国电长源电力股份有限公司

2004... 1... 2... 2... 2... 3... 3... 3... 3... 3... 4... 5... 5... 8... 8... 9... 9... 9... 10... 11... 11... 12... 13... 14... 15... 15. 15... 15... 16... 16... 16... 16... 16... 18... 18... 18... 18... 18... 19... 19 1

... 19... 19... 35 GUODIAN CHANGYUAN ELECTRIC POWER CO.,LTD 351 027-86778352 86778357 027-86786970 zhaohu310@163.net dd312@sina.com 351 430077 www.cydl.com.cn cyzqb01@cydl.com.cn www.cninfo.com.cn 351 000966 1995 4 7 4200001100124 429000177597420 1056 A-B 8 104,016,558.94 70,796,021.32 72,265,403.30 161,073,254.19 3,160,264.76 73,999,144.93 30,969,817.21 0.00-952,403.20 49,238,425.26 5,671,280.68-952,403.20 123,072.10-899,353.58 259,302.70-1,469,381.98 2

2004 1-12 2003 1-12 2002 1-12 1,213,630,662.75 1,037,113,174.72 1,039,908,606.18 914,031,923.98 70,796,021.32 53,954,878.98 56,862,931.17 36,427,465.74 0.1913 0.1458 0.1536 0.0984 0.1913 0.1458 0.1536 0.0984 0.1952 0.1465 0.1543 0.0998 % 7.8548 6.1667 6.4776 4.3328 % 7.9383 6.3123 6.3654 4.3313 % 8.1031 6.3432 6.3949 4.3935 0.1330 0.3448 0.3448 0.0243 2004 12 31 2003 12 31 2002 12 31 3,986,490,476.12 2,677,525,554.96 2,680,320,986.42 2,431,121,986.05 901,312,138.61 874,933,162.09 877,841,214.28 840,737,589.09 2.4350 2.3638 2.3716 2.2714 2.4234 2.3466 2.3545 2.2339 % % 17.87 18.06 0.44 0.44 8.21 8.30 0.20 0.20 7.85 7.94 0.19 0.19 8.02 8.10 0.20 0.20 370,142,040.00 396,829,478.29 50,450,499.77 17,354,651.59 40,156,492.44 874,933,162.09 11,115,080.51 5,557,540.26 70,796,021.32 87,468,642.09 61,089,665.57 61,089,665.57 370,142,040.00 396,829,478.29 61,565,580.28 22,912,191.85 49,862,848.19 901,312,138.61 + - 1. 139308480 139308480 91537560 91537560 2. 31296000 31296000 3. 4. 262142040 262142040 3

1. 108000000 108000000 2. 3. 108000000 108000000 370142040 370142040 1 2 3 53208 ( ) % 1 139308480 37.64 2 69481560 18.77 3 20160000 5.45 4 17760000 4.80 5 11136000 3.01 6 1979999 0.53 7 1896000 0.51 8 420000 0.11 9 301364 0.08 10 301220 0.08 1 5% ( 5%) 2 120 2003 4 37.64% 10% ( 10%) 113400 1986 9 ( ) 1 301364 A 2 301220 A 3 215000 A 4 183600 A 5 167140 A 4

6 165240 A 7 150664 A 8 140000 A 9 138100 A 10 134200 A 59 2004.5~2007.5 0 0 43 0 0 49 0 0 48 0 0 54 0 0 51 0 0 41 0 0 53 0 0 45 2004.12~2007.5 0 0 49 2004.5~2007.5 0 0 39 0 0 41 0 0 49 0 0 44 0 0 41 0 0 38 0 0 43 0 0 41 0 0 41 0 0 56 0 0 35 0 0 40 0 0 52 0 0 46 2004.9~2007.5 0 0 42 2004.5~2007.5 0 0 2002.12~ 2002.12~ 2003.1~ 1996.5~ 2000.5~ 1999.3~ 1999.12~ 2002.1~ 2002.1~ 2004.5~ 2000.1~ 1999.10~ 5

1 1946 12 1962 8 1956 12 1957 7 1951 4 1954 7 1952 3 1964 4 1960 6 1956 2 1966 2 1964 11 1956 5 1961 1964 6

2 1967 1 1962 9 1964 2 1964 1 1949 8 1970 7 3 1965 2 1953 5 1959 7 1963 10 1 781800 2 2 2004 25~30 2 20~25 3 15~20 2 5~10 1 3 7

1. a. 492 b. 4 c. 42 d. 28 e. 109 f. 44 2. a. 72 b. 153 c. 130 d. 364 3. a. 180 b. 71 c. 24 4. a.50 62 b.41-50 131 c.31-40 203 d.30 323 5. 45 6.2004 12 31 719 2004 5 2003 15 5 1/3 2004 8 2003 2004 2004 2003 2002 8

6% 18 6% 6% 80% 2003 2004 2004 2003 2004 4 2 5 12 2003 2003 2003 2003 5 13 2004 2004 8 14 9 16 9 17 2004 2004 11 23 12 23 5% 12 24 2003 2004 1 2004 2004 699.4 11.16% 9~11 6.87 2004 628.05 2003 7.24% 2 2005 2005 750 7.23% 1260 8.5% 2005 3 2004 9.19 17.02 9

1 516,810.60 129,054.00 121,363.07 121,003.85 99.70% 288.84 0.24% 103,892.07 103,478.88 99.60% 345.71 0.33% 14.48% -19.69% 2 2004 516,810.60 8.23% 2003 9.19% 129,054.00 33.43% 3 30 2004 20 50 39,400 27,245.24 69.15 172,599.30 165,289.86 5,202.39 2.35 15,990 10,080 63.04 46,895.39 16,598.92 668.24 400 380 95 1,146.27 199.81 60 96,000 52,800 55% 59,862.72 1.25 7,100 4,260 60% 16,691.08 30 63,660 19,098 30 263,656.71 324,034.92 8,839.09 5.10 10,000 3,200 30% 39,832.93 137.58 5 15,000 1,500 10 31,705.14 20,068.99 7.10-557.66 6,000 1,000 16.67 13,221.65 672.21 2004 2.89 40.98% 10

2004 103.39 / 1 2 3 4 53,678.51 61,805.27 8,126.76 15.14% 8,659.59 532.83 2000 2 17 53108 2003 2003 1 2 3 28% 4 5 6 5% 7 6440 14000 46 2 4.5 7 2004 8 14 2004 12 31 2003 12 31 3,986,490,476.12 2,677,525,554.96 1,308,964,921.16 48.89% 1,038,966.40 6,367,246.58-5,328,280.18-83.68% 8,869,682.02 16,096,000.00-7,226,317.98-44.90% 228,074,818.31 154,372,490.33 73,702,327.98 47.74% 130,577,422.84 77,824,779.57 52,752,643.27 67.78% 8,488,993.24 3,051,853.04 5,437,140.20 178.16% 37,639,068.51 9,752,846.02 27,886,222.49 285.93% 419,434,307.87 332,086,909.48 87,347,398.39 26.30% 48,206,384.60-48,206,384.60-100.00% 763,335,711.59 103,727,657.91 659,608,053.68 635.90% 11

960,700,000.00 423,000,000.00 537,700,000.00 127.12% 531,719.93 12,294,605.04-11,762,885.11-95.68% 1,457,398,110.09 860,291,730.29 597,106,379.80 69.41% 901,312,138.61 874,933,162.09 26,378,976.52 3.01% 161,073,254.19 153,471,053.87 7,602,200.32 4.95% 30,969,817.21 21,000,131.28 9,969,685.93 47.47% 70,796,021.32 53,954,878.98 16,841,142.34 31.21% 5,671,280.68-21,558,795.34 27,230,076.02 126.31% 1 532.83 83.68% 522.64 2 722.63 44.90% 3 7,370.23 47.74% 4 5,275.26 67.78% 5 543.71 178.16% 6 2,788.62 285.93% 7 8,734.74 26.30% 8,880.00 3,000.00 8 4,820.64 100.00% 9 65,960.81 635.90% 10 53,770.00 127.12% 5,000.00 5,800.00 5,000.00 48,000.00 11 1,176.29 95.68% 12 59,710.64 69.41% 32,000.00 18,600.00 10,071.59 13 996.97 47.47% 1,357.57 14 1,684.11 31.21% 15 2,723.01 126.31% 7,837.64 64,332.05 74,751.57 [2004]138 168 12

[2004]283 2004 12 1 1 0.26 4 2004 6 24 7 24 2005 1 5 2004 [2004]2909 2005 3 30% 6 5% 6 2005 91.35 1 2005 2 3 4 5 13

1 2004 3 30 2003 2003 2003 2003 2003 2003 2 2004 4 2004 3 2004 5 12 4 2004 8 11 2004 2004 2004 5 2004 9 16 6 2004 10 2004 7 2004 11 19 5% 2004 1 3000 28% 6440 46 2 2003 2003 2003 370,142,040 10 1.20 44,417,044.80 2004 7 32003 2004 75 4 2003 2004 6 14

52004 2004 70,796,021.32 10% 7,079,602.13 5% 3,539,801.07 2003 13,132,815.68 73,309,433.80 2004 370,142,040 10 1.00 37,014,204.00 36,295,229.80 [2003]56 2004 2004 1,486,302.94 1,486,302.94 9,264,870.00 37,025,298.83 18,514,702.00 27,775,466.83 58,810,896.17 58,810,896.17-12,538,576.90 140,515,646.58 118,589,986.95 9,387,082.73 2,801,256.64 11,266,592.64 14,067,849.28 192,394,000.00 192,394,000.00 2004 12 31 1 2004 12 31 42200 2004 12 31 46.82 30000 6200 1 6000 4000 2 30 2004 12 31 71.26 69.15 2003 5 9 3 2003 5 28 2018 5 28 15 2 7.05 2004 12 31 61.47 63.04 6000 2002 12 23 2011 10 12 1800 4200 2000 2004 7 15 2005 7 15 9.6 2004 15

12 31 74.37 30 1 3000 2004 9 28 2012 9 27 2004 10 29 2005 10 29 3 70% 50% 70% 20~25% 75~80% 2003 12 31 68.36 70% 1 46.82 2 39.94 3 2003 2003 2004 2002 3000 28% 28.84% 2% 30% 144.94 137.58 1 2004 34,417.42 16

33,129.35 1,288.07 2 20 2003 7 1 2004 12 31 3,700 / 3,700 1,851.47 2004 915.05 8.80 1 2004 2 200MW 1 25MW 3 7.5MW 447.5MW 1.77 2004 8 14 9 17 10 19 2 5% 2004 5% 4575.13 2004 11 23 12 24 2005 2 2 1 2003 2 600MW 480000 20 96000 55 35 10 2004 4 2 5 13 5 29 2 2004 2 600MW 500000 25 125000 50 15 33 2% 2004 9 17 12 24 3 2004 60000 35% 9000 15% 2004 9 17 12 24 1 2004 12 31 ( ) 2003 12 31 ( ) 17

19,239.40 19,239.40 2 (1) 938.71 10.78 5,881.09 67.53 2004 12 2003 12 31 31 % % 1,243.02 15.89 (2) 926.49 5.35 2,055.99 11.87 1,253.86 7.24 2003 8 29 2005 1 22 1 5% 2 2004 6 4 2004 6 26 3 2004 7 1.3 1.2 9000 2004 7 9 7 28 2002 2003 50% 2004 7 2003 74% 2003 2004 75 18

2004 3 26 9 10 9 14 2004 6 9 2004 6 11 (2005) 0018 2004 12 31 2004 2004 2004 12 31 2004 2005 2 17 2004 6 9 1995 12 1995 4 7 108,000,000.00 1996 7 30 1996 133 218,451,700.00 2000 2 17 1999 138 9000 3 16 19

000966 308,451,700.00 2001 5 10 2000, 2000 12 31 308,451,700, 10 2, 61,690,340, 1 61,690,340 370,142,040, 370,142,040.00. 4200001100124 351 1 2 1 1 12 31 3 4 5 6 7 (1) a b c ; d (2) (3) (4) 8 (1) (2) ( ) 1 1 2 2 3 3 4 4 5 5 6 6 0 3 5 20 40 70 100 20

9 (1) (2) (3) (4) 10 (1) A a b c d B 50% 50% 50% 20%( 20%) 20% 20% 20% 20% C D ( 10 ) E (2) A a b c B C (3) 21

A B 11 12 (1) 1 (2) (3) % % 15 45 3 6.47 2.16 12 30 3 8.08 3.23 12 3 8.08 6 12 3 16.17 8.08 5 18 0 3 20 5.39 (4), a b c d e 13 (1) (2) a 3 b c 14 22

(1) a b c d e f (2) 10 50 (3) a b c d 15,,, 16 (1) a b c (2), (3) 3 (4) 17 A (1) (2) (3) (4) B (1) (2) 23

C (1) ; (2), 18 19 (1) (2) 10% (3) 5% (4) (5) 20 (1) 50% 1996 2 (2) [1995]11,, 21 1 2003 2,795,431.46 2,795,431.46 2,795,431.46 2 2003 625,806.41 625,806.41 625,806.41 3 513,185.68 513,185.68 436,207.83 2,471,844.36 157,167,921.79 154,372,490.33-2,795,431.46 30,120,508.16 30,233,128.89 112,620.73 68,241,359.19 67,805,151.36-436,207.83 1,039,908,606.19 1,037,113,174.72-2,795,431.46 21,625,937.69 21,000,131.28-625,806.41 19,752,987.43 19,239,801.75-513,185.68 42,628,336.80 40,156,492.44-2,471,844.36 1 17% 13% 2 5% 7% 3% 3, 15% 33% (%) 39,400.00 27,245.24 69.15 400.00 380.00 95.00 24

15,990.00 10,080.00 63.04 96,000.00 52,800.00 55.00 7,100.00 4,260.00 60.00 63,660.00 19,098.00 30.00 10,000.00 3,000.00 30.00 15,000.00 1,500.00 10.00 60,000.00 9,000.00 15.00 6,000.00 1,000.00 16.66 1 2004 4 21 96000 2004 12 31 10920 6600 2 1 2004 12 31 2003 12 31 94,607.28 39,048.77 123,467,922.77 112,629,420.08 10,026,257.49 15,249,038.01 133,588,787.54 127,917,506.86 2 2004 12 31 2003 12 31 558,966.40 5,937,881.65 558,966.40 588,396.25 5,349,485.40 123,072.10 800,000.00 320,000.00 800,000.00 247,562.97 1,358,966.40 320,000.00 6,737,881.65 370,635.07 3 2004 12 31 2003 12 31 8,869,682.02 14,096,000.00 2,000,000.00 8,869,682.02 16,096,000.00 7,226,317.98 44.90% 4 2004 12 31 2003 12 31 2,801,256.64 52,890.00 2,854,146.64 5 2004 12 31 2003 12 31 % % 1 218,305,987.93 95.59 146,898,961.21 95.11 1 2 10,070,959.15 4.41 302,128.77 7,704,669.20 4.89 231,140.08 228,376,947.08 100 302,128.77 154,603,630.41 100 231,140.08 25

(1) 5% 5% (2) 227,433,643.08 99.59% 6 2004 12 31 2003 12 31 % (%) 1 122,104,693.79 92.87 67,890,479.32 86.80 1-2 2,082,730.10 1.58 60,765.39 9,569,137.70 12.23 284,976.43 2-3 4,448,768.09 3.38 202,672.60 375,914.59 0.48 18,795.73 3-4 2,590,218.88 1.97 517,953.24 313,775.15 0.40 62,755.03 4-5 185,672.02 0.12 74,268.81 70,000.00 0.09 28,000.00 5-6 70,000.00 0.05 49,000.00 131,482,082.88 100 904,660.04 78,219,306.76 100 394,527.19 (1) 5% 5% (2) 68,683,559.11 52.24% (3) 3-4 2-3 7 2004 12 31 2003 12 31 % (%) 1 6,137,140.20 72.30 3,051,853.04 100 1-2 2,351,853.04 27.70 8,488,993.24 100 3,051,853.04 100 (1) 5% 5% (2) 5,437,140.20 178.16% 8 2004 12 31 2003 12 31 36,356,038.47 9,632,481.02 1,236,809.02 30,591.00 46,221.02 89,774.00 37,639,068.51 9,752,846.02 1 2 9 (%) 30 241,993,881.86 47,603,795,37 15,481,885.20 5,468,661.23 268,647,130.80 10 15,000,000.00 375,000.00 375,000.00 15,000,000.00 16.66 10,000,000.00 10,000,000.00 30 2,000,000.00 30,000,000.00 199,407.70 38,959.99 32,160,447.71 20 1,539,147.10-714,237.91 824,909.19 39.60 3,485,338.95-324,297.61 3,161,041.34 23.40 1,050,000.00-209,221.17 840,778.83 88,800,000.00 88,800,000.00 88,800,000.00 26

363,868,367.91 118,800,000.00 46,930,446.38 15,856,885.20 5,507,621.22 419,434,307.87 5,185,466.91 46,874,239.09 46,093,001.77 4,687,423.91 5,468,661.23 41,405,577.86 10 1,558,399.43 38,959.99 38,959.99 1,519,439.44 10 1,459,973.02 1,313,975.72 145,997.32 291,994.62 1,167,978.40 10 6,027,800.00 4,621,313.32 602,780.00 2,009,266.68 4,018,533.32 10 54,362,012.11 52,028,290.81 1,558,399.43 5,475,161.22 7,808,882.52 48,111,529.02 10 2004 12 31 2003 12 31 % % 192,394,000.00 5.76 192,394,000.00 5.76 6.21 192,394,000.00 192,394,000.00 11 (1) 924,251,595.84 11,051,214.21 1,438,768.20 933,864,041.85 1,432,635,494.16 550,329,498.76 0.00 1,982,964,992.92 8,384,124.62 1,411,941.38 254,705.00 9,541,361.00 18,294,515.35 5,406,196.23 463,650.00 23,237,061.58 746,112.99 2,351,184.68 37,344.69 3,059,952.98 2,384,311,842.96 570,550,035.26 2,194,467.89 2,952,667,410.33 (2) 177,469,172.59 26,089,271.33 134,487.82 203,423,956.10 598,966,276.56 74,994,245.19 0.00 673,960,521.75 3,317,892.05 614,832.92 219,533.04 3,713,191.93 13,451,287.88 2,061,755.29 368,173.42 15,144,869.75 489,244.28 432,323.67 4,738.21 916,829.74 793,693,873.36 104,192,428.40 726,932.49 897,159,369.27 1,590,617,969.60 2,055,508,041.06 (1) 378,589,336.04 (2) (3) 12 0 48,206,384.60 13 88,896,571.96 252,049,726.94 340,946,298.90 30 3,562,774.45 10,917,835.49 11,455,152.71 3,025,457.23 30 390,620.01 23,255,579.65 15,339,271.03 8,306,928.63 606,862.44 1,858,817.00 1,447,045.00 274,526.44 744,108.00 8#9# 2,469,262.33 15,883,215.81 7,405,837.70 10,946,640.44 990,066.72 9,693,328.95 1,995,730.70 1,142,800.69 7,544,864.28 6,811,500.00 1,109,254.00 7,920,754.00 148,775,063.70 148,775,063.70 27

576,071,895.31 576,071,895.31 103,727,657.91 1,039,614,716.85 378,589,336.04 1,417,327.13 763,335,711.59 (1) (2) (3) 26,979,028.97 14,556,120.00 1753904.72 10,669,004.25 14 310,548.00 50 267,072.24 6,210.96 49,686.72 260,861.28 42 15 5,618,717.16 4,002,105.28 18,435,497.00 1,616,611.88 24,000.00 24,000.00 144,000.00 5,642,717.16 4,026,105.28 18,579,497.00 1,616,611.88 16 2004 12 31 2003 12 31 540,000,000.00 52,000,000.00 370,700,000.00 321,000,000.00 50,000,000.00 50,000,000.00 960,700,000.00 423,000,000.00 53,770 127.12% 48,000 5,000 5,800 5000 17 58,860,747.87 31,666,906.05 (1) 5% 5% (2) 3 18 2004 12 31 2003 12 31 138,599.93 138,599.93 1,176,883.29 1,094,808.22 132,720.00 9,358,473.60 393,120.00 393,120.00 28

531,719.93 12,294,605.04 19 % 2004 12 31 2003 12 31 13 17 17,914,700.19 10,053,197.94 15 33 6,268,786.32 11,022,497.77 5 7 9,579,208.86 9,161,771.90 29,243.45 5 810,172.08 568,982.23 96,238.47 49,368.64-752,933.04 34,669,105.92 30,233,128.89 20 2004 12 31 2003 12 31 3% 5,468,508.31 6,140,056.88 2% 1,504,662.15 1,310,905.93 1 24,365.59 23,128.87 1 6,116.87 1,118.41 32,308.84 28,547.10 7,035,961.76 7,503,757.19 21 173,272,294.74 285,377,985.18 (1) 5% 5% (2) 3 22 2004 12 31 2003 12 31 7,554,438.17 9,592,970.38 900,000.00 7,554,438.17 10,492,970.38 23 2004 12 31 2003 12 31 96,682,204.01 140,291,730.29 1,360,715,906.08 720,000,000.00 940,715,906.08 710,000,000.00 1,457,398,110.09 860,291,730.29 24 +,- 2004 12 31 1 230,846,040.00 230,846,040.00 139,308,480.00 139,308,480.00 91,537,560.00 91,537,560.00 2 31,296,000.00 31,296,000.00 262,142,040.00 262,142,040.00 108,000,000.00 108,000,000.00 370,142,040.00 370,142,040.00 2004 12 31 1776 29

25 390,630,999.55 390,630,999.55 47,842.00 47,842.00 6,150,636.74 6,150,636.74 396,829,478.29 396,829,478.29 26 50,450,499.77 11,115,080.51 61,565,580.28 17,354,651.59 5,557,540.26 22,912,191.85 67,805,151.36 16,672,620.77 84,477,772.13 27 2004 12 31 2003 12 31 70,796,021.32 53,954,878.98 40,156,492.44 26,217,202.95 11,115,080.51 9,387,072.98 5,557,540.26 4,718,573.78 44,417,044.80 25,909,942.73 49,862,848.19 40,156,492.44 28 2004 2003 2004 2003 1,210,038,521.32 1,032,359,675.68 1,034,788,751.79 865,695,258.24 2,888,420.19 3,732,951.19 3,457,051.08 4,717,652.55 703,721.24 1,020,547.85 674,937.32 347,656.51 1,213,630,662.75 1,037,113,174.72 1,038,920,740.19 870,760,567.30 29 2004 2003 8,651,611.75 8,188,249.51 5% 7% 1,209,958.66 3,565,410.82 3% 3,773,690.52 1,127,893.22 2% 13,636,668.37 12,881,553.55 30 2004 2003 3,519,895.81 908,903.61 359,631.05 284,841.80 3,160,264.76 624,061.81 31 12,060,806.20 2003 11,774,036.67 32 2004 2003 79,323,202.96 65,072,397.34 1,232,854.00 1,106,372.98 61,831.38 147,245.54 20.00 30

78,152,200.34 64,113,269.90 33 2004 2003 10,415,041.38 9,665,920.18 10,415,041.38 9,665,920.18 26,718,401.52 12,961,813.46 (3) -688,464.47-97,587.74-5,475,161.22-1,530,014.62 30,969,817.21 21,000,131.28 1 9,969,685.93 47.47% 2 3-636,764.47 34 1 3,001,227.24 466,000.00 594,800.00 1,232,853.60 2 34,108,298.82 18,514,702.00 1,075,000.00 339,909.28 910,000.00 754,748.28 421,112.88 360,128.98 676,170.00 663,043.85 1 2004 12 31 2003 12 31 % % 1 64,488,049.70 86.49 17,074,554.64 72.06 1-2 10,070,959.15 13.51 302,128.77 7,704,669.20 27.94 231,140.08 74,559,008.85 100 302,128.77 24,779,223.84 100 231,140.08 2 2004 12 31 2003 12 31 % (%) 1 78,906,343.44 90.60 56,314,200.38 84.83 1 2 1,539,426.99 1.77 46,182.00 9,569,137.70 14.41 284,976.43 2 3 4,053,454.56 4.66 202,672.60 375,914.59 0.57 18,795.73 3-4 2,589,765.68 2.97 517,953.24 128,103.13 0.19 25,620.63 87,088,990.67 100 766,807.84 66,387,355.80 100 329,392.79 3 (%) 69.15 263,538,386.58. 176,075,444.12 92,958,962.28 291,994.62 346,362,873.80 31

(%) 63.04 106,827,800.00 13,116,921.70 2,009,266.68 117,935,455.02 30 241,993,881.86 47,603,795.37 15,481,885.20 5,468,661.23 268,647,130.80 95 3,800,000.00 1,652,171.21 570,000.00 4,882,171.21 60 25,560,000.00 17,040,000.00 42,600,000.00 10 15,000,000.00 375,000.00 375,000.00 15,000,000.00 16.66 10,000,000.00 10,000,000.00 30 2,000,000.00 30,000,000.00 199,407.70 38,959.99 32,160,447.71 55 66,000,000.00 66,000,000.00 15 88,800,000.00 88,800,000.00 668,720,068.44 201,840,000.00 239,022,740.10 109,385,847.48 7,808,882.52 992,388,078.54 4 2004 12 31 2003 12 31 % % 23,035,652.67 5.76 33,426,126.39 6.21-5.76 192,394,000.00 5.76 192,394,000.00 6.21-5.76 215,429,652.67 225,820,126.39 5 (1) 124,299,287.14 7,038,122.66 1,028,079.00 130,309,330.80 274,464,679.62 18,475,678.51 0.00 292,940,358.13 4,343,440.93 763,984.00 254,705.00 4,852,719.93 8,860,287.76 2,353,209.97 116,600.00 11,096,897.73 77,989.58 0.00 0.00 77,989.58 412,045,685.03 28,630,995.14 1,399,384.00 439,277,296.17 (2) 45,339,121.80 3,400,177.21 75,872.16 48,663,426.85 141,342,046.84 13,237,684.20 0.00 154,579,731.04 1,803,917.06 322,802.00 219,533.04 1,912,345.99 5,960,280.91 910,144.31 110,024.84 6,760,400.38 52,470.72 1,339.92 0.00 48,650.67 194,497,837.33 17,872,147.64 405,430.04 211,964,554.93 217,547,847.70 227,312,741.24 6 2004 2003 2004 2003 638,159,967.02 572,569,880.10 606,358,339.57 552,945,989.81 2,888,420.19 3,732,951.19 3,457,051.08 4,717,652.55 641,048,387.21 576,302,831.29 609,815,390.65 557,663,642.36 7 2004 2003 12,020,983.77 13,674,971.36 44,233.50 1,181,072.40 11,976,750.27 12,493,898.96 42,085,286.52 36,447,397.81 27,111,946.57 12,961,813.46-5,475,161.22-1,530,014.62 32

-688,464.47 75,054,591.17 61,554,168.01 ( ) 1 5 2002 5 120 133,692,480 37.64 5,616,000 1.52 139,308,480 37.64 2004 4 2 1,200,000.00 1,200,000.00 3 % % 13,930.848 13,930.848 37.64% 4 ( ) 1 2004 344,174,230.58 331,293,559.18 12,880,671.40 2 2003 7 1, 2 20, 2004 12 31 3,700 2004 3,700 1,851.47 3 ( ): 2004 12 31 2003 12 31 19,239.40 19,239.40 4 A 33

2 60 480,000 20% 96,000 33,600 35% 52,800 55% 9,600 10% 2004 12 31 6,600 B 6 35% 9,000 15% 2004 12 31 8,880 5 2004 8 10 1.77 2004 12 31 5,000 6 ( ) 2004 12 31 % 2003 12 31 % (1) 938.71 10.78% 5,881.09 67.53% 1,243.02 15.89 (2) 926.49 5.35 2,055.99 11.87 1,253.86 7.24 2004 9 16 30% 1 6000 4000 3000 2004 9 28 10 29 2004 12 31 42,200.00 1 2004 9 16 2 600MW 500000 25% 125,000.00 50% 15% 33% 2% 34

2 2004 11 19, 5% 5% 2004 9 30 2005 1 31 : 4575.13 70% 30% ; 2005 1 1 5% 1 2 3 35

2004 12 31 2003 12 31.1 133,588,787.54 79,294,526.92 127,917,506.86 85,248,156.94.2 1,038,966.40 1,000,000.00 6,367,246.58 6,226,413.30.3 8,869,682.02 8,869,682.02 16,096,000.00 16,096,000.00.4 1,550,127.40 2,854,146.64 5,260,225.01.5 228,074,818.31 74,256,880.08 154,372,490.33 24,548,083.76.6 130,577,422.84 86,322,182.83 77,824,779.57 66,057,963.01.7 8,488,993.24 7,000,178.24 3,051,853.04 3,051,853.04.8 37,639,068.51 11,851,138.55 9,752,846.02 4,685,497.82 477,736.67 115,170.00 409,070.00 100,320.00 548,755,475.53 270,259,886.04 398,645,939.04 211,274,512.88.9 419,434,307.87 992,388,078.54 332,086,909.48 761,920,303.10.10 192,394,000.00 215,429,652.67 192,394,000.00 225,820,126.39 611,828,307.87 1,207,817,731.21 524,480,909.48 987,740,429.49 5,185,466.91 5,936,904.93.11 2,952,667,410.33 439,277,296.17 2,384,311,842.96 412,045,685.03 897,159,369.27 211,964,554.93 793,693,873.36 194,497,837.33 2,055,508,041.06 227,312,741.24 1,590,617,969.60 217,547,847.70 2,055,508,041.06 227,312,741.24 1,590,617,969.60 217,547,847.70.12 48,206,384.60.13 763,335,711.59 11,690,748.44 103,727,657.91 3,076,124.77 2,818,843,752.65 239,003,489.68 1,742,552,012.11 220,623,972.47.14 260,861.28 260,861.28 267,072.24 267,072.24.15 1,616,611.88 1,616,611.88 5,642,717.16 5,642,717.16 1,877,473.16 1,877,473.16 5,909,789.40 5,909,789.40 3,986,490,476.12 1,718,958,580.09 2,677,525,554.96 1,425,548,704.24 36

2004 12 31 2003 12 31.16 960,700,000.00 190,000,000.00 423,000,000.00 140,000,000.00 20,000,000.00 20,000,000.00 15,000,000.00 15,000,000.00.17 31,666,906.05 18,728,864.60 58,860,747.87 7,897,452.38 93,956.79 32,072.79 4,164,947.49 4,164,947.49 1,849,962.59 805,095.09 1,800,812.29 1,518,377.45.18 531,719.93 531,719.93 12,294,605.04 10,022,913.53.19 34,669,105.92 19,951,550.79 30,233,128.89 17,857,413.62.20 7,035,961.76 3,559,990.62 7,503,757.19 4,409,248.19.21 285,377,985.18 234,037,147.66 173,272,294.74 339,743,565.13.22 7,554,438.17 10,492,970.38 1,624.36 1,349,480,036.39 487,646,441.48 736,623,263.89 540,615,542.15.23 1,457,398,110.09 330,000,000.00 860,291,730.29 10,000,000.00 1,457,398,110.09 330,000,000.00 860,291,730.29 10,000,000.00 2,806,878,146.48 817,646,441.48 1,596,914,994.18 550,615,542.15 278,300,191.03 205,677,398.69.24 370,142,040.00 370,142,040.00 370,142,040.00 370,142,040.00 370,142,040.00 370,142,040.00 370,142,040.00 370,142,040.00.25 396,829,478.29 396,829,478.29 396,829,478.29 396,829,478.29.26 84,477,772.13 61,031,186.52 67,805,151.36 50,411,783.32 22,912,191.85 16,844,289.57 17,354,651.59 13,304,488.50.27 49,862,848.19 73,309,433.80 40,156,492.44 57,549,860.48 901,312,138.61 901,312,138.61 874,933,162.09 874,933,162.09 3,986,490,476.12 1,718,958,580.09 2,677,525,554.96 1,425,548,704.24 37

2004 2003.28 1,213,630,662.75 641,048,387.21 1,037,113,174.72 576,302,831.29.28 1,038,920,740.19 609,815,390.65 870,760,567.30 557,663,642.36.29 13,636,668.37 5,965,357.83 12,881,553.55 5,797,221.34 161,073,254.19 25,267,638.73 153,471,053.87 12,841,967.59.30 3,160,264.76 30,244.15 624,061.81 119,139.61 21,367.48 233,422.45.31 12,060,806.20 11,105,374.90 11,774,036.67 9,879,008.10.32 78,152,200.34 16,070,425.51 64,113,269.90 6,554,224.59 73,999,144.93-1,877,917.53 77,974,386.66-3,472,125.49.33 30,969,817.21 75,054,591.17 21,000,131.28 61,554,168.01 63,924.84 18,924.84 66,284.55 46,800.00 1,016,328.04 1,005,828.04 2,447,172.32 281,965.22 104,016,558.94 72,189,770.44 96,593,630.17 57,846,877.30 14,601,449.25 1,393,749.12 19,239,801.75 3,891,998.32 18,619,088.37 23,398,949.44 70,796,021.32 70,796,021.32 53,954,878.98 53,954,878.98 40,156,492.44 57,549,860.48 26,217,202.95 37,598,156.08 0.00 0.00 110,952,513.76 128,345,881.80 80,172,081.93 91,553,035.06 11,115,080.51 7,079,602.13 9,387,072.98 5,395,487.90 5,557,540.26 3,539,801.07 4,718,573.78 2,697,743.95 94,279,892.99 117,726,478.60 66,066,435.17 83,459,803.21 44,417,044.80 44,417,044.80 25,909,942.73 25,909,942.73 49,862,848.19 73,309,433.80 40,156,492.44 57,549,860.48 : 1 2 3 4 5-3,421,237.87 6 7 38

2004 1,393,883,184.33 744,944,225.66.34 3,001,227.24 2,837,255.85 1,396,884,411.57 747,781,481.51 1,024,706,840.48 612,747,055.45 101,011,264.00 84,658,280.64 187,819,583.01 140,939,131.66.34 34,108,298.82 31,309,287.85 1,347,645,986.31 869,653,755.60 49,238,425.26-121,872,274.09 8,211,711.41 18,426,403.85 21,976,508.98 31,431,564.45 663,735.01 303,735.01 2,534,677.24 33,386,632.64 50,161,703.31 835,985,940.10 23,135,987.38 127,054,814.06 210,094,814.06 2,153,753.34 27,360.89 965,194,507.50 233,258,162.33-931,807,874.86-183,096,459.02 43,200,000.00 1,781,759,690.82 550,000,000.00 326,216.55 1,825,285,907.37 550,000,000.00 788,409,526.28 180,000,000.00 150,046,846.89 70,984,896.91 938,456,373.17 250,984,896.91 886,829,534.20 299,015,103.09 1,411,196.08 5,671,280.68-5,953,630.02 39

1 70,796,021.32 70,796,021.32 18,619,088.37 581,121.54 508,403.74 103,576,982.80 17,872,147.64 6,210.96 6,210.96 4,026,105.28 4,026,105.28 ( : ) -68,666.67-14,850.00 ( : ) -3,869,903.18-1,624.36 683,643.79 683,643.79 78,208,188.32 16,070,425.51-30,969,817.21-75,054,591.17-27,797,393.37-7,165,640.73 1,601,297.60-67,711,830.84-166,154,454.29-81,886,695.23 49,238,425.26-121,872,274.09 2 3 133,588,787.54 79,294,526.92 129,328,702.94 85,248,156.94 4 1,411,196.08 5,671,280.68-5,953,630.02 40

: ( ) 2004 560,532.87 508,403.74 1,068,936.61 231,140.08 70,988.69 302,128.77 329,392.79 437,415.05 766,807.84 123,072.10 123,072.10 123,072.10 123,072.10 123,072.10 123,072.10 41

: ( ) 2004 625,667.27 581,121.54 1,206,788.81 231,140.08 70,988.69 302,128.77 394,527.19 510,132.85 904,660.04 370,635.07 72,437.03 123,072.10 123,072.10 320,000.00 123,072.10 123,072.10 123,072.10 247,562.97 72,437.03 320,000.00 42

2004 % 2004 2004 2004 2004 17.87 18.06 0.4352 0.4352 8.21 8.30 0.1999 0.1999 7.85 7.94 0.1913 0.1913 8.02 8.10 0.1952 0.1952 = / = / =P/(Eo+Np/2+Ei*Mi/Mo-Ej*Mj/Mo) =P/(So+S1+Si*Mi/Mo-Sj*Mj/Mo) 161,073,254.19 73,999,144.93 P 70,796,021.32 72,265,403.30 NP 70,796,021.32 Eo 874,933,162.09 Ei Ej 44,417,044.80 Mo 12 Mi Mj 5 So 370,142,040.00 S1 Si Sj Mo Mi Mj 901,312,138.61 370,142,040.00 43

2003 2004 2004 2003 63,924.84 66,284.55 63,924.84 66,284.55 1,016,328.04 2,447,172.32 210,200.00 2,110,000.00 806,128.04 337,172.32-899,353.58 123,072.10 822,398.26 259,302.70 1,294,376.46-1,469,381.98-264,113.05 44