44

2004 00 43

44

3 5 7 10 15 18 20 27 29 30 70 45

NINGXIA MEILI PAPER INDUSTRY CO.,LTD MEILI PAPER 000815 751700 HTTP://WWW.CHINA-MEILI.COM MLZY@CHINA-MEILI.COM 0955 7679339 0955 7679216 7679339 YXT@CHINA-MEILI.COM 0955 7679334 7679339 0955 7679216 7679223 YXT@CHINA-MEILI.COM HTTP://WWW.CNINFO.COM.CN 1998 5 28 2000 12 18 2002 12 27 46

6400001201500 640502227695003 249 47

61,357,442.58 61,036,379.96 55,780,124.99 138,210,007.60 556,415.48 64,438,433.21 724,794.58 0.00-3,805,785.2 240,461,430.77-48,392,774.83 5,132.85 6,136,240.60-22,502.59-27,934.89-532,077.69-157,000.00 ` -187,453.31 5,214,405.00 2004 2003 (%) 2002 824,091,730.18 651,639,372.58 26.46 474,635,814.84 61,036,379.96 46,046,246.84 32.55 43,270,738.80 2,377,644,807.77 2,382,520,645.37-0.20 1,930,981,177.26 730,377,274.33 665,645,089.93 9.72 624,762,016.19 0.46 0.35 31.43 0.33 5.53 5.03 9.72 4.73 5.53 5.03 9.78 4.73 1.82 1.08 68.68 0.42 % 8.36 6.92 1.44 6.93 7.64 7.05 0.59 6.84 % 48

2004 2003 18.92% 19.82% 1.05 1.05 17.19% 17.81% 0.87 0.87 8.82% 9.24% 0.49 0.49 7.04% 7.30% 0.36 0.36 8.36% 8.75% 0.46 0.46 6.92% 7.17% 0.35 0.35 7.64% 8.00% 0.43 0.43 7.05% 7.30% 0.36 0.36 : 132,000,000.00 327,191,290.89 24,123,077.82 12,061,538.90 170,269,182.32 665,645,089.93 0 3,695,804.44 6,196,425.69 3,098,212.84 51,741,741.43 64,732,184.40 0 0 0 0 132,000,000.00 330,887,095.33 30,319,503.51 15,159,751.74 222,010,923.75 730,377,274.33 49

1 67,000,000 0 0 0 0 0 0 67,000,000 53,485,200 0 0 0 0 0 0 53,485,200 13,514,800 0 0 0 0 0 0 13,514,800 2 3 4 67,000,000 67,000,000 1 65,000,000 0 0 0 0 0 0 65,000,000 2 3 4 65,000,000 0 0 0 0 0 0 65,000,000 132,000,000 0 0 0 0 0 0 132,000,000 23388 50

10 2004 12 31 % 0 53000000 40.15 26500000 0 4825646 3.66 0 3000000 2.27 3000000 0 2174354 1.65 0 2000000 1.52 +1858980 1858980 1.41 0 1514800 1.15 +362800 795000 0.6 +341000 341000 0.26 0 300000 0.23 1 10 2 5300 40.15% 26400 1998 2 18 100% 100% 40.15% 51

10% 10% 10 A B H 1858980 A 795000 A 341000 A 300000 A 300000 A 260000 A 160000 A 160000 A 143001 A 136799 A 10 52

47 2004-2007 3900 3900 50 2004-2007 3900 3900 53 2004-2007 3900 3900 48 2004-2007 3250 3250 41 2004-2007 0 0 40 2004-2007 3250 3250 33 2004-2007 0 0 40 2004-2007 0 0 67 2004-2007 0 0 37 2004-2007 0 0 60 2004-2007 0 0 50 2004-2007 3250 3250 54 2004-2007 0 0 40 2004-2007 3900 3900 45 2004-2007 0 0 35 2005-2007 0 0 44 2004-2007 0 0 39 2004-2007 0 0 53 2004-2007 0 0 40 2004-2007 3900 3900 35 2004-2007 0 0 47 1979 1984 1985 1995 1996 2002 53

1998 5 16 50 1977 1985 1986 1996 2002 1998 5 16 53 1970 1986 1987 1996 2002 2002 1998 5 16 1964 1984 1984 1995 1995 1998 1998 2000 2000 2003 4 19 2003 4 19 2004 3 19 2004 3 19 48 1982 1989 1990 1994 1995 1998 5 2001 2001 40 1986 1998 5 16 2004 3 19 2004 3 19 1972 33 1994 1995 1998 2003 2004 3 19 1965 1983 9 1988 12 1988 12 1990 6 1990 7 1993 10 1994 1 1996 12 1997 1 2000 6 2000 6 2004 3 19 54

1938 10 1957 9 1963 1 1963 1984 12 1985 1 1985 11 1985 12 1988 10 1988 10 1990 8 1990 8 1993 5 1993 5 1998 3 (1997 9 ) 2000 2 2004 3 19 1968 1990 1990 1995 1995 1999 1999 2002 2003 2004 3 19 1945 1970 8 1986 5 5 1994 10 1994 10 1998 10 1998 10 2004 1 2004 3 19 50 1986 1989 1998 1998 1999 2004 3 19 2004 3 19 54 1998 5 16 2004 3 19 2004 3 19 40 1986 1998 5 16 45 1981 1985 11 55

1985 12 1996 1999 7 27 1952 1977 1977 1981 1981 1992 1992 1996 1996 2004 3 19 44 1987 1992 1993 1996 1997 1999 1999 2002 2 23 2003 2 23 39, 1989 1989-1999 1999 2004 10 29 2004 10 29 40 1986 1998 5 16 35 1993 1995 1998 1999 2003 4 16 2003 4 16 2004 10 29 2004 10 29 : 35 1992 1997 1997 2003 3 2003 3 2004 2007 2004 2007 2004--2007 56

37.06 10.05 9.62 2 3 4 5 2 3 8 2004 10 28, 4856 4471 64 75 58 170 67 329 2163 2279 57

58 1 2 3 4 5 6 7 1

2 3 4 5 1 59

1 0 1 0 1 1 0 0 4 4 0 0 3 3 0 0 3 3 0 0 2 60

2004, 2004 2 17 2003 2003 2004 3 19 10 00 11 59,854,896 132,000,000 45.34% 2003 2003 2003 2003 2003 2004 1 2 3 4 5 6 7 8 61

9 10 11 1 2 1 2 3 2004 3 20 2003 62

1 19.3 11% 16.5 2.8 2 82409 26.47% 13821 20.75% 6103.7 32.56% 1 1 2 2004 16.5 2.58% 3 10% % 484,695,927.20 412,152,823.83 14.97 274,223,694.09 213,085,902.08 22.29 2 1 63

(%) 815,435,343.59 676,200,438.15 17.07 484,695,927.20 412,152,823.83 14.97 274,223,694.09 213,085,902.08 22.29 3 (%) : 822,371,133.47 99.79 307,415,439.40 37.30 116,486,859.09 14.14 139,530,795.03 16.93 233,703,321.74 28.36 25,234,718.21 3.06 : 1,720,596.71 0.21 1 1,720,596.71 0.21 2. 0.00 824,091,730.18 100.00 1550 3553 79.4 2026 5500 40 400 975-0.87 10% 16,085.43 23.87% 10,838.26 13.15% 64

1 2 3 4 5 4,995.00 94.03% 0 17,730.00 98.88% 0 2.6 5,950.00 2,145.00 95.33% 0 2,888.00 99.31% 0 20 21,250.00 67.69% 0 6.8 15,110.00 52.11% 0 7,400.00 61.04% 0 % 2,377,644,807.77 2,382,520,645.37-44,875,837.6-2.04 730,377,274.33 665,645,089.93 64,732,184.4 9.72 138,210,007.60 114,456,781.41 23,753,226.19 20.75 61,036,379.96 46,046,246.84 14,990,133.12 32.56 65

-48,392,774.83 137,700,007.03-186,092,781.86 1 2.04% 2 9.72% 3 20.75% 4 32.56% 5-186,092,781.86 1 2 2004 2005 2004 1 2 3 4 5 2004 2 13 2 00 9 8 1 2003 66

2 2003 3 2003 4 2003 5 2003 6 7 2004 8 2003 9 10 11 2003 2004 3 19 11 30 11 11 1 2 3 4 2004 4 27 11 11 2004 2004 8 16 11 9 1 2004 67

2 80% 3 80% 4 20 2004 10 28 11 11 1 2004 2 3 4 1 2 2004 61,036,379.96 6,196,425.69 3,098,212.84 170,269,182.32 222,010,923.75 2004 2004 12 31 13200 10 1 ( ) 10 0.25 ( ) 1320 330 205,510,923.75 330,887,095.33 2004 12 31 13200 10 1 1 1320 317,687,095.33 68

2004 12 31 2004 [2005] 2166 2003 8 28 2003 56 2004 12 31 40.15% 16% 1 2004 % 1,382,479.80 0.21 1,436,792.66 100 27,204,608.58 100 6,411,507.72 3.07 16,430,057.72 100 273,457.78 0.04 1,045,167.00 0.16 2 2004 % 842,857.43 97.42 60,512.98 4.54 69

1,765,484.14 0.19 10,238.37 0.76 2,104,533.37 0.22 9,408,975.79 1.00 3 2004 2004 2004 2004 2004 1,775,722.51 8,227.45 1,765,484.14 2,010.92 1,664,039.97 2,104,533.37 2,233,294.96 1,435,278.38 9,408,975.79 7,220,137.73 2,649,445.35-460,607.29 2004 2004 2004 2004 2004 12,402,188.85 30,023,881.04 30,023,881.04 13,763,218.04-1,361,029.19 1,163,739.43 6,411,507.72 4,656,534.27 591,234.02 20,296.14 16,430,057.72 14,814,266.15 1,763,895.68-127,807.97 7,542,077.80 273,457.78 7,815,535.58 1,045,167.00 1,045,167.00 2004 [2005] 2166 2003 56 1 2 3 4 5 6 70

2005 3 20 [2003]56 1 2 3 20380 29700 29700 2004 12 31 " [2003]56 " " [2003]56 " 2004 12 31 50% " [2003]56 " 2005 3 25 71

2004 2 13 3 2 1 2003 2 2003 3 2003 4 2003 5 2003 6 7 2003 8 2003 2004 3 19 3 3 2004 8 16 1 2004 2 80% 3 80% 4 20 72

1 2 2004 3 4 2004 80% 5 2004 6 2004 73

2004 8 16 80% 2,101.85 1,676.57 3778.42 2720 [2004] 2292 [2004] 2293 80% 90% 2004 8 18 1 2 2004 2003 1,382,479.80 0.21% 3,761,114.81 2.59% 6,430,057.72 100% 6,693,110.05 66.10% 6,411,507.72 3.07% 12,509,229.17 8.79% 74

273,457.78 0.04% 679,463.68 0.11% 1,045,167.00 0.16% 3 2004 2003 60,512.98 4.54% 325,646.80 9.20% 842,857.37 97.42% 1,790,236.07 78.04% 2,104,533.37 0.22% 1,664,039.97 0.26% 1,765,484.14 0.19% 10,238.37 0.76% 9,408,975.79 1.00% 4 1 109,048.2 10.62 1,158,440.50 2 8,062,111.02 278,352.16 5 2004 8 16 80% 2,101.85 1,676.57 3778.42 2720 [2004] 2292 [2004] 2293 80% 90% 2004 8 18 75

6 7 76

1 2 ( ) 2002.11.27 3 10 2001.12.9 1 2 10 20380 29700 0 0 29700 40.66% 50 70 50 0 [2003] 56 5 18 6 0 0 77

[2003]13 2003 2004 78

2004 79

[2005] 2166 2004 12 31 2004 2004 12 31 2004 OO 80

1-1 2004 12 31 2003 12 31 1 - - 2 296 942 727 22 61 370 241 847 68 3 - - 4 2 479 391 32 62 690 000 00 5 - - 6 - - 7 81,595,983.24 6.3 161,600,259.35 8 4 409 196 80 64 8 435 839 99 9 78 385 561 75 65 102 769 165 90 10 - - 11 253 640 014 13 66 223 104 596 21 12-831 195 28 13 - - 14 - - 17 717 452 874 46 867 672 904 41 18 - - 19 12 406 573 25 67 10 500 000 00 20 - - 25 12 406 573 25 10 500 000 00 26 - - 27 1 436 542 007 14 68 1 255 924 040 03 28 227 365 453 04 68 154 719 902 26 29 1 209 176 554 10 68 1 101 204 137 77 30 3 741 242 30 68-31 1 205 435 311 80 68 1 101 204 137 77 32 - - 33 442 334 909 38 69 403 143 603 19 34 - - 37 1 647 770 221 18 1 504 347 740 96 38 - - 39 15 138 88 - - - 40 - - 41 - - 46 15 138 88-47 - - 48 - - 50 2,377,644,807.77 2,382,520,645.37 2005 3 20 81

82

1-2 2004 12 31 2003 12 31 51 - - 52 222 086 300 00 610 477 800 000 00 53 290 600 000 00 611 310 473 700 00 54 121 496 346 16 612 195 640 783 41 55 23 203 432 52 613 920 921 73 - - 56 5 654 580 12 614 3 432 885 27 57 23 682 490 67 16 331 551 57 58-681 716 00 59 33 532 610 23 615 21 088 125 44 60 6 879 053 89 616 4 469 423 88 61 11 608 144 30 617 16 090 135 51 62 - - 63 - - 64-13 000 000 00 65 - - - - - - 70 738 742 957 89 1 059 929 242 81 71 - - 72 900 700 000 00 656 300 000 00 73 - - 74 - - 75 - - 76 - - 80 900 700 000 00 656 300 000 00 82 - - 83 - - - - 84 1 639 442 957 89 1 716 229 242 81 86 7 824 575 55 646 312 63 88 - - 89 132 000 000 00 619 132 000 000 00 90 - - 91 132 000 000 00 132 000 000 00 92 330 887 095 33 620 327 191 290 89 93 45 479 255 25 621 36 184 616 72 94 15 159 751 74 621 12 061 538 90 95 222 010 923 75 622 170 269 182 32 : 96 3 300 000 00 - - - 98 730 377 274 33 665 645 089 93 100 2,377,644,807.77 2,382,520,645.37 2005 3 20 83

2-1 2004 1-12 2003 1-12 1 824,091,730.18 6.23 651,639,372.18 2 683,586,283.28 6.23 536,174,872.57 3 2,295,439.30 6.24 1,007,718.20 4 138,210,007.60 114,456,781.41 5 556,415.48 6.25 888,085.16 6 14,596,991.29 6.26 9,640,151.61 7 14,833,068.12 6.27 22,255,844.50 8 44,897,930.46 6.28 36,575,112.10 9 64,438,433.21 46,873,758.36 10 724,794.58 6.29-11 - - 12 300.00 4,832.85 13 3,806,085.21 6.30 884,085.30 14 61,357,442.58 45,994,505.91 15 221,590.31 2,182.25 16 99,472.31-53,923.18 18 61,036,379.96 46,046,246.84 2004 2003 1 2 3 4 5 6 7 8 2005 3 20 84

85

2-2 2004 2003 61,036,379.96 46,046,246.84 170,269,182.32 131,093,884.54 - - 231,305,562.28 177,140,131.38 6,196,425.69 4,580,632.71 3,098,212.84 2,290,316.35 - - - - - - - - 222,010,923.75 - - - - - - - - 222,010,923.75 170,269,182.32 2005 3 20 86

3-1 2004 1 1,076,898,252.43 3-8 6.31 57,411,729.92 9 1,134,309,982.35 10 782,363,625.32 12 53,364,763.08 13 36,202,681.92 18 6.31 21,917,481.26 20 893,848,551.58 21 240,461,430.77 22-23 682,500.00 25-28 - 29 682,500.00 30 136,876,182.29 31-32 25,646,078.11 35 317,517.76 36 162,839,778.16 37-162,157,278.16 38 - : - 40 577,886,300.00 43 44 577,886,300.00 45 603,071,882.72 46 72,811,046.74 : - 52 6.31 28,700,297.98 53 704,583,227.44 54-126,696,927.44 55-56 -48,392,774.83 2005 3 20 87

88

3 2004 1 57 61,036,379.96 : ( : ) 99,472.31 58-3,005,513.78 59 68,266,726.15 60 1,200.00 61-64 831,195.28 65-66 27,934.89 67 22,502.59 68 45,798,340.83 69-724,794.58 70-71 -4,462,788.30 72 113,157,939.45 73-40,587,164.03 74-75 240,461,430.77 2 76 77 78 3 79 6.31 268,242,429.24 80 6.31 191,731,545.96 81-82 6.31 124,903,658.11 83-48,392,774.83 2005 3 20 89

1-1 2004 8,154,818.55 1,812,525.67 6,136,240.60 3,831,103.62 7,512,934.32 430,140.25 5,942,605.13 2,000,469.44 641,884.23 1,382,385.42 193,635.47 1,830,634.18 2,778,314.56 152,192.66 152,192.66 2.626,121.90 2,778.314.56 152,192.66 152,192.66 2,626,121.90 3,776,908.40 35,666.10 35,666.10 3,741,242.30 3,196,676.61 3,196,676.61 530,965.09 33,723.97 33,723.97 497,241.12 8,154,815.55 8,367,748.63 187,858.76 6,324,099.36 10,198,467.82 2005 3 20 90

1-2 2004 12 31 2003 12 31 1 - - 2 295,947,174.43 369,559.755.42 3 - - 4 1,573,094.42-5 - - 6 - - 7 50,715,272.47 7.1 159,575,442.73 8 2,493,379.76 7.2 6,573,369.25 9 64,536,620.24 99,571,369.91 10 - - 11 218,711,745.07 217,546,142.51 12-831,195.28 - - 13 - - 14 - - 17 633,977,286.39 853,657,275.10 18 - - 19 47,046,150.76 7.3 15,788,895.00 20 - - 25 47,046,150.76 15,788,895.00 26 - - 27 1,410,558,726.61 1,249,852,112.36 28 219,371,159.82 151,812,049.03 29 1,191,187,602.79 1,098,040,063.33 30 2,115,440.48-31 1,189,072,162.31 1,098,040,063.33 32 - - 33 450,952,189.40 403,143,603.19 34 - - 37 1,640,024,351.71 1,501,183,666.52 38 - - 39 - - - - 40 - - 41 - - 46 - - 47 - - 48 - - 50 2,321,047,788.86 2,370,629,836.62 2005 3 20 91

1 2004 12 31 2003 12 31 51 - - 52 221,270,000.00 477,800,000.00 53 290,000,000.00 310,473,700.00 54 99,322,310.93 187,560,591.47 55 14,024.326.36 722,255.03 56 1,915,001.33 3,129,415.07 57 18,677,037.27 16,021,314.94 58-681,716.00 59 31,798,213.22 20,905,236.74 60 6,121,678.46 4,465,734.41 61 6,153,989.78 14,164,702.78 62 - - 63 - - 64-13,000,000.00 65 - - - - - - 70 689,282,557.35 1,048,924,666.44 71-72 900,700,000.00 656,300,000.00 73 - - 74 - - 75 - - 76 - - 80 900,700,000.00 656,300,000.00 82 - - 83 - - 84 1,589,982,557.35 1,705,224,666.44 - - 88 - - 89 132,000,000.00 132,000,000.00 90 - - 91 132,000,000.00 132,000,000.00 92 330,887,095.33 327,191,290.89 93 45,479,255.25 36,184,616.72 94 15,159,751.74 12,061,538.90 95 222,698,880.93 170,029,262.57 : 96 3,300,000.00 98 731,065,231.51 665,405,170.18 100 2,321,047,788.86 2,370,629,836.62 2005 3 20 92

2 2004 1-12 2003 1-12 1 802,874,256.93 7.4 635,590,672.45 2 665,432,490.97 7.4 521,929,185.33 3 1,728,588.24 967,496.12 4 135,713,177.72 112,693,991.00 5 1,369,142.50 1,129,787.65 6 14,447,200.80 9,603,053.63 7 13,596,202.62 20,467,885.84 8 44,558,173.58 36,581,852.77 9 64,480,743.22 47,170,986.41 10 1,039,342.74 7.5-515,585.44 11 - - 12-4,832.85 13 3,555,829.07 853,906.73 14 61,964,256.89 45,806,327.09 15 - - - - 18 61,964,256.89 45,806,327.09-2004 2003 1 2 3 4 5 6 7 8 2005 3 20 93

2004 2003 61,964,256.89 45,806,327.09 170,029,262.57 131,093,884.54 - - 231,993,519.46 176,900,211.63 6,196,425.69 4,580,632.71 3,098,212.84 2,290,316.35 - - - - - - - - 222,698,880.93 170,029,262.57 - - - - - - - - 222,698,880.93 170,029,262.57 2005 3 20 94

3 2004 1 1,061,525,122.19 3-8 57,393,691.43 9 1,118,918,813.62 10 765,772,194.56 12 48,549,783.24 13 33,718,360.07 18 21,311,941.50 20 869,352,279.37 21 249,566,534.25 22-23 682,500.00 25-28 - 29 682,500.00 30 145,449,187.84 31 27,204,608.58 35-36 172,653,796.42 37-171,971,296.42 38 - : - 40 577,070,000.00 43-44 577,070,000.00 45 602,200,000.00 46 72,471,175.21 : - 52 28,700,297.98 53 703,371,473.19 54-126,301,473.19 55-56 -48,706,235.36 2005 3 20 95

3 2004 1 57 61,964,256.89 : ( : ) - 58-2,858,390.67 59 67,559,110.79 60-61 - 64 831,195.28 65-66 - 67-68 45,442,693.73 69-1,039,342.74 70-71 -1,165,602.56 72 101,427,983.85 73-22,595,370.32 74-75 249,566,534.25 2 76 77 78 3 79 267,246,876.45 80 191,049,453.70 81-82 124,903,658.11 83-48,706,235.36 2005 3 20 96

1-1-1 2004 7,985,901.88 821,243.18 5,795,074.33 3,012.070.73 7,402,335.98 5,795,074.33 1,607,261.65 583,565.90 821,243.18 1,404,809.08 2,115,440.48 2,115,440.48 2,115,440.48 2,115,440.48 7,985,901.88 2,936,683.66 5,795,074.33 5,127,511.21 2005 3 20 97

2004 1 1998 4 22 [1998]66 1999 1998 06-2 200 1998 5 28 6400001201500 11,400 2000 11 13 10 3 13,200 1998 5 28 2008 5 28 : 2 2.1 2.2, 1 1 12 31 2.3 2.4 98

2.5 2.6 2.7 2.8 2.8.1 1, 2, 2.8.2 2.8.3 1 3% 2 10% 3 30% 4 50% 5 80% 6 100% 2.9 2.9.1 2.9.2 99

2.9.3 2.9.4 2.10 2.10.1 20% 20% 20% 20% 20% 50% 50%, 10 2.10.2 2.10.3 100

2.11 2.12 2.12.1 2000, 2.12.2 : 2.12.3 2.12.4 % (%) 5 40 2.375 5 10 20 9.5 4.75 5 12 7.917 5 10 20 9.5 4.75 5 10 20 9.5 4.75 5 10 20 9.5 4.75 5 10 20 9.5 4.75 101

2.12.5 2.13 2.13.1 2.13.2 2.13.3 3 2.14 2.14.1 2.14.2 2.14.3 3 3 2.14.4 102

2.15 2.16 2.17 2.18 2.18.1 2.18.2, 2.18.3 103

1 2 2.19 2.20 2.20.1 (1) (2) : 2.21 2.21.1 [1995]11 [1996]2 2.21.2 3 1 2 10% 3 5% 104

4 5, 4 4.1 17% 13% 4.2 4.3 1% 4.4 3% 4.5 [2001]657 2002-2005 15% [2002]326 [2004]46 40% - 33% - [2003]201 1.5% 5 5.1 400 380 95% 2026 1513 80% 1550 1207 80% 5.2 2004 8 16 80% 2004 2 29 [2004] 2292 [2004] 2293 105

1620.8 80% 1513 5 800 5 1240 80% 1207 5 700 9 12 2004 9 17 _ 250 1250 10 20 80% 16% 6 6.1 2004 12 31 296,942,727.22 2004.12.31 2003.12.31 573,455.55 314,040.17 124,112,046.61 191,417,505.79 172,257,225.06 178,510,301.72 296,942,727.22 370,241,847.68 6.2 2004 12 31 2,479,391.32 6.2.1 2004.12.31 2003.12.31 2,479,391.32 690,000.00 2,479,391.32 690,000.00 6.3 2004 12 31 81,595,983.24 6.3.1 106

2004.12.31 2003.12.31 % % 1 81,426,555.14 97.40 1,637,238.42 137,767,222.50 81.46 4,133,016.67 1 2 1,520,231.58 1.82 152,023.16 30,119,978.44 17.81 3,011,997.84 2 3 568,125.65 0.68 170,437.70 1,225,382.80 0.73 367,614.84 3 81,540.31 0.10 40,770.16 609.93 304.97 83,596,452.68 100 2,000,469.44 169,113,193.67 100 7,512,934.32 6.3.2 5% 5% 8.3 6.3.3 15,697,713.69 18.78% 6.3.4, 6.4 2004 12 31 4,409,196.80 6.4.1 2004.12.31 2003.12.31 % % 1 2,651,372.95 42.49 79,541.18 6,942,019.22 76.47 202,509.90 1 2 1,244,769.37 19.95 124,476.94 1,236,292.34 13.62 123,629.24 2 3 125,090.93 2.00 37,527.28 669,806.20 7.38 200,941.86 3 4 727,298.02 11.66 363,649.01 229,606.46 2.53 114,803.23 4 5 1,329,299.71 21.30 1,063,439.77-5 162,000.00 2.60 162,000.00-6,239,830.98 100 1,830,634.18 9,077,724.22 100 641,884.23 6.4.2 5% 5% 6.4.3 1,288,783.65 20.65% 6.4.4 4 5 3 6.5 2004 12 31 78,385,561.75 6.5.1 107

2004.12.31 2003.12.31 % % 1 56,252,702.70 71.76 78,578,693.72 76.45 1 2 15,039,802.59 19.19 19,482,405.57 18.96 2 3 7,085,126.78 9.04 4,198,248.65 4.09 3 4 7,929.68 0.01 509,817.96 0.50 78,385,561.75 100 102,769,165.90 100 6.5.2 5% 5% 8.3 6.5.3 18,792,347.57 23.97% 6.5.4 6.6 2004 12 31 253,640,014.13 6.6.1 2004.12.31 2003.12.31 185,960,918.42 2,626,121.90 116,424,387.84 158,568.02 126,103.12 1,352,561.61 40,027,979.19 105,169,078.74 30,151,135.30 256,266,136.03 2,626,121.90 223,104,596.21 6.6.2 2003.12.31 2004.12.31 2,778,314.56 152,192.66 2,626,121.90 2,778,314.56 152,192.66 2,626,121.90 6.6.3, 6.6.4 108

2,626,121.90 6.7 2004 12 31 12,406,573.25 6.7.1 2003.12.31 2004.12.31 1 2 10,500,000.00 1,906,573.25 12,406,573.25 1 2 3 4 10,500,000.00 1,906,573.25 12,406,573.25 10,500,000.00 1,906,573.25 12,406,573.25, 80% 16% 6.7.2 (%) 5.39% 10,500,000.00 16% 1,906,573.25 6.8 12,406,573.25 2004 12 31 1,205,435,311.80 2003.12.31 2004.12.31 1,255,924,040.03 180,907,116.56 289,149.45 1,436,542,007.14 303,612,263.82 34,118,267.66 337,730,531.48 109

52,451,305.54 19,158,447.18 119,588.77 71,490,163.95 4,222,316.80 1,024,216.79 73,690.41 5,172,843.18 574,187,391.66 81,045,565.61 12,842.40 655,220,114.87 198,809,514.11 30,379,728.53 229,189,242.64 96,683,932.19 14,679,040.18 111,362,972.37 25,957,315.91 501,850.61 83,027.87 26,376,138.65 154,719,902.26 72,817,652.83 172,102.05 227,365,453.04 16,975,157.74 8,046,538.95 25,021,696.69 9,986,503.96 7,142,455.07 93,891.04 17,035,067.99 839,411.86 684,515.64 46,177.82 1,477,749.68 89,806,747.97 39,592,354.25 12,451.73 129,386,650.49 22,369,685.28 9,594,558.95 31,964,244.23 8,977,315.93 5,171,984.15 14,149,300.08 5,765,079.52 2,585,245.82 19,581.46 8,330,743.88 1,101,204,137.77 108,089,463.73 117,047.40 1,209,176,554.10 3,776,908.40 35,666.10 3,741,242.30 3,196,676.61 3,196,676.61 510,269.94 33,723.97 476,545.97 49,266.70 1,942.13 47,324.57 20,695.15 20,695.15 1,101,204,137.77 104,312,555.33 81,381.30 1,205,435,311.80 6.8.1, 20,011,891.59 4,547,757.24 1,661,467.92 146,206,270.28 6.8.2, 34,113.26 3,169.44 30,493,82 6.8.3 20,380 6.8.4 2004 12 31 2,115,440.48 6.8.5 146,206,270.28 6.9 2004 12 31 442,334,909.38 110

6.9.1 2003.12.31 2004.12.31 49,950,000.00 34,311,916.37 12,656,078.58 - - 46,967,994.95 94.03% 177,300,000.00. 181,265,644.57 38,190,468.29 88,198,582.71 44,136,776.15 87,120,754.00 98.88% 2.6 59,500,000.00 49,785,683.26 8,222,004.31 58,007,687.57 - - 21,450,000.00 19,403,525.98 1,044,253.40 - - 20,447,779.38 95.33% 28,880,000.00 27,526,931.64 1,153,295.36 - - 28,680,227.00 99.31% 20 212,500,000.00 70,299,797.66 65,324,870.61 - - 135,624,668.27 67.69% 6.8 151,100,000.00 20,550,103.71 58,182,966.58 - - 78,733,070.29 52.11% 74,000,000.00-44,244,263.89 - - 44,244,263.89 61.04% - - 516,151.60 - - 516,151.60 774,680,000.00 403,143,603.19 229,534,352.62 146,206,270.28 44,136,776.15 442,334,909.38 6.9.2 2003.12.31 2004.12.31 2,640,160.12 3,132,152.26 - - 5,772,312.38 7.20% 22,966,461.88 8,299,967.64 13,863,809.26 17,402,620.26 6.07% 2.6 2,000,707.95 1,703,460.00 3,704,167.95 - - 6.59% 528,882.02 1,049,094.15 - - 1,577,976.17 6.11% 599,267.64 1,771,001.55 - - 2,370,269.19 6.70% 20 715,803.84 5,736,241.28 - - 6,452,045.12 5.90% 6.8 244,037.31 2,388,200.05 - - 2,632,237.36 6.51% 2,755,328.21 - - 2,755,328.21 6.14% 29,695,320.76 26,835,445.14 17,567,977.21-38,962,788.69 6.9.3 110,165.53 6.9.4 2004 8 16 30 2004 8 16 2034 8 15 6.9.5 111

6.10 2004 12 31 222,086,300.00 6.10.1 2004.12.31 2003.12.31 201,270,000.00 477,800,000.00 20,816,300.00 222,086,300.00 477,800,000.00 6.10.2 14,000 4,827 1,300 6.10.3 2,000 650 81.63 6.11 2004 12 31 290,600,000.00 2004.12.31 2003.12.31 290,600,000.00 310,473,700.00 290,600,000.00 310,473,700.00 6.11.1 8.3 6.11.2 6.12 2004 12 31 121,496,346.16 8.3 3 6.13 2004 12 31 23,203,432.52 5% 5% 3 6.14 2004 12 31 5,654,580.12, 112

6.15 2004 12 31 33,532,610.23 : 2004.12.31 17% 13% 32,315,022.37 3% 5% 441,251.08 1% 128,260.81 1.5% 33% -20,590.06 659,742.17 8,923.86 33,532,610.23 [2002]326 [2004]46 40% 10,399.99 2002-2003 1727.39 6.16 2004 12 31 6,879,053.89 2004.12.31 3% 3,711,006.04 0.7% 1,753,023.93 2% 1,228,264.33 186,759.59 6,879,053.89 6.17 2004 12 31 11,608,144.30 2004 12 31 5%( 5%) 1,239,441,73, 3 6.18 2004 12 31 900,700,000.00 6.18.1 113

2004.12.31 2003.12.31 636,900,000.00 619,3000,000.00 60,000,000.00 203,800,000.00 37,000,000.00 900,700,000.00 656,300,000.00 6.18.2, 28,930 2,120 29,400 3240 6.18.3 2000 6,000 6.18.4 20,380 6.19 2004 12 31 13200 132,000,000.00 2003.12.31 2004.12.31 67,000,000.00 67,000,000.00 1 67,000,000.00 67,000,000.00 67,000,000.00 67,000,000.00 2 3 4 67,000,000.00 67,000,000.00 65,000,000.00 65,000,000.00 1 2 3 4 65,000,000.00 65,000,000.00 132,000,000.00 132,000,000.00 114

6.20 2004 12 31 330,887,095.33 2003.12.31 2004.12.31 327,013,568.50 - - 327,013,568.50 100,000.00 - - 100,000.00 - - - - - 3,695,804.44-3,695,804.44 - - - - - - - - 77,722.39 - - 77,722.39 - - - - 327,191,290.89 3,695,804.44-330,887,095.33 6.21 2004 12 31 45,479,255.25 2003.12.31 2004.12.31 24,123,077.82 6,196,425.69-30,319,503.51 12,061,538.90 3,098,212.84-15,159,751.74-36,184,616.72 9,294,638.53-45,479,255.25 6.22 2004 12 31 222,010,923.75 61,036,379.96 170,269,182.32 6,196,425.69 3,098,212.84 222,010,923.75 115

2004 3 20 2004 12 31 13200, 10 1 10 1 10 0.25 2640 330 6.23 2004 824,091,730.18 683,586,283.28 6.23.1 2004 2003 484,695,927.20 412,152,823.83 516,607,753.57 419,249,068.85 274,223,694.09 213,085,902.08 82,548,181.84 69,260,789.80 56,515,722.30 50,961,712.24 52,483,436.77 47,665,013.92 7,585,609.74 6,398,568.55 1,070,776.85 987,276.58 824,091,730.18 683,586,283.28 651,639,372.18 536,174,872.57 6.23.2 2004 2003 : 822,371,133.47 682,159,043.73 627,893,616.20 516,651,112.00 307,415,439.40 255,001,106.98 163,147,768.48 136,433,031.45 116,486,859.09 96,625,845.02 161,962,217.37 131,268,004.75 139,530,795.03 115,740,794.48 119,700,659.84 98,417,882.52 233,703,321.74 193,856,905.38 52,008,139.93 42,761,092.65 25,234,718.21 20,934,391.86 131,074,830.58 107,771,100.63 : 1,720,596.71 1,427,239.55 23,745,755.98 19,523,760.57 1 1,720,596.71 1,427,239.55 2. 23,745,755.98 19,523,760.57 824,091,730.18 683,586,283.28 651,639,372.18 536,174,872.57 6.23.3 5 10,838.26 13.15% 6.24 116

2004 2003 1% 5% 516,656.46 1% 443,921.90 257,817.25 3% 1,334,860.94 749,900.95 2,295,439.30 1,007,718.20 6.25 2004 556,415.48 2004 2003 660,391.60 322,505.66 337,885.94 658,246.32 51,595.13 606,651.19 495,774.17 457,239.05 38,535.12 481,060.77 225,683.86 255,376.91 865,107.47 821,852.10 43,255.37 2,294,116.97 2,281,869.64 12,247.33 54,172.65 4,604.67 49,567.98 47,628.20 33,818.47 13,809.73 298,636.87 211,465.80 87,171.07-2,374,082.76 1,817,667.28 556,415.48 3,481,052.26 2,592,967.10 888,085.16 6.26 2004 2003 14,596,991.29 9,640,151.61 14,596,991.29 9,640,151.61 6.27 2004 2003 14,833,068.12 22,255,844.50 14,833,068.12 22,255,844.50 6.28 117

2004 2003 45,798,340.83 35,794,016.93 3,692,553.48 1,188,103.24-33,340.46 58,060.18-540,981.02 346,245.23 2,309,222.27 1,589,612.72 44,897,930.46 36,575,112.10 6.29 2004 2003 724,794.58 682,500.00 2003 42,294.58 80% 16% 6.30 2004 2003 532,077.69 365,720.07 27,934.89 - - 21,064.70 2,115,440.48-157,000.00-22,502.59 763,676.25 497,300.53 187,453.31-3,806,085.21 884,085.30 6.31 6.31.1 57,411,729.92 : 3,692,553.48 54,172,65 53,606,643.61 6.31.2 21,917,481.26 : 1 499,656.66 118

415,865.29 392,818.12 909,594.48 13,025,400.07 871,616.50 530,812.94 2,850,203.29 6.31.3 28,700,297.98 6.31.4 53,606,643.61 28,700,297.98 7 7.1 2004 12 31 50,715,272.47 7.1.1 2004 12 31 2003 12 31 % % 1 51,785,596.62 98.97 1,553,567.90 136,230,263.02 81.59 4,086,907.89 1 2 536,937.50 1.03 53,693.75 29,544,743.02 17.69 2,954,474.30 2 3 1,202,162.74 0.72 360,648.82 3 609.93 304.97 52,322,534.12 100 1,607,261.65 166,977,778.71 100 7,402,335.98 7.1.2 15,697,713.69 30% 7.2 2004 12 31 2,493,379.76 7.2.1 2004 12 31 2003 12 31 % % 1 1,064,675.71 27.31 31,940.27 5,113,306.26 71.44 153,399.19 1 2 893,439.46 22.92 89,343.95 1,144,216.23 15.99 114,421.62 2 3 107,853.65 2.77 32,356.10 669,806.20 9.36 200,941.86 3 4 715,357.52 18.35 357,678.76 229,606.46 3.21 114,803.23 4 1,116,862.50 893,490.00 3,898,188.84 100 1,404,809.08 7,156,935.15 100 583,565.90 7.2.2 5% 5% 119

7.2.3 1,288,783.65 33.06% 7.2.4 3 3 7.3 2004 12 31 47,046,150.76 7.3.1 2003.12.31 2004.12.31 1 2 15,788,895.00 33,163,829.01 1,906,573.25 47,046,150.76 5,288,895.00 31,257,255.76 1,906,573.25 34,639,577.51 10,500,000.00 1,906,573.25 12,406,573.25 7.3.2 16% 1,906,573.25 5.39% 10,500,000.00 12,406,573.25 7.3.3 2003 12 31 2004 12 31 3,800,000.00 3,424,616.33-83,341.07-292,042.60 3,341,275.26 12,071,296.36 12,071,296.36 2,547,813.15 2,547,813.15 14,619,109.51 15,133,312.22 15,133,312.22 1,545,880.52 1,545,880.52 16,679,192.74 31,004,608.58 3,424,616.33 27,204,608.58 4,010,352.60 34,639,577.51 7.3.3.1 2004 12 31, 7.3.3.2 5 7.4 2004 802,874,256.93 665,432,490.97 120

7.4.1 2004 2003 484,695,927.20 412,152,823.83 515,378,202.39 418,889,032.36 274,223,694.09 213,085,902.08 81,555,056.91 68,368,891.11 43,954,635.64 40,193,765.06 38,657,413.15 34,671,261.86 802,874,256.93 665,432,490.97 635,590,672.45 521,929,185.33 7.4.2 2004 2003 : 801,153,660.22 664,005,251.42 611,844,916.47 502,405,424.76 286,197,966.15 236,847,314.67 255,291,732.74 209,247,397.09 116,486,859.09 96,625,845.02 165,764,532.64 136,291,598.74 139,530,795.03 115,740,794.48 119,700,659.84 98,417,882.52 233,703,321.74 193,856,905.38 52,008,139.93 42,761,092.65 25,234,718.21 20,934,391.87 19,079,851.32 15,687,453.76 : 1,720,596.71 1,427,239.55 23,745,755.98 19,523,760.57 1 1,720,596.71 1,427,239.55 2. 23,745,755.98 19,523,760.57 802,874,256.93 665,432,490.97 635,590,672.45 521,929,185.33 7.5 1,039,342.74 2004 2003 682,500.00 356,842.74-515,585.44 1,039,342.74-515,585.44 682,500.00 2003 8 8.1 121

8.1.1 ( ) 26400 8.1.2 ( ) 26400 26400 8.1.3 ( ) % % % % 5300 40.15 5300 40.15 8.1.4 3000 50 166.4 8 1250 8.2 8.2.1 8.2.2 2004 2003 1,382,479.80 0.21% 3,761,114.81 2.59% 16,430,057.72 100% 6,693,110.05 66.10% 6,411,507.72 3.07% 12,509,229.17 8.79% 273,457.78 0.04% 679,463.68 0.11% 1,045,167.00 0.16% 122

8.2.3 2004 2003 60,512.98 4.54% 325,646.80 9.20% 842,857.43 97.42% 1,790,236.07 78.04% 2,104,533.37 0.22% 1,664,039.97 0.26% 1,765,484.14 0.19% 10,238.37 0.76% 9,408,975.79 1% 8.2.4 8.2.4.1 109,048.2 10.62 1,158,440.50 8.2.4.2 8,062,111.02 278,352.16 8.2.4.3 2004 8 16 30 2004 8 16 2034 8 15 8.2.5 2004 8 16 80% 2004 2 29 [2004] 2292 [2004] 2293 1620.8 80% 1513 5 800 5 1240 80% 1207 5 700 2004 8 8.2.6 123

10.05 9.62 2 3 4 5 2 3 8 8.3 2004 12 31 2003 12 31 % % 1,535,278.38 2.93 1,664,039.97 1.03 2,010.92-127,807.97 0.20 20,296.14 0.02 1,361,029.19 2.11 12,402,188.85 12.07-7,542,077.80 7.57-1,163,739.43 1.17 8,841,195.54 2.78 5,094,526.92 2.31 591,234.02 0.60 2,001,651.69 1.02 13,371.41-460,607.29 3.28 - - 3,000,000.00 0.97 9 2002 29,700 124

10 2004 12 31 11 12 2004 12 31,, 1,361,029.19, 2004 12 31,, 1,535,278.38, 2004 12 31,, 8,249,961.52, 2004 12 31,, 127,807.97, 13 2004 3 20 2004 12 31 13200, 10 1 10 0.25, 330 ; 10 1 2640 125

2004 1 2001 9 2004 2003 2004 2003 18.92% 19.82% 1.05 1.05 17.19% 17.81% 0.87 0.87 8.82% 9.24% 0.49 0.49 7.04% 7.30% 0.36 0.36 8.36% 8.75% 0.46 0.46 6.92% 7.17% 0.35 0.35 7.64% 8.00% 0.43 0.43 7.05% 7.30% 0.36 0.36 2 1 = / = / 2 P ROE= E0+NP 2+Ei Mi M0-Ej Mj M0 P NP E0 Ei EJ M0 MI MJ P EPS= S 0 +S 1 +Si Mi M0-Sj Mj M 0 P S0 S1

2004 SI SJ M0 MI MJ 3 2004 2003 2002 1 824,091,730.18 651,639,372.18 474,635,814.84 2 138,210,007.60 114,456,781.41 77,119,226.45 3 64,438,433.21 46,873,758.36 42,910,907.99 4 61,357,442.58 45,994,505.91 43,270,736.86 5 61,036,379.96 46,046,246.84 43,270,738.80 6 5,214,404.97 381,951.92 549,604.08 7 41,850.00 8 5,256,254.97-381,951.92 549,604.08 9 55,780,124.99 46,428,198.76 42,721,134.72 10 132,000,000.00 132,000,000.00 132,000,000.00 11 132,000,000.00 132,000,000.00 132,000,000.00 12 665,645,089.93 624,762,016.19 594,691,277.39 13 730,377,274.33 665,645,089.93 624,762,016.19 14 697,170,858.01 647,785,139.61 616,326,646.79 15 5.53 5.04 4.73 16 729,699,065.55 664,188,968.50 624,006,986.78 17 5.53 5.03 4.73 18 ( ) 0.46 0.35 0.35 19 ( ) 0.43 0.35 0.32 20 ( ) 0.46 0.35 0.33 21 ( ) 0.43 0.35 0.32 22 ( ) 8.36% 6.92% 6.93% 23 ( ) 8.48% 6.97% 6.84% 24 ( ) 8.75% 7.11% 7.02% 25 ( ) 8.00% 7.17% 6.93% 26 240,461,430.77 143,013,565.41 55,014,023.17 27 1.82 1.08 0.42 78

2004 2 2004 2003 2002 1,802,626.46 59,256.32 5,132.85 4,832.85 22,421.50 6,136,240.60 6,141,373.45 4,832.85 1,884,304.28 2004 2003 2002 22,502.59 807,675.92 27,934.89 532,077.69 365,720.07 482,593.15 157,000.00 21,064.70 3,231.13 187,453.31 41,200.00 926,968.48 386,784.77 1,334,700.20 2004 2003 2002 61,036,379.96 46,046,246.84 43,270,738.80 926,968.48 386,784.77 1,334,700.20 6,136,240.60 4,832.85 1,884,304.28 41,850.00 55,780,124.99 46,428,198.76 43,270,738.80 79

2004 2004 2003 2002 730,377,274.33 665,645,089.93 624,762,016.19 40,770.15 304.96 629,508.95 114,803.23 7,929.68 509,817.96 647,321.04 831,195.28 107,708.37 729,699,065.55 664,188,968.50 624,006,986.78 2004 2003 2002 132,000,000.00 132,000,000.00 132,000,000.00 132,000,000.00 132,000,000.00 132,000,000.00 132,000,000.00 132,000,000.00 132,000,000.00 80

2004 2004 2003 2002 665,645,089.93 624,762,016.19 594,691,277.39 61,036,379.96 46,046,246.84 43,270,738.80 116 826.90 5,280,000.00 730,377,274.33 665,645,089.93 624,762,016.19 697 170 858.01 647,785,139.61 616,326,646.79 A / / B / / C / 100% = / 100% D / 81

2004 1 2 3 2005 3 29 82