Beijing Gehua CATV Network Co., LTD.

2005 2 2 3 5 9 13 15 16 25 26 29 69 1

2005 1 2 3 4 1 Beijing Gehua CATV Network Co.,LTD. BGCTV 2 3 35 010-62035573 010-62035573 E-mail 600037@bgctv.com.cn 35 010-96196 8249 010-62035573 E-mail 110037@bgctv.com.cn 4 35 35 100083 www.bgctv.com.cn bgctv@bgctv.com.cn 5 www.sse.com.cn 6 A A A 600037 110037 7 1999 9 29 1100001090593 2-2 110108700233649000 22 2

2005 : : 321,905,606.73 270,470,952.93 270,294,443.76 382,130,511.03 766,922.27 321,422,492.16 333,416.94 149,697.63 532,456,053.99 77,905,788.04 : : -164,405.09-239,099.54 586,161.14-6,147.34 176,509.17 1 2005 164,405.09 2 2005 281,665.00 3 2005 552,932.50 2005 2004 : : 2003 (%) 894,781,354.40 722,838,073.41 23.79 669,771,791.19 321,905,606.73 240,228,652.41 34.00 274,742,228.29 270,470,952.93 203,982,180.83 32.60 236,112,785.90 270,294,443.76 206,086,007.37 31.16 195,000,421.17 3

2005 0.46 0.58-20.69 0.67 % 10.80 10.47 0.33 10.80 10.58 0.22 % 13.10 10.61 2.49 % 532,456,053.99 549,243,401.78-3.06 462,137,464.16 0.90 1.56-42.31 1.32 12.62 10.42 10.97 2005 2004 2003 (%) 4,024,404,417.60 3,791,566,835.54 6.14 2,352,404,394.84 2,503,283,425.02 1,948,423,216.76 28.48 1,870,563,251.21 4.25 5.55-23.42 5.33 4.23 5.52-23.37 5.31 1 2005 2005 2005 2005 237,720,170 2 ( )0.46 / 20.69% 334,933,000.00 237,720,170 2004 2005 0.77 / 2004 32.76% 3 2006 2 16 3000 660,840,290 0.41 : : 351,000,888.00 1,166,514,854.42 193,480,455.55 77,924,750.01 237,427,018.79 1,948,423,216.76 237,720,170.00 310,200,329.58 54,743,332.44 27,371,666.22 270,470,952.93 873,134,784.95 210,880,916.00 107,393,660.69 318,274,576.69 588,721,058.00 1,265,834,268.00 248,223,787.99 105,296,416.23 400,504,311.03 2,503,283,425.02 ( ) 554,860,208.26, 1. 237,720,170 2005 2. 99,319,413.58 308,093,746.00 2,021,534.43 210,880,916 3. 54,743,332.44 54,743,332.44 4. 163,077,292.24 270,470,952.93 2004 52,650,328.25 54,743,332.44 4

2005 1 (%) : (%) 1 247,000,000 70.37 +148,200,000 +148,200,000 395,200,000 67.13 247,000,000 70.37 +148,200,000 +148,200,000 395,200,000 67.13 2 3 4 247,000,000 70.37 +148,200,000 +148,200,000 395,200,000 67.13 1 104,000,888 29.63 +62,680,916 +26,839,254 +89,520,170 193,521,058 32.87 2 3 4 104,000,888 29.63 +62,680,916 +26,839,254 +89,520,170 193,521,058 32.87 351,000,888 100 +210,880,916 +26,839,254 +237,720,170 588,721,058 100 2 (1) : 2004 5 12 100 12.5 2004 5 28 12.5 2009 5 11 (2) 2005 2005 10 6 210,880,916 26,839,254 588,721,058 395,200,000 193,521,058 5

2005 3 1 21984 : (%) 63.42 373,363,328 373,363,328 1.99 11,700,000 1.49 8,800,728 1.28 7,514,544 6,823,856 1.19 7,000,000 50 1.07 6,328,532 0.93 5,459,168 5,459,168 0.93 5,459,168 5,459,168 0.85 4,994,183 0.82 4,849,915 11,700,000 8,800,728 7,000,000 50 6,328,532 4,994,183 4,849,915 4,588,217 4,102,309 3,916,440 3,833,170 6

2005 2 1 6,000 2003 7 18 2 16,000 2003 3 26 [2005]5 2005 7 12 6 100 63.42% 7

2005 3 10% 10% 1 [2004]50 2004 5 12 12.5 2004 5 28 5 2004 11 12 2009 5 11 2004 4 30 5 21 http://www.sse.com.cn 2 2131 (%) 57,298,000 6.26 50,678,000 5.54 50,000,000 5.46 45,371,000 4.96 43,111,000 4.71 31,128,000 3.40 30,905,000 3.38 30,180,000 3.30 30,000,000 3.28 UBS LIMITED 28,896,000 3.16 3 1,249,980,000 334,933,000 915,047,000 4, 334,953,000 (110037) 26,839,254 26,840,142 4.559% 915,047,000 73.204% 5 1, 2003 2004 6 21 ( 2004 6 16 http://www.sse.com.cn) 8

2005 2, 2004 2004 12 9 ( 2004 12 3 http://www.sse.com.cn) 3, 2005 6 2 2005 6 3 ( 2005 6 3 http://www.sse.com.cn) 4, 2004 2005 7 4 ( 2005 6 29 http://www.sse.com.cn) 5, 2005 2005 9 29 ( 2005 9 26 http://www.sse.com.cn), 12.35 6 7 2006 2 16 3000 2006 3 8 1 : : ( ) 41 2004 8 2005 12 0 0 33.17 43 2002 12 2005 12 0 0 30.63 52 2002 12 2005 12 0 0 28.07 52 2002 12 2005 12 0 0 27.43 41 2002 12 2005 12 0 0 27.43 41 2005 7 2005 12 0 0 19.30 9

2005 49 2002 12 2005 12 0 0 43 2002 12 2005 12 0 0 38 2002 12 2005 12 0 0 56 2002 12 2005 12 0 0 4.2 71 2002 12 2005 12 0 0 4.2 45 2002 12 2005 12 0 0 4.2 48 2002 12 2005 12 0 0 4.2 42 2003 6 2005 12 0 0 4.2 42 2003 6 2005 12 0 0 11.55 52 2002 12 2005 12 0 0 40 2005 6 2005 12 0 0 58 2002 12 2005 12 0 0 27.43 52 2004 9 2005 12 0 0 27.61 44 2003 7 2005 12 0 0 25.28 44 2003 7 2005 12 0 0 25.28 40 2003 7 2005 12 0 0 25.28 45 2005 9 2005 12 0 0 25.28 34 2005 9 2005 12 0 0 22.85 0 0 377.59 2005 2005 7 2005 2 10

2005 211 11

2005 2003 10 1998 12 Jones / 12

2005 1 2005 6 18 http://www.sse.com.cn 2 2005 2005 7 26 http://www.sse.com.cn 3 ( 2005 9 10 http://www.sse.com.cn) 709 5 1 229 34 19 427 2 5 66 227 228 183 1 2 13

2005 3 14 5 4 5 6 7 1 13 12 0 1 13 12 1 0 13 12 1 0 13 11 1 1 13 13 0 0 14

2005 2 1 2 3 4 5 2005 5 13 2004 2005 5 14 1 2005 7 25 2005 2005 7 26 2 2005 9 16 2005 2005 9 17 3 2005 12 28 2005 2005 12 29 15

2005 1 2005 (1 (2 2005 286 (3) (4) CM 5 894,781,354.40 23.79% 382,130,511.03 12.18% 270,470,952.93 32.60% : : 2005 2004 (%) 894,781,354.40 722,838,073.41 23.79% 382,130,511.03 340,627,143.12 12.18% 270,470,952.93 203,982,180.83 32.60% 16

2005 2 (1 ARPU (2 (3 (4) 3 (1 : : % (%) 894,781,354.40 481,814,895.51 46.15 23.79 34.75 4.38 (2 : : ( ) 893,725,973.51 23.64 (3 5 3,394.88 14.30 4 : : 2005 12 31 2004 12 31 % 1,518,698,992.32 1,840,588,031.49-321,889,039.17-17.49% 4,024,404,417.60 3,791,566,835.54 232,837,582.06 6.14% 37.74% 48.54% 10.80 4,024,404,417.60, 6.14% 1,518,698,992.32, 17.49% 2005 37.74% 10.80, : 334,933,000 17

2005 5 : : 2005 2004 % 481,814,895.51 357,553,270.07 124,261,625.44 34.75% 34,856,074.07 41,219,581.35-6,363,507.28-15.44% 40,552,727.37 64,909,883.92-24,357,156.55-37.52% -13,933,860.30-7,771,911.62-6,161,948.68 79.28% 51,247,978.42 36,117,677.95 15,130,300.47 41.89% 543,289,836.65 455,910,823.72 87,379,012.93 19.17% 168.77% 189.78% 21.01, 2005 1 1, 543,289,836.65 19.17% 6 : : 2005 2004 % 532,456,053.99 549,243,401.78-16,787,347.79-3.06% -303,090,445.82-248,084,951.24-55,005,494.58 22.17% -151,459,820.13 1,017,506,137.16-1,168,965,957.29-114.89% 77,905,788.04 1,318,664,587.70-1,240,758,799.66-94.09% 532,456,053.99 3.06% -303,090,445.82 55,005,494.58 22.17% -151,459,820.13 1,168,965,957.29 125,000 7 (1) 18

2005 : : 90% 20,000,000 51,692,525.98 1,866,753.79 BBS 95% 40,000,000 42,743,463.09 47,739.90 95% 11,800,000 19,805,801.70 50,695.17 2 : : 33.33% 15% 75,000,000 52,502,544.43-359,043.04 40,000,000 81,657,180.41 7,098,517.70 19

2005 14.29% 4.49% 10% 3.125% 2,100,000 1,024,890.18-138,506.28 2005 11 28 100,000,000 123,276,228.23-20,309,630.01 2005 11 28 30,000,000 34,471,434.85 2,719,382.54 160,000,000 258,172,315.58-11,982,876.80 16000 10% 1 2 2006 20

2005 21 (1 (2 (3 (4 (5 ARPU 3 14,900,288.86 18,776,348.17

2005 1 2000 186 2001 1 4 A 8000 1.00 15.50 124,000 3,500 120,500 2005 12 31 92,537, 76.79% 27,963 1 : : ( ) ( ) 100,091 76,091 76.02% 10% 28.16% 2 12,485 7,977 63.89% 23.63% -9.23% 1 124,600 24,509 100,091 2005 12 31 76,091 24,000 2005 21,425 28.16 2003 6 12 2002 2003 6 13 http://www.sse.com.cn 2 2002 12,485 2005 12 31, 7,977 2005 1,005 2002 3 12 http://www.sse.com.cn 2 2004 125,000 120,520 19,398.66 12,163.22 101,121.34 : : 22

2005 19,790.91 3,731.68 18.86% 8.96% 18,853.31 2376.43 12.60% 7.64% 17,370.62 2,773.32 15.97% 8.16% 20,003.72 3,289.43 16.44% 8.55% 6,676.19 901.93 13.51% 7.31% 15,283.67 2047.45 13.40% 6.96% 10,612.03 4097.26 38.61% 12.89% 9,529.51 181.16 1.90% 14.25% 2,400 120,520 19,398.66 16.10% 3 : : 12,485 12,485 7,977-9.23 / 12,485 7,977 / / 4 1500 22.22% 33.33% 23

2005 ( ) 1 1) 2005 4 4 2005 4 6 2 2005 4 11 2005 4 13 3 2005 4 22 2005 4 23 4 2005 6 2 2005 6 3 5 2005 6 16 6 2005 17 2005 6 18 7 2005 6 24 2005 6 25 8 2005 7 25 2005 7 26 9 2005 8 12 2005 8 16 10 2005 9 9 2005 9 10 11 2005 10 26 2005 12 2005 11 17 2005 11 19 13 2005 11 25 2005 11 26 2 1 2004 2004 2005 7 8 10 1.50 52,650,328.25 2005 6 28 http://www.sse.com.cn 2 2005 2005 2005 10 10 10 6 210,880,916 2005 9 26 http://www.sse.com.cn 2005 270,470,952.93 10 27,371,666.22 24

2005 54,743,332.44 2005 400,504,311.03 10 3 2004 11 12 2006 2 16 3000 3 8 2005 2005 1 2 2006 1 4 2006 1 1 2006 1 5 http://www.sse.com.cn 1 151,869.90, 37.74% 2 :, 2004 5 12 2009 5 11, 2006 2 16 3000 2006 3 8, 2004 4 30 http://www.sse.com.cn 2005 1 2005 4 4 12004 22004 32004 2005 4 6 http://www.sse.com.cn 2 2005 6 16 1 25

2005 2 2005 6 17 http://www.sse.com.cn 3 2005 11 25 2005 11 26 http://www.sse.com.cn 2005 ( 1500 1 2003 7 28 2005 5 30 [2003] 3521 2005 11 7 [2005] 10083 26

2005 1 2 1 2004 1.172 / 2000 2343.5960 2005 11 19 http://www.sse.com.cn 2 169.9 0.51 1 : : 2005 2005 2005 5,000,000.00 5,000,000.00 0 0 41,833.60 0 0 41,833.60 / 5,041,833.60 5,000,000.00 0 41,833.60 41,833.60 2005 1 41,833.60 2005 500 41,833.60 2 1500 3000 2005 6 17 http://www.sse.com.cn 27

2005 1 5 2 2006 1 23 2 13 10 3 2006 3 3 G 2006 2005 70 2006 3 15 http://www.sse.com.cn 28

2005 ( ) 2003 56 2005 12 31 50% 2005 12 31 (2006) 0396 2005 12 31 2005 2005 12 31 2005 2006 3 13 29

2005 2005 12 31 2004 12 31.1 2,250,168,843.12 2,196,492,562.65 2,172,263,055.08 2,112,754,919.35.2 294,012.73 431,823.08 684,556.53 432,350.13.3 2,425,185.36 2,200,352.09 3,327,203.72 7,497,736.36.4 19,278,518.53 18,766,347.00 6,810,060.60 6,978,429.60.5 22,779,661.98 13,867,822.88 29,977,548.97 8,063,252.29.6 2,581,583.43 2,471,419.23 2,672,680.95 2,369,497.65 2,297,527,805.15 2,234,230,326.93 2,215,735,105.85 2,138,096,185.38.7 60,067,850.42 127,171,402.12 45,167,561.56 113,169,133.01 60,067,850.42 127,171,402.12 45,167,561.56 113,169,133.01.8 1,818,537,905.38 1,799,529,772.71 1,571,923,799.52 1,564,408,632.85.8 673,964,841.83 668,712,316.45 490,031,933.00 487,663,808.71 1,144,573,063.55 1,130,817,456.26 1,081,891,866.52 1,076,744,824.14 :.8 69,839.50 1,011,248.50 812,490.50 1,144,503,224.05 1,130,817,456.26 1,080,880,618.02 1,075,932,333.64.9 126,437,250.36 125,803,143.91 113,744,507.27 113,744,507.27.10 374,409,419.74 376,719,427.66 316,018,815.86 331,539,951.12 5,939.65 1,645,355,833.80 1,633,340,027.83 1,510,643,941.15 1,521,216,792.03.11 13,627,494.59 11,983,221.33 13,863,137.25 13,863,137.25.12 7,825,433.64 7,825,433.64 6,157,089.73 6,157,089.73 21,452,928.23 19,808,654.97 20,020,226.98 20,020,226.98 4,024,404,417.60 4,014,550,411.85 3,791,566,835.54 3,792,502,337.40 30

2005 2005 12 31 2004 12 31.13 47,838,725.42 44,063,555.20 59,027,922.76 55,470,126.92.14 200,713,871.60 190,997,567.92 188,978,617.47 186,839,561.20 22,517,931.56 22,502,391.56 21,782,992.27 21,782,992.27 14,187,875.45 12,925,453.88 8,683,351.39 8,146,811.64.15 5,652,315.90 5,331,626.11 79,431,626.11 79,431,626.11.16 16,027,625.52 15,485,617.32 18,366,443.94 17,768,646.94.17-117,612.60-126,484.80-13,774.49-23,365.52.18 22,585,981.30 17,120,629.93 64,376,609.52 67,191,288.94.19 39,457,895.15 42,433,830.46.20 216,133,569.24 216,025,305.24 119,239,512.46 119,195,731.16 584,998,178.54 566,759,492.82 559,873,301.43 555,803,419.66.21 924,400,813.78 924,400,813.78 1,260,361,944.47 1,260,361,944.47.22 9,300,000.00 9,300,000.00 20,352,785.59 20,352,785.59 933,700,813.78 933,700,813.78 1,280,714,730.06 1,280,714,730.06 1,518,698,992.32 1,500,460,306.60 1,840,588,031.49 1,836,518,149.72 2,422,000.26 2,555,587.29.23 588,721,058.00 588,721,058.00 351,000,888.00 351,000,888.00.24 1,265,834,268.00 1,265,834,268.00 1,166,514,854.42 1,166,514,854.42.25 248,223,787.99 248,223,787.99 193,480,455.55 193,480,455.55 105,296,416.23 105,296,416.23 77,924,750.01 77,924,750.01.26 400,504,311.03 411,310,991.26 237,427,018.79 244,987,989.71 2,503,283,425.02 2,514,090,105.25 1,948,423,216.76 1,955,984,187.68 4,024,404,417.60 4,014,550,411.85 3,791,566,835.54 3,792,502,337.40 : 31

2005 2005 2004.27 894,781,354.40 889,014,039.09 722,838,073.41 718,123,168.79 481,814,895.51 478,905,818.82 357,553,270.07 357,735,017.14.28 30,835,947.86 28,732,705.31 24,657,660.22 23,136,164.88 382,130,511.03 381,375,514.96 340,627,143.12 337,251,986.77.29 766,922.27 766,922.27 2,020,236.57 2,018,252.07 : 34,856,074.07 34,228,479.87 41,219,581.35 40,129,594.20 40,552,727.37 38,774,741.38 64,909,883.92 62,416,240.37.30-13,933,860.30-13,209,236.03-7,771,911.62-7,271,659.75 321,422,492.16 322,348,452.01 244,289,826.04 243,996,064.02.31 333,416.94 2,236,556.18-3,576,059.31-2,239,749.90 43,385.22 37,053.78 11,080.00.32-106,312.41-107,864.00 496,194.32 494,517.88 321,905,606.73 324,729,925.97 240,228,652.41 241,261,796.24 51,247,978.42 51,013,263.73 36,117,677.95 35,386,066.48 186,675.38 128,793.63.23 270,470,952.93 273,716,662.24 203,982,180.83 205,875,729.76 2005 2004 1 2 3 4 5 6 : 32

2005 2005 2004 270,470,952.93 273,716,662.24 203,982,180.83 205,875,729.76 237,427,018.79 244,987,989.71 201,162,199.20 206,829,621.19 507,897,971.72 518,704,651.95 405,144,380.03 412,705,350.95 27,371,666.22 27,371,666.22 20,587,572.98 20,587,572.98 27,371,666.22 27,371,666.22 20,587,572.98 20,587,572.98 453,154,639.28 463,961,319.51 363,969,234.07 371,530,204.99 52,650,328.25 52,650,328.25 126,542,215.28 126,542,215.28 400,504,311.03 411,310,991.26 237,427,018.79 244,987,989.71 : 33

2005 2005 967,604,737.26 956,173,585.02 - -.33 9,168,819.41 13,336,420.78 976,773,556.67 969,510,005.80 189,156,134.47 211,539,257.24 130,972,758.20 121,297,769.26 79,861,983.37 77,388,387.34.34 44,326,626.64 40,955,583.08 444,317,502.68 451,180,996.92 532,456,053.99 518,329,008.88 11,952,340.00 11,952,340.00 500,000.00 3,386,208.14 330,888.60 330,580.00.35 33,507,659.46 32,777,590.38 46,290,888.06 48,446,718.52 334,314,461.96 316,511,392.05 15,000,000.00 15,000,000.00 66,871.92 66,871.92 349,381,333.88 331,578,263.97-303,090,445.82-283,131,545.45 - - 148,757,809.49 148,757,809.49.36 2,702,010.64 2,702,010.64 151,459,820.13 151,459,820.13-151,459,820.13-151,459,820.13 77,905,788.04 83,737,643.30 : 34

2005 -- 2005 1 270,470,952.93 273,716,662.24 186,675.38-583,142.70-552,142.62 191,003,674.38 188,013,908.69 2,706,736.12 2,642,606.00 2,494,899.58 2,494,899.58 91,097.52-101,921.58 39,457,895.15 42,433,830.46 164,405.09 162,853.50-14,013,412.88-13,283,343.80-333,416.94-2,236,556.18 7,197,886.99-5,804,570.59 600,459.26 5,297,121.44 33,011,344.11 25,545,661.74 532,456,053.99 518,329,008.88 2 336,954,534.43 336,954,534.43 3 2,250,168,843.12 2,196,492,562.65 2,172,263,055.08 2,112,754,919.35 77,905,788.04 83,737,643.30 : 35

2005 2004 2005 12 31 12 31 956,004.38 36,919.52 36,919.52 925,794.18 14,823.47 432.00 5,928.76 5,928.76 9,326.71 941,180.91 6,277.32 30,990.76 30,990.76 916,467.47 160,000.00 160,000.00 160,000.00 160,000.00 1,011,248.50 941,409.00 941,409.00 69,839.50 851,269.46 781,429.96 781,429.96 69,839.50 159,979.04 159,979.04 159,979.04 0.00 1,700,323.50 552,932.50 552,932.50 1,147,391.00 36

2005 2004 12 31 2005 12 31 915,632.30 800.63 10.75 10.75 916,422.18 8,823.47 10.75 10.75 8,812.72 906,808.83 800.63 907,609.46 160,000.00 160,000.00 160,000.00 160,000.00 812,490.50 812,490.50 812,490.50 652,511.46 652,511.46 652,511.46 159,979.04 159,979.04 159,979.04 1,700,323.50 552,932.50 552,932.50 1,147,391.00 37

2005 [1999]120 1999 9 29 19,000 19,000 [2000] 186 2001 1 4 A 8,000 2001 2 8 27,000 19,000 8,000 27,000 2002, 2001 27,000 10 3 8,100 35,100 35,100 2002 [2004]50 2004 5 12 12.5 1.3% 1.6% 1.9% 2.2% 2.6% 2005 9 16 2005 2005 9 29 351,468,193 10 6 210,880,916 100037 334,933,000.00 334,953,000.00 915,047,000.00 600037 26,839,254 26,840,142 2005 12 31 % 395,200,000.00 67.13 193,521,058.00 32.87 588,721,058.00 100.00 [2004]101 [2004]1053 2004 12 29 23,335.208 2005 38

2005 1 2 1 1 12 31 3 4 5 6 7 8 1 39

2005 1 2% 1 2 5% 2 3 10% 3 30% 2 A B 3 9 10 1 40

2005 2 3 : 10 4 5 11 1 3% 15-30 6.47-3.23% 5-10 19.40-9.70% 5-15 19.40-6.47% 6 16.17% 3-5 20-33.33% 41

2005 12 13 3 14 15 1 2 3 4 42

2005 16 17 1 2 3 18 1 2 3 43

2005 19 1 2 10 3 20 21 50% 50% 50% 1 3% 5% 7% 5% 1% 15% 44

2005 2 15% 15% [2004]001106 2004 1 1 2006 12 31 1 2005 12 31 4000 3800 20095 100% 1180 1121 5995 100% 2000 1800-90% - BBS 45

2005 1 2005.12.31 2004.12.31 193,134.06 90,879.99 2,249,652,500.55 2,171,820,979.17 323,208.51 351,195.92 2,250,168,843.12 2,172,263,055.08 2005 12 31 2,250,168,843.12 2005 12 31 2,250,168,843.12 2004 12 31 2,172,263,055.08 77,905,788.04 - - 2 1 A 2005.12.31 2004.12.31 % % 303,339.44 100.00 9,326.71 699,380.00 100.00 14,823.47 396,040.56 56.63% B 2005.01.01 2005.12.31 14,823.47 432.00-5,928.76 9,326.71 C 2005 12 31 5% 2 46

2005 A 2005.12.31 2004.12.31 % % 440,635.80 100.00 8,812.72 441,173.60 100.00 8,823.47 B 2005.01.01 2005.12.31 8,823.47 - - 10.75 8,812.72 C 2005 12 31 5% 3 1 A 2005.12.31 2004.12.31 % % 444,822.99 13.31 10,101.25 1,851,939.95 43.39 41,806.14 713,836.88 21.36 33,259.04 121,241.72 2.84 6,047.09 300.00 0.01 30.00 54,010.00 1.27 5,401.00 2,182,692.96 65,32 873,077.18 2,241,192.96 52.50 887,926.68 3,341,652.83 100.00 916,467.47 4,268,384.63 100.00 941,180.91 B 2005.01.01 2005.12.31 941,180.91 6,277.32-30,990.76 916,467.47 C 2005 12 31 5% D 2005 12 31 % 2,182,692.96 65.32 2 47

2005 A 2005.12.31 2004.12.31 % % 350,104.71 11.26 8,206.89 1,046,900.51 12.46 24,984.06 575,163.88 18.51 26,325.39 5,120,941.72 60.93 6,047.09 - - - 54,010.00 0.64 5,401.00 2,182,692.96 70.23 873,077.18 2,182,692.96 25.97 870,376.68 3,107,961.55 100.00 907,609.46 8,404,545.19 100.00 906,808.83 B 2005.01.01 2005.12.31 906,808.83 800.63 - - 907,609.46 C 2005 12 31 5% 4 1 2005.12.31 2004.12.31 % % 17,793,114.53 92.30 5,134,756.60 75.40 320,400.00 1.66 30,000.00 0.44 430,000.00 2.23 1,135,004.00 16.67 735,004.00 3.81 510,300.00 7.49 19,278,518.53 100.00 6,810,060.60 100.00 12,468,457.93 183.09% 14,462,300.00 2 2005 12 31 5% 3 2005 12 31 5 1 2005.12.31 2004.12.31 10,125,786.00 22,158,494.32 862,961.08 1,517,986.59 48

2005 8,022,421.00 5,282,421.00 3,266,199.57 659,011.56 502,294.33 359,635.50 22,779,661.98 29,977,548.97 - - 22,779,661.98 29,977,548.97 A. B 2 2005 12 31 6 2005.01.01 2005.12.31 2,227,579.48 12,860,011.35 13,286,333.33 1,801,257.50 12,931.54 327,273.90 310,001.04 30,204.40 6,894.83 2,608,594.10 1,967,344.48 648,144.45 78,992.40 118,557.60 115,139.80 82,410.20-14,554.00 7,277.00 7,277.00 IP 336,696.00-336,696.00-9,586.70 77,294.18 74,591.00 12,289.88 2,672,680.95 16,006,285.13 16,097,382.65 2,581,583.43 7 1 2005.01.01 2005.12.31 4,923,772.55 12,339,717.22-17,263,489.77 39,300,000.00 - - 39,300,000.00 1,103,789.01 2,831,704.37 271,132.73 3,664,360.65 45,327,561.56 15,171,421.59 271,132.73 60,227,850.42 160,000.00 - - 160,000.00 45,167,561.56 15,171,421.59 271,132.73 60,067,850.42 49

2005 A % 2003.7.25 10,000,000.00 12,168,295.63-4,904,805.86 17,263,489.77 33.33 171,421.59 B % 2003.8.27 6,000,000.00 6,000,000.00 15.00-2001.1.10 300,000.00-300,000.00 14.29 2003.8.14 5,000,000.00-5,000,000.00 5.00 2003.9.24 3,000,000.00-3,000,000.00 10.00 2003.3.26 5,000,000.00-5,000,000.00 3.125 2000.7.31 20,000,000.00-20,000,000.00 4.00 39,300,000.00-39,300,000.00 5.88% 5% C 2005.01.01 2005.12.31 1,295,475.11 10 1,103,789.01-129,547.51 974,241.50 7-7 10 2,831,704.37 10-2,831,704.37 141,585.22-2,690,119.15 9 6 4,127,179.48 1,103,789.01 2,831,704.37 271,132.73-3,664,360.65 2005 1500 50

2005 D 2005.01.01 2005.12.31 160,000.00 - - - 160,000.00 2 2005.01.01 2005.12.31 74,105,360.46 1,858,640.88 2,886,208.14 73,077,793.20 4,923,772.55 12,339,717.22-17,263,489.77 34,300,000.00 - - 34,300,000.00-2,831,704.37 141,585.22 2,690,119.15 113,329,133.01 17,030,062.47 3,027,793.36 127,331,402.12 160,000.00 - - 160,000.00 113,169,133.01 17,030,062.47 3,027,793.36 127,171,402.12 A % 1999.11.17 38,808,907.04 - - 126,555.61-1,212,723.43 40,021,630.47 95.00 2004.10.21 11,210,000.00-48,160.41-48,160.41 11,258,160.41 95.00 2001.4.10 19,156,260.52-1,683,924.86 2,886,208.14 2,641,741.80 21,798,002.32 90.00 69,175,167.56-1,858,640.88 2,886,208.14 3,902,625.64 73,077,793.20 51

2005 B % 2003.7.25 10,000,000.00 12,168,295.63-4,904,805.86 17,263,489.77 33.33 1,945,013.32 C % 2003.8.27 6,000,000.00-6,000,000.00 15.00 2001.1.10 300,000.00-300,000.00 14.29 2003.8.14 5,000,000.00-5,000,000.00 5.00 2003.9.24 3,000,000.00-3,000,000.00 10.00 2000.7.31 20,000,000.00-20,000,000.00 4.00 34,300,000.00-34,300,000.00 D 2005.01.01 2005.12.31 2,831,704.37 10 2,831,704.37 141,585.22-2,690,119.15 9 6 E 2005.01.01 2005.12.31 160,000.00 160,000.00 8 52

2005 1 2005.01.01 2005.12.31 188,464,453.48 27,857,793.78-216,322,247.26 48,771,699.54 5,733,801.30 4,262,464.31 50,243,036.53 1,285,971,872.20 217,650,520.81 4,149,293.58 1,499,473,099.43 48,715,774.30 4,614,007.86 830,260.00 52,499,522.16 1,571,923,799.52 255,856,123.75 9,242,017.89 1,818,537,905.38 176,746,614.51 2 22,320,545.12 11,099,546.16-33,420,091.28 21,064,975.70 8,145,127.19 3,554,254.33 25,655,848.56 424,634,860.87 164,620,131.05 3,706,098.55 585,548,893.37 22,011,551.31 7,867,479.98 539,022.67 29,340,008.62 490,031,933.00 191,732,284.38 7,799,375.55 673,964,841.83 3 2005.01.01 2005.12.31 - - - - - 851,269.46-781,429.96-69,839.50 159,979.04-159,979.04 - - - - - - - 1,011,248.50-941,409.00-69,839.50 941,409.00 9 2005.12.31 2004.12.31 127,584,641.36 115,444,830.77 (1,147,391.00) 1,700,323.50 126,437,250.36 113,744,507.27 552,932.50 10 53

2005 1 2005 12 31 1,200,000,000.00 2006 153,920,000.00 2006 47,800,000.00 2006-2006 8,960,000.00 2006 384,105,000.00 2008 105,700,000.00 2007 95,150,100.00 2007 166,615,800.00 2007 197,144,000.00 2007 191,181,400.00 2007 2 2005.01.01 157,049,304.63 1,089,579.20 13,940,000.00 172,078,883.83 : - - - - 158,771,108.59 2,898,808.34 7,200,000.00 168,869,916.93 : - - - - : 101,508,337.13 3,137,290.34-104,645,627.47 : - - - - : - - - - : - - - - 2005.12.31 214,312,076.09 851,097.20 21,140,000.00 236,303,173.29 : - - - - - - - - 214,312,076.09 851,097.20 21,140,000.00 236,303,173.29 2005.01.01 50,601,048.65 660,000.00 51,261,048.65 : - - - 54

2005 681,805.84-681,805.84 : - - - : : - - - : - - - : - - - 2005.12.31 51,282,854.49 660,000.00 51,942,854.49 : - - - - - - 51,282,854.49 660,000.00 51,942,854.49 2005.01.01 19,678,067.46 2,824,274.67 2,542,817.74 25,045,159.87 : 10,258,619.67 2,824,274.67 2,542,817.74 15,625,712.08 4,242,785.41 6,002,121.34 1,337,066.00 11,581,972.75 : - - - - : 12,986,476.18 6,162,377.99 356,332.66 19,505,186.83 : 337,721.74 160,256.65 9,266.66 507,245.05 : - - - - : - - - - 2005.12.31 10,934,376.69 2,664,018.02 3,523,551.08 17,121,945.79 : 9,920,897.93 2,664,018.02 2,533,551.08 15,118,467.03 - - - - 10,934,376.69 2,664,018.02 3,523,551.08 17,121,945.79 2005.01.01 35,328,827.85 21,261,559.62 11,043,336.04 67,633,723.51 316,018,815.86 : 4,451,548.62 5,266,803.16 5,105,046.31 14,823,398.09 30,449,110.17 40,653,991.85 12,791,399.22 558,131.80 54,003,522.87 235,137,218.39 : : 39,453,012.73 12,701,854.68 440,932.80 52,595,800.21 176,746,614.51 55

2005 : 1,053,395.44 339,139.52 11,772.90 1,404,307.86 1,911,552.91 : - - - - - : - - - - - 2005.12.31 36,529,806.97 21,351,104.16 11,160,535.04 69,041,446.17 374,409,419.74 : 3,398,153.18 4,927,663.64 5,093,273.41 13,419,090.23 28,537,557.26 - - - - - 36,529,806.97 21,351,104.16 11,160,535.04 69,041,446.17 374,409,419.74 3 2005 12 31 11 1 2005 12 31 17,217,820.76 5-6 2-5 11 1,760,880.30 30-45 26 4-42 11 1,694,233.38 10 9 9 [2005]27 2004 12 2 12,164,423.71 1,698,713.54-13,863,137.25 - - - - 12,164,423.71 1,698,713.54-13,863,137.25 2,165,240.68-1,694,233.38 3,859,474.06 2,600,282.12 42,520.68 63,933.32 2,706,736.12-1,388,380.60-1,388,380.60 5,488,438.49 1,493,068.04 63,933.32 7,045,439.85 2005.12.31 11,729,382.27 267,812.26 1,630,300.06 13,627,494.59 - - - - 11,729,382.27 267,812.26 1,630,300.06 13,627,494.59 3 2005 12 31 56

2005 12 2005.01.01 2005.12.31 18,199,013.50 5,864,556.62 4,163,243.50 2,332,066.47 7,695,733.65 10,503,279.85 7-66 208,000.00 181,900.00-52,200.00 129,700.00 78,300.00 30 300,000.00 75,006.35-75,006.35-300,000.00 66,800.00 35,626.76-35,626.76-66,800.00 18,773,813.50 6,157,089.73 4,163,243.50 2,494,899.58 7,825,433.65 10,948,379.85 13 2005.12.31 2004.12.31 47,838,725.42 59,027,922.76 A 2005 12 31 5% B 2005 12 31 3 14 2005.12.31 2004.12.31 200,713,871.60 188,978,617.47 A 2005 12 31 5% B 2005 12 31 1 9,500,000.00 15 2005.12.31 2004.12.31 5,331,626.11 75,337,250.11 320,689.79 - - 1,279,473.00-1,023,594.00-1,023,594.00-767,715.00 5,652,315.90 79,431,626.11 73,779,310.21 92.88% 57

2005 16 2005.12.31 2004.12.31 4,044,903.26 654,967.50 8,050.26 59,916.89 205,439.15 9,835.63 19,875,920.48 12,848,116.68 410,097.71 6,243,047.28 16,027,625.52 18,366,443.94 17 2005.12.31 2004.12.31 3% 117,614.56 13,774.49 1% 1.96-117,612.60 13,774.49 18 2005.12.31 2004.12.31 22,585,981.30 64,376,609.52 A 2005 12 31 5% B 2005 12 31 3 984,240.00 C 41,790,628.22 64.92% 19 2005.12.31 2004.12.31 27,992,942.39-6,270,000.26-2,630,664.00-1,487,746.26-830,205.04-246,337.20-39,457,895.15-39,457,895.15 58

2005 20 2005.01.01 2005.12.31 223,977,755.28 119,239,512.46 58,439,433.00 18,780,376.22 158,898,569.24 10 71,300,000.00-71,300,000.00 14,065,000.00 57,235,000.00 5-10 295,277,755.28 119,239,512.46 129,739,433.00 32,845,376.22 216,133,569.24 21 1 ( ) 1,250,000,000.00 - - 334,953,000.00 915,047,000.00 2 ( ) 1,260,361,944.47-15,221,570.31 16,249,701.00 334,933,000.00 924,400,813.78 2002 [2004]50 2004 5 12 12.5 100 1.3% 1.6% 1.9% 2.2% 2.6% 6 2004 11 12 2009 5 11 2005 12 31 334,953,000.00 (110037) (600037) 26,839,254 26,840,142 915,047,000.00 2005 10 6, 2005 9 30 19.76 12.35 22 2005.12.31 2004.12.31-1,960,000.00-4,000,000.00-511,127.00-8,581,658.59 8,000,000.00 4,000,000.00 1,300,000.00 1,300,000.00 9,300,000.00 20,352,785.59 11,052,785.59 54.31% 59

2005 23 2005.01.01 2005.12.31 1 247,000,000.00 148,200,000.00 - - 148,200,000.00 395,200,000.00 - - - - - - 247,000,000.00 148,200,000.00 - - 148,200,000.00 395,200,000.00 - - - - - - 2 - - - - - - 3 - - - - - - 4 - - - - - - 247,000,000.00 148,200,000.00 - - 148,200,000.00 395,200,000.00 1 - - - - - - 2 - - - - - - - - - - - - 1 104,000,888.00 62,680,916.00-26,839,254.00 89,520,170.00 193,521,058.00 2 - - - - - - 3 - - - - - - 4 - - - - - - 104,000,888.00 62,680,916.00-26,839,254.00 89,520,170.00 193,521,058.00 351,000,888.00 210,880,916.00-26,839,254.00 237,720,170.00 588,721,058.00 A 21 24 B 2005 12 31 5% % 373,363,328.00 63.42 C 24 2005.01.01 2005.12.31 1,165,305,947.38 310,115,280.43 210,880,916.00 1,264,540,311.81 808,907.04 85,049.15-893,956.19 400,000.00 - - 400,000.00 1,166,514,854.42 310,200,329.58 210,880,916.00 1,265,834,268.00 A 334,933,000.00 26,839,254 308,093,746.00 2,021,534.43 60

2005 B 2005 9 16 2005 2005 9 29 351,468,193 10 6 210,880,916 25 2005.01.01 2005.12.31 115,555,705.54 27,371,666.22-142,927,371.76 77,924,750.01 27,371,666.22-105,296,416.23 193,480,455.55 54,743,332.44-248,223,787.99 26 2005.01.01 2005.12.31 237,427,018.79 270,470,952.93 107,393,660.69 400,504,311.03 A 270,470,952.93 B 1 2004, 10 1.50 ( ) 2005 6 28 2004 2005 7 1 52,650,328.25 2 2006 10% 54,743,332.44 27 1 2005 2004 583,195,592.20 520,100,302.38 136,902,156.82 90,632,389.87 18,780,376.22 15,021,657.93 108,122,633.77 65,093,716.11 85,890,126.14 62,010,000.00 1,505,830.00-934,396,715.15 752,858,066.29 39,615,360.75 30,019,992.88 894,781,354.40 722,838,073.41 171,943,280.99 23.79% 61

2005 2 2005 2004 582,393,478.20 520,100,302.38 92,388,312.06 55,997,959.97 18,735,178.92 14,921,190.33 108,101,113.77 65,093,716.11 85,890,126.14 62,010,000.00 1,505,830.00-889,014,039.09 718,123,168.79 28 2005 2004 3% 5% 28,174,454.80 22,518,790.94 7% 5% 1% 1,813,345.12 1,459,572.55 3% 847,916.29 679,296.73 1% 231.65-30,835,947.86 24,657,660.22 29 2005 2004 219,661.00 12,050.62 207,610.38 2,009,541.76 110,524.80 1,899,016.96 32,940.00 8,427.66 24,512.34 50,950.00 3,559.58 47,390.42 578,700.00 43,900.45 534,799.55 73,510.00 3,969.55 69,540.45 - - - 15,925.20 15,436.46 488.74 - - - 3,800.00-3,800.00 831,301.00 64,378.73 766,922.27 2,153,726.96 133,490.39 2,020,236.57 30 2005 2004 17,248,135.64 10,381,944.47 33,507,659.46 21,606,278.47 2,245,760.94 3,301,575.66 79,902.58 150,846.72 13,933,860.30 7,771,911.62 6,161,948.68 79.28% 62

2005 31 1 2005 2004 671,421.59 3,286,511.80 171,421.59 3,586,511.80 500,000.00 300,000.00 (66,871.92) - (271,132.73) 129,547.51-160,000.00 333,416.94 3,576,059.31 3,909,476.25 2 2005 2004 2,445,013.32 2,079,749.90 1,945,013.32 2,379,749.90 500,000.00 300,000.00 (66,871.92) - (141,585.22) - - 160,000.00 2,236,556.18 2,239,749.90 32 2005 2004 281,665.00 171,898.00 164,405.09 350,026.32 500.00 100.00 50.00-552,932.50 25,830.00 106,312.41 496,194.32 602,506.73 552,932.50 63

2005 33 9,168,819.41 2005 4,000,000.00 1,700,000.00 921,292.70 302,939.67 34 44,326,626.64 2005 7,954,738.51 6,848,938.26 6,837,760.19 6,556,200.00 4,000,000.00 3,996,517.77 2,430,203.70 2,740,000.00 35 33,507,659.46 2005 33,507,659.46 36 66,871.92 2005 66,871.92 37 2,702,010.64 2005 2,245,760.94 440,000.00 16,249.70 1 64

2005 65 A [2005]5 B 14 ( ) ( ), 14 15 14 BBS

2005 43 398 C 2005.01.01 2005.12.31 16000 16000 6000 - - 6000 2000 - - 2000 4000 - - 4000 1180 - - 1180 D 2005.12.31 2004.12.31 % % 373,363,328.00 63.42 233,352,080.00 66.48 18,000,000.00 90.00 18,000,000.00 90.00 38,000,000.00 95.00 38,000,000.00 95.00 11,210,000.00 95.00 11,210,000.00 95.00 2 2005 2005 6 17 1500 33.33% 2005 6 29 75,000,000.00 52,502,544.43-359,043.04 66

2005 2003 2005 5 30 " " ([2003] 3521 ) 2005 11 7 ( 2005 10083 ),,, 2005 12 31 5% 2005 12 31 1 2006 1 4 2006 1 1 2 2006 1 27 Astraea Pty Ltd AUD 279,285.30 3 2006 1 23, 2 13 10 3 2006 3 3 G - 4 2006 2 16 3000 2006 3 8 5 2006 2005 10 3 2005 3 13 67

2005 1 5% 4.49% 2006 1 27 Astraea Pty Ltd AUD 279,285.30 2 2005 11 13 2005 11 17 4, 2005 2004 2005 2004 2005 2004 2005 2004 15.27 17.48 18.51 17.53 0.65 0.97 0.68 0.97 12.84 12.54 15.57 12.58 0.55 0.70 0.57 0.70 10.80 10.47 13.10 10.50 0.46 0.58 0.48 0.58 10.80 10.58 13.10 10.61 0.46 0.59 0.48 0.59 2005-164,405.09-239,099.54 586,161.14-6,147.34 176,509.17 2006 2006 3 13 68

2005 / 69

2005 2005 2 2005 2005 1 2005 2 2005 2005 70