Guangdong Macro Co., Ltd. OO 2003 Annual Report 00

... 2... 2... 3... 5... 8... 10... 12... 14... 23... 24... 30... 31 1

: Guangdong Macro Co.,Ltd. 0757-22321218 0757-22321200 liuyl@macro.com.cn 0757-22321232 0757-22321200 zhangcs@macro.com.cn 528333 http://www.macro.com.cn macro@macro.com.cn http://www.cninfo.com.cn 2

*ST 000533 1992 10 28 56 4400001004073 440681190363880 16 18 214,365,214.05 196,322,827.00 10,614,536.76 507,504,948.38-170,018.38 65,101,378.28 144,390,394.46 5,008,661.48-135,220.17 301,953,854.86 277,449,205.84 3

115,378,868.74 2,507,736.48 2,300,925.00 106,041.21 65,776,931.00-362,212.19 185,708,290.24 2003 2002 2001 1,302,045,531.58 1,109,203,408.13 1,122,820,028.67 196,322,827.00-100,798,030.44-978,556,712.78 3,176,486,347.91 2,951,396,181.61 2,708,037,228.80 584,739,911.12 377,837,193.85 246,442,608.44 0.3410-0.1751-1.6998 1.0157 0.6563 0.4281 0.7824 0.4381 0.2730 % 0.5245-0.1641-0.6256 33.57-26.68-397.07 << ( 9 )>> 2003 : % ( / ) 4

86.79% 106.62% 0.8816 0.8816 11.13% 13.68% 0.1131 0.1131 33.57% 41.24% 0.3410 0.3410 1.82% 2.23% 0.0184 0.0184 575,680,000 632,907,874.72 256,568,082.47 32,113,214.50-1,030,846,822.67 377,837,193.85 0 12,868,956.48 196,322,827.00 206,902,717.27 0 4,708,978.08 575,680,000 641,067,853.12 256,568,082.47 32,113,214.50-834,523,995.67 584,739,911.12 1 2 1 2003 12 31 2 + - 1 176,288,934 176,288,934 176,288,934 176,288,934 5

2 195,685,466 195,685,466 3 4 371,974,400 371,974,400 1 203,705,600 203,705,600 2 3 4 203,705,600 203,705,600 575,680,000 575,680,000 1 2 3 1 2003 12 31 82,387 2 2003 12 31 % 1. 143,552,640 24.94 0 2. 128,567,268 22.33 0 3. 19,675,000 3.42 0 4. 17,000,000 2.95 0 6

5. 10,500,000 1.82 0 6. 7,466,666 1.30 0 7. 7,466,666 1.30 0 8.6,496,000 1.13 0 9.5,152,000 0.89 0 10. 5,092,160 0.88 0 44,400,000 16,900,000 16,200,000 10,700,000 7,466,666 5,152,000 3 2001 4 26 1000 1991 1 7 30000 4 10% 22.33% 1997 3 31 7

50 5 2003 12 31 1,650,000 A 800,000 A 780,000 A 607,800 A 601,600 A 588,700 A 515,163 A 502,200 A 443,357 A 436,600 A 1 422002.6-2004.6 0 40 2003.7-2004.6 0 51 2001.6-2004.6 0 31 2001.6-2004.6 0 37 2001.6-2004.6 0 8

402002.6-2004.6 0 52 2002.6-2004.6 0 38 2002.6-2004.6 0 47 2003.7-2004.6 0 48 2002.6-2004.6 0 45 2002.6-2004.6 0 42 2003.7-2004.6 0 46 2003.7-2004.6 0 43 2002.6-2004.6 0 34 2002.8-2004.6 0 33 2002.8-2004.6 0 27 2002.6-2004.6 0 42 2003.8-2006.7 0 43 2003.8-2006.7 0 47 2003.9-2006.8 0 46 2003.9-2006.8 0 41 2003.8-2006.7 0 2 3 2003 2002 2003 4000 9 9

212.8 28.8-57.4 5 6.3-12.8 4 115 4 2002 2002 2003 12 31 2461 1151 366 295 48 239 33 408 292 278 10

11 2003 2002 2 2002 2 4 --- 2003 1 2

12 3 4 5 2003 2002 2002 2003 2003 2002 1 2003 6 18 2003 7 1 2003 7 9 2003 7 19 2 2003 7 19 6 299,321,374 51.99%

13 3 2002 2002 2002 2002 2002 2003 2003 2003 7 22 4 2003 1 2003 9 30 2 2003 10 31 2 272,119,908 47.27% 3 49% 49% 49% 2003 1 2003 11 18 2003 12 10 2003 12 18 2 2003 12 18 4 279,610,974 48.57% 3

2003 130,204.55 17.38 % 19,632.28 1 2 49% 11,550 3 4 5 6 14

1 2003 : % % 936,361,106.45 71.91 391,024,501.71 77.05 361,074,041.75 27.73 114,455,830.01 22.55 4,610,383.38 0.35 2,024,616.66 0.40 592,753,560.69 45.52 243,722,891.86 48.02 62,031,093.54 4.76 30,022,129.79 5.92 228,417,469.02 17.54 102,492,702.90 20.20 218,547,326.63 16.78 67,977,999.37 13.39 42,945,802.30 3.30 15,257,052.78 3.01 157,350,279.40 12.08 48,032,171.68 9.46 230,612,387.09 17.71 87,960,746.98 17.33 393,410,526.07 30.21 164,130,369.68 32.34 319,886,873.41 24.57 122,535,898.67 24.14 205,677,343.87 15.80 77,554,827.35 15.28 68,424,645.95 5.26 24,219,640.75 4.77 15

53,640,005.25 4.12 19,015,366.77 3.75 30,393,749.94 2.33 12,088,098.19 2.38 10% : % 592,753,560.69 345,172,188.42 41.77 228,417,469.02 124,437,901.45 45.52 218,547,326.63 150,569,327.27 31.10 2 : % 90 RMB USD 75 49 USD 49 USD 49 USD USD 15 82,500,000 120,000,000 1,143,430,160.44 78,615,467.79 27,860,000 602,583,964.37 1,68,787.78 5,200,000 175,110,678.12 1,733,118.56 6,000,000 99,709,725.77-2,177,515.59 2,100,000 397,275,916.73 62,814,503.52 2,839,401,891.15 190,312,391.35 2003 9 29 49% 2003 1-7 3 25.58% 10.48% 16

4 2004 3 5 2003 8 2004 1 2 2003 11 20 1800 2003 2003 2002 3,176,486,347.91 2,951,396,181.61 7.63 17

584,739,911.12 377,837,193.85 54.76 507,504,948.38 387,560,307.71 30.95 196,322,827.00-100,798,030.44 294.77 277,449,205.84 71,208,491.87 289.63 1 2003 4 10 2002 2002 2002 2003 2003 2003 4 21 2003 5 8 4000 2003 6 16 2002 2003 6 27 2003 7 8 2002 2003 7 19 18

19 2003 8 5 2003 8 18 2003 2003 2003 9 10 2003 9 12 2003 9 23 49% 2003 2003 10 20 2003 2003 11 11 2003 2 2002 2003 4.15 9.06 1.61

6 7 8 21 33 38 413,596,655 16,517,958.52 2002 2003 2003 2003 49% 49% 49% 2003 2003 2003 196,322,827.00-1,030,846,822.67-834,523,995.67 2003 1 [ 2003 56 ] 20

2004 17 2003, [2003]56 =================================== ================================= 21

=================================== ================================= 2003 12 31 2003 ================ ============= ======== ========= ========= ========= ========= --- 134,052.00 134,052.00 --- ================ ============= ======== ========= ========= ========= ========= 2003 ================== ========== ======== ========== =========== =========== =========== 1,747,203.38 --- --- 1,747,203.38 2,608,317.06 --- --- 2,608,317.06 2,400,000.00 --- 2,400,000.00 --- 113,666.96 374,753.76 488,420.72 --- 30,679.75 8,912.24 39,591.99 --- 743,334.65 1,924,388.84 2,667,723.49 --- 45,500,000.00 100,000,000.00 145,500,000.00 --- ================ ========== ======== ========== =========== =========== =========== 22

00 --- 2003 12 31 50% 2 2004 2003 1 2003 4 10 2002 2 2003 5 21 3 2003 8 4 23

1 2 2003 3 4 49% 6 7 8 21 33 38 413,596,655 5 --- 42,150 1 2003 9 29 24

49% 49% 5,380 1,497 49% 6,180 2,812 49% 9,440 7,241 21,000 11,550 2003 58.83 % 2003 11 28 2 2003 11 11 6 7 8 21 33 38 --- 430,114,613.52 413,596,655 --- 25

26 2003 12 31 2003 12 31 42,150 1 2002 2000 2003 2003 12 31 66 1-10 2003 1,077.87 2 2003 12 31 2003 50,524.52 3 < > [2003]189 [2003]56 2003 11 25

1 90% 89.5% 75% 2003 10 31 1 2 2003 10 31 50% 1997 1999 4.15 2002 6 2003 10 31 3 2 51% 2002 46% 260.83 2004 3 10 (2003 9 ) 171.72 2001 100% 2003 10 31 141 152.75 11.75 ( 2003 12 31 ) 27

1 - - - 30,815.00 10,800.00 450.00 14,524.47 9,500.00-9,500.00 15,250.00-15,250.00-5,250.00 450.00 8,974.47 - - - 7,770.00 7,770.00 - - - - - - - 44,943.00 150.00 46,184.49 - - - - - - 67,963.00 150.00 69,204.49 30,815.00 16,050.00 900.00 23,498.94 9,500.00-9,500.00 28

2 A B C D E1 E2 F1 G1 F2 G2 F3 G3 F4 G4 F5 G5 H I J 2003 10 31 000533 *ST 2003 10 31 2003 10 31 2003 10 31 2003 10 31 2003 10 31 2002 12 31 2002 12 31 2002 12 31 2002 12 31 2002 12 31 2002 12 31 260.83 260.83 0 11.37 37.48 48.85 0 3.68 0.89 4.57 0 74.33 178.7 253.1 171.72 171.72 141 141 E1 152.75 E2 4550 573.55 662.93 217.1 306.5 29

5% 2002 2003 3 2003 68 1 --- 10% --- 2003 8 21 2 2002 6 4.06 2002 2003 5,978 2003 9 9 2003 10 18 30

OO 31

2004 95 2003 12 31 2003 2003 12 31 2003 00 32

2003 12 31.1 467,307,115.69 46,515,413.25 189,860,609.85 9,945,628.20.2 100,000.00 100,000.00 - -.3 11,629,176.18-7,912,177.00 637,000.00.4 42,512,907.78 45,567,855.94 57,151,785.57 60,206,733.73 - - - -.5 436,611,971.07-354,845,041.26 -.6 415,140,185.71 379,581,425.44 714,065,110.38 671,052,603.46.7 20,021,398.73-32,739,776.91 - - - - -.8 289,370,020.80-293,577,483.40 -.9 408,670.74-471,113.68 - - - - - - - - - 1,683,101,446.70 471,764,694.63 1,650,623,098.05 741,841,965.39.10 79,986,147.31 654,102,016.89 232,200,780.93 751,145,556.57 - - - - 79,986,147.31 654,102,016.89 232,200,780.93 751,145,556.57.11 1,160,543,371.22 367,455,824.52 1,158,973,474.96 368,202,734.81.12 482,613,884.84 39,424,619.59 443,988,621.80 31,542,688.57 677,929,486.38 328,031,204.93 714,984,853.16 336,660,046.24.13 118,720,378.30 86,884,556.94 119,275,888.60 87,286,305.11 559,209,108.08 241,146,647.99 595,708,964.56 249,373,741.13 - - - -.14 37,696,774.57-34,690,316.80 - - - - - 596,905,882.65 241,146,647.99 630,399,281.36 249,373,741.13.15 798,294,235.96 784,144,515.06 412,262,147.10 397,951,998.77.16 18,198,635.29 2,337,090.81 25,910,874.17 3,116,121.07 - - - - 816,492,871.25 786,481,605.87 438,173,021.27 401,068,119.84 - - - - 3,176,486,347.91 2,153,494,965.38 2,951,396,181.61 2,143,429,382.93 33

2003 12 31.17 930,265,150.00 591,000,000.00 1,099,602,133.82 819,964,283.82.18 285,288,247.98-130,994,911.50 -.19 188,135,548.12 13,273,322.64 176,527,875.60 -.20 64,617,370.25-108,574,098.80-11,804,565.48-11,434,068.85-7,195,386.08 198,837.20 11,763,449.06 149,416.40.21 1,856,443.09 1,856,443.09 1,856,443.09 1,856,443.09.22 42,981,108.54 16,313,015.47 26,613,347.05 15,555,745.86 400,011.45 90,198.33 232,116.47 68,618.58.23 241,459,667.25 259,859,559.88 165,240,998.35 256,947,815.84.24 35,695,101.64 1,564,924.00 22,104,589.95 2,148,274.16 - - - -.25 - - 26,500,000.00 14,000,000.00 - - - - 1,809,698,599.88 884,156,300.61 1,781,444,032.54 1,110,690,597.75.26 780,526,915.11 629,798,682.85 784,153,404.92 598,429,650.66 - - - - - - - -.27 230,899.10-6,310,000.00 - - - 25,000.00-780,757,814.21 629,798,682.85 790,488,404.92 598,429,650.66.28 1,290,022.70-1,626,550.30-2,591,746,436.79 1,513,954,983.46 2,573,558,987.76 1,709,120,248.41 - - - -.29 575,680,000.00 575,680,000.00 575,680,000.00 575,680,000.00 - - - - 575,680,000.00 575,680,000.00 575,680,000.00 575,680,000.00.30 641,067,853.12 641,067,853.12 632,907,874.72 632,907,874.72.31 256,568,082.47 199,171,357.34 256,568,082.47 199,171,357.34 32,113,214.50 32,113,214.50 32,113,214.50 32,113,214.50.32-834,523,995.67-776,379,228.54-1,030,846,822.67-973,450,097.54.33-54,052,028.80 - -56,471,940.67-584,739,911.12 639,539,981.92 377,837,193.85 434,309,134.52 3,176,486,347.91 2,153,494,965.38 2,951,396,181.61 2,143,429,382.93 34

2003.34.34.35.36.37.38.39.40.41.42 1,302,045,531.58-1,109,203,408.13-788,071,441.64-716,669,672.95-6,469,141.56-4,973,427.47-507,504,948.38-387,560,307.71 - -170,018.38-2,503,847.23-30,259,465.85 154,473.73 240,933,617.74-265,828,027.15-85,110,349.08-49,234,466.65 183,585,782.22 42,140,558.16 116,189,584.90 75,308,830.58 121,098,388.01 84,702,182.15 65,101,378.28-28,578,211.16-213,211,355.52-126,688,266.58 144,390,394.46 222,594,767.80 47,686,715.77 24,654,280.16 5,008,661.48 3,007,736.48 265,500.00-2,258,351.91 242,894.84 2,091,863.65 1,074,319.95 2,393,572.08 196,318.96 5,385,760.00-161,636.03 214,365,214.05 197,070,869.00-168,553,036.10-100,798,030.44 15,905,801.31-1,212,618.94 - -283,326.13 - -14,210,706.39 - -2,419,911.87-54,756,918.21-196,322,827.00 197,070,869.00-100,798,030.44-100,798,030.44 1 115,503,296.28 115,503,296.28 - - 2 - - - - 3 - - - - 4 - - - - 5 - - - - 6 - - - - 35

2003 196,322,827.00 197,070,869.00-100,798,030.44-100,798,030.44-1,030,846,822.67-973,450,097.54-930,048,792.23-872,652,067.10 - - - - -834,523,995.67-776,379,228.54-1,030,846,822.67-973,450,097.54 - - - - - - - - -834,523,995.67-776,379,228.54-1,030,846,822.67-973,450,097.54 - - - - - - - - - - - - - - - - -834,523,995.67-776,379,228.54-1,030,846,822.67-973,450,097.54 36

2003 1,389,064,440.71-5,133,905.48 2,507,736.48 361,081,920.31 388,082,257.63 1,755,280,266.50 390,589,994.11 677,536,803.81-83,733,877.41 3,588,333.26 107,007,292.85 2,177,483.99.43 585,048,437.57 396,228,127.67 1,453,326,411.64 401,993,944.92 301,953,854.86-11,403,950.81 210,000,000.00 227,825,655.38 104,093,905.86 104,093,905.86 1,480,605.71 254,296.14 - - 315,574,511.57 332,173,857.38 16,820,097.68 1,020,801.00 2,950,000.00 100,000.00 - - 19,770,097.68 1,120,801.00 295,804,413.89 331,053,056.38 - - 832,195,849.56 1,020,970,000.00-832,195,849.56 1,020,970,000.00 1,038,012,323.82 1,227,612,323.82 114,492,619.82 76,436,996.70 - - 1,152,504,943.64 1,304,049,320.52-320,309,094.08-283,079,320.52 31.17-277,449,205.84 36,569,785.05 37

1 - - 196,322,827.00 197,070,869.00-2,419,911.87 - -283,326.13 - -64,439,413.36-56,843,752.41 48,128,738.47 9,516,307.51 22,213,425.78 19,997,628.35 9,204,861.11 779,030.26 62,442.94-13,324,604.73 - -183,792.14-42,769.51 540.50-108,226,337.30 75,217,444.03-149,390,394.46-227,594,767.80-336,527.60-25,711,542.91 - -45,552,978.16-33,243,954.44 136,525,054.10 3,740,014.20 2 - - 301,953,854.86-11,403,950.81 3 - - - - - - 430,061,965.69 46,515,413.25 152,612,759.85 9,945,628.20 - - - - 277,449,205.84 36,569,785.05 38

2003 139,719,821.99 14,201,663.59 - - 76,982,465.74 76,939,019.84 29,443,634.53 8,462,607.75 - - 1,501,932.35 36,404,309.93 110,276,187.46 5,739,055.84 - - 75,480,533.39 40,534,709.91 - - - - - - - - - - - - - - - - - - 89,322,252.57-14,913,750.00 6,590,330.31 21,504,080.31 67,818,172.26 16,508,375.67 - - 3,926,717.60 3,926,717.60 12,581,658.07 72,295,509.89-14,913,750.00 2,662,775.53 17,576,525.53 54,718,984.36 349,029.99 5,000,000.00 - - - 5,349,029.99 349,029.99 5,000,000.00 - - - 5,349,029.99 - - - - - - 119,275,888.60 - - 555,510.30 555,510.30 118,720,378.30 92,113,150.31 - - 401,748.17 401,748.17 91,711,402.14 27,109,441.27 - - 153,762.13 153,762.13 26,955,679.14 343,334,566.00 - - - - 343,334,566.00 - - - - - - 134,300,000.00 - - - - 134,300,000.00 68,696,050.88 1,025,322.00 - - - 69,721,372.88 250,000.00 - - - - 250,000.00 760,485,376.96 20,689,218.66 - - 99,042,056.35 682,132,539.27 39

2003 1992 9 8 [1992]58 1992 10 28 19036388-0 575,680,000 [97]359 1 2 1 1 12 31 3 4 5 1 40

41 6 7 3 8 9 5% 5%

42 1 2 3 10 11 1 20% 20% 20% 50% 50% 20% 20% 20%

10 2 3 12 13 2000 5% 43

========================= ============= ========== 20-35 2.71-4.75% 6-15 6.33-15.83% 5-8 11.88-19% 5 19% 5 19% 5 19% ========================= ============= ========== 14 15 44

1 2 3 = 16 10 17 18 19 1 45

2 3 20 21 24 1995 11 1 17% 2 46

5% 3 15-33% 33% 27% [2003]199 15% 1 ================ ===== ============= ================ ======== ================== USD27,860,000 RMB247,332,835.45 75% RMB300,000,000 RMB268,356,679.95 89.50% RMB120,000,000 RMB146,798,672.89 90% RMB10,000,000 RMB6,000,000 60% RMB5,000,000 RMB3,000,000 60% RMB5,000,000 RMB3,500,000 70% ================ ===== ============= ================ ======== ================== * 10.50% 100% ** 10% 47

100% *** 30% 100% 2 1 ----------------------------------- ------------------------------------- ================== ============== ====== ============== ============= ======== ============== RMB 457,044.21 457,044.21 266,862.93 266,862.93 RMB 311,306,181.93 311,306,181.93 137,036,549.17 137,036,549.17 USD 4,651,072.88 8.2767 38,495,534.88 4,703,273.06 8.2773 38,930,406.58 HKD 5,441.64 1.0657 5,799.72 1,620,352.94 1.0611 1,719,356.50 EUR 38,190.06 10.3383 394,820.30 39,908.01 8.6360 344,645.57 JPY 79,635.00 0.0773 6,152.84 79,635.00 0.0690 5,497.60 RMB 116,641,581.81 116,641,581.81 11,557,291.50 11,557,291.50 -------------- -------------- 467,307,115.69 189,860,609.85 ============== ============== 146.13% USD450 USD450 2 48

----------------------- ----------------------- ================ =========== =========== =========== =========== 100,000.00 --- --- --- 250,000.00 250,000.00 250,000.00 250,000.00 ----------- ----------- ----------- ----------- 350,000.00 250,000.00 250,000.00 250,000.00 =========== =========== =========== =========== 3 ============================= =============== =============== 11,629,176.18 7,912,177.00 --------------- --------------- 11,629,176.18 7,912,177.00 =============== =============== 4 =============================== =============== =============== 7,435,715.50 2,171,488.86 534,737.74 28,802,556.29 34,542,454.54 26,177,740.42 --------------- --------------- 42,512,907.78 57,151,785.57 =============== =============== 2004 3 2 21,256,453.89 2004 3 2 21,256,453.89 49

5 1 ------------------------------------ ------------------------------------- ========= ============== ====== ============= ============== ====== ============= 281,248,277.35 59.46% 14,062,413.87 169,310,293.46 44.06% 8,465,514.66 71,880,039.67 15.20% 3,594,001.98 107,444,585.64 27.96% 5,372,229.28 47,373,473.53 10.01% 2,368,673.67 35,790,157.35 9.31% 1,906,268.99 72,514,490.45 15.33% 16,379,220.41 71,743,639.34 18.67% 13,699,621.60 -------------- ------ -------------- -------------- ------ ------------- 473,016,281.00 100% 36,404,309.93 384,288,675.79 100% 29,443,634.53 ============== ====== ============= ============== ====== ============= 2 48,514,665.31 10.26% 3 3 9,075,224.05 3 19,074,425.53 25% 4 5% 5% 6 1 ------------------------------------ -------------------------------------- ========= ============== ====== ============= ============== ====== ============== 55,456,512.30 12.17% 2,785,206.55 394,080,238.32 47.81% 20,794,435.53 16,233,928.66 3.56% 1,940,402.00 306,546,443.68 37.19% 16,928,706.63 305,548,759.27 67.06% 16,884,333.53 13,122,449.15 1.59% 655,622.45 78,435,695.39 17.21% 18,924,767.83 110,592,166.69 13.41% 71,897,422.85 -------------- ------ ------------- -------------- ------ -------------- 455,674,895.62 100% 40,534,709.91 824,341,297.84 100% 110,276,187.46 ============== ====== ============= ============== ====== ============== 2 375,151,967.78 82.33% 3 50

306,384,035.90 2000-2001 2002 1996 9 1,000 2003 12 31 1999 1996 9 1,000 2003 12 31 2000 9 25 2000 260 500 2001 2 21 2000 541 500 500 2003 6 13 2003 99 500 1999 50% 2001 100% 1,747,203.38 1,747,885.45 44.72% 51

4 5% 5% 7 1 ----------------------- ------------------------ ========= ============= ======= ============== ======= 15,942,290.12 79.62% 24,730,415.34 75.54% 1,050,974.17 5.25% 3,418,108.30 10.44% 2,932,734.44 14.65% 2,068,839.06 6.32% 95,400.00 0.48% 2,522,414.21 7.70% ------------- ------- -------------- ------- 20,021,398.73 100.00% 32,739,776.91 100.00% ============= ======= ============== ======= 2 5% 5% 8 ---------------------------- ----------------------------- ============= ============== ============= ============== ============= 129,141,709.14 12,581,658.07 167,880,757.30 16,508,375.67 157,351,116.47 54,718,984.36 149,141,189.48 72,295,509.89 7,630,424.69 17,264.79 7,981,131.26 17,264.79 2,507,539.10 --- 2,753,741.24 --- 9,548,085.69 500,265.04 10,069,619.63 501,102.22 51,009,317.97 --- 45,073,297.06 --- 52

-------------- ------------- -------------- ------------- 357,188,193.06 67,818,172.26 382,899,735.97 89,322,252.57 ================ =============== ================ =============== 9 =================== =========== =========== ========================== 201,744.74 119,962.99 2004 199,200.00 149,225.83 2004 7,726.00 201,924.86 2004 ----------- ----------- 408,670.74 471,113.68 =========== =========== 53

10 1 --------------------------- --------------------------- =============== ============== =========== ============= ============== ============= ============ -1,826,172.07 349,029.99 435,040.40 --- -1,391,131.67 349,029.99 --- --- --- --- --- --- 149,628,591.69 --- 34,428,334.81 182,128,008.83 1,928,917.67 --- 84,747,391.30 --- 50,000.00 --- 84,797,391.30 5,000,000.00 -------------- ----------- ------------- -------------- ------------- ------------ 232,549,810.92 349,029.99 34,913,375.21 182,128,008.83 85,335,177.30 5,349,029.99 ============== =========== ============= ============== ============= ============ 2 ======================== ======== ====== ============== ============== ========== ========== ========== ============== ============== 90% -4,350,404.14-2,175,202.06 --- 435,040.40 --- 2,610,242.48-1,740,161.66 1997-2012 60% 3,000,000.00 349,029.99 --- --- --- -2,650,970.01 349,029.99 -------------- -------------- ---------- ---------- ---------- -------------- -------------- -1,350,404.14-1,826,172.07 --- 435,040.40 --- -40,727.53-1,391,131.67 ============== ============== ========== ========== ========== ============== ============== * 54

================ ============== ========= ============== ============ ============== -4,350,404.14 10-2,175,202.06-435,040.40-1,740,161.66 -------------- -------------- ------------ -------------- -4,350,404.14-2,175,202.06-435,040.40-1,740,161.66 ============== ============== ============ ============== 1997 8 100% 4,350,404.14 3 ========================== ========== ============ ============== =============== ========= =============== ============= ============= 1985-2015 49% 40,110,242.82 53,429,051.58 --- -14,604,792.67 38,824,258.91 --- 1993-2043 49% 37,859,721.00 35,902,741.24 --- -2,221,283.42 33,681,457.82 --- 1998-2048 49% 8,520,120.00 60,296,798.87 --- -38,305,811.88 21,990,986.99 --- 45% 2,800,000.00 --- --- -871,082.33 --- 1,928,917.67 -------------- --------------- --------- --------------- ------------- ------------- 89,290,083.82 149,628,591.69 --- -56,002,970.30 94,496,703.72 1,928,917.67 ============== =============== ========= =============== ============= ============= 55

========================== ============== ========= ============= ============ ======================= ============ 19,807,798.33 17 13,981,975.32 582,582.30 13,399,393.02 --- 7,633,090.07 45 6,784,968.95 84,812.12 6,700,156.83 --- -------------- ------------- ------------ ----------------------- ------------ 27,440,888.40 20,766,944.27 667,394.42 20,099,549.85 --- ============== ============= ============ ======================= ============ 1997 4 ============================ ========= ============ ============== ============== ========== ========== =============== 0.35% 10,000,000.00 10,000,000.00 --- --- 10,000,000.00 1.56% 9,600,000.00 9,600,000.00 --- --- 9,600,000.00 1995-2045 15% 60,000,000.00 60,000,000.00 --- --- 60,000,000.00 0.81% 2,430,000.00 2,430,000.00 --- --- 2,430,000.00 1998-2028 5% 2,717,391.30 2,717,391.30 --- --- 2,717,391.30 50,000.00 --- 50,000.00 --- 50,000.00 -------------- -------------- ----------- ----------- --------------- 56

84,797,391.30 84,747,391.30 50,000.00 --- 84,797,391.30 ============== ============== ========== ========== =============== 5 ------------------------------ ======================== ============ ============ ============== =============== ============= 349,029.99 --- --- --- 349,029.99 --- 5,000,000.00 --- --- 5,000,000.00 ------------ ------------ -------------- --------------- ------------- 349,029.99 5,000,000.00 --- --- 5,349,029.99 ============ ============ ============== =============== ============= 6 57

11 ============== ================ ============= ============= ================ 705,371,140.30 3,523,195.35 549,260.81 708,345,074.84 388,886,645.59 3,378,477.59 2,748,807.50 389,516,315.68 37,088,680.43 1,589,391.00 7,967,434.95 30,710,636.48 27,627,008.64 3,678,180.55 106,817.89 31,198,371.30 --- 772,972.92 --- 772,972.92 ---------------- ------------- ------------- ---------------- 1,158,973,474.96 12,942,217.41 11,372,321.15 1,160,543,371.22 12 ================ ============= ============= ================ ============== ================ ============= ============= ================ 148,804,549.13 23,856,707.44 179,350.32 172,481,906.25 254,269,412.52 18,515,011.03 2,740,978.54 270,043,445.01 26,459,263.99 2,891,845.41 6,488,642.44 22,862,466.96 14,455,396.16 2,865,174.59 94,504.13 17,226,066.62 --- --- --- --- ---------------- ------------- ------------- ---------------- 443,988,621.80 48,128,738.47 9,503,475.43 482,613,884.84 ---------------- ------------- ------------- ---------------- 714,984,853.16 677,929,486.38 ================ ============= ============= ================ 2,099,701.30 2,134,098.10 356,995,600.00, 320,675,618.76 166,697,714.50 70,167,228.21 42,353,120.00 58

247,979,071.54 154,421,134.28 238,132,203.10 13 -------------------- ============== ============== ======== ======== =========== ============== 92,113,150.31 --- --- 401,748.17 91,711,402.14 27,109,441.27 --- --- 140,462.13 26,968,979.14 53,297.02 --- --- 13,300.00 39,997.02 -------------- -------- -------- ----------- -------------- 119,275,888.60 --- --- 555,510.30 118,720,378.30 ============== ======== ======== =========== ============== 14 1 ========= =============== =============== ============ ============ ====== ============= ==== ==== 67% USD20,000,000 98,696,050.88 --- --- --- 98,696,050.88 ERP --- 3,417,740.00 --- --- --- 3,417,740.00 --- --- --- 221,940.00 --- --- 221,940.00 50% --- --- 412,325.00 --- --- 412,325.00 50% --- --- 55,000.00 --- --- 55,000.00 50% --- 1,272,576.80 5,442,216.07 2,099,701.30 --- 4,615,091.57 --- ----------- ----------- ---------- --------- ------ ----------- 103,386,367.68 6,131,481.07 2,099,701.30 --- 107,418,147.45 =============== =============== ============ ============ ====== ============= 59

16,434,201.85 1999 2 ----------------- ============== ============= ============ ======== ======== ============= 68,696,050.88 --- --- --- 68,696,050.88 ERP --- 1,025,322.00 --- --- 1,025,322.00 ------------- ------------ -------- -------- ------------- 68,696,050.88 1,025,322.00 --- --- 69,721,372.88 ============ ============ ======== ======== ============= 1999 68,696,050.88 ERP 15 ================ ================ ================= ============== ================ --- 944,509,502.70 20,534,437.12 300,000,000.00 1,265,043,939.82 508,950,924.73 5,845,788.33 240,800,000.04 755,596,713.10 406,190,144.64 2,055,370.00 --- 408,245,514.64 --- --- --- --- 6,487,015.88 1,526,409.94 14,199,999.96 22,213,425.78 908,654,053.49 6,374,748.39 226,600,000.08 1,141,628,801.96 5-66 1-10 6.5 --- 209,034,566.00 --- 134,300,000.00 343,334,566.00 --- --- --- --- --- --- --- --- 209,034,566.00 --- 134,300,000.00 343,334,566.00 ================ ============== ================= ============== ================ 60

1 5 10 2000 7 10 2 1997 8 100% 1997 6 30 97 389 1997 2001 3 28 29 30 440,731,040.28 16 =================== ============= ============= ============= ============ ============= ============= ============= 14,985,415.88 8,027,500.55 1,468,412.43 --- 1,043,444.20 6,532,947.10 8,452,468.78 2,453,577.79 4,738,553.43 --- 3,087,674.79 1,650,878.64 2,453,577.79 --- 4,446,396.48 3,449,717.12 --- --- 874,367.54 1,871,046.90 2,575,349.58 16,291,309.90 4,703,123.66 2,532,494.07 --- 3,808,921.30 12,864,613.47 3,426,696.43 8,459,286.13 4,991,979.41 3,247,048.57 2,667,658.05 1,827,249.43 4,715,165.63 3,744,120.50 ---------- ---------- ---------- --------- ---------- ---------- ---------- 61

46,635,986.18 25,910,874.17 7,247,955.07 5,755,332.84 9,204,861.11 28,437,350.89 18,198,635.29 ============= ============= ============= ============ ============= ============= ============= 5,755,332.84 2,532,494.07 3,222,838.77 17 ----------------------------------------- ------------------------------------------ ========= ================== ======= ================ ================= ======= ================ RMB290,120,000.00 290,120,000.00 RMB230,120,000.00 230,120,000.00 --- --- RMB75,423,843.82 75,423,843.82 RMB602,900,000.00 602,900,000.00 RMB733,634,000.00 733,634,000.00 USD4,500,000.00 8.2767 37,245,150.00 USD7,300,000.00 8.2773 60,424,290.00 -------------- ---------------- 930,265,150.00 1,099,602,133.82 ================ ================ 1 290,120,000.00 42,000,000.00 15,000,000.00 124,500,000.00 15,000,000.00 93,620,000.00 62

2 602,900,000.00 4,500,000.00 197,000,000.00 97,500,000.00 36,500,000.00 61,000,000.00 29,500,000.00 30,000,000.00 4,500,000.00 119,500,000.00 30,000,000.00 1,900,000.00 3 =============================== ============= =========== ============== ============== =========== 25,000,000.00 5.31 2004 3 30,000,000.00 4.8 ------------- 55,000,000.00 ============= 18 ====================== ================= ================= 256,718,247.98 130,994,911.50 28,570,000.00 --- ----------------- ----------------- 63

285,288,247.98 130,994,911.50 ================= ================= 19 1 ----------------------- ------------------------ ========== =============== ======= =============== ======= 173,369,694.65 92.15% 171,074,964.70 96.91% 10,860,945.36 5.77% 4,611,084.97 2.61% 3,066,927.13 1.63% 719,972.35 0.41% 837,980.98 0.45% 121,853.58 0.07% --------------- ------- --------------- ------- 188,135,548.12 100% 176,527,875.60 100% =============== ======= =============== ======= 2 5% 5% 20 1 ------------------------ ----------------------- ========== =============== ======= ============== ======= 51,724,702.88 80.05% 104,128,746.80 95.91% 11,840,448.01 18.32% 4,442,412.50 4.09% 1,052,219.36 1.63% 2,939.50 --- --------------- ------- -------------- ------- 64,617,370.25 100% 108,574,098.80 100% =============== ======= ============== ======= 64

2 5% 5% 21 =============================== =============== ================= 616,864.49 616,864.49 746,666.60 746,666.60 492,800.00 492,800.00 112.00 112.00 --------------- ----------------- 1,856,443.09 1,856,443.09 22 =============== ================= =============================== =============== ================= 22,974,293.25 11,730,649.96 3,016,415.40 2,613,926.54 629,366.19 456,960.57 289,329.35 143,486.50 16,061,164.91 11,669,184.12 10,539.44-860.64 --------------- ----------------- 42,981,108.54 26,613,347.05 =============== ================= 23 1 ---------------------- ----------------------- ========== =============== ====== =============== ====== 179,393,217.55 74.30% 115,636,032.48 69.98% 33,841,516.40 14.01% 24,396,782.92 14.77% 16,831,469.88 6.97% 8,529,784.40 5.16% 11,393,463.42 4.72% 16,678,398.55 10.09% --------------- ------ --------------- ------ 65

241,459,667.25 100% 165,240,998.35 100% =============== ====== =============== ====== 2 =============================== ============== =========== ========= 150,000,000.00 1 8,000,000.00 3 6,278,400.00 2-3 -------------- 164,278,400.00 ============== 3 5% 5% 24 ==================== ============= ============= ================== 2,976,971.41 3,263,458.82 1,998,118.80 3,830,000.00 27,310,149.68 13,392,354.30 3,409,861.75 1,618,776.83 ------------- ------------- 35,695,101.64 22,104,589.95 ============= ============= 25 ============ ======== ================ =============== --- 26,500,000.00 ---------------- --------------- --- 26,500,000.00 ================ =============== 66

1 14,000,000.00 2 12,500,000.00 26 ----------------------------------------- ---------------------------------------- ======== ================= ======= ============== ================= ======= ============== RMB346,100,000.00 346,100,000.00 RMB452,780,000.00 452,780,000.00 RMB20,000,000.00 20,000,000.00 --- --- RMB402,030,000.00 402,030,000.00 RMB319,030,000.00 319,030,000.00 HKD11,632,650.00 1.0657 12,396,915.11 HKD11,632,650.00 1.0611 12,343,404.92 -------------- -------------- 780,526,915.11 784,153,404.92 ============== ============== 1 346,100,000.00 30,000,000.00 140,000,000.00 151,000,000.00 25,100,000.00 2 20,000,000.00 3 402,030,000.00 11,632,650.00 154,930,000.00 11,632,650.00 35,700,000.00 44,000,000.00 2,000,000.00 60,400,000.00 67

85,000,000.00 20,000,000.00 27 ================= ============ ============== ============== --- 4,500,000.00 --- 1,810,000.00 230,899.10 --- -------------- -------------- 230,899.10 6,310,000.00 ============== ============== 28 ================================ ============== ============== 1,290,022.70 1,626,550.30 ================================ ============== ============== 29 (+,-) ----------------------------------- ===================== ============== ===== ==== ====== ==== ==== ======= ============== --- --- --- --- --- --- --- --- 1176,288,934.00 --- --- --- --- --- --- 176,288,934.00 --- --- --- --- --- --- --- --- --- --- --- --- --- --- 176,288,934.00 --- --- --- --- --- --- 176,288,934.00 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 2 195,685,466.00 --- --- --- --- --- --- 195,685,466.00 3 --- --- --- --- --- --- --- --- 4 --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- 371,974,400.00 --- --- --- --- --- --- 371,974,400.00 --- --- --- --- --- --- 1 203,705,600.00 --- --- --- --- --- --- 203,705,600.00 2 --- --- --- --- --- --- --- --- 3 --- --- --- --- --- --- --- --- 4 --- --- --- --- --- --- --- --- 68

203,705,600.00 --- --- --- --- --- --- 203,705,600.00 575,680,000.00 --- --- --- --- --- --- 575,680,000.00 ===================== ============== ===== ==== ====== ==== ==== ======= ============== 4,440 7.71% 1,690 2.94% 7,446,666 1.29% 5,152,000 0.89% 30 ============== ============== ============= ============ ============== 299,938,763.30 --- --- 299,938,763.30 53,118,470.76 7,159,978.40 4,708,978.08 55,569,471.08 --- 1,000,000.00 --- 1,000,000.00 279,850,640.66 4,708,978.08 --- 284,559,618.74 -------------- ------------- ------------ -------------- 632,907,874.72 12,868,956.48 4,708,978.08 641,067,853.12 ============== ============= ============ ============== 2003 12 31 31 ============== ============== =========== =========== ============== 60,118,862.54 --- --- 60,118,862.54 32,113,214.50 --- --- 32,113,214.50 164,336,005.43 --- --- 164,336,005.43 -------------- ----------- ----------- -------------- 69

256,568,082.47 --- --- 256,568,082.47 ============== =========== =========== ============== 32 =========================== ================= ================= 196,322,827.00-100,798,030.44-1,030,846,822.67-930,048,792.23 --- --- --- --- --- --- --- --- -834,523,995.67-1,030,846,822.67 =========================== ================= ================= 33 =============================== =============== =============== -54,052,028.80-56,471,940.67 --------------- --------------- -54,052,028.80-56,471,940.67 =============== =============== 34 1 ----------------------------- ------------------------------- =========== ================ ============== ================ ============== 1,300,763,454.18 787,125,361.08 1,108,996,885.35 716,705,481.03 13,376,851.87 5,910,077.86 19,214,003.87 13,054,007.21 1,282,077.40 946,080.56 --- --- -13,376,851.87-5,910,077.86-19,007,481.09-13,089,815.29 70

---------------- -------------- ---------------- -------------- 1,302,045,531.58 788,071,441.64 1,109,203,408.13 716,669,672.95 ================ ============== ================ ============== 2 ----------------------------- ------------------------------- =========== ================ ============== ================ ============== 231,612,387.09 142,409,755.16 198,487,482.75 130,757,627.21 397,195,681.68 230,747,031.45 289,201,950.97 178,679,186.56 321,886,873.41 197,569,434.42 302,399,599.97 198,212,259.90 206,677,343.87 128,004,519.96 132,190,569.09 89,137,589.40 68,424,645.95 43,865,041.11 86,022,793.56 55,735,708.88 53,640,005.25 34,358,131.07 54,814,613.52 35,541,861.55 30,393,749.94 18,154,642.08 46,086,398.27 28,605,439.45-7,785,155.61-7,037,113.61 --- --- ---------------- -------------- ---------------- -------------- 1,302,045,531.58 788,071,441.64 1,109,203,408.13 716,669,672.95 ================ ============== ================ ============== 3 136,400,504.93 10.48% 85,390,375.31 7.70% 35 ==================== ========= =============== =============== 5% 306,013.42 850,776.64 5% 3,844,058.72 2,511,650.21 3% 2,310,633.99 1,591,968.83 8,435.43 19,031.79 --------------- --------------- 71

6,469,141.56 4,973,427.47 36 =============== =============== ==================== =============== =============== -1,846,637.23 154,473.73-543,720.93-30,552,795.70 2,220,339.78 138,856.12 --------------- --------------- -170,018.38-30,259,465.85 37 =============== =============== ==================== =============== =============== 85,110,349.08 183,585,782.22 --------------- --------------- 85,110,349.08 183,585,782.22 =============== =============== 53.64% 38 ==================== =============== =============== 116,141,369.39 120,221,185.90 2,885,609.14 823,647.91 1,615,602.29 1,457,154.55 --- 501,870.55 1,318,222.36 745,566.02 --------------- --------------- 72

116,189,584.90 121,098,388.01 39 =============== =============== ======================================= =============== ============== --- --- --- --- 4,429,182.35 --- 29,690,269.85 48,586,464.20-232,354.02-899,748.43 115,503,296.28 --- -5,000,000.00 --- --------------- -------------- 144,390,394.46 47,686,715.77 =============== ============== 1 ========================= ============== ============== 8,520,120.00 30,779,106.72 79,419,559.68-1,088,836.87 -------------- -------------- 87,939,679.68 29,690,269.85 2 ============== ============== ========================== ============== ============= ================ 53,800,000.00 38,824,258.91 14,975,741.09 61,800,000.00 33,681,457.82 28,118,542.18 94,400,000.00 21,990,986.99 72,409,013.01 -------------- ------------- ---------------- 210,000,000.00 94,496,703.72 115,503,296.28 ============== ============= ================ 73

40 ====================== =============== =============== 1,400,000.00 265,500.00 2,507,736.48 --- 1,100,925.00 --- --------------- --------------- 5,008,661.48 265,500.00 =============== =============== 2003 3 [2002]118 119 120 41 ====================== =============== =============== 1,044,500.32 575,880.73 250,135.85 1,304,283.49 963,715.74 211,699.43 --------------- --------------- 2,258,351.91 2,091,863.65 42 =============== =============== ====================== =============== =============== 899,797.77 5,081,719.68 343,352.86 --- --- -841,755.99 1,025,322.00 --- 93,037.00 134,020.50 32,062.45 1,011,775.81 --------------- --------------- 74

2,393,572.08 5,385,760.00 ============= ============= 43 ====================================== =============== 14,539,854.10 25,552,421.86 98,076,239.40 15,055,109.47 11,067,087.33 21,272,196.00 41,041,224.85 11,989,017.38 81,771,189.53 5,753,210.00 110,000,000.00 45,500,000.00 13,000,000.00 39,694,715.02 50,736,172.63 --------------- 585,048,437.57 =============== 1 1 ----------------------------------- ------------------------------------ ========= ============== ===== ============= ============== ======= ============= 1 28,379,060.35 7.15% 127,850.50 379,509,458.22 49.95% 16,874,504.91 1 2 36,767,582.38 9.27% --- 299,512,299.81 39.42% 15,462,299.81 2-3 299,512,299.81 75.49% 15,462,299.81 7,889,235.90 1.04% 394,461.80 3 32,085,498.01 8.09% 1,572,864.80 72,851,979.44 9.59% 55,979,103.39 -------------- ----- ------------- -------------- ------- ------------- 396,744,440.55 100% 17,163,015.11 759,762,973.37 100% 88,710,369.91 ============== ===== ============= ============== ======= ============= 75

2 3 5% 5% 76

2 1 --------------------------- ---------------------------- =============== =============== =========== =============== =============== =============== ============ 517,118,603.57 349,029.99 86,612,919.19 29,027,867.18 574,703,655.58 349,029.99 --- --- --- --- --- --- 149,628,591.69 --- 31,628,334.81 181,256,926.50 --- --- 84,747,391.30 --- --- --- 84,747,391.30 5,000,000.00 --------------- ----------- --------------- --------------- --------------- ------------ 751,494,586.56 349,029.99 118,241,254.00 210,284,793.68 659,451,046.88 5,349,029.99 =============== =========== =============== =============== =============== ============ 2 ============================== ========= ======== =============== ============== ======== ============= ========== =============== ============== 1988-2008 75% 247,332,835.45 --- --- --- --- -247,332,835.45 --- 89.50% 268,356,679.95 269,258,562.44 --- 6,110,880.12 --- 7,012,762.61 275,369,442.56 90% 146,798,672.89 244,019,005.99 --- 52,308,802.85 --- 149,529,135.95 296,327,808.84 1997-2012 60% 6,000,000.00 --- --- --- --- -6,000,000.00 --- 1997-2012 60% 3,000,000.00 349,029.99 --- --- --- -2,650,970.01 349,029.99 70% 3,500,000.00 3,492,005.15 --- -834,630.96 --- -842,625.81 2,657,374.19 --------------- -------------- -------- ------------- ---------- --------------- -------------- 674,988,188.29 517,118,603.57 --- 57,585,052.01 --- -100,284,532.71 574,703,655.58 77

=============== ============== ======== ============= ========== =============== ============== ================ ============== ========= ============== ============ ============== -4,350,404.14 10-2,175,202.06-435,040.40-1,740,161.66 -------------- -------------- ------------ -------------- -4,350,404.14-2,175,202.06-435,040.40-1,740,161.66 ============== ============== ============ ============== 1997 8 100% 4,350,404.14 3 ========================== ========= ============ ============= ============== ======== ============== ============= ======== 1985-2015 49% 40,110,242.82 53,429,051.58 --- -14,604,792.67 38,824,258.91 --- 1993-2043 49% 37,859,721.00 35,902,741.24 --- -2,221,283.42 33,681,457.82 --- 1998-2048 49% 8,520,120.00 60,296,798.87 --- -38,305,811.88 21,990,986.99 --- ------------- -------------- -------- -------------- ------------- -------- 86,490,083.82 149,628,591.69 --- -55,131,887.97 94,496,703.72 --- ============= ============== ======== ============== ============= ======== 78

========================== ============= ======== ============= ========== ============= ============ 19,807,798.33 17 13,981,975.32 582,582.30 13,399,393.02 --- 7,633,090.07 45 6,784,968.95 84,812.12 6,700,156.83 --- ------------- ------------- ---------- ------------- ------------ 27,440,888.40 20,766,944.27 667,394.42 20,099,549.85 --- ============= ============= ========== ============= ============ 1997 4 ============================ ========= ============ ============== ============= ======== ======== ============= 0.35% 10,000,000.00 10,000,000.00 --- --- 10,000,000.00 1.56% 9,600,000.00 9,600,000.00 --- --- 9,600,000.00 1995-2045 15% 60,000,000.00 60,000,000.00 --- --- 60,000,000.00 0.81% 2,430,000.00 2,430,000.00 --- --- 2,430,000.00 1998-2028 5% 2,717,391.30 2,717,391.30 --- --- 2,717,391.30 -------------- ------------- -------- -------- ------------- 84,747,391.30 84,747,391.30 --- --- 84,747,391.30 ============== ============= ======== ======== ============= 5 79

------------------------------- ========================= ============= ============= =============== =============== ============= 349,029.99 --- --- --- 349,029.99 --- 5,000,000.00 --- --- 5,000,000.00 ------------- ------------- --------------- --------------- ------------- 349,029.99 5,000,000.00 --- --- 5,349,029.99 ============= ============= =============== =============== ============= 6 80

3 ======================================= =============== ============== --- --- --- --- 4,429,182.35 --- 29,690,269.85 48,586,464.20-232,354.02-899,748.43 115,503,296.28 --- -5,000,000.00 --- --------------- -------------- 144,390,394.46 47,686,715.77 =============== ============== (1) : ========================= =============== =============== 8,520,120.00 30,779,106.72 79,419,559.68-1,088,836.87 --------------- --------------- 87,939,679.68 29,690,269.85 (2) =============== =============== ========================== ============= ============== ================ 53,800,000.00 38,824,258.91 14,975,741.09 61,800,000.00 33,681,457.82 28,118,542.18 94,400,000.00 21,990,986.99 72,409,013.01 -------------- -------------- ---------------- 210,000,000.00 94,496,703.72 115,503,296.28 ============== ============== ================ 81

1 ============================== ==== ================ =============== ========= ======= ============================== ==== ================ =============== ========= ======= 2 ============================== ================ ============ ======= ================ 300,000,000.00 --- --- 300,000,000.00 10,000,000.00 --- --- 10,000,000.00 USD27,860,000.00 --- --- USD27,860,000.00 300,000,000.00 --- --- 300,000,000.00 42,600,000.00 77,400,000.00 --- 120,000,000.00 10,000,000.00 --- --- 10,000,000.00 5,000,000.00 --- --- 5,000,000.00 5,000,000.00 --- --- 5,000,000.00 ============================== ================ ============ ======= ================ 82

3 ---------------------- ----------------- ----------------------- ========================= ================ ====== ============ ==== ================ ====== 143,552,640.00 24.94% --- --- 143,552,640.00 24.94% USD20,895,000.00 75% --- --- USD20,895,000.00 75% 268,500,000.00 89.50% --- --- 268,500,000.00 89.50% 42,600,000.00 100% 65,400,000.00-10% 108,000,000.00 90% 6,000,000.00 60% --- --- 6,000,000.00 60% 3,500,000.00 70% --- --- 3,500,000.00 70% 3,000,000.00 60% --- --- 3,000,000.00 60% ========================= ================ ====== ============= ==== ================ ====== 4 =================================== =============================== =================================== =============================== 2003 12 31 5 1 421,500,000.00 2 134,052.00 83

6 ========== ================================== ============= ============== 2,608,317.06 2,608,317.06 1,747,203.38 1,747,203.38 --- 113,666.96 --- 30,679.75 --- 743,334.65 --- 1,410,000.00 --- 2,400,000.00 --- 45,500,000.00 ========== ================================== ============= ============== 1 GE 2004 3 31 1,877,382.00 2004 8 14 USD100,000.00 2 17 26 3 17 1 2004 3 9 2003 2003 2 7 90 180 2004 3 2 21,256,453.89 2004 3 2 21,256,453.89 3 2004 2 18 84

16,517,958.52 4 2002 2004 1 15 2,155 1 : 1 2002 23 4.15 9.06 1.61 4.06, 2002 4.15 2002 12 31 311,404,561.32 32,204,850.74 2002 2 85

2003 12 31 388,509,693.14 41,604,920.38 6 7 8 21 225,322,655.00 188,274,000.00 16,517,958.52 16,517,958.52 3 59,780,000.00 2 2003 1,133,304.54 1 2003 12 31 5,405,143.26 3,320,000.00 2,085,143.26 2 2003 12 31 3,262,922.45 3 1996 9 1,000 2003 12 31 2000 9 25 2000 260 500 2001 2 21 2000 541 86

500 500 2003 6 13 2003 99 500 2003 9 29 49% 5,380 49% 6,180 49% 9,440 21,000 2003 11 7 [2003]491 [2003]492 [2003]493 2003 11 2003 12 3 2003 12 10 ================================ ============== ============= ============== 53,800,000.00 38,824,258.91 14,975,741.09 61,800,000.00 33,681,457.82 28,118,542.18 94,400,000.00 21,990,986.99 72,409,013.01 -------------- ------------- -------------- 210,000,000.00 94,496,703.72 115,503,296.28 ============== ============= ============== 87

1 % / ------------------------------------ ------------------------------------ ----------------- ------------------ ----------------- ----------------- ================== ======== ======== ======== ======== ======== ======== ======== ======== 86.79 106.62 102.57 197.69 0.8816 0.8816 0.6732 0.6732 11.13 13.68-56.43-108.76 0.1131 0.1131-0.3704-0.3704 33.57 41.24-26.68-51.42 0.3410 0.3410-0.1751-0.1751 1.82 2.23-26.26-50.61 0.0184 0.0184-0.1724-0.1724 ================== ======== ======== ======== ======== ======== ======== ======== ======== = = ROE=P/ EO+NP 2+Ei Mi MO-Ej Mj MO P NP EO Ei Ej MO Mi Mj EPS=P/ SO+Sl+Si Mi MO-Sj Mj MO P SO Sl Si Sj MO Mi Mj 88

2 ============================================= ============== ============= 115,378,868.74-3,909,736.79 2,507,736.48 --- 2,300,925.00 --- 106,041.21 325,323.40 65,776,931.00 2,116,839.46-362,212.19-107,194.40 -------------- ------------- 185,708,290.24-1,574,768.33 ============== ============= 89