48 4. 2.59 2.57 2.43 3 ( : ) 3,374,178 4,160,578 585,372 774,466 8,894,594 1,000,000 1,640,767 24,969 14,488 2,680,224 - - - -24,969-24,969 4,374,178 5,801,345 610,341 763,985 11,549,849 2002 5 21 1,000,000,000 1.00 A 2003 2003 70 2003 7 1,000,000,000 1.00 A 10 16.4 7

1 2003 + - 1 2,200,000,000 2,200,000,000 2 3 4 2,200,000,000 2,200,000,000 1 1,000,000,000 1,000,000,000 2 3 1,174,178,000 1,174,178,000 4 1,174,178,000 1,000,000,000 2,174,178,000 3,374,178,000 1,000,000,000 4,374,178,000 2 1 2003 7 10 17 2.7 1 A 1,000,000,000 27 A 2003 7 8

2003 25 600029 2 A 3,374,178,000 4,374,178,000 A 2,200,000,000 1 H 1,174,178,000 2 A 3,374,178,000 % A 65.20 2,200,000,000 34.80 1,174,178,000 1,000,000,000 100 4,374,178,000 % 50.30 26.84 22.86 100 3 9

2003 ( ) 1 152,747 A 150,147 H 2,600 2 10 % 1-2200000000 50.30-2 HKSCC NOMINEES 314000 1149955998 26.29 H LIMITED 3 59000000 59000000 1.35 A 4 56865741 56865741 1.30 A 5 30160190 30160190 0.69 A 6 25697368 25697368 0.59 A 7 24536588 24536588 0.56 A 8 21001852 21001852 0.48 A 9 20940086 20940086 0.48 A 10 15007147 15007147 0.34 A A B H HKSCC NOMINEES LIMITED 1149955998 H 59000000 A 56865741 A 30160190 A 25697368 A 24536588 A 21001852 A 20940086 A 15007147 A 14648437 A : 10

2003 3 10% : 2002 10 11 : 2,198,980,000 1. 62 2001.6-2004.6 0 0 60 2003.6-2004.6 0 0 47 2001.6-2004.6 0 0 56 2003.6-2004.6 0 0 50 2003.6-2004.6 0 0 56 2003.6-2004.6 0 0 59 2003.6-2004.6 0 0 61 2001.6-2004.6 0 0 39 2001.6-2004.6 0 0 62 2001.6-2004.6 0 0 53 2001.6-2004.6 0 0 68 2001.6-2004.6 0 0 40 2001.6-2004.6 0 0 62 2003.6-2004.6 0 0 43 2003.6-2004.6 0 0 62 2001.6-2004.6 0 0 76 2001.6-2004.6 0 0 56 2001.6-2004.6 0 0 54 2000.11 0 0 44 2000.11 0 0 47 2002.4 0 1000* 59 2002.4 0 0 54 2003.7 0 0 42 2001.6-2004.6 0 0 * A, 11

2003 2002 9 2002 9 2002 9 * 2002 9 * 2002 9 2002 9 2002 9 * 2003 A * 2 1 2 212.15 60.66 81.62 5 5, 1 20 5 10 20 6 5 10 2 3 3. 2003 7 31 12

2003 4. 2003 12 31 17,569 1 1,943 11.1% 2,984 17.0% 2,317 13.2% 680 3.9% 4,146 23.6% 1,967 11.2% 360 2.0% 866 4.9% 2,306 13.1% 17,569 100% 2 3818 21.7% 6010 34.2% 7741 44.1% 17569 100% 1,226 13

2003 1 2 3 4 5, 6 7 2003 6 14

2003 2001[102] 2003 5 13 2002 2 5 1 2003 5 13 2002 2 2,258,006,126 66.92% 2002 2002 2002 2002 2002 5 21 A 2003 5 21 A 2003 5 21 2 2003 5 13 2002 2003 5 13 2002 10 2002 15

2003 ( ) 2003 2002 (%) 32,590 33,753 (1,163) -3.4% 1,347 1,746 (399) -22.8% 6,930 8,746 (1,816) -20.8% 40,867 44,245 (3,378) -7.6% ( ). 3,772 3,924 (152) -3.9% 150 193 (43) -22.2% 1,999 1,798 201 11.2% 5,921 5,915 6 0.1% ( ) 249,068 258,379 (9,311) -3.6% 386 405 (19) -4.8%. 191,460 194,776 (3,316) -1.7% 11,400 13,891 (2,491) -17.9% 11,330 13,990 (2,660) -19.0% 214,190 222,657 (8,467) -3.8% ( ). 21,294 22,092 (798) -3.6% 778 1,081 (303) -28.0% 4,315 5,767 (1,452) -25.2% 26,387 28,940 (2,553) -8.8% 16

2003 ( ). 2,424 2,532 (108) -4.3% 78 108 (30) -27.5% 1,059 975 84 8.7% 3,561 3,614 (53) -1.5% - ( ). 1,902 1,972 (70) -3.6% 69 96 (27) -28.4% 385 515 (130) -25.3% 2,356 2,584 (228) -8.8% - ( ). 522 560 (38) -6.8% 9 11 (2) -19.2% 674 459 215 46.7% 1,205 1,031 174 16.9% ( ) :. 18,259 18,535 (276) -1.5% 1,019 1,369 (350) -25.5% 1,192 1,589 (397) -25.0% 20,470 21,493 (1,023) -4.8% ( ). 379 404 (25) -6.2% 12 14 (2) -16.4% 73 52 21 39.3% 464 471 (7) -1.4% 17

2003. 65.3% 65.5% (0.2%) -0.3% 57.8% 61.9% (4.1%) -6.6% 62.3% 65.9% (3.6%) -5.5% 64.6% 65.4% (0.8%) -1.2%. 64.2% 64.5% (0.3%) -0.5% 52.2% 55.8% (3.6%) -6.5% 53.0% 54.2% (1.2%) -2.2% 60.1% 61.1% (1.0%) -1.6% ( ) 108 102 6 5.9% 24 20 4 20.0% 132 122 10 8.2% 8.59 9.90 (1.31) -13.2% 7.85 9.31 (1.46) -15.6% 8.45 9.79 (1.34) -13.7% ( )2003 2003 12 31 334 274 18 42 2003 12 31 2,059 94 2003 12 31 132 108 24 7.82 2003 2003 4 6 18

19 2003 4 6 40.0% 83.5% 61.5% 2003 5 1 12 31 2003 2003 950333 2003 7 10 A 27 737 A 2003 1 1 CZ

2003 ( ) ( ) % % % % 15,342,458-9.22% 14,221,965 15.49% 2,008,548 5.40% 8.41% -33% ( ) ( ) 13,242,875-2.96% 10,935,717 2,151,223 793,047-30.31% 699,536 88,722 3,064,282-4.89% 2,586,712 447,612 * (1) 60% 1984 8 11 58,843 22 2003 12 31 6,218,266 3,035,765 2003 3,490,772 370,292 (2) 20

2003 60% 1994 4 28 17,090 26 2003 12 31 322,789 233,982 2003 465,581 63,237 (3) 60% 1993 7 20 28,000 8 2003 12 31 440,388 277,483 2003 557,981 46,393 (4) 60% 1995 5 8 25,000 2003 12 31 229,440 142,222 2003 439,109 17,852 (5) 60% 21

2003 1991 11 12 8,000 1 2003 12 31 189,732 73,637 2003 479,669 14,977 (6) 51% 1989 11 21 5,598 2003 12 31 141,077 96,088 2003 97,564 12,806 (7) 51% 2002 7 10 2,980 163 2003 12 31 180,060 165,509 2003 125,335 42,185 22

2003 2 1 50% 2001 4 6 6,310 2003 12 31 946,481 363,154 2003 107,035 151,071 2 41.137% 32% 5 26% 1994 52 1995 6 28 42,432.95 3 2003 12 31 1,189,958 420,814 2003 48,347 28,791 3 50% 1989 10 28 2,750 23

2003 2003 12 31 1,021,066 665,687 2003 585,326 41,020 4 39% 2002 8 28 35,000 2003 12 31 4,639,336 420,012 2003 1,686,582 63,192 5 49% 1996 11 25 30,600 8 2003 12 31 296,153 263,797 2003 148,797 35,484 * 40.48 87% 3.24 1.87% 24

2003 1 2003 12 31 1997 H 4,000 H H 2003 7 10 17 2.7 1 A 1,000,000,000 27 26.41 A A 737-800 2003 12 31 A 737-800 2 1 2003 12 31 13.78 2 2003 4 30 23,800 16,660 70% 7,140 30% 2003 5 9 3 25

26 2003 2,550 918 36% 969 38% 663 26% 20 4 1,800 900 50% 900 50% 11 2004 2003 5 17% 8.9% 3.7% 2003 10% 3.2 1 2 6% 10% 1.4% 10% 3.84

3 2003 3.65 3.17 2003 1.64 2004 393.72 5.08% 260.64 3.59% 149.43 14.44% 107.29 17.05% 115.50 29.58% 2003 7 A 26.4 65.53% 70.83% 5.3% 2003 7 A 26.4 17,351,006 7.73% 4.87 6.36% 3,561 1.5% 8.45 13.7% 15,342,458 9.22% 88.42% 0.581 27

28 2003 0.43% 26,387 8.8% 2,008,548 5.40% 11.58% 1,205 16.9% 1.67 9.82% 14,221,965 8.41% 26.88, 38.41% 1,519,416 0.51% 893,343 11.86% 995,550 9.10% 2003 1.64 61,676 10,473 489% 14,488 513,345 97.18% 11.65-604,727 1.56 33% 15% 5.16-1,823,817 5,540,666 2004

2003 2004 2004 4 20 2003 ( ), 1 29

2003 2 3 4 5 1 2003 1 2004 3 14 2003 1 2002 2 2003 3 5 13 2002 2002 4 2003 5 21 A A 5 A 6 2002 12 31 7 8 4 11 30

2003 9 A A 10 2 2003 5 13 3 2003 8 28 1 2003 A H 2 3 330-200, 4 2003 1 10 2003 1 22 2 10 2003 1 22 3 31

2003 2003 2 24 4 23,800 16,660 70% 7,140 30% 2003 5 9 5 2003 6 15 2003 6 3 6 2003 A A A 2.7 2003 7 1 7 A A 4,374,178,000 a 2,200,000,000 A b 1,174,178,000 H c 1,000,000,000 A a 2,200,000,000 A 50.30%b 1,174,178,000 H 26.84%; c A 1,000,000,000 22.86% B 4,374,178,000 2003 7 17 8 747-400 (B2461) LKE(Like-Kind Exchange) 2003 7 29 32

2003 9 2003 7 31 10 2.3 2003 8 13 11 1 1.9 2003 8 13 12 2,550 918 36% 969 38% 663 26% 20 2003 8 15 13 138,566,854 B2695 B2696 B2697 737-800 117,127,725.27 2003 9 29 14 1,800 900 50% 900 50% 11 33

2003 2003 9 25 15 2003 10 29 16 2003 12 15 2 2002 5 21 2003 5 13 A 2003 7 10 17 2.7 1 A 1,000,000,000 27 18 A 2003 7 25 2003 12 31 1448.8 2003, 2003 : i) 10% ii) 5% 2003 34

2003 << >><< [2003]56 >> << 2003 >>, : 2003 12 31 2003 ( ) 2004 4 23 2003 2003 2003 2003 2004 4 23 2 [2003]56 2003 12 31 35

2003 3 36

2003 2003 7,545 7,545 2004 4 23 37

2003 2003 2004 4 23 2003 2003 2003 1 2 2003 3 4 5 38

2003 1. 2001 515 NEW LINK CONSULTANTS LIMITED 2. 1 2003 9 29 330-200 2005 2003 10 9 2 2003 11 11 737-700 2005 2003 11 27 3. 39

2003 40 4. 1 1 1997 5 22 2006 5 22 27,051 32.3% 2 1997 5 22 1997 5 22 2007 5 22 42,849 41.75% 3 1997 5 23 28,199 5.53% 4 1988 10 15 80% 293,626 293,626 16.44% 5

2003 41 53,026 53,026 2.97% 6 179,971 0.13% 7 15,224 11.83% 8 1997 5 22 2006 5 22 2003 12 31 365,906 3,100 23.73% 9 1997 5 22 1997 5 22 2006 12 31 1995 2004 8,500 10 2002 4 3 757-200 2002 4 11 2002 6 30 2002 10 1 2003 4 10

2003 35,751 2.39% 2 2003 12 31 370,978 27,146,831 ( ) 54,161 338 179,971 7,545 17,280 27,051 693,345 1,154,553 155,716 587,251 80,891 1,954,856 336,783 5,076,137 165,995 1,000,000 46,990 106,052 3 4 2003 12 31 571,399 10,052 5 1 1997 5 22 42

43 2003 2 2003 12 31 165,995 4. (1) (2) (3) 10% (4) A 138,566,854 B2695 B2696 B2697 737-800 2003 9 30 B 117,127,725.27 2003 9 30 C 2003 9 29 330-200 2005 2003 10 9 D 2003 11 11 737-700 2005

2003 2003 11 27 5. 2003 3 13 2002 2003 10 17 6. 7. 5% 1 1 2 3 4 2 1997 5 22 3 1995 1995 3 25 1997 5 22 8. 2003 5 13 2002 44

2003 2003 2002 2003, 5 11 9. 45

2003 KPMG-AH(2004)AR No.0022 2003 12 31 2003 2003 12 31 2003 1 8 100738 2004 4 23 46

2003 2003 12 31 2003 2002 : 6 2,321,483 4,145,300 7 891,827 742,962 8 316,665 404,279 9 84,832 14,237 10 631,669 653,011 11 203,370 165,754 4,449,846 6,125,543 12 622,372 576,850 40,898,104 37,080,309 11,502,684 9,514,246 13 29,395,420 27,566,063 14 1,730 1,485 15 1,937,390 1,006,964 31,334,540 28,574,512 16 2,932,591 2,147,038 17 26,473 34,136 18 6,382 12,034 2,965,446 2,193,208 39,372,204 37,470,113 63 119 47

2003 2003 12 31 2003 2002 19 6,429,306 4,443,426 20 447,778 1,299,680 21 1,667,383 900,926 22 466,087 390,531 74,956 73,702 131,284 179,984 4 102,134 122,657 23 353,592 280,706 24 5,756 2,897 25 892,299 692,246 26 2,386,987 2,286,136 27 1,985,895 2,384,498 14,943,457 13,057,389 28 4,779,678 5,911,590 29 5,543,084 6,631,751 30 189,464 141,887 31 217,162 249,411 10,729,388 12,934,639 32 391,638 1,043,303 26,064,483 27,035,331 1,757,872 1,540,188 63 119 48

2003 2003 12 31 2003 2002 33 4,374,178 3,374,178 34 5,801,345 4,160,578 35 610,341 585,372 172,687 171,574 763,985 774,466 11,549,849 8,894,594 ---------------------- ---------------------- 39,372,204 37,470,113 2004 4 23 63 119 49

2003 2003 12 31 2003 2002 : 6 1,404,874 2,960,337 7 683,206 476,532 8 754,381 244,635 9 67,537 9,439 10 211,489 116,649 11 114,317 109,893 3,235,804 3,917,485 12 3,657,618 4,290,122 31,795,443 26,416,967 8,972,242 6,856,976 13 22,823,201 19,559,991 14 1,730 1,485 15 1,543,420 637,770 24,368,351 20,199,246 16 2,228,754 2,065,192 17 17,349 23,469 2,246,103 2,088,661 33,507,876 30,495,514 63 119 50

2003 2003 12 31 2003 2002 19 5,577,841 2,914,158 20 438,135 1,299,680 21 1,447,804 451,497 22 405,851 340,457 30,391 36,001-24,387 4 11,101 39,751 23 293,223 201,476 24 689 979 25 766,741 693,726 26 1,682,680 1,159,416 27 1,678,982 2,131,862 12,333,438 9,293,390 28 3,670,499 4,628,372 29 5,543,084 6,631,751 30 130,992 63,389 31 217,162 249,411 9,561,737 11,572,923 32 62,852 734,607 21,958,027 21,600,920 63 119 51

2003 2003 12 31 2003 2002 33 4,374,178 3,374,178 34 5,801,345 4,160,578 35 587,545 585,372 172,298 171,574 786,781 774,466 11,549,849 8,894,594 ---------------------- ---------------------- 33,507,876 30,495,514 2004 4 23 63 119 52

2003 2003 2003 2002 37 17,351,006 18,805,510 250,802 798,386 17,100,204 18,007,124 14,221,965 13,118,104 38 190,682 525,250 2,687,557 4,363,770 39 325,949 325,327 1,519,416 1,527,255 893,343 1,013,506 40 995,550 1,095,219 / (394,803) 1,053,117 41 61,676 10,473 42 43,083 8,627 43 71,480 40,531 / (361,524) 1,031,686 44 (604,727) 353,230 228,715 165,111 14,488 513,345 63 119 53

2003 2003 2003 2002 14,488 513,345 774,466 412,343 788,954 925,688 36 23,856 51,335 36 1,113 25,667 763,985 848,686 36-6,736 36-67,484 763,985 774,466 63 119 54

2003 2003 2003 2002 37 11,917,893 9,496,806 167,942 375,734 11,749,951 9,121,072 10,242,766 6,324,601 38 132,488 255,924 1,374,697 2,540,547 39 253,060 264,363 1,110,849 917,162 547,390 412,563 40 887,644 988,893 / (918,126) 486,292 41 266,925 268,556 42 17,896 2,834 43 23,962 9,329 / (657,267) 748,353 44 (671,755) 235,008 14,488 513,345 63 119 55

2003 2003 2003 2002 14,488 513,345 774,466 412,343 788,954 925,688 36 1,449 51,335 36 724 25,667 786,781 848,686 36-6,736 36-67,484 786,781 774,466 63 119 56

2003 2003 2003 2002 17,542,503 19,074,268 181,567 133,298 17,724,070 19,207,566 12,271,446 10,151,516 1,633,970 1,613,409 463,614 1,839,596 512,887 828,267 14,881,917 14,432,788 (i) 2,842,153 4,774,778 17,140 3,093 64,757 825,667 1,066,086 2,247,384 13,061 52,618 1,161,044 3,128,762 6,697,501 8,845,673 4,209 138,353 6,701,710 8,984,026 (5,540,666) (5,855,264) 63 119 57

2003 2003 2003 2002 3,931 83,037 9,116,113 7,093,436 A 2,640,767-11,760,811 7,176,473 9,947,252 3,741,471 938,863 1,167,377 10,886,115 4,908,848 874,696 2,267,625 / (iii) (1,823,817) 1,187,139 63 119 58

2003 ( ) 2003 2003 2002 (i) 14,488 513,345 2,093,928 1,854,576 14,089 18,120 (32,249) (17,725) 19,014 28,654 975,107 1,082,026 228,715 165,111 (61,676) (10,473) (104,791) (342,706) / 21,342 (79,165) (37,616) (26,235) 140,048 1,347,664 75,556 19,985 117,950 26,069 (20,523) (99,910) / 2,859 (2,363) / (651,665) 281,579 47,577 16,226 2,842,153 4,774,778 (ii) - 964,736 (iii) / 2,321,483 4,145,300 4,145,300 2,958,161 / (1,823,817) 1,187,139 63 119 59

2003 2003 2003 2002 11,991,375 9,725,792 87,718 60,746 12,079,093 9,786,538 9,317,477 4,270,252 1,255,342 881,419 192,743 840,734 230,534 368,326 10,996,096 6,360,731 (i) 1,082,997 3,425,807 2,693 71,028 7,081 779,298 1,066,086 1,996,274 7,666 42,446 1,083,526 2,889,046 5,512,354 7,329,777 12,026 570,317 5,524,380 7,900,094 (4,440,854) (5,011,048) 63 119 60

2003 2003 2003 2002 8,083,007 6,374,224 A 2,640,767-10,723,774 6,374,224 8,116,528 2,972,465 804,852 993,763 8,921,380 3,966,228 1,802,394 2,407,996 / (iii) (1,555,463) 822,755 63 119 61

2003 ( ) 2003 2003 2002 (i) 14,488 513,345 1,574,366 1,342,887 7,421 8,461 (32,249) (17,725) / (2,521) 6,980 871,066 976,935 (266,925) (268,556) / (664,172) 4,255 / 23,230) 30,451 / 277 (7,486) 93,667 687,051 65,394 27,890 / 78,662 (65,616) (28,650) (22,569) (445) (739) / (671,755) 235,008 67,603 15,235 1,082,997 3,465,807 (ii) - 964,736 (iii) / 1,404,874 2,960,337 2,960,337 2,137,582 / (1,555,463) 822,755 63 119 62

2003 1 ( ) ( ) [1994] 139 1994 1 1 2,200,000,000 1.00 1995 3 25 [1997] 33 1997 7 1,174,178,000 H 2002 5 21 1,000,000,000 1.00 A 2003 2003 70 2003 7 1,000,000,000 1.00 A 2003 3 13 [2003]273 2003 10 17 000995 2 - ( ) 2003 4 14 - ( [2003]12 ) 2002 2001 67,484,000 63

2 2003 2003 2002 344,859 67,484 412,343 3 (2003)18 2003 1 1 (a) 1 1 12 31 (b) ( [1995]11 ) 50% 50% 50% 50% 50% 64

(b) 2003 (c) (d) (e) (f) (g) 65

(h) 2003 (i) 10-2003 4 7 ( [2003]10 ) 10 66

2003 (j) 1 [2004]39 8-15 28.75% 8-15 3% 8-15 0% 15-40 0% 5-10 3% 6 3%, 67

2003 (k) i) ii) (l) (m) (n) 68

2003 (o) (p) i) ; ii) iii) iv) ; ; (q) (r) (s) (t), 69

2003 (u) (v) 4 (a) 3% 5 7% 3% [2003] 113 [2003] 227 2003 5 1 12 31 1 [1985] 069 5 : 1994 10 12 [1994] 23 < > 2 2003 10 1 70

2003 4 (b) 1 1 9 30 9 33 10 1 12 31 3 15 2003 10 17 020043 2003 10 1 15% 15% (86) 122 (87) 115 15% 15% 27% 24% 3% - [2003]94 15% [2001] 77 2000 15% 71

2003 4 (c) 2003 2002 2003 2002 46,052 33,734 - - 25,224 75,256 2,732 35,998 1,663 5,463 956 3,032 12,829 6,694 177 250 16,366 1,510 7,236 471 102,134 122,657 11,101 39,751 5 [1999]11 5% 2% 2003 1 2003 5 1 2003 9 30 2026 2003 10 1 12 31 72

2003 6 2003 2002 2003 2002-1,544-1,817 716-1,171 334 2,766 581 4,806 321 2,660 559 4,628-1,081-1,311 682-1,128 5,391 7,934 4,058 6,927-1,382,773-2,613,406-623,670-1,584,559 31,562 261,227 26,642 220,522 17,890 148,069 13,694 113,354 10,136 10,802 43,443 46,096 3,570 3,805 27,198 28,860 536,855 41,479 1,243,503 85,846 536,855 41,479 1,243,503 85,846 2,399 11,657 6,128 29,237 2,399 11,657 6,128 29,237 55,520 11,587 72,633 13,901 52,496 10,956 66,690 12,764 20,489 44,503 51,127 111,303 18,522 40,229 51,127 111,303 1,921 19,860 6,305 54,451 1,764 18,235 5,862 50,623 13,770,253 95,359 2,087,009 14,380 13,472,347 93,296 1,813,465 12,495 41,530,902 21,974 12,182,156 6,554 41,530,902 21,974 12,182,156 6,554 5,653 35,056 8,251 38,603 5,201 32,252 8,251 38,603-8,837-2,088-8,837-1,763 1,945,114 3,236,387 1,054,459 2,075,961-370,978-540,503-346,357-516,973 - - 43,550 360,476 - - 43,550 360,476 370,978 900,979 346,357 877,449 2,321,483 4,145,300 1,404,874 2,960,337 ( ) 45 2003 12 31 342,555,000 2002 441,078,000 73

2003 6 2003 2002 8.2767 8.2773 1.0657 1.0611 0.077263 0.069035 4.85865 4.77050 0.2087 0.1914 2.172 2.1770 10.3383 8.6360 0.006925 0.006890 0.0005291 0.0005380 6.2013 4.6787 7 2003 2002 2003 2002 961,824 803,080 739,958 505,172 69,997 60,118 56,752 28,640 891,827 742,962 683,206 476,532 74

2003 7 2003 2002 1 896,722 93.2% 4,895 0.5% 771,411 96.1% 28,449 3.7% 1 2 42,408 4.4% 42,408 100.0% 18,176 2.3% 18,176 100.0% 2 3 14,383 1.5% 14,383 100.0% 5,150 0.6% 5,150 100.0% 3 8,311 0.9% 8,311 100.0% 8,343 1.0% 8,343 100.0% 961,824 100.0% 69,997 7.3% 803,080 100.0% 60,118 7.5% 2003 2002 1 684,656 92.5% 1,450 0.2% 491,032 97.2% 14,500 3.0% 1 2 42,106 5.7% 42,106 100.0% 7,499 1.5% 7,499 100.0% 2 3 8,267 1.1% 8,267 100.0% 2,228 0.4% 2,228 100.0% 3 4,929 0.7% 4,929 100.0% 4,413 0.9% 4,413 100.0% 739,958 100.0% 56,752 7.7% 505,172 100% 28,640 5.7% 2003 2002 2003 2002 2003 1 1 60,118 59,019 28,640 28,108 12,031 1,162 9,072 595 - - 19,040 - : 2,152 63-63 2003 12 31 69,997 60,118 56,752 28,640 75

2003 7 5% 2003 12 31 3 2003 12 31 5 : 2003 2002 2003 2002 543,365 497,388 459,410 402,238 % 56% 62% 62% 80% 8 2003 2002 2003 2002 - - 527,143-17,280 12,376 17,280 12,376 329,289 421,807 239,862 262,163 346,569 434,183 784,285 274,539 29,904 29,904 29,904 29,904 316,665 404,279 754,381 244,635 2003 2002 2003 2002 2003 1 1 2003 12 31 29,904 29,904 29,904 29,904 76

2003 8 2003 2002 1 285,290 82.3% - 0.0% 382,663 88.1% - - 1 2 20,568 5.9% - 0.0% 15,679 3.6% - - 2 3 7,330 2.1% - 0.0% 7,336 1.7% 4,702 64.1% 3 33,381 9.7% 29,904 89.6% 28,505 6.6% 25,202 88.4% 346,569 100.0% 29,904 8.6% 434,183 100.0% 29,904 6.9% 2003 2002 1 740,164 94.3% - 0.0% 233,540 85.1% - 0.0% 1 2 7,709 1.0% - 0.0% 9,878 3.6% - 0.0% 2 3 5,358 0.7% - 0.0% 4,702 1.7% 4,702 100.0% 3 31,054 4.0% 29,904 96.3% 26,419 9.6% 25,202 95.4% 784,285 100.0% 29,904 3.8% 274,539 100.0% 29,904 10.9% 5% 2003 12 31 3 2003 12 31 5 2003 2002 2003 2002 110,757 191,323 458,800 188,854 % 32% 44% 58% 69% 77

2003 9 5% 10 2003 2002 2003 2002 572,649 598,223 182,742 96,614 35,388 23,567 16,485 8,375 20,372 18,740 10,562 9,762 3,260 12,481 1,700 1,898 631,669 653,011 211,489 116,649 2003 12 31 2003 2002 501,125 521,038 293,454 201,064 78

2003 11 2003 2002 2003 2002 (a) 127,099 118,233 75,091 72,897 (b) 20,900 20,900 18,500 18,500 (c) 33,313 15,687-13,317 11,098 2,454 11,004 2,454 10,960 8,480 9,722 2,725 203,370 165,754 114,317 109,893 (a) (b) (c) 1 6 12 2003 1 1 379,796 57,438 139,616 576,850 - - 4,209 4,209 44,536 - - 44,536 2,131-1,092 3,223 2003 12 31 422,201 57,438 142,733 622,372 79

2003 12 2003 1 1 3,201,545 271,275 716,094 1,208 100,000 4,290,122 2,999 8,487 - - 540 12,026 303,901 33,362 (72,413) - - 264,850 2,050 - - - - 2,050 906,631 2,131 - - - 908,762 2,668 - - - - 2,668 2003 12 31 2,601,196 310,993 643,681 1,208 100,540 3,657,618 2003 12 31 1996 30,284,000 20,498,000 20,498 2003 1 1 12,300 2,050 2003 12 31 14,350 2003 6,148 2002 8,198 49 80

2003 12 : 32% 20% 39% 45% - 15.42% - - - 17.1% - - - 40 - ( 2003 1 1 246,376 17,081 136,500 61,266 570 461,793 2003 1 1 224,912 15,154 139,160-570 379,796 19,533 (496) 24,645-854 44,536-2,131 - - - 2,131 2003 12 31 244,445 12,527 163,805-1,424 422,201 81

2003 12 ( ) ( ) : 100% 60% 60% 60% 60% 60% - - 10-16 - 20 - - - 2003 1 1 808,980 353,061 168,000 102,540 150,000 48,000 269,276 1,899,857 2003 1 1 896,821 1,595,231 138,816 103,975 92,890 35,196 338,616 3,201,545 - - - - - - 2,999 2,999-222,175 27,836 37,942 (10,711) 8,986 17,673 303,901-4,053 (162) (1,528) 3,154 - (3,467) 2,050 896,821 - - - - - 9,810 906,631 - - - - - - 2,668 2,668 2003 12 31-1,821,459 166,490 140,389 85,333 44,182 343,343 2,601,196 1993 10 14 808,980,000 2003 3 : 32% 20% 39% 45% 2003 1 1 127,299 17,081 136,500 61,266 342,146 2003 1 1 116,961 15,154 139,160-271,275 8,487 - - - 8,487 9,213 (496) 24,645-33,362-2,131 - - 2,131 2003 12 31 134,661 12,527 163,805-310,993 82

2003 12 : 49% 50% 50% 15 40 30 2003 1 1 150,000 86,694 261,146 497,840 2003 1 1 146,648 312,334 257,112 716,094 (17,387) 20,510 (75,536) (72,413) 2003 12 31 129,261 332,844 181,576 643,681 2003 2002 925,000 0.37% 1,208 1,208 1,208 21,924,500 2.5% 33,730 33,730 33,730 10,000,000 0.5% 12,480 12,480 12,480 6,600,000 0.008% 10,020 10,020 10,020 57,438 57,438 83

2003 12 2003 2002-100,000 7.4% 100,000 100,000 ( ) 10 540 54% 540-100,540 100,000-20,000 10% 20,000 20,000-7,603 4.29% 7,603 7,603-3,000 4.94% 3,000 3,000-1,547 1% 1,547 1,547-500 3.7% 500 500 ( ) 10 1,092 91% - 1,092 ( ) 10 300 60% 300 300 ( ) 10 540 54% - 540 ( ) - 900 30% 900 900 ( ) 10 630 30% 630 630 ( ) - 2,750 55% 2,750-4,963 3,504 42,193 39,616 142,733 139,616 :, 49 50%,, 2003 12 31 5% 32% 2002 6% 48 % 84

2003 13 : 2003 1 1 3,673,349 13,510,717 11,459,978 6,458,704 1,977,561 37,080,309-997,403 (997,403) - - - 34,680 2,818,475-558,594 216,654 3,628,403 253,833 - - - 121,594 375,427 (42,138) (104,235) - - (39,662) (186,035) 2003 12 31 3,919,724 17,222,360 10,462,575 7,017,298 2,276,147 40,898,104 : 2003 1 1 551,912 2,145,849 2,499,495 3,214,401 1,102,589 9,514,246-389,958 (389,958) - - - 166,823 710,509 495,869 477,002 243,725 2,093,928 (22,155) (54,555) - - (28,780) (105,490) 2003 12 31 696,580 3,191,761 2,605,406 3,691,403 1,317,534 11,502,684 : 2003 12 31 3,223,144 14,030,599 7,857,169 3,325,895 958,613 29,395,420 2002 12 31 3,121,437 11,364,868 8,960,483 3,244,303 874,972 27,566,063 85

2003 13 : 2003 1 1 1,066,188 9,053,359 11,459,978 3,941,880 895,562 26,416,967-997,403 (997,403) - - - 720,247 - - 998,215 217,272 1,935,734 2,228 2,818,475-455,763 87,555 3,364,021 91,018 - - - 8,228 99,246 (347) - - - (20,178) (20,525) 2003 12 31 1,879,334 12,869,237 10,462,575 5,395,858 1,188,439 31,795,443 : 2003 1 1 177,334 1,327,363 2,499,495 2,387,634 465,150 6,856,976-389,958 (389,958) - - - 94,541 - - 311,097 153,358 558,996 74,394 514,000 495,869 373,896 116,207 1,574,366 (23) - - - (18,073) (18,096) 2003 12 31 346,246 2,231,321 2,605,406 3,072,627 716,642 8,972,242 : 2003 12 31 1,533,088 10,637,916 7,857,169 2,323,231 471,797 22,823,201 2002 12 31 888,854 7,725,996 8,960,483 1,554,246 430,412 19,559,991 2003 12 31 86

2003 13 2003 12 31 28 29 2003 2002 2003 2002 6,718,737 5,822,076 4,938,698 3,933,109 7,857,169 8,960,483 7,857,169 8,960,483 14,575,906 14,782,559 12,795,867 12,893,592 26,621 22,184 - - 14,602,527 14,804,743 12,795,867 12,893,592 2003 12 31 2003 2002 2003 12 31 147,098-178,053-325,151-30 70 2003 12 31 17 65 60,345,000 42,820,000 2002 18,704,000 9,465,000 87

2003 13 2002 2003 1 2003 12 31 2,409,252,000 2002 1,322,843,000 51,682,000 69,121,000 2002 2003 14 88

2003 15 2003 2003 1 1 12 31 3,560,000 432,580 945,483-1,378,063 39% 70% 30,000 23,407 4,504-27,911 93% 48,500 21,988 28-22,016 45% 50,000 21,063 3-21,066 42% 18,880 3,717 10,269-13,986 74% 80,000 45,988 34,012 (80,000) - 100% 24,000 5,923 - (5,923) - 25% 118,919 83,104 10,597 (13,323) 80,378 3,930,299 637,770 1,004,896 (99,246) 1,543,420 598,200-181,750-181,750 30% 35% 74,600 14,839 109 (704) 14,244 19% 198,122 86,046 - (46,143) 39,903 870,922 100,885 181,859 (46,847) 235,897 434,563 53,821 98,467 (1,747) 150,541 35% 783,380 201,657 20,631 (222,288) - 28% 70% 7,220 12,831 - (5,299) 7,532 1,225,163 268,309 119,098 (229,334) 158,073 6,026,384 1,006,964 1,305,853 (375,427) 1,937,390 2003 12 31 2003 2002 83,077 64,186 1.62% 5.46% 2002 5.70% 89

2003 16 2003 2002 2003 2002 303,940 2,515,617 210,650 1,743,610 229,487 1,899,391 210,650 1,743,610 50,379 416,974 48,739 403,428 39,794 329,363 38,851 321,582 2,932,591 2,147,038 2,228,754 2,065,192 6 30% 3 17 2003 1 1 261,582 168,265 6,426 1,301 (203,013) (133,013) 2003 12 31 64,995 36,553 2003 1 1 227,446 144,796 14,089 7,421 (203,013) (133,013) 2003 12 31 38,522 19,204 2003 12 31 26,473 17,349 2002 12 31 34,136 23,469 2003 12 31 2 3 90

2003 18 2007 19 2003 2002 2003 2002 708,879 5,867,182 318,780 2,638,639 659,422 5,457,841 272,330 2,254,158 194,355 207,124 - - - - - - 120,000-334,287 120,000-240,000 6,194,306 2,972,926 5,577,841 2,494,158 235,000-1,470,500 - - 420,000 235,000 1,470,500-420,000 6,429,306 4,443,426 5,577,841 2,914,158 2003 2002 2003 2002 151,000 1,470,500-420,000 63,000 - - - 21,000 - - - 235,000 1,470,500-420,000 2003 12 31 1.76% 1.65% 2002 3.11% 2.66% 2003 12 31 5% 91

2003 20 2003 2002 1,949 0.4% 24,601 1.9% 445,829 99.6% 1,275,079 98.1% 447,778 100.0% 1,299,680 100.0% 2003 2002 1,949 0.4% 24,601 1.9% 436,186 99.6% 1,275,079 98.1% 438,135 100.0% 1,299,680 100.0% 5% 21 2003 2002 2003 2002 3 1,018,454 330,904 908,536 140,148 3 6 278,114 244,295 231,115 140,793 6 370,815 325,727 308,153 170,556 1,667,383 900,926 1,447,804 451,497 2003 12 31 3 5% 22 5% 92

23 2003 2003 2002 2003 2002 2003 1 1 280,706 525,607 201,476 418,730 250,802 798,386 167,942 375,734 177,916 1,043,287 76,195 592,988 2003 12 31 353,592 280,706 293,223 201,476 24 25 5% 165,995,000 2003 12 31 3 26 2003 2002 2003 2002 (a) 336,839 360,827 103,223 56,887 (b) 825,811 497,372 584,605 169,109 (b) 242,397 203,624 252,557 132,432 (c) 214,521 383,675 214,521 383,675 (d) 157,527 174,626 137,761 150,609 (b) 254,801 297,626 117,756 109,640 62,212 39,808 62,212 9,562 (b) 114,296 110,134 133,777 76,907 30 10,717 52,000 - - 54,852 21,601 42,133 6,179-31,137-18,240 18,144 41,396 14,813-94,870 72,310 19,322 46,176 2,386,987 2,286,136 1,682,680 1,159,416 93

2003 26 (a) (b) 1 3, (c) [2001]5 2001 1998 (d) 3 6 94

27 2003 2003 2002 2003 2002 28-1,580 - - - - - - - 63,810 - - - - - - ( ) 73,647 609,553 96,225 796,485 46,048 381,127 66,255 548,415 ( ) 1,582 13,097 2,576 21,315-2,024 16,749 688,040 817,800 381,127 565,164 29-135,357 1,120,312 154,214 1,276,473 135,357 1,120,312 154,214 1,276,473-2,297,904 177,543 4,204,027 290,225 2,297,904 177,543 4,204,027 290,225 1,297,855 1,566,698 1,297,855 1,566,698 1,985,895 2,384,498 1,678,982 2,131,862 95

2003 28 2003 2002 4.94% 5.25% - 89,144 4.94% 6.21% - 969,994-3,000-3,000 5.49% - 63,500 5.02% 5.43% - 2,310,268 1.48% 8.33% 618,341 5,117,821 5.00% 8.33% 413,908 3,426,038 8.35% 1,582 13,097 8.35% 2,427 20,090 1.91% 1.94% 21,887 181,156 - - 5,467,718 6,729,390 ( 27) 688,040 817,800 4,779,678 5,911,590 2003 2002 - - - 5.22% 6.21% - 850,000 - - - 5.02% 5.43% - 2,231,768 1.48% 8.33% 489,522 4,051,626 5.00% 8.33% 255,128 2,111,768 4,051,626 5,193,536 ( 27) 381,127 565,164 3,670,499 4,628,372 96

2003 28 2003 2002 2003 2002 85,149 110,307 - - 430,451 2,501,305 228,800 2,410,118 2,387,532 756,833 2,324,435 736,743 2,564,586 3,360,945 1,498,391 2,046,675 5,467,718 6,729,390 4,051,626 5,193,536 2003 2002 2003 2002 420,399 1,939,774 228,800 1,860,118 10,052 561,531-550,000 430,451 2,501,305 228,800 2,410,118 13 2003 2002 2003 2002 2,207,393 2,680,801 1,236,160 1,536,835 357,193 604,010 262,231 433,706-76,134-76,134 2,564,586 3,360,945 1,498,391 2,046,675 13 97

2003 28 2003 2002 2003 2002 1 688,040 817,800 381,127 565,164 2 682,492 842,036 401,466 522,482 3 488,225 1,078,074 257,299 760,740 4 3,608,961 3,991,480 3,011,734 3,345,150 5,467,718 6,729,390 4,051,626 5,193,536 5% 29 2003 2002 2003 1 1 8,198,449 9,143,563 : - 426,192 197,880 174,911 1,555,390 1,546,217 2003 12 31 6,840,939 8,198,449 27 1,297,855 1,566,698 5,543,084 6,631,751 2004 2009 2003 12 31 5.88% 2003 2002 1 1,297,855 1,566,698 1 2 1,066,451 1,273,144 2 3 1,196,858 1,066,263 3 3,279,775 4,292,344 6,840,939 8,198,449 98

29 2003 2003 12 31 13 2003 2002 2,577,034 3,608,705 4,263,905 4,589,744 6,840,939 8,198,449 2003 12 31 2003 2002 478,058 3,956,739 613,415 5,077,419 20,531,761 1,586,345 22,515,137 1,554,332 5,543,084 6,631,751 27 5% 99

2003 30 2003 1 1 193,887 63,389 52,000-68,620 67,603 62,326-2003 12 31 200,181 130,992 26 10,717-189,464 130,992 31 : 2003 1 1 2003 12 31 258,899 24,385 283,284 2003 1 1 18,465 15,408 33,873 29,588 2,661 32,249 2003 12 31 48,053 18,069 66,122 2003 12 31 210,846 6,316 217,162 2002 12 31 240,434 8,977 249,411 8 9 1998 24,385,000 100

2003 32 2003 1 1 1,043,303 734,607 44 135,420 155,510 4b 44 516,245 516,245 : 651,665 671,755 2003 12 31 391,638 62,852 2003 2002 2003 2002 (a) 222,936 149,338 222,936 149,338 (b) 87,608 63,896 93,097 69,385 (c) 261,312 319,697 199,292 259,147 (d) 18,883 115,543 18,883 115,543 (e) 31,627 80,703 31,627 80,703 8,989 32,580 10,829 32,580 631,355 761,757 576,664 706,696 (f) - 254,210-254,210 (b) 80,545 78,083 - - (g) 872,741 1,403,278 615,503 1,187,093 69,707 69,489 24,013-1,022,993 1,805,060 639,516 1,441,303 (391,638) (1,043,303) (62,852) (734,607) 101

2003 32 (a) (b) (c) (d) (e) (f) 2002 33% 2003 1 (g) 102

2003 33 2,200,000,000 2003 2002 1.00 2,200,000 2,200,000 1,174,178,000 H 1.00 1,174,178 1,174,178 1,000,000,000 A 1.00 1,000,000-2,200,000,000 4,374,178 3,374,178 1.00 2,200,000 2,200,000 1,174,178,000 H 1.00 1,174,178 1,174,178 1,000,000,000 A 1.00 1,000,000-4,374,178 3,374,178 2002 5 21 1,000,000,000 1.00 A 2003 2003 70 2003 7 1,000,000,000 1.00 A 1994 12 31 1997 9 10 2003 7 17 34 2003 2002 1 1 4,160,578 4,160,578 1,640,767-12 31 5,801,345 4,160,578 103

2003 35 2003 2002 2003 2002 1 1 337,195 285,860 337,195 285,860 23,856 51,335 1,449 51,335 12 31 361,051 337,195 338,644 337,195 1 1 171,574 145,907 171,574 145,907 1,113 25,667 724 25,667 12 31 172,687 171,574 172,298 171,574 1 1 76,603 69,867 76,603 69,867-6,736-6,736 12 31 76,603 76,603 76,603 76,603 610,341 585,372 587,545 585,372 36 (a) 2004 4 23 2003 (i) 10% (ii) 5% (b) 2004 4 23 104

2003 37 2003 2002 2003 2002 15,342,458 16,899,811 10,183,596 8,563,545 2,008,548 1,905,699 1,734,297 933,261 17,351,006 18,805,510 11,917,893 9,496,806 46 2003 2002 2003 2002 259,668 293,548 223,260 238,212 % 1.5% 1.6% 1.9% 2.5% 38 2003 2002 2003 2002 175,598 482,200 121,044 234,597 10,134 28,318 8,031 15,690 4,950 14,732 3,413 5,637 190,682 525,250 132,488 255,924 39 2003 2002 2003 2002 145,810 137,928 125,535 115,906 3,006 (11,394) 860 13,754 78,683 38,156 78,833 34,605-38,712-38,712 15,812 8,618 - - 82,638 113,307 47,832 61,386 325,949 325,327 253,060 264,363 105

2003 40 2003 2002 2003 2002 906,802 1,023,379 792,004 903,620 83,077 64,186 83,077 64,186 823,725 959,193 708,927 839,434 (13,061) (52,618) (7,666) (42,446) 164,443 175,451 169,805 179,947 20,443 13,193 16,578 11,958 995,550 1,095,219 887,644 988,893 41 2003 2002 2003 2002 17,140 3,765 25-44,536 6,708 264,850 266,506 - - 2,050 2,050 61,676 10,473 266,925 268,556 42 2003 2002 2003 2002 21,560 1,995 2,655 52 21,523 6,632 15,241 2,782 43,083 8,627 17,896 2,834 106

43 2003 2003 2002 2003 2002 40,574 30,649 134 7,032 338 474 338 413 2,106 1,447 287 838 28,462 7,961 23,203 1,046 71,480 40,531 23,962 9,329 44 2003 2002 2003 2002 46,938 71,651 - - 32 (651,665) 281,579 (671,755) 235,008 (604,727) 353,230 (671,755) 235,008 45 (a) 2,198,980,000 2003 12 31 2002 12 31 2,200,000,000 2,200,000,000 107

2003 45 (b) (i) (ii) : (iii) (iv) 108

2003 45 (c) 2003 2002 (1) 27,051 36,306 (2) 35,751 26,164 (3) 42,849 101,350 (4) - 3,275 (5) 4,896 16,725 (6) 28,199 29,058 (7) 346,652 296,156 (8) 85,000 85,000 (9) 15,224 15,224 (10) - - (11) 3,100 10,530 (12) - 27,599 (13) 165,995 - (14) 58,120 - (15) - 107,846 (16) - 946,866 (1) 1,154,553,000 (2) 2002 10 757-200 14 2003 4 (3) 109

2003 45 (c) (4) 2002 8 (5) 143,016,000 2002 10 (6) 33% (7) 346,652,000 (8) (9) 6 12 (10) 1997 5 22 10 China Southern China Southern Airlines 3 10 (11) 6 45(d) 110

2003 45 (c) (12) 1 320-200 10 (13) 2003 12 31 165,995,000 (14) 2002 2002 1 1 2003 (15) 2002 8 107,846,000 90% 2002 3 18 2002 (16) 2002 1,096,866,000 737-300/37K 132,130,000 964,736,000 111

2003 45 (d) 2003 2002 370,978 909,979 ( ) 54,161 89,550 7,545 7,545 338 4,000 17,280 12,376-16,869 693,345 267,468 155,716 106,063 80,891 8,500 336,783-165,995-46,990 - (e) (i) (ii) 19 28 1995 3 25 1997 5 22 1 112

2003 45 (e) (iii) 1997 5 22 46 2003 13,242,875 793,047 3,064,282 17,100,204 10,935,717 699,536 2,586,712 14,221,965 155,935 4,789 29,958 190,682 2,151,223 88,722 447,612 2,687,557 2002 13,647,250 1,137,928 3,221,946 18,007,124 9,796,521 618,917 2,702,666 13,118,104 449,679 19,233 56,338 525,250 3,401,050 499,778 462,942 4,363,770 113

2003 47 48 (i) 2003 12 31 2003 2002 2003 2002 10,615,079 5,875,996 7,739,290 5,875,996 617,277 525,700 617,277 525,700 1,454,661 2,601,720 1,454,661 2,601,720 2,071,938 3,127,420 2,071,938 3,127,420 256,707 107,610 29,628 42,968 991,860 1,121,545 229,302 245,440 1,248,567 1,229,155 258,930 288,408 13,935,584 10,232,571 10,070,158 9,291,824 114

2003 48 (i) 2003 12 31 2 757-200 13 737-700 4 330-200 6 ERJ-145 2004 2005 2,494,853,000 2003 12 31 2004 4,584,823 3,248,674 2005 6,030,256 4,490,616 10,615,079 7,739,290 (ii) 2003 12 31 2003 2002 2003 2002 1 1,482,888 1,280,060 1,193,892 1,044,720 2 1,411,520 1,327,631 1,169,104 1,107,150 3 1,143,745 1,245,150 969,189 1,071,252 3 4,081,704 4,683,797 3,718,788 4,487,062 8,119,857 8,536,638 7,050,973 7,710,184 (iii) 2003 12 31 446,000,000 2002 201,000,000 115

2003 49 2003 12 31 (i) / / ( a) % % ( ) 100 100,000,000 1983 8 31 1994 4 28 1993 7 20 60 170,900,000 60 280,000,000 60 250,000,000 1995 5 8 1984 8 11 60 588,434,000 60 80,000,000 1991 11 12 51 55,980,000 ( b) 1989 11 21 54 1,000,000 ( d) 1998 8 6 90 63,290,000 1997 1 8 1994 3 3 90 2,000,000 90 2,100,000 1992 5 11 2002 7 23 61 20,000,000 2002 7 10 51 29,800,000 51 5,880,000 2003 2 10 China Southern West Australian Flying College Pty Limited 1971 1 26 65 100,000 CZ Flamingo Limited 100 1,000 1993 12 8 CZ Skylark Limited 100 1,000 1993 11 17 CZ Kapok Limited 100 1,000 1993 10 26 CSA-I Limited 1993 9 1 100 1,000 116

CZ93B Limited CZ97A Limited Zhong Yuan 99A Limited 2003 / / ( a) % % 100 1,000 1993 5 11 100 1,000 1997 1 2 100 1,000 1999 2 15 CXA92A Limited 60 1,000 1992 8 3 CXA93A Limited 60 1,000 1993 7 1 CXA95B Limited 60 1,000 1995 7 7 CXA95C Limited 60 1,000 1995 10 16 CXA98A Limited 1998 3 20 60 1,000 60 5,000,000 1993 6 22 60 620,218 1992 12 17 60 8,560,000 1997 7 30 1998 2 18 54 5,000,000 54 10,000,000 1996 2 22 54 3,000,000 1994 4 28 27.5 1,000,000 ( c) 1995 5 11 42 10,000,000 ( c) 1994 6 22 54.6 1,200,000 2001 9 19 36 1,500,000 ( d) 1995 8 3 55 5,000,000 ( d) 2003 7 28 (a) (b) (c) 51% 117

2003 (d) 50% d (ii) / / ( a) % % 50 27,500,000 ( b) 1989 10 28 1995 6 28 32 15.42 300,000,000 15,000,000 45 16,360,000 1994 3 12 1998 1 7 20 1,000,000 ( b) 2001 4 6 50 63,100,000 ( c) 18 3,000,000 1997 2 26 18 2,100,000 ( c) 2000 1 18 2001 9 14 17.1 2,000,000 49 306,000,000 ( b) 1996 11 25 2002 8 28 39 350,000,000 (a) (b) (c) (c) 118

2003 50 << 1 >> (2004 ), : 2003 32 516,245 45(c) 58,120 (19,014) 3,880, (13,263) 545,968 51 2004 4 8, 15 320-200 6 319-100 2005 2006 52 2002 2 119

2003 A. 2003 2002 14,488 513,345 (a) (30,710) 188,886 (b) (111,000) (95,833) (c) 3,872 3,645 4,026 (34,282) (122,281) - (d) (116,662) - (358,267) 575,761 2003 2002 11,549,849 8,894,594 (a) 213,846 244,556 (b) 308,167 419,167 (c) (165,420) (169,292) (10,735) 224,182 11,895,707 9,613,207 120

2003 (a) (b) 2001 (c) 2002 1 1 (d) (e) 2002 12 31 2003 12 31 2 B. 净资产 % 摊 权 摊 权 营业务 润 23.27 26.29 0.61 0. 70 营业 润 -3.42-3.86-0.09-0.10 净 润 0.13 0.14 0.003 0.038 经 损 净 润 -4.56-5.16-0.12-0.14 121

2003 C. 数 计 冲销 数 1 帐 备 应 帐 帐 备 60,118 12,031 2,152 69,997 应 帐备 29,904 - - 29,904 2 资 备 - - - - 3 货 备 - - - - 4 长 资 备 - - - - 5 资产减 备 - - - - 6 资产减 备 - - - - 7 减备 - - - - 8 贷 减 - - - - 122

2003 1 2 3 4 2003 2004 4 23 123