厦门创兴科技股份有限公司

600029 2005

2005... 1... 2... 2... 3... 5... 7... 13... 14... 14... 20... 21 26... 120 1

2005 1

2005 1 2 3 4 1 China Southern Airlines Company Limited CSN 2 3 278 02086124738 02086659040 E-mail ir.cz@cs-air.com 278 02086124736 02086659040 E-mail ir.cz@cs-air.com 4 278 510405 www.cs-air.com ir.cz@cs-air.com 5 www.sse.com.cn 278 6 A A A 600029 H H H 1055 ADR) China Southern Air ZNH 7 1995 3 25 000995 2

2005 440101100017600 440191100017600 1 8 100738 : : -1,773-1,794-1,871 3,626 170-1,688-202 77 40 5,917-144 : : -1,794 103 11,653 9,951-20 -31 180 160-26 -111 197 171 4 4-162 -158-68 -26-26 -94 11 11 11 53-39 3 2-5 -2-1,848-48 11,848 10,000 (a) (b) 2001 (c) 2002 1 1 3

2005 (d) (e) (f) (g) 2004 2005 12 31 : : -32 50-32 104-13 77 : 2005 2004 (%) 2003 ( ) 39,052 24,194 61.41 17,100 ( ) -1,773 392-552.30-361 ( ) -1,794 103-1,841.75 15 ( ) -1,871 94-2,090.43-527 ( ) -0.41 0.024-1,808.33 0.003 ( ) % -16.61 0.88 17.49 0.13-18.80 0.81 19.61-5.16 % -17.32 0.81 18.13-4.56 % ( ) 5,917 4,310 37.29 2,842 ( ) 1.35 0.99 36.36 0.65 2005 2004 2003 (%) ( ) 72,304 63,314 14.20 39,371 ( ) 9,951 11,653-14.61 11,550 ( ) 2.28 2.66-14.29 2.64 ( ) 2.19 2.55-14.12 2.59 4

2005 : : 4,374 5,801 479 193 806 11,653 92 14 5 111 1,797 1,797 4,374 5,893 493 198-991 9,951 1 : (%) (%) 1 2,200,000,000 2,200,000,000 50.30 2 3 4 2,200,000,000 2,200,000,000 50.30 1 1,000,000,000 1,000,000,000 22.86 2 3 1,174,178,000 1,174,178,000 26.84 4 2,174,178,000 2,174,178,000 49.70 4,374,178,000 4,374,178,000 100.00 2 (1) : : 2003-07-10 2.7 1,000,000,000 2003-07-25 1,000,000,000-2003 7 10 17 2.7 1 A 1,000,000,000 27 A 5

2005 2003 7 25 600029 (2) (3) 1 : 126,269 (%) 50.3 2,200,000,000 0 2,200,000,000 HKSCC NOMINEES LIMITED 26.3 1,150,438,998-1,515,000 0.8 35,615,472 32,402,674 50 0.7 30,619,046 23,636,246 0.5 21,051,290 21,051,290 50 0.5 20,856,113-1,168,641 0.4 15,668,439 15,668,439 0.3 13,800,804 3,000,804 0.3 13,463,237 13,463,237 0.3 13,121,385 10,775,280 HKSCC NOMINEES LIMITED 1,150,438,998 35,615,472 50 30,619,046 21,051,290 50 20,856,113 15,668,439 13,800,804 13,463,237 13,121,385 12,443,016 6

2005 2 1 2,198,980,000 2002 10 11 2 3 4 3 : : ( / ) 48 2004-11-29 2007-06 0 0 0 52 2004-06-16 2007-06 0 0 0 58 2004-06-16 2007-06 0 0 0 61 2004-06-16 2007-06* 0 0 0 49 2004-12-31 2007-06 0 0 0 29.26 41 2004-06-16 2007-06 0 0 0 23.78 70 2004-06-16 2007-06 0 0 0 5.8 42 2004-06-16 2007-06 0 0 0 5.8 64 2004-06-16 2007-06 0 0 0 5.8 7

2005 45 2004-06-16 2007-06 0 0 0 5.8 52 2004-06-16 2007-06 0 0 0 53 2004-06-16 2007-06 0 0 0 23.75 46 2004-06-16 2007-06 0 0 0 12.84 42 2006-02-05 0 0 0 * 49 2002-04-12 1,000 1,000 0 25.16 55 2003-07-31 0 0 0 50.25 41 2005-03-28 0 0 0 23.16 55 2005-03-28 0 0 0 21.94 40 2005-03-28 0 0 0 44.61 44 2004-06-16 2007-06 0 0 0 20.60 40 2004-06-16 2007-06 0 0 0 19.44 / / / / / 1,000 1,000 0 / 317.99 * (1) 2005 EMBA 2000 2002 2002 2004 8 2004 8 2004 11 29 (2) 2001 2002 2002 4 2002 9 2002 9 (3) 2000 2001 2001 2002 2002 2004, 2004 6 (4) 2001 2002 2002 2004 2004 2006 2 (5) 2000 2002 2002 2003 2003 2004 2004 10 (6), 2001 8

2005 2003 7 (7) 2001 6 1956 IATA (8) 2001 6 MBA Carnegie Mellon MBA 12 7 8 (9) 2003 5 (10) 2003 5 2004 8 (11) (12) 2002 2003 2003 2005 9 2005 9 (13) (14) 2000 2006 1 2006 1 (15) 2000 2002 2002 4 (16) 1999 2005 3 2003 7 (17) 2001 2004 2004 2005 2 9

2005 2005 3 (18) 2001 2003 2003 2005 2 2005 2 (19) 2000 2004 2004 2005 2 2005 3 (20) 2000 7 (21) 2004 1 2004-08 2002-09 2002-09 2002-09 2002-09 10 /

2005 1 2 3 1 2 3 4 5 2006 6 34,417 8,519 1 2,567 / 4,539 5,076 11

2005 / 10,445 1,300 1,393 550 8,547 34,417 2 519 7,702 10,228 2,296 13,672 34,417 2005 1 2 3 4 5 6 1 72 70 2 72 70 2 72 72 0 72 72 0 69 68 0 1 (1) 12

2005 (1) 2005 12 16, 2 1) 2) 3) 4) 5) 1) 2005 6 15, 2004 2005 6 16 CHINA DAILY 1) 1 2005 12 16, 2005 2005 12 17 CHINA DAILY 2) 2 2005 12 16, 2005 2005 12 17 CHINA DAILY 2005 13

2005 2005 17.94 2005 2005 2006 2008 2005 7 21 2005 7 21 1 8.11 2005 8 1 2006 2 16 2006 3 28 800 20 30 800 40 60 2006 4 10 10 10 1 (1) 2005 2004 (%) ( ) 72,107.10 41,330.06 30,777.04 74.5% 2,656.14 1,896.14 760.00 40.1% 13,597.81 10,542.86 3,054.95 29.0% 88,361.05 53,769.06 34,591.99 64.3% ( ) 8,394.57 4,772.55 3,622.02 75.9% 315.14 210.93 104.21 49.4% 2,843.18 2,462.42 380.76 15.5% 11,552.89 7,445.90 4,106.99 55.2% ( ) 542.71 324.83 217.88 67.1% 14

2005 851.18 500.92 350.26 69.9% 396.69 243.41 153.28 63.0% 17.81 15.38 2.43 15.8% 26.80 15.79 11.01 69.7% 441.30 274.58 166.72 60.7% ( ). 51,471.97 29,120.77 22,351.20 76.8% 1,548.64 1,203.46 345.18 28.7% 8,902.77 6,871.80 2,030.97 29.6% 61,923.38 37,196.03 24,727.35 66.5% ( ) 5,598.61 3,206.26 2,392.35 74.6% 158.67 119.63 39.04 32.6% 1,554.39 1,336.82 217.57 16.3% 7,311.67 4,662.71 2,648.96 56.8% - ( ) 4,588.19 2,599.80 1,988.39 76.5% 137.77 107.21 30.56 28.5% 791.61 611.62 179.99 29.4% 5,517.57 3,318.63 2,198.94 66.3% - ( ) 1,010.42 606.46 403.96 66.6% 20.90 12.41 8.49 68.4% 762.78 725.19 37.59 5.2% 1,794.10 1,344.06 450.04 33.5% ( ) : 39,544.72 25,001.63 14,543.09 58.2% 1,556.10 1,394.45 161.65 11.6% 3,017.67 1,811.02 1,206.65 66.6% 44,118.49 28,207.10 15,911.39 56.4% ( ) 663.48 442.21 221.27 50.0% 19.10 14.81 4.29 29.0% 116.84 88.11 28.73 32.6% 799.42 545.13 254.29 46.6% (%) 71.4 70.5 0.9 1.3% 58.3 63.5-5.2-8.2% 65.5 65.2 0.3 0.5% 70.1 69.2 0.9 1.3% (%) 66.7 67.2-0.5-0.7% 50.4 56.7-6.3-11.1% 54.7 54.3 0.4 0.7% 63.3 62.6 0.7 1.1% 15

2005 140 137 3 2.2% 71 46 25 54.3% 36 35 1 2.9% 6 5 1 20.0% 8 8-0.0% 261 231 30 13.0% 10.05 10.04 0.01 0.1% 9.26 9.20 0.06 0.7% 8.85 - - 7.64 8.36-0.72-8.6% 9.57 9.87-0.30-3.0% 2 2004 12 31 39,052, 61.4% 7,311.67 56.8% 9.57 3.0% 35,363 63.5% 90.6% 61,923.38 66.5% 29,110 67.1% 82.3% 29,120.77 76.8% 51,471.97 70.5% 71.4% 0.57 5.0% 1,215 10.5% 3.4% 1,203.46 28.7% 1,548.64 63.5% 58.3% 0.78 14.3% 5,038 62.1% 14.3% 6,871.8 29.6% 8,902.8 65.2% 65.5% 0.57 26.7% 3,376 45.8% 8.6% 1,794.10 33.5% 1.88 9.3% 34,297 76.73%, 11,994 98.2% 5,047 54.4% 2,503 53.2% 3,667 92.4% 4,114 42.1% 2,287 92.8% 1,174 66.5% 2,953 43.5%, 2,092 70.6% 16

2005 439 39.6% 1,252 2005 7 3 : : (%) % 35,363 63.54 3,376 45.83 34,297 9.29 76.73 7.64 313 22.75 39,052 61.41 4 : : ( ) 31,004 66.85 1,343 11.82 6,705 52.01 39,052 61.41 2006 2006 (1 2 3 4 5 324 76 30.6 (%) 95 51 17

2005 ( ) 75 61 51 1 2 11,547.3 9,717.3 1 1) 2005 1 14 B737-800 2005 1 17 China Daily 2) 2005 1 29 A380 B7E7 2005 1 31 China Daily 3) 2005 3 21 5 B737-700 5 B737-800 5 A320-200 10 A321-200 2005 3 22 China Daily 4) 2005 3 29 2005 3 30 China Daily 5) 2005 4 21 5 A380 2005 4 22 China Daily 6) 2005 4 25 2004 2004 2005 4 26 China Daily 7) 2005 4 28 2005 2005 4 29 China Daily 8) 2005 4 29 2005 4 29 B737-700 B737-800 2005 5 10 China Daily 9) 2005 5 27 2004 2005 5 30 China Daily 10) 2005 5 30 2005 5 30 2005 6 1 China Daily 11) 2005 8 8 B787 B787 2005 8 9 China Daily 12) 2005 8 12 2005 8 15 China Daily 18

2005 13) 2005 8 26 2005 2005 8 29 China Daily 14) 2005 8 30 B787 B787 2005 8 31 China Daily 15) 2005 9 5 A330 2005 9 7 China Daily 16) 2005 9 20 2005 2005 9 21 China Daily 17) 2005 10 25 1 2005 2 2005 3 2005 12 16 2005 2005 10 26 China Daily 18) 2005 12 9 SALE SALE IRELAND LIMITED A320-200 2005 12 12 China Daily 19) 2005 12 13 2005 12 14 China Daily 2 1 2004 12 31 2 2005 6 15 12 16 B737-700 B737-800 B787 A380 A330 737 A320 A319 2005 12 31-1,794 2005,,, 2005 1 2005 4 25 (1) A H (2) (3) (4) 2 2005 8 26 A H 2005 19

2005 : 1 2 3 2004 2001 515 New Link Consultants Limited 2004 5 3 2005 8 / 1 1) 2005 4 21 5 380 2004 2005 4 22 China Daily 2) 2005 4 29 12 737-700 33 737-800 15 737-800 2005 5 11 China Daily 3) 2005 8 30 10 B787 2005 2005 8 31 China Daily 4) 2005 8 8 3 787 2005 2005 8 9 China Daily 5 2005 9 6 10 330 2005 2005 9 7 China Daily 1 H 1 1 20

2005 31,714,000 2 45% 55% 3,062,000 3 42% 32% 26% 30 14A.35 14A.48 10 557,455,000 0.72% 4 33% 67% 60,542,000 5 65% 35% 21

2005 81,471,000 6 61% 39% 87,521,000 7 3% / 5% 12% 451,120,000 8 1 2 220,000,000 112,136,000 2 China Southern China Southern Airlines 3 a 2,651,000 b 15,745,000 22

2005 c d 43,758,000 43,758,000 2004 e 5,798,000 5,798,000 2004 f 1,182,297 22,298,000 22,298,000 2004 2 : : -14 8 0 0 0 0-123 12 / -14 8-123 12 2006 3 300 2006 12 800 / 1,100 / 23

2005 1 2005 12 31 86 57 21 8 65 9 46 10 2 GE 9 B737-800 2005 1 17 China Daily 3 5 B737-700 5 B737-800 5 A320-200 10 A321-200 2005 3 22 China Daily 4 SALE SALE IRELAND LIMITED 5 A320 2005 12 12 China Daily 1) 500,000,000 2004 7 26 2005 5 30 500,000,000 12,904,110 2005 6 1 China Daily 1 1997 5 22 2 1995 1995 3 25 1997 5 22 3 2005 10 17 26 2003 24

2005 2006 3 16 China Daily 25

2005 KPMG-CH(2006)AR No.0076 : 2005 12 31 2005 2005 12 31 2005 1 2 8 100738 2006 4 19 26

2005 2005 1 1 2005 12 31 3 6 9 11 13 17 21 92 27

2005 2005 12 31 2005 2004 : 4 3,130 3,274 5 4-6 - 669 7 1,698 1,592 8 994 835 9 144 147 10 1,476 1,398 11 350 346 7,796 8,261 12 551 741 73,112 61,326 17,864 13,706 13 55,248 47,620 14 726 626 55,974 48,246 15 7,266 5,397 16 580 467 17 36 131 18 16 16 7,898 6,011 31 85 55 72,304 63,314 46 119 28

2005 2005 12 31 2005 2004 19 14,478 10,173 20 896 137 21 3,223 2,600-5 22 1,413 874 142 179 73 79 3(c) 402 324 23 736 495 24 2,903 4,432 25 3,848 3,729 26 5,240 3,691 33,354 26,718 27 13,130 12,324 28 12,418 9,538 29 315 284 30 655 240 26,518 22,386 31 340 337 60,212 49,441 2,141 2,220 46 119 29

2005 2005 12 31 ( ) 2005 2004 32 4,374 4,374 33 5,893 5,801 34 691 672 198 193 ( ) / 35 (1,007) 806 9,951 11,653 72,304 63,314 2006 4 19 ( ) ( ) ( ) ( ) ( ) 46 119 30

2005 2005 12 31 2005 2004 : 4 2,002 2,302 5 50 44 6-487 7 1,155 1,297 8 1,594 1,283 9 109 118 10 1,096 999 11 301 199 6,307 6,729 12 4,437 4,399 59,165 49,899 14,182 10,775 13 44,983 39,124 14 559 219 45,542 39,343 15 6,290 4,674 16 355 296 17 16 109 6,661 5,079 31 74 55 63,021 55,605 46 119 31

2005 2005 12 31 2005 2004 19 13,286 9,220 20 896 136 21 2,670 2,331-5 22 1,154 806 114 152-8 3(c) 180 141 23 615 379 24 2,329 3,856 25 3,403 3,191 26 4,710 3,223 29,357 23,448 27 10,464 10,540 28 12,418 9,538 29 186 186 30 645 240 23,713 20,504 53,070 43,952 46 119 32

2005 2005 12 31 ( ) 2005 2004 32 4,374 4,374 33 5,893 5,801 34 603 603 177 177 ( ) / 35 (919) 875 9,951 11,653 63,021 55,605 2006 4 19 ( ) ( ) ( ) ( ) ( ) 46 119 33

2005 2005 ( ) 2005 2004 36 39,052 24,194 37 34,297 19,406 38 1,129 692 3,626 4,096 39 170 245 2,953 2,058 2,092 1,226 40 439 727 ( ) / (1,688) 330 ( ) / 41 (202) 63 42 77-43 152 126 44 112 127 ( ) / (1,773) 392 45 (4) 87 25 202 ( ) / (1,794) 103 46 119 34

2005 2005 2005 2004 ( ) / (1,794) 103 806 764 ( ) / (988) 867 34 8 41 34 5 20 ( ) / (1,001) 806 34 6-35 - - ( ) / (1,007) 806 2006 4 19 ( ) ( ) ( ) ( ) ( ) 46 119 35

2005 2005 2005 2004 36 30,643 16,735 37 27,492 13,818 38 861 456 2,290 2,461 39 219 188 2,339 1,483 1,607 774 40 294 585 (1,731) (193) ( ) / 41 (204) 224 42 46-43 126 106 44 81 58 ( ) / (1,844) 79 45 (50) (24) ( ) / (1,794) 103 46 119 36

2005 2005 2005 2004 ( ) / (1,794) 103 875 787 ( ) / (919) 890 34-10 34-5 ( ) / (919) 875 34 - - 35 - - ( ) / (919) 875 2006 4 19 ( ) ( ) ( ) ( ) ( ) 46 119 37

2005 2005 ) 2005 39,513 27 347 39,887 28,159 4,061 1,110 640 33,970 (i) 5,917 672 28 223 4,618 124 5,665 11,951 1,959 135 14,045 (8,380) 46 119 38

2005 2005 ) 2005 71 18,441 56 18,568 14,502 1,747 16,249 2,319 (ii) (144) 46 119 39

2005 ( ) 2005 ( ) 2005 (i) (1,794) 4,472 46 117 (70) (4) 29 32 393 25 202 ( ) (27) 48 539 78 241 31 (262) 1,821 5,917 46 119 40

2005 ( ) 2005 ( ) ( ) 2005 (ii) 3,130 3,274 (144) 2006 4 19 ( ) ( ) ( ) ( ) ( ) 46 119 41

2005 2005 ( ) 2005 31,462 210 31,672 22,982 3,422 855 98 27,357 (i) 4,315 487 76 116 3,975 96 4,750 8,432 1,959 289 10,680 (5,930) 46 119 42

2005 2005 ( ) 2005 15,772 56 15,828 13,052 1,461 14,513 1,315 (ii) (300) 46 119 43

2005 ( ) 2005 ( ) 2005 (i) (1,794) 3,581 34 104 (69) (102) 129 16 254 204 ( ) (19) 29 348 39 236 (160) 1,485 4,315 46 119 44

2005 ( ) 2005 ( ) ( ) 2005 (ii) 2,002 2,302 (300) 2006 4 19 ( ) ( ) ( ) ( ) ( ) 46 119 45

2005 1 ( ) ( ) [1994] 139 2,200,000,000 1.00 1995 3 25 [1997] 33 1997 7 1,174,178,000 H 2003 (2003) 70 2003 7 1,000,000,000 1.00 A 2003 3 13 [2003]273 2003 10 17 000995 2004 12 31 ( 46(c) (13)) 2004 12 31 2005 2004 46

2005 2 (a) 1 1 12 31 (b) ( [1995]11 ) 50% 50% 50% 50%, (c) (d) 47

2005 2 (e) ( 2(j)) (f) (g) (h) (i) i) 48

2005 2 (i) ii) 10 ( [2003]10 ) 10 [2003]10 - ( 2(n)) (j) 1 ( 2(n)) ( 2(n)) 49

2005 2 (j) ( ) [2004]39 4.75%-6.33% - 4.75%-6.33% - 6.47%-12.5% 3.23%-4.85% 9.70%-19.40% 16.17% 2(n), (k) i) 13 50

2005 2 (k) i) 2(n) ii) 2(j) 2(n) iii) (l) ( 2(n)) 10 (m) 51

2005 52 2 (n) (o)

2005 2 (p) (q) i) ; ii) ; iii) iv) v) (r) (s) (t) 53

2005 2 (u) (v) (w) (x) 54

2005 3 (a) 3% 5 7% 3% 1 [1985] 069 5 1994 10 12 [1994]23 2 2003 10 1 (b) 15% 33% 55

2005 3 (b) / 15% (86) 122 (87) 115 ( ) 15% 15% 27% 24% 3% 7.5% [2003]94 15% 15% 15% [2001] 77 2000 15% 15% 15% 56

2005 3 (c) 2005 2004 2005 2004 31 41 - - 335 239 156 127 16 16 4 8 2 15 1-18 13 19 6 402 324 180 141 4 2005 2004 2005 2004 3 6 2 6-5 - 4-5 - 1-6 - 3-6 - 1 14 13 13 8 1,927 2,084 1,064 1,233 27 215 40 334 23 184 41 342 22 23 83 88 8 8 24 25 1,161 80 1,267 101 1,093 75 1,242 99 2 10 2 8 2 8 2 8 53 10 47 10 40 8 38 8 14 30 32 70 8 18 31 68 3 29 3 38 3 29 3 36 5,224 42 6,835 54 4,483 36 6,329 50 36,736 18 28,588 15 36,736 18 28,588 15 23 135 6 40 8 45 5 35-17 - 13-16 - 13 2,536 2,855 1,509 1,932 557 406 480 362 23 - - - 3,130 3,274 2,002 2,302 57

2005 4 ( ) 46 2005 12 31 23,000,000 17,000,000 19 2005 12 31 384,000,000 2004 388,000,000 2005 2004 8.0694 8.2765 1.0407 1.0637 0.06857 0.079701 4.8543 5.0550 0.1967 0.2122 2.177 2.177 9.5535 11.2627 0.007967 0.007900 0.0005 0.0005247 5.9066 6.4428 5 2005 2004 2005 2004 - - 37 37 ( ) - - 13 - - - - 7 4 - - - 4-50 44 58

2005 6 2005 1 1 2005 12 31-509 509 - - 160 160-669 669-2005 1 1 2005 12 31-487 487-2005 2004 - - 509 529 - - 160 160 2005 2004 - - 487 502 59

2005 6 2004 500,000,000 75,000,000 2004 7 27 2005 7 26 2005 5 7 2005 2004 2005 2004 1,750 1,687 1,193 1,379 52 95 38 82 1,698 1,592 1,155 1,297 2005 2004 1,710 97.7% 17 1.0% 1,576 93.4% 5 0.3% 9 0.5% 7 77.8% 14 0.8% 9 64.3% 7 0.4% 5 71.4% 25 1.5% 9 36.0% 24 1.4% 23 95.8% 72 4.3% 72 100.0% 1,750 100.0% 52 3.0% 1,687 100.0% 95 5.6% 60

2005 7 2005 2004 1,164 97.6% 9 0.8% 1,282 92.9% 6 0.5% 7 0.6% 7 100.0% 8 0.6% 3 37.5% 5 0.4% 5 100.0% 23 1.7% 7 30.4% 17 1.4% 17 100.0% 66 4.8% 66 100.0% 1,193 100.0% 38 3.2% 1,379 100.0% 82 5.9% 2005 2004 2005 2004 1 1 95 70 82 57 : 7 26 1 27-44 - 44 : 2 - - - 48 45 45 46 12 31 52 95 38 82 46 5% 48,000,000 45,000,000 2005 12 31 3 61

2005 7 2005 12 31 5 2005 2004 2005 2004 909 408 693 345 % 51.9% 24.2% 58.1% 25.0% 8 2005 2004 2005 2004 - - 704 745 15 62 30 55 989 847 870 557 1,004 909 1,604 1,357 10 74 10 74 994 835 1,594 1,283 2005 2004 1 1 74 30 : - 2-59 : 64 17 12 31 10 74 62

2005 8 ( ) 2005 2004 729 72.6% - 0.0% 625 68.7% 2 0.3% 92 9.2% - 0.0% 60 6.6% - 0.0% 39 3.8% - 0.0% 35 3.9% - 0.0% 144 14.4% 10 6.9% 189 20.8% 72 38.1% 1,004 100.0% 10 1.0% 909 100.0% 74 8.1% 2005 2004 1,080 67.3% - 0.0% 1,043 76.9% 2 0.2% 336 20.9% - 0.0% 91 6.7% - 0.0% 63 3.9% - 0.0% 35 2.6% - 0.0% 125 7.9% 10 8.0% 188 13.8% 72 38.3% 1,604 100.0% 10 0.6% 1,357 100.0% 74 5.5% 46 5% 63

2005 8 ( ) 98,000,000 2004 104,000,000 2005 12 31 64,000,000 2005 12 31 3 2005 12 31 5 2005 2004 2005 2004 548 309 1,057 944 % 54.6% 34.0% 65.9% 69.6% 9 5% 10 2005 2004 2005 2004 1,590 1,313 1,200 904 73 61 67 58 27 27 25 24 45 43 13 13 1,735 1,444 1,305 999 259 46 209-1,476 1,398 1,096 999 64

2005 10 2005 2004 2005 2004 1 1 46 45 - - 213 1 209-12 31 259 46 209-2005 2004 721 448 596 275 11 2005 2004 2005 2004 (a) 191 167 148 105 (b) - 20 - - (c) 101 79 - - (d) 40 40 36 36 (e) - - 104 47 18 40 13 11 350 346 301 199 65

2005 11 (a) 1 6 (b) (c) (d) (e) 12 2005 1 1 467 118 156 741 - - 47 47 (235) - 1 (234) - 3-3 2005 12 31 232 115 204 551 66

2005 12 2005 1 1 3,262 357 610 69 101 4,399 324 - - - - 324 (105) (125) 5-5 (220) 2 - - - - 2 / 66 - - - 2 68 4 - - - (4) - 2005 12 31 3,413 232 615 69 108 4,437 2005 12 31 1996 30,284,000 20,498,000 10 20 2005 1 1 16 2 2005 12 31 18 2005 12 31 2 2004 12 31 4 50 67

2005 12 (a) (i) 2005 12 31 ( 1) : 32.00% 39.00% 17.30% - ( 2005 1 1 246 137 88 471 2005 1 1 236 209 22 467 (236) 1 - (235) 2005 12 31-210 22 232 1 6 68

2005 12 (a) (ii) 2005 12 31 2005 2004 28,224,000 117 5.5% 69 69 69 21,924,500-2.5% 33 33 33 7,480,000-0.008% 11 11 11 2 5 46 49 115 118 69

2005 12 (b) (i) 2005 12 31 ( ) ( 1) : 60% 60% 95% 60% 60% - 16-20 - 2005 1 1 420 168 103 150 48 536 1,425 2005 1 1 ( 2) 2,148 204 131 53 75 651 3,262 - - 85 - - 239 324 74 (45) (100) 39 (5) (68) (105) 4 - (2) 3 - (3) 2 / - 26 3 - - 37 66 - - - - - 4 4 2005 12 31 2,226 133 111 95 70 778 3,413 1 ( ) 115,000,000 5,000,000 61,000,000 7,000,000 2 2005 1 1 70

2005 12 (b) (ii) 2005 12 31 ( 1) : 32.00% 39.00% ( 2005 1 1 127 137 87 351 2005 1 1 126 209 22 357 (126) 1 - (125) 2005 12 31-210 22 232 1 6 71

2005 12 (iii) 2005 12 31 : 49% 50% 50% 50% 15 40 30 16 2005 1 1 150 87 261 9 507 2005 1 1 91 367 147 5 610 (7) 15 1 (4) 5 2005 12 31 84 382 148 1 615 72

2005 12 (c) 2005 12 31 2005 2004-100 6.73% 100 100 8 1 108 101-20 10.0% 20 20-8 4.29% 8 8 ( ) - 11 70.0% 11 - - 13 0.23% 13 13 44 14 96 55 204 156 : 73

2005 12 2005 12 31 2005 2004 2005 2004-669 - 487 551 741 4,437 4,399 551 1,410 4,437 4,886 9,951 11,653 9,951 11,653 5.5% 12.1% 44.6% 41.9% 13 : 2005 1 1 7,467 27,134 14,405 9,323 2,997 61,326 72 1,827 8,146 1,521 302 11,868 526 - - - 87 613 - - - (126) - (126) (254) - - (223) (92) (569) 2005 12 31 7,811 28,961 22,551 10,495 3,294 73,112 : 2005 1 1 802 4,330 2,894 4,281 1,399 13,706 250 1,546 1,064 1,061 551 4,472 (84) - - (144) (86) (314) 2005 12 31 968 5,876 3,958 5,198 1,864 17,864 : 2005 12 31 6,843 23,085 18,593 5,297 1,430 55,248 2004 12 31 6,665 22,804 11,511 5,042 1,598 47,620 74

2005 13 : 2005 1 1 4,017 22,133 14,405 7,468 1,876 49,899 35 128 8,146 1,182 64 9,555 87 - - - 56 143 - - - (126) - (126) (75) - - (202) (29) (306) 2005 12 31 4,064 22,261 22,551 8,322 1,967 59,165 : 2005 1 1 424 3,158 2,894 3,491 808 10,775 138 1,255 1,064 786 338 3,581 (60) - - (101) (13) (174) 2005 12 31 502 4,413 3,958 4,176 1,133 14,182 : 2005 12 31 3,562 17,848 18,593 4,146 834 44,983 2004 12 31 3,593 18,975 11,511 3,977 1,068 39,124 2005 12 31 2005 12 31 51,000,000 36,000,000 2004 54,000,000 38,000,000 30 70 2005 12 31 15 63 75

2005 13 2005 12 31 27 28 2005 2004 2005 2004 11,735 11,927 7,833 10,179 18,593 11,511 18,593 11,511 30,328 23,438 26,426 21,690 238 7 - - 30,566 23,445 26,426 21,690 2002 2003 1 2005 12 31 2,376,000,000 2004 2,462,000,000 2005 12 31 2,316,000,000 1,527,000,000 76

2005 14 2005 12 31 2005 1 1 2005 12 31 157 27 126 (80) 73 97% 80% 49 22 - - 22 45% 39 22 10-32 82% 89 55 11-66 74% B777 21 18 2 (18) 2 95% 65 22 40-62 95% 891-95 - 95 11% 139-109 - 109 78% 31-30 - 30 98% 217 53 60 (45) 68 52% 1,698 219 483 (143) 559 490 303 105 (406) 2 83% 35% 181 20 17-37 20% 454 68 86 (30) 124 34% 1,125 391 208 (436) 163 24 13 10 (22) 1 96% 18 3 12 (12) 3 83% 42 16 22 (34) 4 2,865 626 713 (613) 726 2005 12 31 77

2005 14 2005 2004 2005 2004 4.14%-5.27% 1.51%-3.48% 4.14%-5.17% 1.51%-3.48% 98 23 84 23 15 2005 2004 2005 2004 ( 788 6,355 560 4,640 676 5,455 486 4,024 (113 911 92 757 103 835 75 650 7,266 5,397 6,290 4,674 30% 3 78

2005 16 2005 1 1 519 333 204 118 45 25 2005 12 31 678 426 2005 1 1 52 37 46 34 2005 12 31 98 71 2005 12 31 580 355 2004 12 31 467 296 2005 12 31 23 50 3 10 79

2005 17 2005 1 1 164 120 22 11 2005 12 31 186 131 2005 1 1 33 11 117 104 2005 12 31 150 115 2005 12 31 36 16 2004 12 31 131 109 2005 12 31 2 3 18 2007 80

2005 19 2005 2004 2005 2004 1,511 12,193 683 5,650 1,435 11,579 678 5,612 1,821 1,895 2,678 2,842 1,640 1,707 2,678 2,842 25 1,270-766 14,113 9,762 13,286 9,220 (a) 6 48 - - - 300 411 - - 348 411 - - (b) 17 - - - 14,478 10,173 13,286 9,220 (a) (b) 4 2005 12 31 4.83% 2004 1.60% 1.56% 2005 12 31 2004 ) 5% 81

2005 20 2005 2004 % % - - 72 52.6% 896 100.0% 65 47.4% 896 100.0% 137 100.0% 2005 2004 % % - - 71 52.2% 896 100.0% 65 47.8% 896 100.0% 136 100.0% 5% 21 46 5% 2005 12 31 3 82

2005 22 2005 12 31 3 23 2005 2004 2005 2004 542 316 482 266 178 162 125 108 11 10 5 5 5 7 3-736 495 615 379 [2004]94 2004 4 1 [2004]38 2005 2004 2005 2004 1 1 162 354 108 293 : 978 433 740 303-37 - 37 : 962 662 723 525 12 31 178 162 125 108 83

2005 24 2005 2004 2005 2004 - - 51-20 2,094 181 2,094 2,883 2,338 2,097 1,762 2,903 4,432 2,329 3,856 46 5% 2005 12 31 3 25 2005 2004 2005 2004 (a) 12 71 12 45 (b) 1,096 1,383 890 1,100 (b) 686 377 493 226 (b) 806 901 960 983 (b) 132 98 131 118 (c) 92 108 92 108 (d) 339 249 312 229 29 151 75 123 62 190 144 105 100 86 25 86 15 37-37 - 202 271 156 188 13 14 6 14 6 13-3 3,848 3,729 3,403 3,191 84

2005 25 (a) (b) 1 3 (c) [2001]5 2001 1998 (d) 3 6 85

2005 26 2005 2004 2005 2004 27 2 1 - - 107 865 10 82 103 835 10 82-16 - - ( ) 72 582 60 496 55 440 31 254 ( ) 1 - - - ( ) 57 458 119 989 13 103 94 780 ( ) - 26-26 1,908 1,610 1,378 1,142 28-304 2,453 246 2,032 304 2,453 246 2,032-12,825 879 615 49 12,825 879 615 49 3,332 2,081 3,332 2,081 5,240 3,691 4,710 3,223 86

2005 27 ( 2005 12 31 ) 2005 2004 3 3 4.94% 5.51%, 2011 890 1,217 4.43% 7.73%, 2015 299 2,414 323 2,676 3 0.65% 0.90%, 2012 496 4,000 212 1,753 6 0.30% 1.20%, 2013 957 7,722 1,000 8,276 6 0.85%, 2006 9 9 9 9 15,038 13,934 ( 26) (1,908) (1,610) 13,130 12,324 87

2005 27 ( ) ( 2005 12 31 ) 2005 2004 5.51% 2011 550 1,217 4.43% 7.73% 2015 227 1,835 281 2,326 3 0.75% 0.90% 2008 241 1,946 172 1,426 6 0.30% 1.20% 2013 931 7,511 811 6,713 11,842 11,682 26 (1,378) (1,142) 10,464 10,540 88

2005 27 ( ) 2005 2004 2005 2004 6,216 4,538 5,665 4,459 (a) 386 2,424 223 1,812 (b) 5,748 4,800 3,844 4,240 (c) 2,688 2,172 2,110 1,171 15,038 13,934 11,842 11,682 (a) 2005 2004 2005 2004 357 2,415 223 1,812 22 - - - 7 9 - - 386 2,424 223 1,812 (b) 13 (c) 13 2005 2004 2005 2004 1,171 1,732 593 969 155 291 155 53 111 149 111 149 1,251-1,251-2,688 2,172 2,110 1,171 27 ( ) 89

2005 2005 2004 2005 2004 1,908 1,610 1,378 1,142 4,356 1,698 3,475 1,476 2,473 4,436 1,785 3,817 6,301 6,190 5,204 5,247 15,038 13,934 11,842 11,682 5% 28 2005 2004 1 1 11,619 6,841 : 6,938 - - 6,001 (793) 49 2,014 1,272 12 31 15,750 11,619 26 3,332 2,081 12,418 9,538 90

2005 28 2006 2017 2005 12 31 6% 2005 12 31 2005 2004 3,332 2,081 2,889 2,829 2,607 2,559 6,922 4,150 15,750 11,619 2005 12 31 13 2005 2004 7,186 7,134 6,403 4,485 1,548-613 - 15,750 11,619 91

2005 28 2005 12 31 2005 2004 1,242 10,020 698 5,775 34,970 2,398 47,215 3,763 12,418 9,538 26 5% 29 2005 1 1 359 248 75 62 144 86 37 25 2005 12 31 466 309 25 151 123 315 186 92

2005 30 : 2005 1 1 259 60 21 340 11 56 418 485 2005 12 31 270 116 439 825 2005 1 1 79 21-100 31 11 28 70 2005 12 31 110 32 28 170 2005 12 31 160 84 411 655 2004 12 31 180 39 21 240 : 2005 1 1 259 60 21 340-56 418 474 2005 12 31 259 116 439 814 2005 1 1 79 21-100 30 11 28 69 2005 12 31 109 32 28 169 2005 12 31 150 84 411 645 2004 12 31 180 39 21 240 93

2005 30,,, 31 /( ) 2005 1 1 (282) 55 45 27 19 2005 12 31 (255) 74 94

2005 31 /( ) 2005 2004 2005 2004 (a) 159 39 159 39 (b) 143 129 143 125 (c) 275 254 220 195 (d) 32 143 32 143 (e) 22 27 22 27 20 18 6 22 651 610 582 551 (b) 54 74 - - (f) 832 751 508 459 20 67-37 906 892 508 496 (255) (282) 74 55 2005 2004 2005 2004 85 55 74 55 (340) (337) - - (255) (282) 74 55 (a) 95

2005 31 (b) (c) (d) (e) (f) 96

2005 32 2005 2004 2,200,000,000 1.00 2,200 2,200 1,174,178,000 H 1.00 1,174 1,174 1,000,000,000 A 1.00 1,000 1,000 4,374 4,374 1994 12 31 1997 9 10 2003 7 17 33 2005 2004 2005 2004 1 1 12 31 5,801 5,801 5,801 5,801 1 1 - - - - 53-53 - 12 31 53-53 - 1 1 - - - - 39-39 - 12 31 39-39 - 5,893 5,801 5,893 5,801 97

2005 34 2005 2004 2005 2004 1 1 402 361 349 339 8 41-10 12 31 410 402 349 349 1 1 193 173 177 172 5 20-5 12 31 198 193 177 177 1 1 77 77 77 77 6 - - - 12 31 83 77 77 77 691 672 603 603 2005 35 2006 4 19 98

2005 36 2005 2004 2005 2004 35,363 21,624 27,523 14,481 3,376 2,315 2,845 2,022 313 255 275 232 39,052 24,194 30,643 16,735 47 2005 2004 2005 2004 833 209 639 173 % 2.1% 0.9% 2.1% 1.0% 37 47 99

2005 38 2005 2004 2005 2004 1,092 673 849 447 25 11 8 5 12 8 4 4 1,129 692 861 456 39 2005 2004 2005 2004 195 112 184 110 (25) 133 35 78 170 245 219 188 40 2005 2004 2005 2004 1,780 734 1,544 586 98 23 84 23 1,682 711 1,460 563 (57) (34) (40) (17) / (1,232) 20 (1,166) 14 46 30 40 25 439 727 294 585 100

2005 41 / 2005 2004 2005 2004 / 32 14 14 - (234) 49 (218) 224 (202) 63 (204) 224 42 2005 2004 2005 2004 (a) 30-30 - (b) 27 - - - 20-16 - 77-46 - (a) [2005]80 30,000,000 (b) [2000]102, 6% 9,000,000 18,000,000 43 2005 2004 2005 2004 17 50 7 40 104 35 97 35 31 41 22 31 152 126 126 106 101

2005 44 2005 2004 2005 2004 49 44 23 57 45 9 45 - - 30 - - 18 44 13 1 112 127 81 58 45 2005 2004 2005 2004 23 197 (31) 94 31 (27) (110) (19) (118) (4) 87 (50) (24) 102

2005 46 (a) ( ) China Southern West Australian Flying College Pty Limited 103

2005 46 (a) 2005 1 1 2005 12 31 2,198,980,000-2,198,980,000 170,900,000-170,900,000 ( ) 280,000,000-280,000,000 250,000,000-250,000,000 700,000,000-700,000,000 80,000,000-80,000,000 55,980,000 64,020,000 120,000,000 20,000,000 30,000,000 50,000,000 29,800,000 13,820,849 43,620,849 251,322,832-251,322,832 238,000,000-238,000,000 China Southern West Australian Flying College Pty Limited 100,000-100,000 104

2005 46 (a) 2005 1 1 2005 12 31 % % % 2,200,000,0 00 50.3% - - 2,200,000,0 00 50.3% 102,540,000 60.0% 59,815,000 35.0% 162,355,000 95.0% ( ) 168,000,000 60.0% - - 168,000,000 60.0% 150,000,000 60.0% - - 150,000,000 60.0% 420,000,000 60.0% - - 420,000,000 60.0% 48,000,000 60.0% - - 48,000,000 60.0% 28,549,800 51.0% 61,450,200 24.0% 90,000,000 75.0% 12,200,000 61.0% 115,473,00 0-127,673,000 61.0% 15,198,000 51.0% 7,048,633-22,246,633 51.0% 130,276,998 51.8% - - 130,276,998 51.8% 166,600,000 70.0% - - 166,600,000 70.0% China Southern West Australian Flying College Pty Limited 65,000 65.0% - - 65,000 65.0% 105

2005 46 ( ) (b) (i) (ii) (iii) 106

2005 46 ( ) (c) 2005 2004 (1) 32 33 (2) 173 170 (3) 26 2 (4) 88 66 (5) 10 - (6) 90 18 (7) 28 - (8) - 85 (9) 16 - (10) 559 580 (11) 37 3 (12) 3 4 (13) - 15,398 (14) - 65 (1) (2) (3) (4) 107

2005 46 ( ) (c) ( ) (5) 82 (6) 6 12 (7) 110KV (8) 2004 12 31 (9) 16,000,000 (10) 559,000,000 (11) 46(d) (12) 4 46(d) 108

2005 46 ( ) (c) ( ) (13) 1 2004 12 31 15,398,000,000 13,439,000,000 2004 12 31 13,439,000,000 2004 1,959,000,000 2005 (14) 2004 65,000,000 109

2005 46 (d) 2005 2004 557 406 ( ) 42 52 3 15 8 22 4-850 838 25 118 5-12 2,094 3-28 - 119-84 138 33 10 10 3 47 52 300 256 110

2005 46 (e) 19 27 (f) 47 2005 31,004 1,343 6,705 39,052 26,582 1,208 6,507 34,297 989 23 117 1,129 3,433 112 81 3,626 2004 18,582 1,201 4,411 24,194 14,910 937 3,559 19,406 532 34 126 692 3,140 230 726 4,096 111

2005 48 (i) 1995 3 25 1997 5 22 1 (ii) 1997 5 22 49 (i) 2005 12 31 2005 2004 2005 2004 45,628 11,776 33,955 10,121-13,571-13,571 45,628 25,347 33,955 23,692 79 110 79 110 761 714 761 714 840 824 840 824 11 132 11 117 1,398 724 1,241 200 1,409 856 1,252 317 47,877 27,027 36,047 24,833 112

2005 49 (i) 2005 12 31 7,341 5,914 8,945 7,240 14,354 13,046 14,988 7,755 45,628 33,955 (ii) 2005 12 31 2005 2004 2005 2004 3,340 1,761 3,113 1,489 2,881 1,622 2,673 1,418 2,785 1,562 2,666 1,376 15,588 7,805 15,414 7,568 24,594 12,750 23,866 11,851 (iii) 2005 12 31 2005 2004 2005 2004 - - - 181 83 83 83 83 83 83 83 264 113

2005 50 2005 12 31 (i) / / ( a) % 1994 4 28 ( ) 1993 7 20 1995 5 8 1984 8 11 1991 11 12 ( b) 1989 11 21 2002 7 23 2002 7 10 2002 2 12 China Southern West Australian Flying College Pty Limited 2004 3 31 1971 1 26 95 170,900,000 60 280,000,000 60 250,000,000 60 700,000,000 60 80,000,000 75 120,000,000 61 50,000,000 51 43,620,849 51.8 251,322,832 70 238,000,000 65 100,000 (a) (b) 114

2005 50 ( ) (ii) / / ( a) % % 50 27,500,000 ( b) 1989 10 28 32 17.3 424,330,000 1995 6 28 50 63,100,000 ( b) 2001 4 6 49 394,900,000 ( b) 1996 11 25 50 18,000,000 ( b) 2004 4 1 2002 8 28 39 350,000,000 (a) (b) 115

2005 51 1 (2004 ) 2005 2004 (32) 6 104 35 - (30) (32) - 30-20 - (13) (2) 77 9 52 2004 116

2005 ( ) A. 12 31 2005 2004 ( ) / (1,794) 103 (a) (20) (31) (b) (26) (111) (c) 4 4 (d) (68) (26) (e) - 11 (f) 53-3 2 (1,848) (48) 12 31 2005 2004 9,951 11,653 (a) 160 180 (b) 171 197 (c) (158) (162) (d) (94) (26) (e) 11 11 (f) (39) - (2) (5) 10,000 11,848 117

2005 ( ) A. (a) (b) 2001 (c) 2002 1 1 (d) (e) (f) (g) 2004 2005 12 31 118

2005 ( ) B. % 36.44 33.57 0.83 0.83 (16.96) (15.63) (0.39) (0.39) (18.03) (16.61) (0.41) (0.41) (18.80) (17.32) (0.43) (0.43) C. 2005 1 1 2005 12 31 1 95 7 2 48 52 74 - - 64 10 2 - - - - - 3 46 213 - - 259 4 - - - - - 5 - - - - - 6 - - - - - 7 - - - - - 119

2006 4 19 2005 2005 2005 120

2005 2005 : 121