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2004-1 -

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, 1. Baoshan Iron &Steel Co., Ltd. Baosteel 2. 3. 86-21-26647000 86-21-26646999 ir@baosteel.com 4. 201900 http://www.baosteel.com 5. http://www.sse.com.cn 6. 600019 7. 2000 2 3 2000 11 30 3100001006333 310041631696382 1 16-3 -

1 2004 2003 2002 58,638 44,460 33,877 13,586 9,929 5,942 9,395 6,976 4,272 9,352 7,048 4,356 0.75 0.56 0.34 1.34 1.17 0.86 % 22.44 19.67 13.92 % 24.67 21.46 14.76 % 22.34 19.87 14.19 % 24.56 21.68 15.05 2004 2003 2002 64,255 60,918 61,489 41,861 35,466 30,687 16,798 14,631 10,790 3.35 2.83 2.45 3.33 2.83 2.45-4 -

1,200 1,158 1,155 1,187 1,159 1,100 1,076 1,110 1,000 2002 2003 2004 0.75 / 0.56 0.34 0.20 0.25 0.32 2002 2003 2004 615 609 643 307 355 419 2002 2003 2004-5 -

178 227 118 59 99 136 2002 2003 2004 2 13,586 9,395 9,352 16,783 101 13,537 11 37 16,798 1,277 26 2 144 105-24 43-6 -

3 12,512 12,512 11,995 129 1 12,123 4,422 2,882 44 7,260 1,695 960 15 2,640 6,537 9,439 6,010 9,966 35,466 12,450 6,055 41,861 0.55 0.66-7 -

( ) 1 1. 106.35 106.35 2. 3. 4. 106.35 106.35 1. 18.77 18.77 2. 3. 4. 18.77 18.77 125.12 125.12 2 [2000]140 2000 11 6 11 24 1.00 18.77 4.5 14.27 10 461 4.18 18.66 ( ) 77.03 ( ) ( ) 9.8 4.47 ( 2000 11 29 ) [2000] 101 4.5 2000 12 12 ( ) 9.43 2001 3 1 ( ) 0.37 2001 3 29 4.47 2001 5 29-8 -

( ) 1 164,596 2 ( ) ( ) (%) 1 - - 10,635,000,000 85.00 2 1 3 2 4 3 50 +69,585,348 69,585,348 0.56 +40,040,022 40,040,022 0.32-49,762,691 37,751,783 0.30 (UBS LIMITED) 5 4 +30,388,001 35,888,001 0.29 6 5 +18,428,164 32,481,200 0.26 7 6 8 7 9 8 +31,740,951 31,740,951 0.25 +31,199,970 31,199,970 0.25 +30,779,230 30,779,230 0.25 10 9 +21,750,000 30,350,000 0.24 11 10 (DEUTSCHE BANK +29,471,751 29,471,751 0.24 AKTIENGESELLSCHAFT) 3 1 1998 11 17 458 ( ) ( ) - 9 -

2 3 100% 85% - 10 -

( ) 1 61 2003.04-2006.04 44 2003.04-2006.04 54 2003.04-2006.04 54 2003.04-2006.04 45 2003.04-2006.04 49 2003.04-2006.04 47 2003.04-2006.04 51 2003.04-2006.04 38 2003.04-2006.04 75 2003.04-2006.04 54 2003.04-2006.04 61 2003.04-2006.04 49 2003.04-2006.04 45 2003.04-2006.04 43 2003.07-2006.04 49 2003.07-2006.04 40 2003.04-2006.04 48 2003.04-2006.04 46 2003.04-2006.04 58 2003.04-2006.04 48 2003.04-2006.04 44 2003.07-2006.04 44 2003.07-2006.04 33 2003.10-2006.04 2006 2. 2003.02-11 -

1998.11 2003.03 2004.12 1998.11 1998.11 2004.12 2003.06 2003.06 3. 1967, 1968 1978 10 1990 7 1993 1994 1998 1998 11 2000 2003 2 1998 11 2004 12 2005 1 2 1983 1988 1990 1991 1994 9 1998 2000 3 1985 2000 EMBA 1968 1980 1988 1993 1994 2000 2 2003 2 4 1982 2001 EMBA - 12 -

1982 1995 1998 11 2000 2 1982 2000 MBA 1995 1996 1982 1998 2000 2 2004 12 1982 2001 EMBA 1982 1998 2000 2 7 2000 EMBA 1982 1983 1998 2000 2 MBA 1993 1998 J.P.Morgan 1998 Newbridge Capital (H.K.) Co. Ltd. 2000 2 200M Technologies Ltd. China Civlink(Cayman) Edenvale Holdings Ltd. 9-13 -

2000 8 10 1952 1982 1985 1993 2001 2 11 EMBA 1985 1995 ( ) 1997 2002 4 1993 (IWFCI) 12 1968,1979 1989 1994,1994 ( ) 1998 11 2004 12-14 -

2000 2 1983 2000 2 14 1982 1982, 2000 11 15 1983,1986 1990,1993 Sussex,1998 2000 2, 1968 2002 4 17 1998 2002 10 18 1983 19-15 -

1982 20 1986 1993 2000 9 21 1982 22 1983 23 1983 24 1993 2003 1993 2000 4-16 -

1163 100 110 2 90 100 4 80 90 3 70 80 1 40 50 1 25 7 311 25 5. 6 15,391 10,876 3,292 1,223 5,192-17 -

( ) 1/3 4 16 5 3 2-5 5 - - 5 4 1-5 4 1 - ( ) 2004-18 -

( ) - 19 -

( ) 1 2003 2004 2 26 2003 2004 2 28 2003 2004 4 28 2 2004 1 2004 8 10 2004 1 2004 8 12 2004 1 2004 9 27 ( ) 1 2003 2003 2004 4 28 ( ) 2003 2003 2004 2004 2003 2003 2004 4 29 2 2004 1 2004 1 2004 9 27 ( ) - 20 -

2004 2004 9 28 ( ) - 21 -

2004 586.38 135.86 1 2004 GDP 9.5% 2004 2004 2003 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2004 90.9% 42.6% 38.7% 30.0% 23.7% 19.2% 14.0% 13.0% IISI 2004 10.5 8.8% 2003 8500 60% 2003 21.2% 2004 2.7 23.2% 2003 22.8% 2004 25.8% - 22 -

0 200 400 600 800 1000 1200 2004 2003 CRU CRU 2000-2004 170 150 130 110 90 70 00 1 01 1 02 1 03 1 04 1 50 2004 106% 27% - 23 -

1-2 1-3 1-4 1-5 1-6 1-7 1-8 1-9 1-10 1-11 1-12 2002 3 4000 2004 7000 2. 2004-2009 1800 3. 2003 2004-24 -

2004 8 12 2004 11 2004 4 20 1000 2004 7 2004 11 CVRD 1000 CVRD 2002 2003 2004 2004 148 2003 19% 164 20 2001 500 2004 6 103 3 172 134 201 2004 6-25 -

2004 251 2003 51% 3 2004 12 13.7 2004 12 BBB BBB+ 41.78% 2004 675 4.08 CT-308T9H 2004 2005 1 1 2004 586.38 31.89% 2003 4.37% 1,158.98 2003 25.95% 2003 2004 20.27% 17.92% 30.45% 1.62% 33.28% - 26 -

40% 20% 0% 30% 20% 2% -20% -40% -18% -33% 2004 167.83 26.45% 2003 30.67% 2004 29.34% 1.33 34.42% 56.49% 16.17% 2004 135.37 34.71% 2004 19.11% 14.60% 42.85% 2004 135.86 36.83% 0.11 73.10% 2004 0.21 2004 93.95 34.68% 2004 3 2 91.44% % % 1.76 53,619 36,638 31.67% 31.66 35.14 3.82 5,019 4,798 4.41% 34.32 29.17-27 -

3 2004 2004 57.0% 23.7% 5.0% 5.0% 9.3% 2004 660.64 20.27% 57.00% 148 47% 148 52% 53 14% 2004 274.13 17.92% 23.65% 2004 35 27% 2004 108.04 30.45% 9.32% 2004 57.91 1.62% 5.00% - 28 -

2004 58.26 33.28% 5.03% 10 % % 4.52 32,101 22,541 29.78% 36.93 46.35 3.97 10,750 6,151 42.78% 10.56 3.39 4 10% 2004 86.47% 13.53% % % 45,484 31,248 31.30% 26.90 32.81 3.06 7,244 4,936 31.86% 69.71 52.43 7.73 2004 86.26% 1,002.13 70% 2004 13.74% 156.85-29 -

100% 2004 2003 40% 39% 22% 21% 13% 9% 25% 31% 100% 100% 2004 2004 51% 26% 4% 6% 13% 5 2004 2003 1 58,638 44,460 31.89% 2 41,436 30,825 34.42% 3 29.34% 30.67% -1.33% 1 2004 2003 (%) (%) (%) 16,782.71 123.53 13,272.65 133.68 3,510.06-10.16 3,346.28 24.63 3,287.22 33.11 59.05-8.48 100.98 0.74 63.84 0.64 37.14 0.10 10.66 0.08 39.63 0.40-28.97-0.32 36.85 0.27-160.45-1.62 197.30 1.89 1.54 0.01 0.15 0.00 1.39 0.01-30 -

6 2004 79.82 1 2004 5.73 1.05 2004 39.37% 800 2004 3.45 0.32 2004 50% 30 2004 47.91 2.03 7 2004 51.19% 300 2004 74.79% 8 1800 9 1 56,028 58,638 2,610 4.66% 2 40,458 41,436 979 2.42% 3 11,960 13,586 1,627 13.60% 4 8,221 9,395 1,174 14.28% - 31 -

1 2003 2 1 2004 91.37 4 4350 2003 1 2005 5 2004 12 15 2005 ERW ERW 219.1-610mm 2005 1800mm 2005 1800mm 2004 12 16-32 -

2 2004 4 10 1.39 1 2004 2003 % 1 16,783 13,273 26.45 2 9,395 6,975 34.68 3 16,798 14,631 14.81 2004 2003 26.45% 4.37% 25.95% 34.42% 2004 2003 34.68% 15.26% 42.85% 2004 2003 14.81% 2 2004 2003 % 1 2,183 176 1138.65% 2 6,541 4,643 40.88% 3 37,582 43,495-13.60% 4 10,368 5,641 83.78% 5 3,906 6,006-34.98% 6 6,200 9,400-34.04% 7 7,260 4,422 64.18% 8 9,966 6,537 52.46% 1138.65% 40.88% - 33 -

13.60% 83.78% 34.98% 34.04% 32 64.17% 52.46% 3 2004 1 1 15-35 2.7-6.4% 15-20 4.8-6.4% ( ) 7-18 5.3-13.7% 9-15 6.4-10.67% 231,005 512,761 281,756 1., 18.6 2 2004 2003 2004-34 -

2005 1 2005 2005 2 2005 2005 715 560 78 12 300 2005 1,270 1,350 1,323 715 530 3 2005-35 -

1 (1)2004 2 26 2003 2003 2004 2003 2003 2003 2003 2004 2004-2009 2003 (2)2004 4 29 2004 1 2004 1 (3) 2004 8 10 2004 2004 2004 2004 2004-36 -

2004 4 2004 9 21 5 2004 10 28 2004 3 2004 3 2 1 2004 9 27 2004 1 50 2005 1 19 2005 1 50 2 2004 4 28 2003 2003 2003 125.12 0.25 31.28 0.20 0.25 2004 6 15 2004 6 18 2004 6 21 2004 6 25 2004 6-37 -

18 2004 95.07 10% 9.51 10% 9.51 10% 9.51 66.25 2003 31.28 101.51 2004 10 3.2 2004 1 2 ( )2004 12 31 2004 2004 2005 3 14 2004 2004 1 2004 12 31 10.32 9.19 436.68 1,318.49-38 -

108.87 147.22 66.68 128.53 622.55 1,603.43 2004 35.40 33,082.86 1,646.91 1,595.10 36,360.27 2 2004 34.27 33,964.67 1,685.26 1,656.95 37,341.15 2004 12 31 393,606,294.38 1.44% 2004 12 31-39 -

2005 3 14-40 -

( ) 1 2 1 2004 2 27 2003 2003 2003 2004 2003 2 2004 4 29 2004 2004 3 2004 8 10 2004-41 -

2004 2004 4 2OO4 10 28 2004 3 3 ( ) 2004 1 2 2004 3 4, 2001-42 -

( ) ( ) 1 ( ) 2003 9 11 2003 10 29 2003 90% 2003 10% 2004 4 1 1.39 3 2 1800 2003 7 21 1800 30 14.99 1800 0.67 11.4 3.6 50% 38% 12% 2004 2004 9 1 1800 24 2004 9 24 24 2.09 1 1 421.46 (2003 296.95 ) 72% - 43 -

1% 5% 5.12 (2003 4.77 ) 2, 114.74 (2003 73.39 ) 1% 2.5% 1.27 (2002 0.96 ) 2.01 (2002 1.87 ) 44%, 3 : 695.62 1,649.86 526.21 296.93 300.79 817.55 1,483.08 215.09 778.70 517.22 614.29 2001-44 -

www.sse.com.cn 2 2003 9 11 2003 2003 10 31 90% 12 12.54 2004 4 10% 1.39 3 4,750.6 702.52, 5.93 ( ) 1 2 3 5% 1 2 ( ) 2001 6 13 2002 9 6 A B 30% 2001 6 21 2002 9 12 5 1-45 -

2 1551 1315 78 158 2003 178 3 2004 2003 ( ), - 46 -

(2005) 236033-01 ( ) ( )2004 12 31 2004 12 31 2004 2004 12 31 2004 2005 3 14-47 -

: 2004 12 31 : 2004 12 31 2003 12 31 1,581,342,234.69 1,795,504,266.74 2,182,827,941.92 176,226,375.25 2,923,857,753.00 3,289,688,149.87 2,380,085,813.73 1,336,612,482.60 35,076,524.85 34,344,193.06 309,456,207.33 160,819,427.15 6,540,932,094.46 4,642,823,052.21 15,953,578,569.98 11,436,017,946.88 94,916,106.66 253,959,451.37-10,000,000.00 94,916,106.66 263,959,451.37 29,366,926.74 212,432,739.05 104,245,454,111.74 102,928,888,177.94 : 66,661,636,476.38 59,388,856,262.30 37,583,817,635.36 43,540,031,915.64 : 2,282,821.45 45,203,437.79 37,581,534,813.91 43,494,828,477.85 10,367,730,880.12 5,641,329,376.96 47,949,265,694.03 49,136,157,854.81 170,265,379.18 3,564,984.90 170,265,379.18 3,564,984.90 87,398,810.13 77,874,804.22 64,255,424,559.98 60,917,575,042.18-48 -

2004 12 31 2003 12 31 1,185,795,000.00 256,440,000.00 128,131,330.08 307,971,621.20 3,165,836,497.83 2,485,604,822.17 1,854,879,592.46 1,303,437,267.98 410,879,411.71 210,919,401.31 68,735,064.90 6,796,776.01 3,480,947.30 8,484,070.91 971,509,615.74 847,675,766.72 16,263,522.63 20,193,429.08 178,318,784.08 207,576,344.75 13,091,878.53-813,298,422.01 835,256,473.13 125,902,500.00 130,480,000.00 3,200,000,000.00 3,200,000,000.00 12,136,122,567.27 9,820,835,973.26 3,905,529,382.71 6,006,281,211.16 196,885.29 196,885.29 6,200,000,000.00 9,400,000,000.00 10,105,726,268.00 15,406,478,096.45 22,241,848,835.27 25,227,314,069.71 152,491,389.58 224,164,444.79 12,512,000,000.00 12,512,000,000.00 12,122,298,027.05 11,994,541,602.95 7,260,333,008.18 4,422,538,204.25 : 2,639,866,080.99 1,695,488,355.04 9,966,453,299.90 6,537,016,720.48 4,003,840,000.00 3,128,000,000.00 41,861,084,335.13 35,466,096,527.68 64,255,424,559.98 60,917,575,042.18 : : : 2004 2 8-49 -

: 2004 12 31 : 2004 2003 (29) 58,638,060,296.58 44,460,368,905.54 : (30) 41,436,436,600.22 30,825,425,445.56 (31) 418,914,373.67 362,288,812.16 16,782,709,322.69 13,272,654,647.82 : 100,977,508.84 63,839,913.00 : 438,034,258.50 367,750,118.89 2,473,017,079.93 2,157,944,281.86 (33) 435,224,334.64 761,529,543.21 13,537,411,158.46 10,049,270,616.86 : (34) 10,661,195.90 39,630,874.88 1,538,087.03 150,000.00 143,787,453.17 4,050,413.04 : 106,939,898.06 164,504,012.78 13,586,457,996.50 9,928,597,892.00 : 4,146,771,534.98 2,953,783,591.37 44,455,078.17-910,679.24 9,395,231,383.35 6,975,724,979.87 6,537,016,720.48 4,217,134,450.12 : (27) 44,045,415.66-15,976,293,519.49 11,192,859,429.99 :(27) 959,059,531.17 718,250,170.74 (27) 959,059,531.17 718,250,170.74 (27) 1,246,102.09 718,015.99 (27) 1,246,102.09 143,603.20 14,055,682,252.97 9,755,497,469.32 (27) 961,228,953.07 716,080,748.84 (27) 3,128,000,000.00 2,502,400,000.00 (27) 9,966,453,299.90 6,537,016,720.48 : : : - 50 -

: 2004 12 31 : : 2004 2003 67,978,188,468.71 51,435,803,893.13 4,516,760.82 150,000.00 55,279,850.21 66,364,818.30 68,037,985,079.74 51,502,318,711.43 37,779,995,402.67 25,532,865,189.01 3,007,855,531.39 2,539,336,777.10 8,852,386,650.21 7,407,600,187.51 1,599,526,065.89 1,391,717,455.20 51,239,763,650.16 36,871,519,608.82 16,798,221,429.58 14,630,799,102.61 : 354,001,627.45 536,751,547.00 38,327,913.15 49,183,099.73 1,190,646,937.01 25,782,595.88 10,736,413.36 24,455,647.01 1,593,712,890.97 636,172,889.62 8,848,225,342.45 5,228,971,284.53-444,228,045.03 887,347,352.81 658,178,547.00 (34) 139,435,000.00 1,039,640,746.12-208,311,391.51-677,753.00 9,875,007,695.26 7,580,007,767.19-8,281,294,804.29-6,943,834,877.57 8,677,674,040.00 11,226,264,600.00 746,972,857.66-9,424,646,897.66 11,226,264,600.00 9,966,948,115.59 14,567,513,796.52 3,514,020,221.00 2,973,246,350.22-51 -

3,200,000,000.00 3,200,000,000.00 16,680,968,336.59 20,740,760,146.74-7,256,321,438.93-9,514,495,546.74 16,879,580.09 16,958,576.48 /( ) 1,277,484,766.45-1,810,572,745.22 2004 2003 : 9,395,231,383.35 6,975,724,979.87 10,039,780.19 4,921,506.07 8,640,094,266.72 7,414,617,955.65 33,224,639.27 75,539.99-20,702.87 ( ) 2,800,265.15-33,321,064.35 ( ) -31,080,232.97 120,687,219.34 442,691,886.75 757,292,313.65-10,661,195.90-39,630,874.88 44,455,078.17-910,679.24 ( ) -9,524,005.91-61,833,095.87-1,858,911,814.75-923,831,787.29 ( ) -896,736,653.13 198,790,831.71 1,036,598,032.64 217,393,955.89-801,599.20 16,798,221,429.58 14,630,799,102.61 8,628,547.37 976,415.90 /( ) : 1,581,342,234.69 1,795,504,266.74 1,795,504,266.74 3,606,077,011.96 1,491,646,798.50 - - - /( ) 1,277,484,766.45-1,810,572,745.22 : : : - 52 -

: 2004 12 31 : 2004 2003 12,512,000,000.00 12,512,000,000.00 11,994,541,602.95 11,689,233,828.11 127,756,424.10 305,307,774.84 (25) 33,188.77 1,946.78 (25) 55,279,850.21 282,300,314.37 (25) 65,965,316.18 - (25) 45,870.59 22,029,097.79 6,432,198.35 976,415.90 12,122,298,027.05 11,994,541,602.95 4,422,538,204.25 2,269,095,494.74 2,837,794,803.93 2,153,442,709.51 2,881,840,219.59 2,153,442,709.51 959,059,531.17 718,250,170.74 959,059,531.17 718,250,170.74 1,246,102.09 718,015.99 1,246,102.09 143,603.20 961,228,953.07 716,080,748.84-44,045,415.66 - -14,681,805.22 - -14,681,805.22-14,681,805.22-7,260,333,008.18 4,422,538,204.25 2,639,866,080.99 1,695,488,355.04 2,639,866,080.99 1,695,488,355.04 1,964,118.08 718,015.99 1,389,705.29 143,603.20 1,977,247,022.83 1,030,699,874.98 6,537,016,720.48 1,714,734,450.12 ( ) - 2,502,400,000.00 6,537,016,720.48 4,217,134,450.12 9,395,231,383.35 6,975,724,979.87 44,045,415.66 - -6,009,840,219.59-4,655,842,709.51 9,966,453,299.90 6,537,016,720.48 : : : 2003-53 -

: 2004 12 31 : 2004 12 31 2003 12 31 (1) 1,397,795,085.27 1,603,550,538.89 (2) 2,182,827,941.92 136,626,874.00 (3) 2,948,186,947.38 3,196,006,657.13 (4) 2,371,514,185.12 1,280,063,974.49 (5) 23,595,700.47 22,306,556.44 (6) 265,031,035.41 28,450,872.16 (7) 6,319,556,922.18 4,221,740,313.31 15,508,507,817.75 10,488,745,786.42 (8) 1,847,050,544.34 1,529,623,681.79 1,847,050,544.34 1,529,623,681.79 (9) 102,876,103,524.36 100,835,141,893.36 : 66,491,796,255.88 58,400,276,567.50 36,384,307,268.48 42,434,865,325.86 : 2,282,821.45 42,109,587.69 36,382,024,447.03 42,392,755,738.17 (10) 9,194,866,840.27 5,575,400,558.37 45,576,891,287.30 47,968,156,296.54 (11) 166,750,028.06-166,750,028.06 - (12) 84,346,443.08 63,829,269.30 63,183,546,120.53 60,050,355,034.05-54 -

2004 12 31 2003 12 31 (13) 248,295,000.00 - (14) 122,128,830.08 269,138,621.20 (15) 2,994,680,549.54 2,387,101,093.83 (16) 1,886,308,465.17 1,123,115,560.79 65,877,813.96-403,920,000.00 204,500,000.00 (18) 949,494,045.18 797,075,701.07 (19) 16,086,951.73 20,061,703.19 (20) 172,384,336.98 172,983,685.72 (21) 2,818,187.98 - (22) 813,298,422.01 835,256,473.13 125,902,500.00 130,480,000.00 (23) 3,200,000,000.00 3,200,000,000.00 11,001,195,102.63 9,139,712,838.93 (22) 3,905,529,382.71 6,006,281,211.16 (23) 6,200,000,000.00 9,400,000,000.00 10,105,529,382.71 15,406,281,211.16 21,106,724,485.34 24,545,994,050.09 (24) 12,512,000,000.00 12,512,000,000.00 (25) 12,188,263,343.23 11,994,541,602.95 (26) 7,225,313,998.90 4,373,292,325.60 : 2,629,311,019.02 1,678,637,127.92 (27) 10,151,244,293.06 6,624,527,055.41 : (28) 4,003,840,000.00 3,128,000,000.00 42,076,821,635.19 35,504,360,983.96 63,183,546,120.53 60,050,355,034.05 : : : 2004 2 8-55 -

: 2004 12 31 : 2004 2003 (29) 57,573,957,139.82 44,158,462,917.12 : (30) 40,574,653,678.59 30,536,505,884.52 (31) 416,512,908.41 362,272,156.54 16,582,790,552.82 13,259,684,876.06 : 95,982,901.71 63,010,733.67 : 410,099,843.94 362,106,137.15 2,401,313,293.75 2,134,730,518.93 (33) 425,349,788.69 759,453,916.37 13,442,010,528.15 10,066,405,037.28 : (34) 23,315,206.82 44,683,966.81 1,525,000.00 150,000.00 246,148,404.96 3,749,756.15 : 102,396,706.45 162,985,512.41 13,610,602,433.48 9,952,003,247.83 : 4,103,863,522.53 2,938,013,811.68 9,506,738,910.95 7,013,989,436.15 6,624,527,055.41 4,217,134,450.12 16,131,265,966.36 11,231,123,886.27 : (27) 950,673,891.10 701,398,943.62 (27) 950,673,891.10 701,398,943.62 14,229,918,184.16 9,828,325,999.03 : (27) 950,673,891.10 701,398,943.62 (27) 3,128,000,000.00 2,502,400,000.00 (27) 10,151,244,293.06 6,624,527,055.41 : : : - 56 -

: 2004 12 31 : : 2004 2003 66,249,739,432.83 50,879,113,465.34 1,525,000.00 150,000.00 55,279,850.21 66,364,818.30 66,306,544,283.04 50,945,628,283.64 36,383,932,642.70 25,121,512,572.44 2,917,454,822.68 2,520,207,967.86 8,755,792,964.65 7,398,061,591.16 1,535,819,779.36 1,360,850,460.14 49,593,000,209.39 36,400,632,591.60 16,713,544,073.65 14,544,995,692.04 : 304,402,126.20 502,751,547.00 36,973,505.35 48,282,600.98 2,334,309,896.22 17,346,373.14 89,702,722.53-9,803,541.95 23,614,766.20 2,775,191,792.25 591,995,287.32 8,529,975,698.93 5,156,439,072.29-444,228,045.03 887,684,705.62 658,178,547.00 (35) 139,435,000.00 1,254,687,000.00-221,414,900.00-677,753.00 9,557,095,404.55 7,735,625,317.32-6,781,903,612.30-7,143,630,030.00 7,618,674,040.00 11,212,824,600.00 7,618,674,040.00 11,212,824,600.00 9,589,008,115.59 14,455,513,796.52 3,492,786,674.10 2,978,193,180.05-57 -

3,200,000,000.00 3,200,000,000.00 16,281,794,789.69 20,633,706,976.57-8,663,120,749.69-9,420,882,376.57 17,371,633.22 16,990,241.46 /( ) 1,285,891,344.88-2,002,526,473.07 2004 2003 1 : 9,506,738,910.95 7,013,989,436.15 : 16,065,489.32 8,318,146.78 8,585,287,597.42 7,390,170,350.90 ( ) -141,592,045.73 119,930,094.77 32,625,005.49-433,011,700.67 755,040,985.73-23,315,206.82-44,683,966.81 ( ) -10,610,496.94-63,900,417.30 ( ) -8,064,662.83 - -1,768,966,602.95-871,858,737.37 ( ) -1,301,271,521.17 108,131,367.92 1,393,635,906.24 129,858,431.27 16,713,544,073.65 14,544,995,692.04 2 7,672,366.45 976,415.90 1,302,413,902.80-3 /( ) : 1,397,795,085.27 1,603,550,538.89 1,603,550,538.89 3,606,077,011.96 1,491,646,798.50 - - - /( ) 1,285,891,344.88-2,002,526,473.07 : : : - 58 -

: 2004 12 31 : 2004 2003 12,512,000,000.00 12,512,000,000.00 11,994,541,602.95 11,689,233,828.11 193,721,740.28 305,307,774.84 (25) 33,188.77 1,946.78 (25) 55,279,850.21 282,300,314.37 (25) 129,905,541.53 22,029,097.79 (25) 8,503,159.77 976,415.90 12,188,263,343.23 11,994,541,602.95 4,373,292,325.60 2,269,095,494.74 2,852,021,673.30 2,104,196,830.86 2,852,021,673.30 2,104,196,830.86 950,673,891.10 701,398,943.62 950,673,891.10 701,398,943.62 950,673,891.10 701,398,943.62 7,225,313,998.90 4,373,292,325.60 2,629,311,019.02 1,678,637,127.92 2,629,311,019.02 1,678,637,127.92 1,966,691,960.86 1,016,018,069.76 6,624,527,055.41 1,714,734,450.12 ( ) - 2,502,400,000.00 6,624,527,055.41 4,217,134,450.12 9,506,738,910.95 7,013,989,436.15-5,980,021,673.30-4,606,596,830.86 10,151,244,293.06 6,624,527,055.41 : : : : 2003-59 -

- 60 - ( ) ( ) [1999]1266 ( ) 2000 2 3 3100001006333 ( ) [2000]140 2000 11 6 2000 11 24 (A )1,877,000,000 1 4.18, ( ) 2003 10 29 2003 2003 9 12 2003 10 31 1,254,348,000 ( )90% 2004 4 1 139,372,000 10% 2004 4 1 1. 2. 1 1 12 31

3. 4. 5. ( ) 6. ( ) ) 7. 1 8. (1) : - ; - - 61 -

( ) (2) 9. 1 5% 1 2 30% 2 3 60% 3 100% 10. 20% 20% 20% 20% 20% 10 10 2003 3 17 [2003]10 ( ) - 62 -

11. ( 4%) : 15-35 2.7% - 6.4% 9-15 6.4% - 10.7% 5-10 9.6% - 19.2% 5-9 10.7% - 19.2% 12. - 63 -

13. (1) (2) (3) 3 14. 15. ( ) (, ) - 64 -

16. 17. 18. 2004 1 1 ( ) 15-35 2.7-6.4% 15-20 4.8-6.4% 7-18 5.3-13.7% 9-15 6.4-10.67% 2,310,048,164.96 5,127,605,645.75 2,817,557,480.79-65 -

- 66-19. [ (1996)2 ] 50% 50% 2003 90% ( )79.82% 2003 10 31 2004 4 1 10% 2004 4 1 ( ) 2003 ( ) 2003 12 31 2003 11 1 2003 12 31 2004 2004 12 31 2004 1 1 2004 3 31 ( ) 2004 4 1 2004 12 31 2004 2004 7 31 ( ) 2004 :

1. - 17% 13% 2. - 3% 5% 3. - 7% ( ) 4. - 3% 5. - 0.25% [2002]27 2002 6 1 1% 6. - 7. - 24% 2000 2004 12% 24% 33% 8. - - 67 -

2004 12 31 80,000,000 30% ( ) 121,500,000 28% ( 1) ( ) 100,000,000 79.82% 8,000,000 39.37% ( 2) 1,650,000 100% ( 3) ( ) 500,000 100% ( 3) ( ) 3,000,000,000 50% ( 4) 1. 2003 10 31 Arbed 2. 39.37% 39.37% 3. 4. ( ) ( ) 2004 7 31 30 15 50% 11.4 38% 3.6-68 -

12% 50% (1) 2004 12 31 2003 12 31 2004 12 31 2003 12 31 24,583.19 130,136.23 10,896.98 13,898.97 562,800,463.41 623,054,063.56 451,004,199.22 436,967,878.90 109,438,803.40 183,258,092.37 108,225,396.50 177,506,786.44 201,552,697.22 2,005,337.15 140,042,872.46 2,005,337.15 147,784,073.54 647,888.55 138,770,106.18 647,888.55 374,887,644.05 940,142,513.36 374,887,644.05 940,142,513.36 5,143,627.00 5,549,047.63 5,143,627.00 5,549,047.63 12,908,223.40 1,319,948.90 12,908,223.40 1,319,948.90 666,799.93 747,238.99 666,799.93 747,238.99-38,650,000.00-38,650,000.00 46,054.86 46,054.86-166,089,264.69-166,089,264.69 1,581,342,234.69 1,795,504,266.74 1,397,795,085.27 1,603,550,538.89 1 8.2765 (2003 8.2767) 1 0.0797 (2003 0.0773) 1 11.2627 (2003 10.3383) 559,264.69 46,054.86 3 20,000,000.00 165,530,000.00 0%-2.88% (2) 2004 12 31 2003 12 31 2004 12 31 2003 12 31 1,491,646,798.50-1,491,646,798.50-4,941,745.00 8,417,000.00 4,941,745.00 8,417,000.00 686,239,398.42 167,809,375.25 686,239,398.42 128,209,874.00 2,182,827,941.92 176,226,375.25 2,182,827,941.92 136,626,874.00-69 -

2004 12 31 706,685,846.56 (2003 189,442,749.06 ) 2004 12 31 (3) 2004 12 31 2003 12 31 2004 12 31 2003 12 31 861,231,853.99 904,159,416.90 874,262,910.37 805,674,188.08 2,062,625,899.01 2,385,528,732.97 2,073,924,037.01 2,390,332,469.05 2,042,625,899.01 2,345,528,732.97 2,053,924,037.01 2,350,332,469.05 2,923,857,753.00 3,289,688,149.87 2,948,186,947.38 3,196,006,657.13 4,000,000.00 - - - 5% < > ( ) (4) 2004 12 31 2003 12 31 2004 12 31 2003 12 31 2,596,997,317.19 1,513,929,213.77 2,588,061,376.50 1,456,776,424.95 216,911,503.46 177,316,731.17 216,547,191.38 176,712,450.46 2,380,085,813.73 1,336,612,482.60 2,371,514,185.12 1,280,063,974.49 : 2004 12 31 2003 12 31 1 2,505,249,153.73 96.47% 125,179,619.72 1,402,552,166.27 92.64% 67,330,307.73 1-2 20,612.07 0.00% 6,183.62 310,500.00 0.02% 93,150.00 2-3 4,628.17 0.00% 2,776.90 2,633,721.22 0.18% 1,460,447.16 3 91,722,923.22 3.53% 91,722,923.22 108,432,826.28 7.16% 108,432,826.28 2,596,997,317.19 100% 216,911,503.46 1,513,929,213.77 100% 177,316,731.17-70 -

2004 12 31 2003 12 31 1 2,496,314,625.11 96.46% 124,815,731.26 1,346,606,154.59 92.44% 67,330,307.73 1-2 19,200.00 0.00% 5,760.00 310,500.00 0.02% 93,150.00 2-3 4,628.17 0.00% 2,776.90 1,426,944.08 0.10% 856,166.45 3 91,722,923.22 3.54% 91,722,923.22 108,432,826.28 7.44% 108,432,826.28 2,588,061,376.50 100% 216,547,191.38 1,456,776,424.95 100% 176,712,450.46 2004 12 31 2003 12 31 2004 12 31 2003 12 31 177,316,731.17 190,117,893.01 176,712,450.46 190,117,893.01-648,693.12 - - - 1,608,646.69-1,608,646.69 111,000.00 2,923,499.85 111,000.00 2,923,499.85 73,184,184.72-73,317,168.35 - (26,561,682.95) (17,920,053.82) (26,529,076.95) (17,875,641.41) (7,138,729.48) (61,947.68) (7,064,350.48) (61,947.68) 216,911,503.46 177,316.731.17 216,547,191.38 176,712,450.46 944,506,666.28 (2003 495,682,919.80 ) 944,506,666.28 (2003 472,749,935.28 ) 36.37%(2003 32.74%) 36.49%(2003 32.45%) : 2004 12 31 2003 12 31 2004 12 31 2003 12 31 9,193,264.65 10,323,304.88 9,193,264.65 10,323,304.88 147,217,065.75 108,830,613.60 147,217,065.75 108,830,613.60 4,717,658.18 7,466,029.23 4,717,658.18 7,466,029.23 4,271,274.05 8,885,217.28 4,271,274.05 8,994,240.24 78,511,382.59 55,157,806.83 78,511,382.59 55,157,806.83 97,417,415.94-97,381,473.03-46,491,282.60 68,584,232.36 46,491,282.60 68,584,232.36 158,319,902.63 121,381,365.65 158,319,902.63 98,448,381.13 109,982,423.12 87,705,590.01 109,982,423.12 87,705,590.01 107,479,817.09 38,966,125.72 107,479,817.09 30,817,885.15 11,086,013.25 3,183,204.61 11,086,013.25 3,183,204.61 210,548,407.13-210,548,407.13-314,523,671.22-314,523,671.22-69,040,753.94-69,040,753.94-68,758,977.28-68,758,977.28-49,045,542.27-49,045,542.27-56,602,510.15 1,552,981.95 56,602,510.15 1,552,981.95 12,719,664.50-25,439,329.00-10,638,610.10 730,310.32 10,638,610.10 730,310.32 23,227,476.21 12,553,498.25 23,227,476.21 12,553,498.25 28,405,706.62 36,825,825.01 28,405,706.62 24,739,739.75 1,618,198,819.27 562,146,105.70 1,630,882,540.86 519,087,818.31 ( ) 5% (5) - 71 -

2004 12 31 2003 12 31 2004 12 31 2003 12 31 42,159,832.84 40,974,479.75 24,837,579.44 23,480,585.73 7,083,307.99 6,630,286.69 1,241,878.97 1,174,029.29 35,076,524.85 34,344,193.06 23,595,700.47 22,306,556.44 : 2004 12 31 2003 12 31 1 36,281,343.42 86.06% 1,218,908.57 35,461,181.51 86.54% 1,174,029.29 1-2 602,034.90 1.43% 601,824.90 34,840.84 0.09% - 2-3 15,200.00 0.03% 1,320.00 217,202.88 0.53% 195,002.88 3 5,261,254.52 12.48% 5,261,254.52 5,261,254.52 12.84% 5,261,254.52 42,159,832.84 100% 7,083,307.99 40,974,479.75 100% 6,630,286.69 2004 12 31 2003 12 31 1 24,837,579.44 100% 1,241,878.97 23,480,585.73 100% 1,174,029.29 2004 12 31 2003 12 31 2004 12 31 2003 12 31 6,630,286.69 700,970.25 1,174,029.29 700,970.25-5,703,939.33 - - 12,143,024.40 225,377.11 11,367,847.02 473,059.04 (11,495,000.22) - (11,299,997.34) - (195,002.88) - - - 7,083,307.99 6,630,286.69 1,241,878.97 1,174,029.29 36,883,790.05 (2003 26,711,146.88 ) 23,909,915.37 (2003 18,721,216.66 ) 87.49%(2003 65.19%) 96.27%(2003 79.73%) 750,337.92 5% (6) 5% 2004 12 31 2003 12 31 2004 12 31 2003 12 31-11,684,988.53-11,684,988.53 98,969,756.81 31,400,788.02 98,969,756.81-50,183,283.27 6,277,900.00 50,183,283.27 - - 72 -

2,370,000.00-2,370,000.00-42,980,000.00-42,980,000.00 - - - 41,900,000.00-6,000,000.00-6,000,000.00-242,409.22 854,122.86-373,819.51 200,745,449.30 50,217,799.41 242,403,040.08 12,058,808.04 (7) 2004 12 31 2003 12 31 2,113,984,212.04 2,879,007.74 2,111,105,204.30 1,630,477,838.82 1,847,426.42 1,628,630,412.40 2,623,430,515.81-2,623,430,515.81 1,702,314,574.54 24,747,408.64 1,677,567,165.90 485,233,320.75-485,233,320.75 288,824,627.83 26,225.07 288,798,402.76 1,326,616,625.07 5,453,571.47 1,321,163,053.60 1,068,735,817.73 20,908,746.58 1,047,827,071.15 6,549,264,673.67 8,332,579.21 6,540,932,094.46 4,690,352,858.92 47,529,806.71 4,642,823,052.21 2004 12 31 2003 12 31 1,963,706,771.17 2,074,701.74 1,961,632,069.43 1,381,494,018.11 1,847,426.42 1,379,646,591.69 2,605,639,056.98-2,605,639,056.98 1,656,643,921.83 24,747,408.64 1,631,896,513.19 437,162,711.46-437,162,711.46 216,126,876.86 26,225.07 216,100,651.79 1,320,576,655.78 5,453,571.47 1,315,123,084.31 997,981,103.22 3,884,546.58 994,096,556.64 6,327,085,195.39 7,528,273.21 6,319,556,922.18 4,252,245,920.02 30,505,606.71 4,221,740,313.31 2004 12 31 2003 12 31 2004 12 31 2003 12 31 47,529,806.71 8,730,627.25 30,505,606.71 8,730,627.25-20,128,746.37 - - - - 9,779,600.00-9,248,143.38 18,670,433.09 8,443,837.38 21,774,979.46 (48,445,370.88) - (41,200,770.88) - 8,332,579.21 47,529,806.71 7,528,273.21 30,505,606.71 (8) 2004 1 1 / 2004 12 31 (i) 980,000.00 - - - 980,000.00 (ii)a 24,000,000.00 - - - 24,000,000.00 (5,206,401.50) - 161,026.32 - (5,045,375.18) 18,793,598.50-161,026.32-18,954,624.82 (ii)b 17,010,000.00-17,010,000.00-34,020,000.00 - - (2,137,971.92) - (2,137,971.92) - - 6,048.78-6,048.78 17,010,000.00-14,878,076.86-31,888,076.86-73 -

(ii)c 1,650,000.00 - - - 1,650,000.00 1,801,281.76-7,740,674.22 (681,784.21) 8,860,171.77 - - 1,090,723.04-1,090,723.04 3,451,281.76-8,831,397.26 (681,784.21) 11,600,894.81 (ii)c 500,000.00 - - - 500,000.00 791,832.06-833,751.37-1,625,583.43 1,291,832.06-833,751.37-2,125,583.43 / (iii) 193,749,075.22 (210,062,511.97) 26,282,676.14 (9,969,239.39) - 18,683,663.83-23,252,832.17 (12,569,569.26) 29,366,926.74 212,432,739.05 (210,062,511.97) 49,535,508.31 (22,538,808.65) 29,366,926.74 44,140,000.00-17,010,000.00-61,150,000.00 (2,613,287.68) - 6,597,479.99 (681,784.21) 3,302,408.10 - - 1,096,771.82-1,096,771.82 / 212,432,739.05 (210,062,511.97) 49,535,508.31 (22,538,808.65) 29,366,926.74 253,959,451.37 (210,062,511.97) 74,239,760.12 (23,220,592.86) 94,916,106.66 - - - - - 253,959,451.37 (210,062,511.97) 74,239,760.12 (23,220,592.86) 94,916,106.66 2004 1 1 /2004 12 31 10,000,000.00 - (10,000,000.00) - (i) ( ) ( ) 700,000 0.1% 980,000.00 (ii) (ii)a 2000 20,000,000.00 25% 2004 4 1 5% 30% 2004 536,754.41 (2003 432,085.44 ) 2004 161,026.32 (ii) ( ) - 74 -

(ii)b 2003 10 31 Arbed 121,500,000.00 28% 34,020,000.00 34,020,000.00 2004 7,635,613.99 2004 28% 2,137,971.92 (ii)c (iii) / 2004 1 1 2004 12 31 ( ) 5 193,749,075.22 26,282,676.14 (9,969,239.39) (210,062,511.97) - 6 18,683,663.83 23,252,832.17 (12,569,569.26) - 29,366,926.74 212,432,739.05 49,535,508.31 (22,538,808.65) (210,062,511.97) 29,366,926.74 : 2004 4 1 10% 139,372,000.00 ( ) 2004 4 1 2004 12 31 2003 12 31 1,816,703,617.60 1,335,874,606.57 370,598,419.82 1,303,203,274.49-1,059,484,557.52 45,678,802.63-324,919,617.19 243,718,716.97 1,395,262,496.10-1,395,262,496.10-50,842,701.68 32,671,332.08 18,954,624.82 15,661,332.08 31,888,076.86 17,010,000.00-75 -

980,000.00-980,000.00-29,366,926.74 193,749,075.22-193,749,075.22 29,366,926.74-1,847,050,544.34 1,529,623,681.79 (9) 2004 1 1 19,852,273,871.11 64,129,119,651.46 9,526,157,463.90 9,421,337,191.47 102,928,888,177.94 4,462,063.67 76,433,692.25-2,141,580.00-78,754,175.92 - -115,134,144.94-674,018,378.61-53,252,294.99-24,139,091.47-866,543,910.01 1,036,494.26 47,898,312.52 31,314,479.32 86,534,868.52 166,784,154.62 192,491,046.62 1,988,111,042.70 52,979,802.17 407,972,604.76 2,641,554,496.25-3,342,600.00-975,622.60-273,320.00-1,823,980.87-6,415,523.47-18,417,719.33-311,012,951.07-123,054,287.45-166,328,325.74-618,813,283.59 2004 12 31 19,913,369,011.39 65,255,555,746.65 9,431,730,262.95 9,644,799,090.75 104,245,454,111.74 2004 1 1-8,558,593,675.53-36,434,326,154.66-8,095,362,564.48-6,300,573,867.63-59,388,856,262.30-4,002,957.32-47,549,546.50 1,717,567.77 49,834,936.05-115,134,144.94 674,018,378.61 53,252,294.99 24,139,091.47 866,543,910.01-1,533,073,644.88-5,206,388,715.26-717,010,528.10-1,183,621,378.48-8,640,094,266.72 3,092,380.95 485,686.80 262,387.20 1,033,612.87 4,874,067.82 14,073,478.85 238,508,733.15 94,740,695.36 148,573,167.45 495,896,074.81 2004 12 31-9,963,370,272.99-40,775,251,617.86-8,662,400,147.26-7,260,614,438.27-66,661,636,476.38 2004 12 31 9,949,998,738.40 24,480,304,128.79 769,330,115.69 2,384,184,652.48 37,583,817,635.36 2004 1 1 11,293,680,195.58 27,694,793,496.80 1,430,794,899.42 3,120,763,323.84 43,540,031,915.64 2004 1 1 19,440,596,344.98 62,640,094,737.67 9,450,851,164.04 9,303,599,646.67 100,835,141,893.36 208,320,209.61 624,155,270.96 13,307,385.28 16,075,939.00 861,858,804.85 213,629.21 44,982,586.32 30,729,209.32 83,885,890.58 159,811,315.43-76 -

161,877,661.57 1,014,114,740.10 52,289,799.17 400,647,781.76 1,628,929,982.60-3,342,600.00-975,622.60-273,320.00-2,462,391.50-7,053,934.10-18,417,719.33-297,541,353.29-121,293,405.26-165,332,059.90-602,584,537.78 2004 12 31 19,789,247,526.04 64,024,830,359.16 9,425,610,832.55 9,636,414,806.61 102,876,103,524.36 2004 1 1-8,424,669,061.88-35,712,046,503.24-8,037,794,067.09-6,225,766,935.29-58,400,276,567.50-1,526,342,477.77-5,163,082,056.10-715,537,587.60-1,180,325,475.95-8,585,287,597.42 3,092,380.95 485,686.80 262,387.20 1,033,612.87 4,874,067.82 14,073,478.85 233,436,377.06 93,589,771.73 147,794,213.58 488,893,841.22 2004 12 31-9,933,845,679.85-40,641,206,495.48-8,659,479,495.76-7,257,264,584.79-66,491,796,255.88 2004 12 31 9,855,401,846.19 23,383,623,863.68 766,131,336.79 2,379,150,221.82 36,384,307,268.48 2004 1 1 11,015,927,283.10 26,928,048,234.43 1,413,057,096.95 3,077,832,711.38 42,434,865,325.86 2003 2004 12 31 307,510,100.25 2004 12 31 2003 12 31 2004 12 31 2003 12 31 45,203,437.79 40,611,777.23 42,109,587.69 40,611,777.23-3,093,850.10 - - 1,966,481.74 3,945,749.69 1,966,481.74 3,945,749.69 (44,887,098.08) (2,447,939.23) (41,793,247.98) (2,447,939.23) 2,282,821.45 45,203,437.79 2,282,821.45 42,109,587.69 2004 12 31 6,203,268.23 22,753,305.18 (10) 5,641,329,376.96 9,137,282,608.13 (651,206,951.40) (1,100,031,963.97) (2,641,554,496.25) (18,087,693.35) 10,367,730,880.12-77 -

27,081,338,850.00 0.01%-95.98% 4,726,401,503.16 5,575,400,558.37 59,589,715.78 8,650,231,778.82 (1,302,413,902.80) (2,159,011,327.30) (1,628,929,982.60) 9,194,866,840.27 24,039,948,850.00 0.01%-95.98% (11) 2004 1 1 2004 12 31 1,308,129.84 - (216,685.56) 1,091,444.28 1,689,516.89 - (187,724.07) 1,501,792.82 567,338.17 550,000.00 (195,224.15) 922,114.02-199,375,033.55 (32,625,005.49) 166,750,028.06 3,564,984.90 199,925,033.55 (33,224,639.27) 170,265,379.18 2004 1 1 2004 12 31-199,375,033.55 (32,625,005.49) 166,750,028.06 (12) 2004 1 1 2004 12 31 71,755,077.88 39,819,148.82 (51,327,065.44) 60,247,161.26-22,799,288.23-22,799,288.23 6,119,726.34 4,354,081.37 6,121,447.07 4,352,360.64 77,874,804.22 66,972,518.42 (57,448,512.51) 87,398,810.13 2004 1 1 2004 12 31-78 -

63,829,269.30 39,198,607.05 (48,900,108.44) 3,227,268.00 57,355,035.91-22,799,288.23 - - 22,799,288.23-3,634,157.17 (6,121,447.07) 6,679,408.84 4,192,118.94 63,829,269.30 65,632,052.45 (55,021,555.51) 9,906,676.84 84,346,443.08 (13) 2004 12 31 2003 12 31 148,500,000.00 6 4.536% - 480,000,000.00 6 1 4.536 5.301% 50,000,000.00 30,000,000.00 64.536 4.698% 40,000,000.00 50,000,000.00 1 5.0445 5.301% - - 40,000,000.00-20,000,000.00-100,000,000.00-5,000,000.00 100,000,000.00 6 4.536% - 25,000,000.00 6 4.536% - 100,000,000.00 6 4.536% - 248,295,000.00 1 LIBOR+0.34% - - 1,440,000.00 ( (3)) 4,000,000.00-1,185,795,000.00 256,440,000.00 2004 12 31 2003 12 31 248,295,000.00 1 LIBOR+0.34% - (14) 19,526,622.33 (2003 83,612,273.58 ) 19,526,622.33 (2003 44,779,273.58 ) 5% (15) 5% 2004 12 31 2003 12 31 2004 12 31 2003 12 31 1,161,409,154.09 864,963,721.15 1,161,395,554.09 864,960,130.37 22,668,618.62 12,925,851.47 22,668,618.62 12,925,851.47 35,311,787.70 6,124,246.00 35,311,787.70 6,124,246.00 4,991,774.54 9,643,908.40 4,991,774.54 9,643,908.40 5,633,120.77 4,669,283.99 5,633,120.77 4,669,283.99 18,181,399.25 6,317,414.01 18,181,399.25 6,317,414.01 8,086,323.89 12,138,060.38 8,086,323.89 12,138,060.38 6,732,765.99 3,530,720.70 6,732,765.99 3,530,720.70 5,057,994.70 719,532.00 5,057,994.70 719,532.00 51,942,295.05 90,385,111.07 51,928,705.05 85,106,309.84 72,686,360.05 68,590,377.30 72,686,360.05 68,590,377.30 175,801,807.54 108,924,580.42 175,801,807.54 108,924,580.42 28,150,543.03 27,382,552.17 26,117,410.58 26,277,552.17-79 -

5,463,761.18 20,681,247.99 5,463,761.18 20,681,247.99 21,007,641.76 38,725,856.11 21,000,410.76 38,725,856.11 718,522.13 14,908,254.32 718,522.13 14,908,254.32 25,701,796.34 8,369,895.69 25,701,796.34 8,332,500.38 29,368,306.53 3,507,752.85 29,368,306.53 3,507,752.85 23,317,521.63 19,162,973.70 23,317,521.63 19,162,973.70 30,728,117.81 2,218,306.33 24,741,485.51 2,209,729.55 40,304,634.92 8,510,224.57 40,304,634.92 8,510,224.57 - - 18,775,246.12 10,380,408.00 8,850,379.93 566,489.85 8,850,379.93 566,489.85 4,335,157.92-8,670,315.84-87,465,193.72 81,067,146.51 81,675,962.81 66,085,615.20 1,873,914,979.09 1,414,033,506.98 1,883,181,966.47 1,402,999,019.57 (16) 5% 2004 12 31 2003 12 31 2004 12 31 2003 12 31 309,290,425.53 252,342,317.89 309,290,425.53 222,600,927.48 563,984,518.47 285,930,678.03 563,984,518.47 250,335,814.73 100,237,308.51 133,349,828.61 100,237,308.51 133,349,828.61 - - - 150,187,446.44 19,962,579.80 9,127,754.20 19,962,579.80 9,127,754.20 175,602,707.91 71,735,988.60 175,602,707.91 11,958,000.16 27,464,600.90 16,112,678.35 27,464,600.90 16,112,678.35 4,485,375.27 4,494,883.31 6,235.39 2,060.33 3,656,980.87 3,998,444.60 3,656,980.87 3,998,444.60 1,232,408.55 4,648,173.53 1,232,408.55 4,648,173.53 867,088.91 4,478,501.96 867,088.91 4,478,501.96 120,444,237.22 108,482,221.53 120,444,237.22 85,576,510.53 - - 7,847,005.67 15,759,263.42 62,309,726.55 45,186,890.12 62,309,726.55 - - - 134,650,178.08-48,446,839.59-48,446,839.59-8,369,377.31 - - - 15,486,792.93 58,052,127.50 15,339,955.08 46,093,934.20 1,461,840,968.32997,940,488.23 1,591,342,797.03 954,229,338.54 (17) 2004 12 31 2003 12 31 2004 12 31 2003 12 31-6,003,655.00 - - 3,480,947.30 2,480,415.91 - - 3,480,947.30 8,484,070.91 - - (18) 2004 12 31 2003 12 31 2004 12 31 2003 12 31 397,161,549.71 496,946,353.22 405,839,231.31500,796,595.86 739,763.11 906,989.59 696,682.69 903,639.59-80 -

436,635,470.38 205,346,734.97 406,699,851.40152,364,064.08 53,282,273.39 25,865,930.55 53,211,418.51 25,763,285.63 28,265,550.01 35,128,751.14 28,152,316.52 35,119,030.71 55,425,009.14 83,481,007.25 54,894,544.75 82,129,085.20 971,509,615.74 847,675,766.72 949,494,045.18797,075,701.07 (19) 2004 12 31 2003 12 31 2004 12 31 2003 12 31 12,241,778.72 15,178,840.53 12,065,278.25 15,051,012.90-6,921.54 - - 6,228.00-6,228.00-4,015,515.91 5,007,667.01 4,015,445.48 5,010,690.29 16,263,522.63 20,193,429.08 16,086,951.73 20,061,703.19 (20) 2004 12 31 2003 12 31 2004 12 31 2003 12 31 75,302,843.20 54,600,313.09 74,009,084.91 50,010,291.04 13,876,293.09 19,342,527.80 13,876,293.09 19,342,527.80 3,436,347.12 3,869,343.43 3,436,347.12 3,869,343.43 1,113,311.69 1,113,351.69 1,113,311.69 1,113,351.69 1,383,091.90 2,347,391.90 1,383,091.90 2,347,391.90-3,690,000.00-3,690,000.00 8,885,001.93 6,243,122.72 8,885,001.93 6,099,159.73 50,000,000.00 50,000,000.00 50,000,000.00 50,000,000.00 24,321,895.15 66,370,294.12 19,681,206.34 36,511,620.13 178,318,784.08 207,576,344.75 172,384,336.98 172,983,685.72 3 5% (21) (22) 2004 12 31 2003 12 31 1,630,000,000.00 2-5 4.536%~4.698% 2,265,000,000.00 865,000,000.00 2-5 4.698% 1,265,000,000.00 50,000,000.00 5 4.536% 50,000,000.00 3,291,074.51 27,238,578.08 9-13 6.25% 4,449,275.39 36,825,317.58-81 -

7,537,812,298.64 600,763,640.21 5-14 3.8% LIBOR+0.25% 10,562,095,499.77 816,449,982.13 51,967,372.02 430,107,954.49 3-14 6.35% LIBOR+0.3% 85,142,555.27 704,699,387.15 61,256,038.49 689,908,384.66 12-14 FIBOR/LIBOR+0.33% 73,827,162.36 763,247,352.59 25,052,412.49 282,157,806.14 4 LIBOR+0.3% 30,063,242.48 310,802,819.64 1,802,402,020.85 143,651,441.14 5 LIBOR+0.25% 3,004,284,931.50 232,231,225.20 - - 5 LIBOR+0.3% 48,000,000.00 397,281,600.00 4,718,827,804.72 6,841,537,684.29 26,585,194.62 220,032,363.26 38,749,529.31 320,718,229.26 4,246,062,181.64 338,411,155.88 4,264,797,727.43 329,668,864.33 22,628,224.35 254,854,902.87 17,881,990.23 184,869,379.54 813,298,422.01 835,256,473.13 3,905,529,382.71 6,006,281,211.16 5,134,609,604.19 ( 409,228,385.46 ) 47,506,038.49 ( 535,046,259.66 ) 7,025,183.19 ( 58,143,928.55 ) 1 8.2765 (2003 : 8.2767) 1 0.0797 (2003 : 0.0773) 1 11.2627 (2003 : 10.3383) 200 5 60 80 60 18 24 18 7,500 4,000 ( 4 ) 3,500 ( 3 ) 4,000 2,000 1,002,418,573.67 2001 9,748,480,000 9,830,000,000 2006 12 31 2003 5 2008 2004 7 2005 2004 12 31 1,417,134,125.00 (2003 2,126,148,275.00 ) 1,821,280,000.00 (2003 2,574,200,000.00 ) 193,460,000.08 (2003 281,900,000.00 ) 281,567,500.00 (2003 ) (23) 2004 12 31 2003 12 31-82 -

7,600,000,000.00 10,200,000,000.00 1,800,000,000.00 2,400,000,000.00 9,400,000,000.00 12,600,000,000.00 2,600,000,000.00 2,600,000,000.00 600,000,000.00 600,000,000.00 3,200,000,000.00 3,200,000,000.00 5,000,000,000.00 7,600,000,000.00 1,200,000,000.00 1,800,000,000.00 6,200,000,000.00 9,400,000,000.00 2003 2009 2003 2006 2,600,000,000.00 2007 2009 800,000,000.00 2003 2005 2006 2009 800,000,000.00 2002 2009 12 5 2004 12 31 324,000,000.00 2004 152,000,000.00 2003 120,000,000.00 2002 52,000,000.00 2002 10 29 2003 2007 2003 2007 600,000,000.00 (24) 12,512,000,000 1 : 2004 1 1 2004 12 31 - ( ) 10,635,000,000 - - 10,635,000,000 10,635,000,000 - - 10,635,000,000 1,877,000,000 - - 1,877,000,000 12,512,000,000 - - 12,512,000,000 (25) - 83 -

2004 1 1 2004 12 31 5,726,556,609.73 - - 5,726,556,609.73 5,825,894,676.00 - - 5,825,894,676.00 146,398.78 33,188.77-179,587.55 405,900,314.37 55,279,850.21-461,180,164.58-65,965,316.18-65,965,316.18 22,029,097.79 876,663.91 (830,793.32) 22,074,968.38 14,014,506.28 6,788,485.99 (356,287.64) 20,446,704.63 11,994,541,602.95 128,943,505.06 (1,187,080.96) 12,122,298,027.05 (i) (ii) (iii) 2004 1 1 2004 12 31 5,726,556,609.73 - - 5,726,556,609.73 5,825,894,676.00 - - 5,825,894,676.00 146,398.78 33,188.77-179,587.55 405,900,314.37 55,279,850.21-461,180,164.58 22,029,097.79 130,736,334.85 (830,793.32) 152,765,432.64 14,014,506.28 8,859,447.41 (356,287.64) 22,517,666.05 11,994,541,602.95 194,908,821.24 (1,187,080.96) 12,188,263,343.23 (iv) (26) 2004 1 1 2004 12 31 1,695,488,355.04 959,059,531.17 (14,681,805.22) 2,639,866,080.99 1,695,488,355.04 959,059,531.17 (14,681,805.22) 2,639,866,080.99 1,030,699,874.98 961,228,953.07 (14,681,805.22) 1,977,247,022.83 143,603.20 1,246,102.09-1,389,705.29 718,015.99 1,246,102.09-1,964,118.08 4,422,538,204.25 2,881,840,219.59 (44,045,415.66) 7,260,333,008.18-84 -

2004 1 1 2004 12 31 1,678,637,127.92 950,673,891.10 2,629,311,019.02 1,678,637,127.92 950,673,891.10 2,629,311,019.02 1,016,018,069.76 950,673,891.10 1,966,691,960.86 4,373,292,325.60 2,852,021,673.30 7,225,313,998.90 10% 50% 25% 5% 10%, (27) 2004 12 31 2003 12 31 6,537,016,720.48 1,714,734,450.12-2,502,400,000.00 6,537,016,720.48 4,217,134,450.12 44,045,415.66-6,581,062,136.14 4,217,134,450.12 9,395,231,383.35 6,975,724,979.87-959,059,531.17 718,250,170.74-959,059,531.17 718,250,170.74-961,228,953.07 716,080,748.84-1,246,102.09 718,015.99-1,246,102.09 143,603.20-3,128,000,000.00 2,502,400,000.00 9,966,453,299.90 6,537,016,720.48 2004 12 31 2003 12 31 6,624,527,055.41 1,714,734,450.12-2,502,400,000.00 6,624,527,055.41 4,217,134,450.12 9,506,738,910.95 7,013,989,436.15-85 -

- 950,673,891.10 701,398,943.62-950,673,891.10 701,398,943.62-950,673,891.10 701,398,943.62-3,128,000,000.00 2,502,400,000.00 10,151,244,293.06 6,624,527,055.41 (28) 2005 3 14 2004 10 3.2 ( ) 4,003,840,000.00 2004 2004 17,512,000,000 10 3.2 ( ) 5,603,840,000.00 (29) 2004 2003 2004 2003 52,728,984,440.07 40,111,588,041.32 51,638,486,910.38 39,809,682,052.90 889,575,211.60 611,943,204.63 889,575,211.60 611,943,204.63 5,019,500,644.91 3,736,837,659.59 5,045,895,017.84 3,736,837,659.59 58,638,060,296.58 44,460,368,905.54 57,573,957,139.82 44,158,462,917.12 43,857,341,426.42 (2003 34,419,844,874.56 ) 43,055,728,295.27 (2003 34,359,562,469.57 ) 74.79%(2003 77.42%) 74.78%(2003 77.81%) (30) 2004 2003 2004 2003 36,184,358,569.95 26,766,192,952.10 35,383,348,576.30 26,477,273,391.06 453,919,866.46 344,529,770.38 454,118,346.90 344,529,770.38 4,798,158,163.81 3,714,702,723.08 4,737,186,755.39 3,714,702,723.08 41,436,436,600.22 30,825,425,445.56 40,574,653,678.59 30,536,505,884.52 (31) 2004 2003 2004 2003 3,049,818.01 3,168,435.72 3,032,472.59 3,168,435.72 291,104,980.86 251,383,992.00 289,436,305.03 251,372,604.56 124,759,574.80 107,736,384.44 124,044,130.79 107,731,116.26 418,914,373.67 362,288,812.16 416,512,908.41 362,272,156.54-86 -

(32) 10% : 2004 2003 2004 2003 2004 2003 53,618,560 40,723,531 36,638,279 27,110,723 16,980,281 13,612,808 5,019,500 3,736,838 4,798,158 3,714,702 221,342 22,136 58,638,060 44,460,369 41,436,437 30,825,425 17,201,623 13,634,944 2004 2003 2004 2003 2004 2003 52,528,062 40,421,625 35,837,467 26,821,804 16,690,595 13,599,821 5,045,895 3,736,838 4,737,187 3,714,702 308,708 22,136 57,573,957 44,158,463 40,574,654 30,536,506 16,999,303 13,621,957 (33) 2004 2003 2004 2003 372,525,257.94 470,846,350.22 362,010,182.85 468,042,720.22 11,170,762.12 23,777,894.01 9,804,110.60 22,937,013.20 68,898,246.71 310,223,857.44 68,395,079.74 310,192,192.46 4,971,592.11 4,237,229.56 4,748,636.70 4,156,016.89 435,224,334.64 761,529,543.21 425,349,788.69 759,453,916.37 2004 2003 (34) 2004 2003 2004 2003 22,214,815.21 45,040,951.86 21,879,759.56 45,040,951.86 /( ) 6,597,479.99 357,383.65 22,324,646.02 4,872,494.42 (22,538,808.65) (7,718,983.75) (20,981,836.91) (6,681,002.59) 14,700.00-14,700.00 - - 1,451,523.12-1,451,523.12-500,000.00 - - 4,295,071.20 - - - 77,938.15-77,938.15 - - 87 -

10,661,195.90 39,630,874.88 23,315,206.82 44,683,966.81 (i) /( ) (8) (ii) (8) (iii) (35) 2003 10 29 2003 9 12 2004 4 1 139,372,000.00 10% 2004 4 1 2004 3 31 ( ) 2004 3 31 671,525,090.60 21,262,488.19 964,720,476.84 59,994,585.78 3,352,296.61 10,314,177.84 1,731,169,115.86 (560,351,088.86) (196,885.29) (560,547,974.15) (45,369,643.14) 1,125,251,498.57 10% 112,525,149.86 ( 63,000.00 ) 139,435,000.00 26,909,850.14 : - 88 -

2004 3 31 2003 10 31 139,435,000.00 1,254,687,000.00 - (215,046,253.88) 139,435,000.00 1,039,640,746.12 1. 85% ( ) 2. 45,800,000,000 - - 45,800,000,000 646,000,000 - (646,000,000) - 8,000,000 - - 8,000,000 100,000,000 - - 100,000,000 1,650,000 - - 1,650,000 500,000 - - 500,000 3. % % 10,635,000,000 85.00% 10,635,000,000 85.00% - - 581,400,000 90.00% 3,149,600 39.37% 3,149,600 39.37% 79,820,000 79.82% 79,820,000 79.82% 1,650,000 100.00% 1,650,000 100.00% - 89 -

500,000 100.00% 500,000 100.00% 4. 5. : (1) 2004 2003 (1)a 30,032 33,346 (1)b 42,925,165 30,207,578 (1)c 29,888 241,433 (1)c 817,550 506,170 (1)c 296,930 658,006 (1)c 15,679 68,382 (1)c - 104,940 (1)c 125,078 16,852 (1)c 65,892 5,286 (1)c 515,879 424,537 (1)c 44,789 29,841 (1)c 42,695 47,953 (1)c 1,483,077 1,164,342 (1)c - 5,917 (1)c 86,948 - (1)c - 1,497,040 (1)c 60,615 - (1)c 46,733 26,982 46,586,950 35,038,605 (2) 2004 2003 (2)a 11,476,400 7,526,524 (2)b 1,705,404 1,267,420 (2)c 89,789 84,901 (2)c 687,438 261,324 (2)c 804,747 660,264 (2)c 199,434 184,951 (2)c 58,518 - (2)c 133,428 268,746 (2)c 80,703 199,922 (2)c 14,302 6,270 (2)c - 41,059 (2)c 6,424 - (2)c 4,346 - - 90 -

(2)c 60,687 26,319 (2)c 137,304 6,727 15,458,924 10,534,427 (3) : 2004 2003 (3)a 47,810 30,650 (3)b 31,183 33,251 (3)c 767,074 557,015 (3)d 82,790 52,808 (3)e 237,709 154,994 (3)f 17,772 60,802 (3)g 12,670 19,733 (3)h 683,231 449,217 (3)i 127,257 46,403 (3)j 76,390 56,495 (3)k 128,392 126,540 (3)k - 3,940 (3)l 2,290 10,040 (3)l 3,309 9,860 (3)m - 200,000 (3)m - 1,452 (3)n 152,000 120,000 (3)o 208,516 160,137 (3)p 21,249 226 (3)q 1,203,445 20,523 (3)r 92,468 87,164 (3)s - 444,228 (3)t 139,372 1,023,501 : (1) (a) 30,031,514 (2003 33,345,635 ) (b) ( ) 1% 5% 42,146,468,144-91 -

(2003 29,694,942,216 ) 512,019,672 (2003 476,679,826 ) 710,122,258 (2003 440,544,388 ) 10,604,160 (2003 27,514,672 ) 2,218,380 (2003 2,726,314 ) 48,564,784 (2003 34,565,470 ) 7,187,574 (2003 7,284,884 ) (c) 1,068,254,761 (2003 3,009,039,194 ) 141,258,582 (2003 85,809,080 ) 465,299,571 (2003 391,995,734 ) 753,264,127 (2003 477,422,369 ) 86,948,203 (2003 ) 58,085,019 (2003 41,862,118 ) 1,058,643,040 (2003 791,554,826 ) (2) (a) 1% 2.5% 11,275,282,791 (2003 7,339,306,036 ) - 92 -

126,877,095 (2003 95,577,094 ) 201,117,014 (2003 187,218,000 ) (b) 1,649,862,688 (2003 1,214,393,439 ) 55,540,961 (2003 53,026,851 ) (c) 758,035,724 (2003 146,642,341 ) 319,532,519 (2003 274,997,138 ) 1,199,554,417 (2003 1,318,843,644 ) (3) (a) (b) (c) ( ) ( ) ( ) ( ) ( ) ( 2004 ) ( ) (d) (e) ( ) - 93 -

- 94 - (f) (g) (h) 2002 7 2002 7 (i) (j) 1% 5% 76,390,188 (2003 56,495,227 ) (k) 20 2001 9 20 74,000,000 32,000,000 2002 11 20 22,800,000 2003 5 20,540,000 2004 8 20 130,985,000 128,392,083 10 8,000,000 2002 4,730,000 2003 3,940,000

(l) ( ) 0.3% (m) 2003 6 23 ( ) 3.5% 3.5% 60% 2003 1,451,523 2003 9 25 (n) 2002 2009 12 5 (23) (o) ( ) (p) 2001 1% 750,338 2004 2.5% 20,499,000 (q) - 95 -

2,399,749,965.61 2004 4 13 50% 50% (r) 2002 8 92,468,152 (2003 87,164,200 ) (s) 2003 10 31 444,228,045.03 (t) 2003 10 31 802,085,900 57.55% 221,414,900 79.82% 988,936,500 34,564,300 2004 4 1 139,372,000 10% (u) 593,190,188.21 (v) 2004 12 31 6. (1) (3) (4) (6) (14) (15) (16) (23) - 96 -

2004 12 31 2003 12 31 12,591,143,240.71 11,073,945,903 4,604,635,850.82 911,936,383 17,195,779,091.53 11,985,882,286 2004 12 31 2003 12 31 144,472,877.00 127,165,114 140,494,438.00 127,165,114 140,209,738.00 127,165,114 1,849,216,002.67 1,763,797,482 2,274,393,055.67 2,145,292,824 2004 8 10 2004 9 21 50 30 20 / 2004 9 27 2004 2005 1 19 1 50-97 -

- 98 - / ( / ) / ( ) ( ) ( ) ( ) ( ) ( ) 100% ( ) 74.01% ( ) 54% ( ) 100% ( ) 57.22% ( ) 1780 ( ) ( ) / 50% 100%

/ 2004 8 11 ( ) ( ) ( ) ( ) / / 50 / (1) (2) (3) / / 2004 2003 - - - - /( ) - - /( ) (2,817,557,480.79)(1,906,959,423.00) - - - 99 -

2005 3 14 40.09% 44.07% 1.34 1.34 32.34% 35.55% 1.08 1.08 22.44% 24.67% 0.75 0.75 22.34% 24.56% 0.75 0.75 2001 1 19 9 / 2004 2003 26,587,824.56 45,040,951.86-1,451,523.12 1,538,087.03 150,000.00 /( ) 38,814,036.85 (156,507,850.05) 111,000.00 2,923,499.85 (24,066,882.99) 34,989,450.16 42,984,065.45 (71,952,425.06) - 100 -

2003 12 31 2004 12 31 177,316,731.17 73,295,184.72-33,700,412.43 216,911,503.46 6,630,286.69 12,143,024.40-11,690,003.10 7,083,307.99 47,529,806.71 9,248,143.38-48,445,370.88 8,332,579.21 45,203,437.79 1,966,481.74-44,887,098.08 2,282,821.45 176,712,450.46 73,428,168.35-33,593,427.43 216,547,191.38 1,174,029.29 11,367,847.02-11,299,997.34 1,241,878.97 30,505,606.71 18,223,437.38-41,200,770.88 7,528,273.21 42,109,587.69 1,966,481.74-41,793,247.98 2,282,821.45-101 -

1 2 3 2005 3 14-102 -