2004 2005 1 30

2004 1 2 3 4 1

2004 3 4 7 10 15 17 19 31 33 36 55 2

2004 1 NINGBO MARINE COMPANY LIMITED NBMC 2 3 202 0574 87356271 0574 87355051 hminhui@nbmc.com.cn 4 202 315020 http//www.nbmc.com.cn nbmcl@mail.nbptt.zj.cn 5 http://www.sse.com.cn 202 6 600798 7 1997 4 18 1998 6 22 2000 2 14 202 3302001000114 330205254106251 61 3

2004 166,669,611.06 85,420,209.38 85,423,087.43 268,194,974.47-390,244.94 232,435,739.42-70,569,294.98 5,432,062.57-628,895.95 281,667,098.82 54,458,610.85 4

2004 1 : 2003 2002 2004 (%) 817,664,062.55 441,291,303.39 85.29 441,291,303.39 166,669,611.06 122,109,947.21 36.49 76,346,984.99 85,420,209.38 82,104,162.20 4.04 59,800,355.48 85,423,087.43 81,296,851.65 5.07 59,800,355.48 2003 2002 2004 (%) 1,226,884,001.68 1,152,061,411.82 6.49 910,913,424.17 858,102,422.28 788,038,462.9 2.25 808,309,300.70 281,667,098.82 82,799,244.45 240.18 146,233,363.42 2003 2002 2004 (%) 0.17 0.16 4.04 0.12 9.95 % 9.78 1.75 7.4 9.95 9.69 2.68 7.4 % 0.55 0.16 231.25 0.29 0.17 0.16 4.04 0.12 0.17 0.16 4.04 0.12 0.17 0.16 4.04 0.12 9.58 % 9.92-3.42 7.68 9.58 9.82-2.44 7.68 % 2003 2002 2004 (%) 1.68 1.64 2.44 1.58 1.68 1.64 2.44 1.58 5

2004 2 : : -47,554.93 43,259.34-1,417.54-2,878.05 9 : : % 31.25 30.09 0.52 0.52 27.09 26.08 0.45 0.45 9.95 9.58 0.17 0.17 9.95 9.58 0.17 0.17 : : 511,875,000.00 138,008,991.02 58,974,921.07 35,755,510.94 94,611,539.87 839,225,962.90 8,747,617.81 4,373,808.91 85,420,209.38 98,541,636.10 79,665,176.72 79,665,176.72 511,875,000.00 138,008,991.02 67,722,538.88 40,129,319.85 100,366,572.53 858,102,422.28 1 2 3 6

2004 1 1 370425000 370425000 2 3 4 370425000 370425000 1 141450000 141450000 2 3 4 141450000 141450000 511875000 511875000 2 (1) (2) (3) 7

2004 1 83,584 5 A 83,579 2 10 ( 2004 12 31 ) ( ) (%) (1) 0 261,439,200 51.07 0 (2) 0 91,603,200 17.89 0 (3) 0 8,548,800 1.67 0 (4) 0 6,888,000 1.34 0 (5) 0 1,945,800 0.38 0 (6) 1,024,060 1,024,060 0.20 (7) 281,986 281,986 0.06 (8) 233,500 233,500 0.05 (9) 197,895 197,895 0.04 (10) 180,000 180,000 0.04 1-5, 32.8% 6-10 5% 6-10 3 1.2 2005 1 6 8

2004 100% 25% 0.38% 32.8% 51.07% 4 10% 1994 3 2800 5 2004 12 31 A B H (1) 1,024,060 A (2) 281,986 A (3) 233,500 A (4) 197,895 A (5) 180,000 A (6) 178,620 A (7) 170,613 A (8) 160,000 A (9) 160,000 A (10) 140,800 A, 5 10 9

2004 1 ( ) ( ) 48 2003-04-25 2006-04-24 13,800 13,800 0 50 2003-04-25 2006-04-24 11,500 11,500 0 54 2003-04-25 2006-04-24 17,250 17,250 0 52 2003-04-25 2006-04-24 13,800 13,800 0 49 2003-04-25 2006-04-24 0 0 0 55 2003-04-25 2006-04-24 13,800 13,800 0 53 2003-04-25 2006-04-24 13,800 13,800 0 47 2003-04-25 2006-04-24 0 0 0 47 2003-04-25 2006-04-24 0 0 0 56 2003-04-25 2006-04-24 13,800 13,800 0 76 2003-04-25 2006-04-24 0 0 0 46 2003-04-25 2006-04-24 0 0 0 34 2003-04-25 2006-04-24 0 0 0 47 2003-04-25 2006-04-24 0 0 0 54 2003-04-25 2006-04-24 13,800 13,800 0 32 2003-04-25 2006-04-24 0 0 0 37 2003-04-25 2006-04-24 0 0 0 37 2003-04-25 2006-04-24 0 0 0 44 2003-04-25 2006-04-24 0 0 0 55 2003-04-25 2006-04-24 0 0 0 38 2003-04-25 2006-04-24 0 0 0 39 2003-04-25 2006-04-24 0 0 0 59 2003-04-25 2005-01-17 0 0 0 39 2003-04-25 2006-04-24 0 0 0 10

2004 11 1952 1993 1994 1985 1993

2004 ISM ( ) ( ) 2 2002-12-01 1998-04-15 2002-12-01 2005-01-05 2002-12-28 2002-12-28 2002-12-28 12

2004 2002-10-15 2002-06-18 1994-08-18 2002-12-28 2002-12-28 2001-01-28 2002-05-10 2002-03-15 2000-05 2003-05-17 1 2003 2004 2004 2 2004 3 15 107.92 107.92 28 24 8 ( ) 32 4 13

2004 5 3-6 5 6-10 10 1 2 2004 3 12 2004 4 2005 1 575 575 62 513 116 182 1 513 62 2 182 116 14

2004 2003 56 2002 3 2004 2004 14 4 1 4 6 7 6 3 3 0 6 4 2 0 6 5 1 0 6 5 1 0 15

2004 1 2 3 4 5 2003 2004 2004 16

2004 2003 2004 2003 2003 2004 3 16 2003 2004 4 22 51 14 370550350 511875000 72.39 % 1 2003 2 2003 3 2003 2004 4 2003 1 2003 82104162.20 25042994.04 107147156.24 10% 5% 94611539.87 2003 51187.5 10 1.30 ( ) 66543750 2 138008991.02 5 2004 2004 2004 6 2003 2003 ; 7 < > ; 8 < 2004 > 9 2 2 17

2004 2004 4 23 2004 2004 2004 9 28 2004 2004 10 28 51 13 37053.655 51187.5 72.39 % 1 7 1 3.5 2.8 2 4 2004 10 29 18

2004 2003, 2001 1 1.392 12% 2004 10 16 7,872 8,542.02 4.04% 1 (1) 1,007.09 122.20% 1,826,577.00 113.44 % 81,766.41 85.29% 26,819.50 91.97% (2) (%) (%) 600,370,144.78 73.43 259,129,898.48 96.62 217,293,917.77 26.57 9,065,075.99 3.38 : 817,664,062.55 / 268,194,974.47 / / / 19

2004 (3) 10% : : (%) 600,370,144.78 328,951,381.04 43.16 217,293,917.77 206,814,419.42 4.17 2 75% 5487 8,149.78 616.24 8,793.24 2003 9 2990 50% 21,729.39 411.19 17,934.17 1 18.36% 27,235 7,058 4,084 196,691 1.392 12% 80,000 2004 10 16 7,872, 8,352 3 : : 27,123.19 84.32 54,848.89 67.08 4 20

2004, 2 2 20000 2 4 ISPS CCS PSC FSC 21

2004 5 1 2004 4 22 2003 2 2 2 2 2 2 2004 4 29 20000DWT 2 2 2 2005 9 30 2005 12 31 7 15 9,041.77 9041.77 1478.88 2 : : 1,226,884,001.68 1,152,061,411.82 74,822,589.86 6.49 268,194,974.47 139,710,065.96 128,484,908.51 91.97 85,420,209.38 82,104,162.20 3,316,047.18 4.04 65,405,302.07-9,935,062.38 75,340,364.45 858,102,422.28 839,225,962.90 18,876,459.38 2.25 1 91.97% 4.04% (1) 182.99 8,490 (2) 7,800 (3), 3,762, 3,323.30 (4), 16,000, 15,592.58 (5) 21.21% 21.76% 105.89% (6) 2004 10 16 7,872 22

2004 2 17.08% 16.7% ( ) 88,118.49 93.41 44,256.10 76.33 17.08 : 87,360.23 92.60 44,003.02 75.90 16.70 918.53 0.97 5,791.28 9.99-9.02 5,300.00 5.62 7,929.56 13.68-8.06 94,337.02 100.00 57,976.94 100.00 1 2 3 1 6 1 2004 3 12 14 11 5 2003 2003 23

2004 2003 2004 2003 a 2003 82104162.20 25042994.04 107147156.24 10% 5% 94611539.87 2003 51187.5 10 1.30 ( ) 66543750 b 138008991.02 2003 2003, 18 2004 2004 2004 2003 2003 < > 2003 56 300 5% 24

2004 20% 70% 10% 10% 2004 2004 2003 2004 3 16 www.sse.com.cn 2 2004 4 9 2 2 2 2 680 3.5% 9 2004 4 10 25

2004 3 2004 4 22 14 9 5 2004 2 2 2 2 2 2 2004 4 23 www.sse.com.cn 4 2004 6 23 14 10 5 5000 5 2004 8 25 14 13 5 2004 2004 < > 1 7 1 3.5 2.8 2 4 2003 12 2 2003 1300 1 7 7000 1 3.5 2003 26

2004 2003 1300 1 7 7000 1 3.5 2.8 2 4 15 1120 4% 8 2004 2004 8 28 www.sse.com.cn 6 2004 10 28 14 10 4 2004 2004 2004 10 29 www.sse.com.cn 2 1 2003 2003 2003 51187.5 10 1.30 ( ) 66543750 2004 6 8 2004 6 9 2004 6 15 2004 6 3 27

2004 2 2003 2004 2004 3 2004 4 22 2003 2 2 2 2 2 2 2004 4 29 20000DWT 7 15 9,041.77 4 2004 10 28 2004 1 7 1 3.5 2.8 2 4 2004 2005 1 30 2004 1 2004 85,420,209.38 28,067,789.87 113,487,999.25 10% 5% 100,366,572.53 2004 51,187.5 10 1.40 ( ) 71,662,500 2 138,008,991.02 1 2 0.5% 3 2003 56 2005 1 26 2005 015 28

2004 2004 12 31 2003 56 2003 56 2004 12 7 2004 12 31 2004 12 31 2004 12 31 [2003]56 2004 2005 2003 2004 2005 2005 2004 2005 2005 29

2004 2005 2005 1 57 58 2 3 [2003]56 50% 2003 10 28 3000 2003 12 2 1,000 2003 12 2 2004 12 1 2004 2 26 1,000 2004 2 26 2005 2 25 2000 2003 56 30

2004 1 5 1 2004 3 12 2003 2003 2004 2003 2003 2003 2004 2 2004 4 9 2 2 2003 3 2004 4 22 2004 2 2 4 2004 8 25 2004 2004 1 7 1 3.5 2.8 2 4 5 2004 10 28 2004 2 1 2 3 4 31

2004 5 1 2004 5 20 1.392 2004 10 16 2004 10 16 2003 480 2004 7872 8352 60% 2 2003 6 10 5000 2004 1000 139 1728.26 5000 2005 1 13 1000 2004 2004 6 26 2005 1 15 32

2004 1 2 3 2004 940,000 4 (1) 2003 2 2 2 2 2 2 2004 4 29 20000DWT 2 2 2 2005 9 30 2005 12 31 7 15 9,041.77 (2) : : 2004-02-26 1,000 2004-02-26 2006-02-26 2003-12-02 1,000 2003-12-02 2005-03-01 2,000 2,000 2,000 2,000 2,000 0.82 2003 10 28 3000 2003 12 2 33

2004 1,000 2003 12 2 2004 12 1 2004 2 26 1,000 2004 2 26 2005 2 25 2000 (3) 83,494,968.52 39,150,081.69 2003 008 180 2003 10 28 2006 4 28 (LIBOR+2%) (4) 2003 8 21 2003 8 21 2004 3 31 740 15,661,400.00 (5) 2003 6 10, 5000 2004 1000 139 1728.26 5000 [ 2004 47 8 33 31230.83 ] 2005 1 13 1000 2004 2005 1 15 5 2001 1 13,920 12% 2004 10 16 [2004]132 34

2004 2005 1 30 60% 8,352.00 480.00 7,872.00 6 5% 7 (1) 2003 2004 (2) 2004 25 14,561 8 35

2004 2004 2005 10089 2005 10089 2004 12 31 2004 2004 2004 12 31 2004 OO 36

2004 1 2 3 [ ] 1996 12 31 1996 289 1997 3 6 [1997]51 52 A 1999 5 18 1999 120 2000 2 14 3302001000114 51,187.50 99 1194 1 1 12 31 1 2 37

2004 3 1 2 3 1 0.50 1 2 1.00 2 3 2.00 3 4 10.00 4 5 50.00 5 100.00 1 2 3 4 5 1 38

2004 2 10 2003 1 1-3 4 1 2 ( ) 3 30 4 30 40 4 3.20-2.40 8 18 4 12.00-5.33 8 12 4 19.20-8.00 5 8 4 19.20-12.00 5 8 4 19.20-12.00 39

2004 5 1 2 1 2 3 1 2 3 40

2004 1 2 1 1996 2 2 15% 33% 1 3% 5% 2 7% 5% 1% 3 4% 3% 4 0.1% 1 33 15% 33 33020260051 2 3% 5% 3 7 1 5 4 3 41

2004 5,487 1,650 75 5,980 2,990 50 50 2003 12 31 2004 12 31 86,223.71 20,511.21 4,572.00 8.2765 37,840.16 --- 8.2767 --- 8,111.16 1.0637 8,627.84 1,291.96 1.0657 1,376.84 --- --- 103,198,607.28 --- --- 58,805,708.93 4,057,436.81 8.2765 33,581,375.76 1,301,109.86 8.2767 10,768,895.98 249,325.00 1.0637 265,207.00 197,565.31 1.0657 210,545.35 --- --- 51,400,000.00 --- --- 30,453,308.78 --- --- 154,684,830.99 --- --- 89,279,528.92 --- --- 50,000,000.00 --- 2004 4 139 5000 42

2004 --- 2,929,923.00 1 2 36,231,751.46 1 68,654,423.30 98.38 0.50 335,614.01 47,412,935.78 99.15 0.50 237,064.68 1 2 852,732.48 1.22 1.00 8,527.32 133,392.05 0.28 0.92 1,225.28 2 3 97,816.88 0.14 2.00 1,956.34 18,343.50 0.04 2.00 366.87 3 4 --- --- --- --- --- --- --- --- 4 5 --- --- --- --- 255,630.40 0.53 100.00 255,630.40 5 180,000.00 0.26 100.00 180,000.00 --- --- --- --- 69,784,972.66 100.00 526,097.67 47,820,301.73 100.00 494,287.23 51.92 3 5 5 1 1 8,202,930.34 92.97 0.50 41,014.65 8,679,149.20 97.69 1.71 148,781.04 1 2 497,020.20 5.63 1.00 4,970.20 205,418.05 2.31 0.01 2,054.18 2 3 123,095.50 1.40 24.19 29,780.59 --- --- --- --- 8,823,046.04 100.00 75,765.44 8,884,567.25 100.00 150,835.22 3 5,768,161.94 4 5 5 1 1 32,041,714.24 91.38 15,864,096.96 97.39 1 2 3,023,305.80 8.62 425,270.12 2.61 35,065,020.04 100.00 16,289,367.08 100.00 43

2004 2 5 5 14,213,592.68 --- 12,685,440.81 --- 11,048,081.85 --- 11,750,736.56 --- 919,137.80 --- 1,307,799.24 --- 1,669,968.38 --- 8,366,801.39 --- 3,247,143.74 --- 2,954,449.65 --- 6,284,201.80 --- 4,696,629.96 --- 37,382,126.25 --- 41,761,857.61 --- 700 1,164,048.41 10,854,078.21 11,765,999.74 252,126.88 31,733.88 32,177.00 44,610.88 19,300.00 1,195,782.29 10,886,255.21 11,810,610.62 271,426.88 1 2,113,819.85 --- 422,763.96 1,691,055.89 22,380,300.47 2,008,759.88 1,722,160.40 22,666,899.95 2 286,400,000.00 --- --- 286,400,000.00 3-4,800,000.00-78,720,000.00 --- -83,520,000.00 306,094,120.32-76,711,240.12 2,144,924.36 227,237,955.84 2 1 2000.11-28.5971% 19,333,264.24 721,890.38 --- 2,008,759.88 1,286,869.50 15,900,000.00 4,155,154.62 20,055,154.62 2011.03 44

2004 2 4,227,639.66 10 422,763.96 1,691,055.89 4,352,908.93 10 435,290.90 2,611,745.33 8,580,548.59 858,054.86 4,302,801.22 3 1998.5 2018.01 47,200,000.00 6.70% 100,000,000.00 18.36% 2001.01-2042.03 139,200,000.00 12.00% 286,400,000.00 4 4,800,000.00 78,720,000.00 --- 83,520,000.00 1 11,565,923.10 55,064,120.53 --- 66,630,043.63 1,055,633,177.84 1,865,262.28 --- 1,057,498,440.12 27,192,525.04 3,854,553.99 1,453,260.00 29,593,819.03 5,643,809.44 822,156.00 92,514.00 6,373,451.44 1,968,863.59 189,837.00 --- 2,158,700.59 1,102,004,299.01 61,795,929.80 1,545,774.00 1,162,254,454.81 3,426,194.57 1,545,774.00 105,167,668.52 2 496,888.83 --- 619,592.43 --- 1,116,481.26 505,560,796.01 --- 47,542,507.56 --- 553,103,303.57 2,300,420.62 --- 2,126,304.40 109,663.31 4,317,061.71 1,287,886.71 --- 853,602.41 5,694.75 2,135,794.37 655,381.61 --- 290,019.36 --- 945,400.97 510,301,373.78 --- 51,432,026.16 115,358.06 561,618,041.88 45

2004 3 --- --- --- --- --- 18,898,924.44 --- --- 18,898,924.44 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 18,898,924.44 --- --- 18,898,924.44 20 75,080,000.00 8,585,742.13 3,112,588.92 3,151,683.15 --- 8,546,647.90 20 20000 188,000,000.00 --- 90,417,703.05 --- --- 90,417,703.05 48% --- 1,146,550.08 4,887,917.96 274,511.42 --- 5,759,956.62 --- 9,732,292.21 98,418,209.93 3,426,194.57 --- 104,724,307.57 7,994,578.00 5,738,540.01 2,144,000.00 112,256.23 224,294.22 7,770,283.78 49.25 36,750.00 29,612.50 --- 25,206.25 32,343.75 4,406.25 3.25 8,031,328.00 5,768,152.51 2,144,000.00 137,462.48 256,637.97 7,774,690.03 3,620,089.00 40 4,374,489.00 --- 67,220,000.00 39,000,000.00 5,000,000.00 14,900,000.00 15,676,700.00 5,000,000.00 --- 58,900,000.00 87,896,700.00 2005 82,000,000.00 82,000,000.00 35,476,103.55 39,436,535.08 5 5 46

2004 31,000,818.83 2,595,052.18 5 5 17,415,446.74 8,698,315.58 5 5 719,408.22 855,481.75 1,217,672.52 1,225,138.64 119,245.10 124,989.05 40,201,643.28 12,298,173.83 44,480.90 67,146.49 42,302,450.02 14,570,929.76 47,585.46 47,161.37 178,025.03 33,761.26 445,062.61 84,403.15 193,119.10 107,967.24 863,792.20 273,293.02 720,000.00 5,959,080.00 720,000.00 5,959,224.00 30,000,000.00 30,000,000.00 10,000,000.00 10,000,000.00 35,959,080.00 15,959,224.00 47

2004 360,000.00 2,979,540.00 1,080,000.00 8,938,836.00 --- --- --- 30,000,000.00 30,000,000.00 2,979,540.00 38,938,836.00 1 A 370,425,000.00 72.37% 370,425,000.00 72.37% 370,425,000.00 72.37% 370,425,000.00 72.37% 141,450,000.00 27.63% 141,450,000.00 27.63% 141,450,000.00 27.63% 141,450,000.00 27.63% 511,875,000.00 100.00% 511,875,000.00 100.00% 113,321,878.50 113,321,878.50 24,687,112.52 24,687,112.52 138,008,991.02 138,008,991.02 58,974,921.07 8,747,617.81 67,722,538.88 35,755,510.94 4,373,808.91 40,129,319.85 94,730,432.01 13,121,426.72 107,851,858.73 94,611,539.87 85,420,209.38 8,747,617.81 4,373,808.91 66,543,750.00 100,366,572.53 48

2004 2004 10 1.40 2004 71,662,500 600,370,144.78 384,346,795.34 328,951,381.04 241,161,022.01 271,418,763.74 143,185,773.33 217,293,917.77 56,944,508.05 206,814,419.42 50,888,577.28 10,479,498.35 6,055,930.77 817,664,062.55 441,291,303.39 535,765,800.46 292,049,599.29 281,898,262.09 149,241,704.10 456,176,540.16 55.79 376,372,759.16 243,716,201.17 85.29% 83.45% 2004 2003 11,087,390.83 8,294,339.61 1,030,619.00 625,809.17 1,585,277.79 611,489.36 13,703,287.62 9,531,638.14 2004 2003 8,335,147.57 4,031,039.12 2,150,461.54 542,319.04 170,856.35 54,579.06 374,545.89 225,331.37 6,730,088.27 3,768,630.51 1 7,000,000.00 2004 2003 ( ) 7,000,000.00 6,500,000.00 2,008,759.88 4,092,730.37-858,054.86-858,054.86-78,720,000.00-4,800,000.00-70,569,294.98 4,934,675.51 2004 7 5 2003 2003 700 2004 49

2004 2 2003 3 10,098,585.90 10,098,585.90 2003 12 31 2004 12 31 1 1 28,869,648.66 99.38 0.50 144,348.24 29,447,582.18 99.07 0.50 147,237.91 1 2 --- --- --- --- 21,729.35 0.07 0.50 108.65 2 3 --- --- --- --- --- --- --- --- 3 4 --- --- --- --- --- --- --- --- 4 5 --- --- --- --- 255,630.40 0.86 100.00 255,630.40 5 180,000.00 0.62 100.00 180,000.00 --- --- --- --- 29,049,648.66 100.00 324,348.24 29,724,941.93 100.00 402,976.96 2 29,049,648.66 100 3 5 5 2 1,536,817.72 1 1 1,082,912.14 70.46 0.50 5,414.56 5,124,307.29 100.00 1.41 72,274.51 1 2 453,905.58 29.54 0.50 2,269.53 --- --- --- --- 1,536,817.72 100.00 7,684.09 5,124,307.29 100.00 1.41 72,274.51 100 3 5 5 50

2004 1 81,235,661.24 6,677,785.93 1,669,385.50 86,244,061.67 22,380,300.47 2,008,759.88 1,722,160.40 22,666,899.95 286,400,000.00 --- --- 286,400,000.00-4,800,000.00-78,720,000.00 --- -83,520,000.00 385,215,961.71-70,033,454.19 3,391,545.90 311,790,961.62 2 1-2009.09 75.00% 16,500,000.00 4,621,817.23 --- 35,877,045.05 52,377,045.05 2003.9-50.00% 29,900,000.00 2,055,968.70 1,246,621.54 2,275,960.73 32,175,960.73 2000.11-2011.03 28.5971% 15,900,000.00 721,890.38 1,286,869.50 4,155,154.62 20,055,154.62 62,300,000.00 7,399,676.31 2,533,491.04 42,308,160.40 104,608,160.40 2 4,227,639.66 10 422,763.96 1,691,055.89 4,352,908.93 10 435,290.90 2,611,745.33 8,580,548.59 858,054.86 4,302,801.22 51

2004 3 1998.5 2018.01 47,200,000.00 6.70% 100,000,000.00 18.36% 2001.01-2042.03 139,200,000.00 12.00% 286,400,000.00 4 4,800,000.00 78,720,000.00 --- 83,520,000.00 518,872,313.78 327,386,263.87 260,848,151.67 192,677,151.17 258,024,162.11 134,709,112.70 418,228,466,55 80.60% 191,486,049.91 68,171,000.50 58.49% 35.38% ( ) 7,000,000.00 6,500,000.00 8,686,545.81 8,398,653.48-858,054.86-858,054.86-78,720,000.00-4,800,000.00-63,891,509.05 9,240,598.62 52

2004 1 202 2 12,000 --- --- 12,000 5,487 --- --- 5,487 5,980 --- --- 5,980 3 % % 261,439,200.00 51.07 261,439,200.00 51.07 41,153,368.00 75.00 41,153,368.00 75.00 --- --- 29,900,000.00 50.00 1 2004 2 2004 3 4 1 2004 2 26 1,000 2004 2 26 2006 2 26 53

2004 2004 6 21 4,000 2004 12 31 3,000 2004 9 28 2004 10 28 200 400 2 2004 940,000.00 2003 940,000.00 3 2004 107.92 1400020001540 140002000075 140002000073 83,494,968.52 39,150,081.69, 2003 008 180 2003 10 28 2006 4 28 (LIBOR+2%) 2004 4 20 2004 4 21 2005 3 31 1000 21,672,700.00 2004 12 15 2004 12 15 2007 12 15 1000 4,374,489.00 2001 1 13,920 12% 2004 10 16 [2004]132 2005 1 30 60% 8,352.00 480.00 7,872.00 54

2004 : : -47,554.93 43,259.34-1,417.54-2,878.05 2005 1 30 55

01 1 89,279,528.92 154,684,830.99 61 87,896,700.00 58,900,000.00 2 50,000,000.00 62 49,684,875.10 82,000,000.00 3 2,929,923.00 63 39,436,535.08 35,476,103.55 4 64 2,595,052.18 31,000,818.83 5 65 874,650.00 2,161,437.40 6 47,326,014.50 69,258,874.99 66 6,317,211.58 9,273,549.09 7 8,733,732.03 8,747,280.60 67 8 16,289,367.08 35,065,020.04 68 14,570,929.76 42,302,450.02 9 69 273,293.02 863,792.20 10 41,761,857.61 37,382,126.25 70 8,698,315.58 17,415,446.74 11 1,195,782.29 271,426.88 71 304,803.79 814,385.83 72 21 24 78 15,959,224.00 35,959,080.00 30 257,516,205.43 305,409,559.75 79 80 226,611,590.09 316,167,063.66 31 306,094,120.32 227,237,955.84 81 38,938,836.00 2,979,540.00 32 82 33 306,094,120.32 227,237,955.84 83 : ( - ) 34 2,113,819.85 1,691,055.89 84 : ( - ) 35 2,113,819.85 1,691,055.89 85 87 38,938,836.00 2,979,540.00 39 1,102,004,299.01 1,162,254,454.81 88 40 510,301,373.78 561,618,041.88 89 41 591,702,925.23 600,636,412.93 90 265,550,426.09 319,146,603.66 42 18,898,924.44 18,898,924.44 43 572,804,000.79 581,737,488.49 ( ) 91 47,285,022.83 49,634,975.74 44 45 9,732,292.21 104,724,307.57 46 92 511,875,000.00 511,875,000.00 50 582,536,293.00 686,461,796.06 93 138,008,991.02 138,008,991.02 94 94,730,432.01 107,851,858.73 51 5,768,152.51 7,774,690.03 : 95 35,755,510.94 40,129,319.85 52 146,640.56 96 53 97 94,611,539.87 100,366,572.53 54 5,914,793.07 7,774,690.03 : 66,543,750.00 71,662,500.00 ( ) 98 55 99 839,225,962.90 858,102,422.28 60 1,152,061,411.82 1,226,884,001.68 100 1,152,061,411.82 1,226,884,001.68 2004 12 31

2004 1 441,291,303.39 817,664,062.55 ( "-" ) 25 158,334,656.24 180,031,749.25 2 292,049,599.29 535,765,800.46 26 8,357,077.58 8,747,617.81 3 9,531,638.14 13,703,287.62 27 4,178,538.79 4,373,808.91-4 139,710,065.96 268,194,974.47 ( ) 28-5 616,860.72 (390,244.94) 6 938,143.65 3,663,000.63 7 19,124,517.72 24,975,901.21 8 3,768,630.51 6,730,088.27 ( "-" ) 35 145,799,039.87 166,910,322.53 ( "-" ) 10 116,495,634.80 232,435,739.42 36 ( "-" ) 11 4,934,675.51 (70,569,294.98) 37 12 5,432,062.57 38 51,187,500.00 66,543,750.00 13 1,041,841.64 775,709.21 39 14 362,304.74 1,404,605.16 ( "-" ) 40 94,611,539.87 100,366,572.53 ( "-" ) 15 122,109,847.21 166,669,611.06 16 37,592,634.93 77,652,827.24 ( ) 17 2,413,050.08 3,596,574.44 1. 41 18 2. 42 3. 43 ( "-" ) 20 82,104,162.20 85,420,209.38 4. 44-21 76,230,494.04 94,611,539.87 5. 45 22 6. 46 -

2004 03 1 : 1 873,602,328.97 26 43 85,420,209.38 2 5,432,062.57 27 44 3,596,574.44 3 2,150,461.54 28 42,053,308.78 45 5 881,184,853.08 29 46 (43,259.34) 30 42,053,308.78 47 51,432,026.16 6 463,384,427.99 48 137,462.48 7 54,133,642.81 31 97,955,924.00 49 146,640.56 8 71,901,097.56 32 75,702,379.30 50 924,355.41 9 10,098,585.90 33 51 503,738.21 10 599,517,754.26 34 52 492,015.94 35 53 11 281,667,098.82 36 173,658,303.30 54 7,966,632.12 40-131,604,994.52 55 70,569,294.98 56 57 4,379,731.36 41 (61,156.35) 58 (41,847,316.68) 59 97,988,993.80 12 42 54,458,610.85 60 13 8,286,869.50 65 281,667,098.82 14 898,400.00 2 : 15 66 16 9,185,269.50 67 68 18 104,727,606.60 3 : 19 69 103,284,830.99 20 70 48,826,220.14 22 104,727,606.60 71 72 25-95,542,337.10 73 54,458,610.85

2004 01 1 1 645,122.45-43,259.34 601,863.11 2 494,287.23 31,810.44 526,097.67 3 150,835.22-75,069.78 75,765.44 4 5 6 7 8 9 10 4,800,000.00 78,720,000.00 83,520,000.00 11 4,800,000.00 78,720,000.00 83,520,000.00 12 13 18,898,924.44 - - 18,898,924.44 14 15 18,898,924.44-18,898,924.44 16 17 18 19 20 21 24,344,046.89 78,676,740.66 - - - 103,020,787.55

2004 12 31 01 1 37,707,274.02 91,388,277.68 61 48,220,000.00 30,000,000.00 2 50,000,000.00 62 3 63 26,112,386.60 9,471,707.61 4 1,246,621.54 64 669,405.77 26,222,485.01 5 65 6 29,321,964.97 28,725,300.42 66 6,155,308.50 9,247,143.03 7 5,052,032.78 1,529,133.63 67 8 5,499,589.64 12,352,085.98 68 13,383,002.26 41,097,378.50 9 69 138,247.98 151,692.03 10 11,410,796.00 12,861,769.30 70 3,528,365.79 14,128,428.62 11 953,333.32 71 72 21 24 78 10,000,000.00 30,000,000.00 30 139,944,990.73 148,103,188.55 79 80 108,206,716.90 160,318,834.80 31 385,215,961.71 311,790,961.62 81 30,000,000.00 32 82 33 385,215,961.71 311,790,961.62 83 : ( - ) 34 84 : ( - ) 35 85 87 30,000,000.00-39 925,712,312.84 979,864,915.80 88 40 454,541,661.04 492,856,587.50 89 41 471,170,651.80 487,008,328.30 90 138,206,716.90 160,318,834.80 42 18,898,924.44 18,898,924.44 43 452,271,727.36 468,109,403.86 ( ) 91 - - 44 45 90,417,703.05 46 92 511,875,000.00 511,875,000.00 50 452,271,727.36 558,527,106.91 93 138,008,991.02 138,008,991.02 94 94,510,439.97 107,323,471.38 51 : 95 35,682,180.26 39,953,190.73 52 96 53 97 94,831,531.91 100,894,959.88 54 : 66,543,750.00 71,662,500.00 ( ) 98 55 99 839,225,962.90 858,102,422.28 60 977,432,679.80 1,018,421,257.08 100 977,432,679.80 1,018,421,257.08

2004 02 1 327,386,263.87 518,872,313.78 ( "-" ) 25 158,334,656.24 180,251,741.29 2 192,677,151.17 260,848,151.67 26 8,210,416.22 8,542,020.94 3 8,942,845.55 12,105,666.08 27 4,105,208.11 4,271,010.47-4 125,766,267.15 245,918,496.03 ( ) 28-5 101,972.20 (758,848.16) 6 7 14,028,948.38 14,542,183.81 8 2,802,074.68 4,929,261.06 ( "-" ) 35 146,019,031.91 167,438,709.88 ( "-" ) 10 109,037,216.29 225,688,203.00 36 ( "-" ) 11 9,240,598.62 (63,891,509.05) 37 12 38 51,187,500.00 66,543,750.00 13 1,036,510.64 753,373.26 39 14 295,603.91 564,517.00 ( "-" ) 40 94,831,531.91 100,894,959.88 ( "-" ) 15 119,018,721.64 161,985,550.21 16 36,914,559.44 76,565,340.83 ( ) 17 1.41 18 2. 42 3.43 ( "-" ) 20 82,104,162.20 85,420,209.38 4.44-21 76,230,494.04 94,831,531.91 5. 45 22 6. 46

2004 03 1 : 1 558,111,001.29 26 43 85,420,209.38 2 27 44 3 4,306,145.22 28 45 5 562,417,146.51 29 46 (143,219.14) 30-47 38,314,926.46 6 214,956,594.81 48 7 37,416,915.55 31 28,220,000.00 49 8 62,635,750.46 32 71,935,726.16 50 953,333.32 9 7,287,719.36 33 51 10 322,296,980.18 34 52 35 53 11 240,120,166.33 36 100,155,726.16 54 5,391,976.16 40-100,155,726.16 55 63,891,509.05 56 57 (1,450,973.30) 41 58 (2,589,713.50) 59 50,332,117.90 12 42 53,681,003.66 60 13 8,286,869.50 65 240,120,166.33-14 2 : 15 66 16 8,286,869.50 67 68 18 94,570,306.01 3 : 19 69 91,388,277.68 20 70 37,707,274.02 22 94,570,306.01 71 72 25-86,283,436.51 73 53,681,003.66