2004 1 4 7 12 20 22 24 37 38 39 161 1

2004 CHINA INTERNATIONAL MARINE CONTAINERS (GROUP) CO., LTD CIMC 2 86 755-2669 1130 86 755-2682 6579 shareholder@cimc.com 2 518067 http://www.cimc.com http://www.cninfo.com.cn 000039 B 200039 1 1992 9 30 2 3 2004 12 27 4 5 101157 440301618869509 440305618869509 6 5020 16 8 2

2004 1 2 3 TEU Twenty-foot equivalent unit TEU 20 20 40 4 Semi-trailer 3

2004 2,801,979,107.21 2,389,023,556.10 2,431,670,611.83 4,511,354,979.29 219,782,359.05 3,013,266,626.93 21,417,458.85 11,830,002.47 244,534,981.04 1,452,157,853.80 777,032,522.43 2004 1 12 2003 1 12 1 11,830,002.47 18,040,264.95 2. 18,358,465.68 8,160,289.58 3. 163,949.63 4. 23,411,180.84 5. 429,042.36 6. 7. 8. 104,264,693.35 14,034,731.49 50,665,044.33 12,758,815.03 8,017,988.60 1,913,822.23 42,647,055.73 10,844,992.80 2004 % 60.03% 70.60% 4.47 5.11 40.09% 47.16% 2.99 3.41 31.79% 37.39% 2.37 2.71 32.57% 38.31% 2.43 2.77 4

2004 2004 1 12 2004 12 31 2,464,989 7,521,279 1 6,152 19,093 2 33,575 47,469 3 32,168 52,371 4 911 9,555 5 3,163 17,007 2,389,020 7,470,722 2004 2003 2002 TEU 1,570,809 1,173,293 751,578 26,567,783,802.13 13,800,223,269.40 9,078,671,999.96 2,389,023,556.10 682,688,009.42 464,854,557.40 16,963,863,542.61 9,931,968,677.13 7,829,184,589.27 7,471,364,284.63 5,290,940,343.28 2,853,729,296.77 2.37 1.0831 0.9109 2.71 1.3100 0.9109 2.43 1.0659 1.0107 2.77 1.2900 1.0107 7.41 8.39 5.59 7.37 8.35 5.52 31.98% 12.90% 16.29% 37.39% 20.42% 17.68% 32.57% 12.70% 18.07% 38.31% 20.10% 19.61% 1.4399 1.292 0.5930 5

2004 630,302,096.00 378,181,257.00 1,008,483,353.00 2,257,128,190.94 304,219,538.86 1,952,908,652.08 2,133,049,755.50 1,874,839,683.2 4,007,889,438.70 223,323,443.46 129,134,010.60 352,457,454.06 254,850,554.61 274,669,076.47 529,519,631.08 16,655,043.74 624,761.27 16,030,282.47 1,045,297.50 1,045,297.50 0 5,290,940,343.28 11,673,784,027.05 16,964,724,370.33 6

2004 + - % 227,363,133 +136,417,880 363,781,013 36.07 102,313,410 +61,388,046 163,701,456 16.23 125,049,723 +75,029,834 200,079,557 19.84 227,363,133 +136,417,880 363,781,013 36.07 1 189,333,262 +113,599,957 302,933,219 30.04 237,024 +142,213 66,925 312,312 0.03 2 213,605,701 +128,163,420 341,769,121 33.89 402,938,963 +241,763,377 644,702,340 63.93 630,302,096 +378,181,257 1,008,483,353 100.00 1 2003 2 312,312 66,925 2004 6 2004 12 1 ( ) 2003 A 2003.11.20 15.00 120,000,000 2003.12.5 120,000,000 2003 11 20 A 120,000,000 510,302,096 630,302,096 55.38% 63.87% 2 2004 6 2 2003 10 6 7

2004 % % 227,363,133 36.07 136,417,880 363,781,013 36.07 102,313,410 16.23 61,388,046 163,701,456 16.23 125,049,723 19.84 75,029,834 200,079,557 19.84 227,363,133 36.07 136,417,880 363,781,013 36.07 3 189,333,262 30.04 113,599,957 302,933,219 30.04 237,024 0.04 142,214 379,238 0.04 4 213,605,701 33.89 128,163,420 341,769,121 33.89 402,938,963 63.93 241,763,377 644,702,340 63.93 630,302,096 100.00 378,181,257 1,008,483,353 100.00 1 2004 12 31 40,947 A 30,073 B 10,874 2 2004 12 31 % 1 COSCO Container Industries Limited 61,388,046 163,701,456 16.23 0 2 61,388,046 163,701,456 16.23 0 3 FAIR OAKS DEVELOPMENT LIMITED 24,494,098 62,772,778 6.22 0 4 PROFIT CROWN ASSETS LIMITED 13,641,788 36,378,101 3.61 0 5 GT PRC FUND 4,783,476 12,422,602 1.23 6 NIKKOCITI TB S/A RE:JF CHINA MOTHER FD(716000) 10,495,949 1.04 7 LONG HONOUR INVESTMENTS LIMITED 3,596,890 9,591,707 0.95 0 8 JPMBLSA RE FTIF TEMPLETON CHINA FUND 9,221,971 0.91 GTI 5497 9-8,259,751 0.82 10 FF GREATER CHINA FD GT1 24037 8,000,040 0.79 Long Honour Investments Limited ( ) COSCO Container Industries Limited 8

2004 Fair Oaks Development Limited 3 10% 30% COSCO Container Industries Limited 16.23% 2004.4.26 1 16.23% --- 1995.1.17 10,000 1 COSCO Container Industries Limited( ) British Virgin Islands 53.07 2004 12 31 COSCO Container Industries Limited 16.23% Long Honour Investments Limited 0.95% 2 53.146% 16.23% Fair Oaks Development Limited 6.22% Fair Oaks Development Limited 22.45% 9

2004 100% 53.146% 53.25% 100% 100% LONG Honour Investments Limited 100% 100% COSCO Container Industries Ltd. 0.95% Fair Oaks Development Limited 16.23% 16.23% 6.22% 4 COSCO Container Industries Limited 2004 8 19 163,701,456 16.23% COSCO Container Industries Limited 2004 015 8 20 2004 12 31 2005 001 1 7 5 10 1 FAIR OAKS DEVELOPMENT LIMITED 62,772,778 6.22% B 2 GT PRC FUND 12,422,602 1.23% B 3 NIKKOCITI TB S/A RE:JF CHINA MOTHER FD(716000) 10,495,949 1.04% B 4 LONG HONOUR INVESTMENTS LIMITED 9,591,707 0.95% B 5 JPMBLSA RE FTIF TEMPLETON CHINA FUND GTI 5497 9,221,971 0.91% B 6-8,259,751 0.82% A 7 FF GREATER CHINA FD GT1 24037 8,000,040 0.79% B 8-7,886,489 0.78% A 9 TEMPLETON DRAGON FUND, INC. 7,773,186 0.77% B 10 6,601,935 0.65% A 10

2004 Long Honour Investments Limited COSCO Container Industries Limited Long Honour Investments COSCO Container Industries Limited 53.07 Fair Oaks Development Limited Fair Oaks Development Limited 11

2004 1 49 2004.4.21 2007.4.21 0 0 0 49 2004.4.21 2007.4.21 0 0 0 2004.4.21 2007.4.21 117,117 187,387 70,270 46 2004.3.16 2007.3.16 49 2004.4.21 2004.12.30 0 0 0 39 2004.4.21 2007.4.21 0 0 0 71 2004.4.21 2007.4.21 0 0 0 50 2004.4.21 2007.4.21 0 0 0 50 2002.11.16 2005.11.16 0 0 0 56 2002.5.31 2005.5.31 0 0 0 43 2004.4.21--2004.12.30 0 0 0 58 2002.5.29 2005.5.29 0 0 0 52 2004.3.16 2007.3.16 0 0 0 57 2004.3.16 2007.3.16 78,078 124,925 46,847 46 2004.3.16 2007.3.16 0 0 0 37 2004.3.16 2007.3.16 0 0 0 46 2004.3.16 2007.3.16 0 0 0 51 2004.3.16 2007.3.16 0 0 0 39 2004.3.16 2007.3.16 0 0 0 2 2000.8 2001.11 2001.10 2002.3 1998 2002.12 3 1 12

2004 2000 8 1995 3 1985 2001 11 1998 5 1982 1992 1994 3 1989 3 1996 3 1996 4 2001 3 2001 4 2002 3 2002 3 2002 5 1973 1 2004 4 2004 12 1959 1985 1992 2001 5 1985 1992 1989 1991 1991 1992 1993 2001 5 1982 1986 1987 1991 1991 1993 1994 1998 1999 13

2004 1993 2002 11 2 1977 MOT 1971 2002 5 1979 2004 4 2004 12 1982 1 1983 1 1986 9 1986 9 1987 1 1987 1 1996 9 1996 9 1999 4 1999 4 2002 5 3 1987 1987 1983 1991 1995 1995 1999 1997 1999 1999 14

2004 1996 1996 7 1998 12 1999 12 2004 3 1982 1997 1998 12 2004 3 MBA 1991 1993 5 2003 3 2003 3 2002 10 2003 10 2004 3 1985 7 1975 8 1989 4 1989 2001 10 1992 2004 3 4 / / / / / / / ( ) ( ) PPG ( ) / 21 / 15

2004 16 / / / ( ) / / / B.V.I. / 9 / / 16 / / 5 / / 3 / / 5 / 19 5 1 2 8

2004 9 572 310 150 180 1 70 100 2 50 70 2 30 50 4 6 2004 3 2004 3 16 2004 2004 4 21 2003 2004 3 19 2003 2004 4 22 2004 5 2004 6 2004 3 16 2004 3 19 2004 12 30 1 2004 12 31 28,075 147 2 59 40 15 18 15 41 70 25 11 % 40.14% 27.21% 10.20% 12.24% 10.20% 27.89% 47.62% 17.01% 7.48% 17

2004 11 11 0 0 11 11 0 0 11 10 1 0 COSCO Container Industries Limited 16.23% 18

2004 19

2004 1 2004 3 19 2003 2003 2004 4 21 9:30 12:00 18 301,007,826 47.76% 11 121,627,267 19.30% 7 179,380,559 28.46% 2 12003 22003 32003 4 52003 6 7 8 9 10 11 2004 4 22 3 2004 5 20

2004 1 2004 11 6 2004 2004 12 6 9:30 12:00 2004 20 488,510,969 48.44% 14 215,385,381 21.36% 7 273,125,588 27.08% A B 2 1) 2) 3) < > 4) 3 2004 12 7 21

2004 1 2004 30 8.8% 2004 27% 238 TEU 2004 300 TEU 40% 265.68 92.52% 23.89 249.94% 163.96 TEU 157.08 TEU 41.42% 33.88% 2002 2004 2004 37,926 321.82% 29.12 23.42 325.11% 2005 22

2004 2005 2 1 % 26,567,783,802.13 13,800,223,269.40 92.52% 4,511,354,979.29 1,884,414,911.84 139.40% 2,389,023,556.10 682,688,009.42 249.94% 777,032,522.43 324,233,578.69 139.65% 92.52% 139.40% 249.94% 139.65% 2 % 16,963,863,542.61 9,931,968,677.13 70.81% 12,246,825,462.13 6,536,200,991.93 86.29% 1,483,165,608.09 706,133,085.57 110.04% 4,960,984,976.58 3,242,822,831.21 52.98% 4,589,564,282.66 1,473,814,285.26 211.41% 1,658,528,430.81 507,996,427.22 226.48% % 50.88% 39.84% 27.73% 7,471,364,284.63 5,290,940,343.28 41.20% 70.81% 86.29% 110.04% 211.41% 52.98% 2.28 2.17 4.57 0.46 6.48 1.97 50.88% 39.84% 27.40% 145,216 1.44 2,625,589 23

2004 81,448 78.3% 90.6% 4 10 41.20% 23.89 1 1 2002 % 24,083,749 20,003,767 16.94% 2,303,235 2,048,646 11.05% 142,343 90,472 36.44% 38,457 56,016 245.65% 26,567,784 22,086,869 16.87% 24

2004 % % 3,148,611 11.85 16.86% 12,147,344 45.72 160.17% 10,831,066 40.77 102.82% 440,763 1.66 12028.87% 26,567,784 100.00 92.52% 10% 1996 8 50 2004 % 24,083,749 20,003,767 16.94% 2 2004 163.96 TEU 157.08 TEU 41.42% 33.88% 24,083,749 88.33% 1,447,749TEU 34.58% 55,818TEU 5.97% 67,243TEU 63.85% 2004 2004 2004 1 100% ZHANGZHOU CIMC CONTAINERS CO., LTD.2004 5 Ningbo CIMC Logistic Equipment Co.,Ltd. 2004 16 2004 Clive-Smith 25

2004 Cowley Ltd. CSC 60 DOMINO DOMINO 70% 2004 7 4,000 2004 Nantong CIMC Tank Equipment Co., LTD. 3,944 219.87% SSC 2005 1 TESC 2004 CECA 2004 500 37,926 321.82% 29.12 23.42 325.11% 396,434 849,450 203,532 Vanguard National 26

2004 Trailer Corporation 2,507 436,787 2004 10 1 367,238 2004 11 1 78,117 * 35,164 ** 2,147 615 37,926 * : ** : Dry Freight Vans Refrigerated Vans Tank Trailer & Other Special Vehicles Container Chassis & Platform 2004 10 4200 60% 1997 3000 LNG L-CNG 2004 8 2004 3 4S 1 27

2004, VIN 2 1 2004 732,117 61.65% 82.94% 15,500,000 2004 409,087 61,924 154.79% 468.79% 2 13,500,000 2004 142,343 22,756 8.68% 7.05% 3 150,000,000 100% 2004 12,017 96.60% 811 45% 67,070 3 887,202 42.86% 1,155,924 43.51% 5% 28

2004 4 2004 1 2003 11 20 1.2 A 17.51 189,373 1,770,900 1,437,663 329,060 32,9060 32,9060 100% 413,500 202,803.5 202,803.5 49% 74,628 221,060 182,060 182,060 82% 145,390 115,800 115,800 80% 26,721 231,560 231,560 231,560 100% 46,985 190,210 155,860 155,860 82% 240,120 220,519.5 220,519.5 92% 1,770,900 1,437,663 1,437,663 81% 148,334 333,237 2 1 2004 1 12 3400 6739,, ( ) 670, ( ) 2538, 9.95% 37.66% 2 2004 4 20 CIMC Vehicle Investment Holdings Company Limited 1500 2004 12 3,, ( ) 5,200,000.00,CIMC Vehicle 29

2004 Investment Holdings Company Limited 6,278,100.00 2004 12 31 71.78% 8,500, 160,000,000.00 2004 12 31, 8784.6 3 2004 8 18 ( ) 1200 ( ) 70% 30% 4 2004 10 27 ( ) CIMC Vehicle Investment Holdings Company Limited 3500, ( ) CIMC Vehicle Investment Holdings Company Limited 51% 49% 5 2004 10 27, ( ) CIMC Vehicle Investment Holdings Company Limited 8000 160, 2% ( ) 3040, 38% CIMC Vehicle Investment Holdings Company Limited 4800, 60% 6 1550 3320, 2004 2003 % 16,963,863,542.61 9,931,968,677.13 70.80% 825,188,283.24 432,126,683.15 90.96%, 7,471,364,284.63 5,290,940,343.28 42.21% 4,511,354,979.29 1,884,414,911.84 139.40% 2,389,023,556.10 682,688,009.42 249.94% 2004 30

2004 1 2005 2 2005 1 2 3 1 1 2004 1 9 2004 2 2004 3 16 2004 1)2003 2)2003 3) 4) 5) 6) 7) 2004 31

2004 8) 2003 9) 10) 11) 12) 13) 2003 3 2004 4 21 2004 4 2004 4 26 2004 2004 5 2004 5 13 2004 6 2004 8 10 2004 1 2 3 4 5 6 2004 7 8 9 10 11 56 7 2004 8 26 2004 8 2004 10 14 2004 2004 9 2004 10 25 2004 10 2004 12 1 2004 11 2004 12 31 2004 32

2004 2 1 2003 2004 < > 2 2003 2004 4 21 2003 2003 2003 12 31 630,302,096 1.0831 2003 2003 713,772,761.87 10% 71,377,276.15 5% 35,688,638.08 532,674,486.59 1,139,381,334.23 2003 12 31 630,302,096 10 3.8 239,514,796.48 850,000,000.00 10 6 2004 5 26 2003 2004 6 2 2004 6 3 2004 2004 2,389,023,556.10 2004 12 31 1,008,483,353 2.3689 2004 2004 2,269,304,559.89 10% 226,930,455.99 5% 113,465,227.99 254,850,554.60 2,243,584,455.96 2004 12 31 1,008,483,353 10 5.0 504,241,676.50 1,474,533,737.22 10 10 1,008,483,353 2,016,966,706 2004 33

2004 (2005) 04 ( ) ( ) (2003)56,,, 1 56 2004 12 31 1 2 2003 56 50% 40% 2001 1 1 2005 12 31 2004 12 31 0 0 3 34

2004 [2003] 56 50% 2004 12 31 9.83 2004 74.71 13.16% 2 35

2004 2 1 2004 3 16 2004 1 2003 2 2003 3 2003 4 2 2004 12 31 2004. 2004 1 2 2004 2004 3 2003 11 20 12,000 A 4 5 36

2004 1 2004 4 12 CIMC Vehicle Investment Holdings Company Limited 18 51% 2004 4 12 CIMC2004-007 10 1 2 2004 10 15 4200 60% 2004 10 20 CIMC2004-017 11 1 1 2004 2 12 2004 2 13 CIMC2004-001 2 2004 3 19 2004 3 23 CIMC2004-003 3 2004 6 4 Citigroup ING Bank N.V. 2004 6 5 CIMC2004-011 37

2004 4 2004 8 18 15.172 2004 8 19 CIMC2004-014 5 2004 8 19 COSCO Container Industries Limited 163,701,456 16.23% COSCO Container Industries Limited CIMC 2004 015 8 20 2004 12 31 CIMC2005 001 2005 1 7 6 2004 12 22 2004 12 23 CIMC2004-021 7 1 2 2004 12 31 9.83 2004 75.15 13.08% 5 2004 4 21 2004 2001 A 1994 B 144.86 2003 210 2003 38

( ) 40 ( ) 41-42 ( ) 43-44 ( ) 45 ( ) 46 ( ) 47-48 ( ) 49-50 ( ) 51 52 ( ) 53-54 ( ) 55 ( ) 56 ( ) 57 58 ( ) 59-60 61 133 ( ) 134 ( ) 135 ( ) 136-137 ( ) 138 139 ( ) 140 164 ( ) 165 39

(2005) 57 ( ), ( ) ( ),,,,,, 40

2004.12.31 2003.12.31 5 USD 179,126,281.17 USD 85,281,773.62 2(8).6 16,918,043.66 20,383,428.38 2,701,830.20 818,211.22 0.00 13,058.47 0.00-2(9).7 590,641,555.45 391,645,269.47 2(9).8.47(3) 12,994,948.12 23,266,812.93 9.47(3) 109,420,573.74 66,201,488.11 10 2,493,982.42 23,446,078.91 2(10).11 554,295,203.22 177,996,894.36 1,981,563.26 343,239.60 1,470,573,981.24 789,396,255.07 2(11).12 58,870,418.11 61,754,389.64 2(11) 16,135,404.11 8,615,031.53 58,870,418.11 61,754,389.64 2(12).13 525,176,985.06 391,500,753.90 2(12).13 131,169,579.31 113,228,566.08 394,007,405.75 278,272,187.82 2(12).13 10,614,147.83 6,375,921.31 383,393,257.92 271,896,266.51 2(13).14 60,766,285.01 20,195,522.05 444,159,542.93 292,091,788.56 2(15).15 52,889,151.05 48,504,053.19 2(16).16 2,379,942.04 3,101,379.71 2(17).17.47(3) 11,495,500.00 4,665,259.09 66,764,593.09 56,270,691.99 USD 2,040,368,535.37 USD 1,199,513,125.26 41

2004.12.31 2003.12.31 18 USD 200,305,366.04 USD 61,352,225.51 19 102,893,716.95 46,370,843.67 20.47(3) 327,720,876.22 192,184,727.14 21 25,618,617.08 8,022,520.28 22 101,729,783.35 41,310,751.39 5,153,570.08 7,660,026.55 23 2,656,625.03 828,965.40 24 13,359,639.52 (37,467,702.15) 25 53,268,327.81 35,931,342.20 2(18).26 83,543,811.64 65,525,499.58 11,145,395.75-27 4,148,584.19 4,106,280.20 931,544,313.66 425,825,479.77 28 99,363,285.02 50,976,328.49 29 212,884.45 212,884.45 30 84,251.21 0.00 99,660,420.68 51,189,212.94 31 2,916,589.79 816,331.78 1,034,121,324.13 477,831,024.49 2(23) 103,985,870.06 82,679,643.85 32 123,808,435.95 78,134,371.09 33 230,531,545.86 272,600,023.06 34 484,042,650.66 257,614,704.77 34 42,567,325.37 26,971,430.37 35 63,956,049.25 30,781,487.93 35 60,898,753.20 28,926,907.79 36 - -126,243.66 2(6) (77,340.54) (1,886.27) 902,261,341.18 639,002,456.92 USD 2,040,368,535.37 USD 1,199,513,125.26 42

2004.12.31 2003.12.31 USD 46,939,682.52 USD 20,193,903.02 2(8) 11,472,662.37 11,025,832.36 59,038,007.53 45,808,004.52 2(9).45(1) 368,092,083.75 295,130,850.15-1,291,312.69 485,542,436.17 373,449,902.74 2(11).45(2) 670,007,106.57 316,715,576.14 2(11) 670,007,106.57 316,715,576.14 2(12) 29,254,758.21 28,465,030.41 2(12) 6,092,684.72 3,865,860.35 23,162,073.49 24,599,170.06 2(12) - - 23,162,073.49 24,599,170.06 2(13) 450,990.24 572,406.73 23,613,063.73 25,171,576.79 2(15) 4,401,445.55 4,023,299.77 2(16) 1,456,362.73 1,722,623.31 5,857,808.28 5,745,923.08 USD 1,185,020,414.75 USD 721,082,978.75-43

2004.12.31 2003.12.31 USD 100,000,000.00 USD - 59,209,602.21 15,482,364.65 5,234.53 3,058.90 328,651.84 327,075.43 34,331,654.38 14,154,417.16 2(18) 114,226.55 12,644.02 4,106,280.19 4,106,280.20 198,095,649.70 34,085,840.36 96,947,826.08 50,976,328.49-96,947,826.08 50,976,328.49 295,043,475.78 85,062,168.85 123,808,435.95 78,134,371.09 235,858,532.86 272,600,023.06 469,529,386.25 250,335,011.71 40,629,907.32 26,926,359.36 60,900,720.74 34,951,404.04 (120,136.83) 28,926,907.79 889,976,938.97 636,020,809.90 USD 1,185,020,414.75 USD 721,082,978.75 44

2004 2003 2(19)(20).37 USD 3,208,669,541.32 USD 1,666,693,631.57 37 2,663,417,735.38 1,437,214,333.45 3(1) 402,170.76 1,892,956.11 544,849,635.18 227,586,342.01 38 26,543,763.17 12,191,250.84 66,326,172.09 53,327,591.80 134,695,994.06 65,258,023.12 2(14).39 6,450,141.99 5,445,805.32 363,921,090.21 115,746,172.61 40 2,586,649.62-773,181.59 2(21).41 1,428,744.26 2,178,775.96 42 995,380.22 1,140,081.66 43 30,528,590.49 11,988,808.88 338,403,273.82 106,303,039.76 2(22).3(2) 37,068,368.23 13,213,783.68 2(23) 12,805,490.60 10,765,257.06 36 - -126,243.66 288,529,414.99 82,450,242.68 35 30,781,487.93 64,098,421.31 319,310,902.92 146,548,663.99 35 32,748,266.20 8,710,585.99 35 15,595,895.00 4,355,293.00 35-35 44,292.24 35-270,966,741.72 133,438,492.76 35 178,083,784.69 102,657,004.83 35 28,926,907.78 - - 45

35 - USD 63,956,049.25 USD 30,781,487.93 46

2004 2003 2(19) USD - USD - - - 3(1) - - - - 47,816.46 15,809.84 57,507,846.30 18,220,863.62 2(14) (3,221,691.43) (1,159,351.05) ( ) (54,238,338.41) (17,045,702.73) 45(3) 328,532,958.57 102,989,509.99 5,109.31 677.14 229,130.45 66,086.96 274,070,599.02 85,878,397.44 2(22).3(2) 0.00-326,042.40 274,070,599.02 86,204,439.84 34,951,404.04 64,334,635.00 309,022,003.06 150,539,074.84 35 27,407,059.90 8,620,443.98 35 13,703,529.95 4,310,221.99 267,911,413.21 137,608,408.87 35 178,083,784.69 102,657,004.83 - - 35 - - USD 60,900,720.74 USD 34,951,404.04 47

2004 2003 USD 3,171,001,776.16 USD 1,624,097,210.56 98,882,798.39 36,883,177.61 44(1) 73,165,988.06 46,743,610.28 3,343,050,562.61 1,707,723,998.45 2,835,659,611.90 1,395,973,423.44 143,643,394.21 101,865,731.06 38,726,326.35 21,323,214.03 44(2) 150,103,864.69 90,194,090.33 3,168,133,197.15 1,609,356,458.86 174,917,365.46 98,367,539.59 8,784,121.38 66,353,902.14 1,284,149.84 15,777,268.59 460,452.11 1,471,773.85 303,829.11 0.00 10,832,552.44 83,602,944.58 138,930,939.42 104,166,452.90 29,246,654.17 84,078,775.12 1,589,371.79 0.00 169,766,965.38 188,245,228.02 (158,934,412.94) (104,642,283.44) 3,003,412.88 212,437,551.17 1,469,485,153.27 1,496,842,686.47 267,729.16 0.00 1,472,756,295.31 1,709,280,237.64 1,357,365,343.25 1,645,207,519.28 44,648,062.34 23,725,123.97 394,059.48 0.00 1,402,407,465.07 1,668,932,643.25 70,348,830.24 40,347,594.39 2(6) 0 0.00 7,512,724.79 5,085,794.23 ( ) 2(7) USD 93,844,507.54 USD 39,158,644.77 48

2004 2003 1. USD 288,529,414.99 USD 82,450,242.68 12,805,490.60 10,765,257.06 0.00-126,243.66 21,287,190.09 8,957,364.75 29,031,695.66 18,007,405.84 2,235,977.04 3,043,816.55 2,292,381.29 2,002,822.54 ( ) (1,638,323.66) 963,307.59 18,018,312.06 5,803,327.95 1,066,214.43 2,648,211.64 0.00 0.00 8,852,029.75 7,500,767.28 ( ) (2,586,649.62) 773,181.59 ( ) (375,956,240.25) (12,107,541.77) ( ) (222,152,170.51) (83,825,667.65) 393,671,615.49 51,511,287.20 175,456,937.36 98,367,539.59 2. - - - - - - - - 3. 179,126,281.17 85,281,773.62 85,281,773.62 46,123,128.85 47,267,900.55 0.00 0.00 ( ) 2(7) USD 93,844,507.55 USD 39,158,644.77 49

2004 2003 USD - USD 18,015.56 - - 2,577,793,535.34 1,474,670,516.34 2,577,793,535.34 1,474,688,531.90 0.00 2,205.72 3,399,376.33 7,384,006.21 138,883.55 1,097,922.40 2,585,435,456.58 1,601,181,153.46 2,588,973,716.46 1,609,665,287.79 (11,180,181.12) (134,976,755.89) 0.00 12,447,496.10 7,131,974.44 28,840,738.66 15,149.13 0.00 105,989.76 857,501.70 7,253,113.33 42,145,736.46 2,333,207.35 9,262,573.72 31,481,142.02 69,394,930.64 920,859.02-34,735,208.39 78,657,504.36 (27,482,095.06) (36,511,767.90) 0.00 211,848,377.47 165,904,957.27 173,633,333.33 0.00-165,904,957.27 385,481,710.80 70,039,417.52 208,526,570.05 30,457,484.07 799,630.70 0.00-100,496,901.59 209,326,200.75 65,408,055.68 176,155,510.05 2(6) - - 2(7) USD 26,745,779.50 USD 4,666,986.26 50

2004 2003 1. USD 274,070,599.02 USD 86,204,439.84 1,206,671.50 2,254,112.11 1,528,909.57 2,219,693.48 141,069.12 9,471.36 462,232.87 745,353.24 0.00 150,843.49 ( ) 101,582.53 (49,141.31) (4,505.45) -677.14 1,898,769.98 (57,871.00) ( ) (328,532,958.57) (102,989,509.99) ( ) 5,164,577.69 (131,288,639.77) ( ) 32,858,424.72 7,825,169.80 (11,104,627.02) (134,976,755.89) 2. - - 3. 46,939,682.52 20,193,903.02 20,193,903.02 15,526,916.76 0.00 0.00 0.00 0.00 2(7) USD 26,745,779.50 USD 4,666,986.26 51

2004.12.31 2003.12.31 5 RMB 1,483,165,608.09 RMB 706,133,085.57 2(8).6 140,081,401.50 168,774,786.99 22,371,154.06 6,774,788.90 0.00 108,124.13 2(9).7 4,890,512,079.12 3,242,822,831.21 2(9).8.47(3) 107,598,170.44 192,649,211.06 9.47(3) 906,002,350.57 548,148,321.55 10 20,650,174.44 194,133,533.37 2(10).11 4,589,564,282.66 1,473,814,285.26 16,407,343.79 2,842,023.89 12,176,352,564.67 6,536,200,991.93 2(11).12 487,447,061.95 511,326,346.25 2(11) 134,461,973.76 71,332,461.08 487,447,061.95 511,326,346.25 2(12).13 4,348,465,436.30 3,241,626,242.29 2(12).13 1,086,084,116.69 937,532,527.14 3,262,381,319.61 2,304,093,715.15 2(12).13 87,885,144.03 52,792,628.45 3,174,496,175.58 2,251,301,086.70 2(13).14 503,144,839.89 167,218,922.57 3,677,641,015.47 2,418,520,009.27 2(15).15 437,922,170.69 401,613,560.41 2(16).16 19,705,920.09 25,679,424.00 2(17).17.47(3) 95,182,740.00 38,628,345.27 552,810,830.78 465,921,329.68 RMB 16,894,251,472.87 RMB 9,931,968,677.13 52

2004.12.31 2003.12.31 18 RMB 1,658,528,430.81 RMB 507,996,427.22 19 851,959,976.35 383,950,585.59 20.47(3) 2,713,528,855.10 1,591,289,540.72 21 282,595,046.88 66,426,467.92 22 842,322,606.14 342,053,021.51 42,671,560.26 63,425,019.83 23 21,996,855.25 6,863,833.51 24 110,617,815.23 (310,232,573.80) 25 439,560,546.88 297,511,513.39 2(18).26 691,742,760.38 542,551,136.52 92,283,876.81-27 34,350,277.09 34,000,000.06 7,782,158,607.18 3,525,834,972.47 28 822,727,999.97 422,083,999.90 29 1,762,683.25 1,762,683.25 30 697,600.02-825,188,283.24 423,846,683.15 31 24,149,363.46 6,759,227.14 8,631,496,253.88 3,956,440,882.76 2(23) 861,003,004.10 684,587,451.09 32 1,008,483,353.00 630,302,096.00 33 1,952,908,652.08 2,257,128,190.94 34 4,007,889,438.70 2,133,049,755.50 34 352,457,454.06 223,323,443.46 35 529,519,631.08 254,850,554.61 35 504,241,676.50 239,514,796.48 36 0.00 (1,045,297.50) 2(6) 16,030,282.47 16,655,043.73 7,470,723,904.96 5,290,940,343.28 RMB 16,964,724,370.33 RMB 9,931,968,677.13 53

2004.12.31 2003.12.31 RMB 388,660,571.27 RMB 167,205,517.01 2(8) 94,993,644.42 91,293,891.94 488,834,702.35 379,290,277.43 - - 2(9).45(1) 3,047,802,453.45 2,443,683,439.24 0.00 10,692,069.07 - - 4,020,291,371.49 3,092,165,194.69 2(11).45(2) 5,548,653,575.35 2,622,404,970.45 2(11) 8,891,637.91 73,622,761.89 5,548,653,575.35 2,622,404,970.45 2(12) 242,229,397.98 235,690,451.79 2(12) 50,447,429.48 32,009,323.70 191,781,968.50 203,681,128.09 2(12) - - 191,781,968.50 203,681,128.09 2(13) 3,734,199.19 4,739,527.72 195,516,167.69 208,420,655.81 2(15) 36,443,969.15 33,312,922.10 2(16) 12,058,683.40 14,263,321.01 48,502,652.55 47,576,243.11 RMB 9,812,963,767.08 RMB 5,970,567,064.06 54

2004.12.31 2003.12.31 RMB 828,000,000.00 RMB - 490,255,506.30 128,193,979.28 43,341.91 25,327.69 2,721,237.24 2,708,184.56 284,266,098.27 117,198,574.08 2(18) 945,795.83 104,692.49 33,999,999.97 34,000,000.06 1,640,231,979.52 282,230,758.16 802,727,999.94 422,083,999.90 - - 802,727,999.94 422,083,999.90 2,442,959,979.46 704,314,758.06 1,008,483,353.00 630,302,096.00 1,952,908,652.08 2,257,128,190.94 3,887,703,318.15 2,072,773,896.96 336,415,632.61 222,950,255.50 504,241,676.50 289,381,334.23 504,241,676.50 239,514,796.48 2(6) 16,666,787.89 16,666,787.87 7,370,003,787.62 5,266,252,306.00 RMB 9,812,963,767.08 RMB 5,970,567,064.06 55

2004 2003 2(19)(20).37 RMB 26,567,783,802.13 RMB 13,800,223,269.40 37 22,053,098,848.95 11,900,134,680.97 3(1) 3,329,973.89 15,673,676.59 4,511,354,979.29 1,884,414,911.84 38 219,782,359.05 100,943,556.96 549,180,704.91 441,552,460.10 1,115,282,830.82 540,336,431.43 2(14).39 53,407,175.68 45,091,268.05 3,013,266,626.93 958,378,309.22 40 21,417,458.85-6,401,943.53 2(21).41 11,830,002.47 18,040,264.95 42 8,241,748.22 9,439,876.14 43 252,776,729.26 99,267,337.53 2,801,979,107.21 880,189,169.25 2(22).3(2) 306,926,088.94 109,410,128.87 2(23) 106,029,462.17 89,136,328.46 0.00-1,045,297.50 2,389,023,556.10 682,688,009.42 35 254,850,554.60 530,714,762.97 2,643,874,110.70 1,213,402,772.39 35 271,155,644.14 72,123,652.00 35 129,134,010.60 36,061,826.04 35 - - 35-366,739.75 35 - - 2,243,584,455.96 1,104,850,554.60 35 1,474,550,028.46 849,999,999.99 35 239,514,796.42 - - - 35 - - RMB 529,519,631.08 RMB 254,850,554.61 56

2004 2003 2(19) RMB - RMB - - - 3(1) - - - - 395,920.29 130,905.48 476,164,967.36 150,868,750.77 2(14) (26,675,605.04) (9,599,426.69) ( ) (449,093,442.03) (141,138,418.60) 45(3) 2,720,252,896.96 852,753,142.71 42,305.09 5,606.72 1,897,200.13 547,200.03 2,269,304,559.89 711,073,130.80 2(22).3(2) 0.00 (2,699,631.07) 2,269,304,559.89 713,772,761.87 289,381,334.23 532,674,486.59 2,558,685,894.12 1,246,447,248.46 35 226,930,455.97 71,377,276.15 35 113,465,227.99 35,688,638.08 2,218,290,210.16 1,139,381,334.23 35 1,474,533,737.24 850,000,000.00 34 239,514,796.42 - - - 35-0.00 RMB 504,241,676.50 RMB 289,381,334.23 57

2004 2003 RMB 26,225,909,735.02 RMB 13,447,524,903.44 818,749,570.67 305,392,710.61 44(1) 656,201,420.51 387,037,093.11 27,700,860,726.20 14,139,954,707.16 23,269,701,315.64 11,558,659,946.08 1,189,367,304.06 843,448,253.18 320,653,982.18 176,556,212.17 44(2) 1,468,980,270.52 746,807,067.93 26,248,702,872.40 13,325,471,479.36 1,452,157,853.80 814,483,227.80 72,732,525.03 549,410,309.71 10,632,760.68 130,635,783.93 3,812,543.47 12,186,287.48 2,515,705.03-89,693,534.21 692,232,381.12 1,150,348,178.40 862,498,230.01 242,162,296.53 696,172,257.99 13,159,998.42-1,405,670,473.35 1,558,670,488.00 (1,315,976,939.14) (866,438,106.88) 24,868,258.65 1,758,982,923.69 12,167,337,069.08 12,393,857,443.97 2,216,797.44-12,194,422,125.17 14,152,840,367.66 11,238,985,042.11 13,622,318,259.64 369,685,956.18 196,444,026.47 3,262,812.49-11,611,933,810.78 13,818,762,286.11 582,488,314.39 334,078,081.55 2(6) -3,842,067.88 0.00 62,205,361.26 42,110,376.22 ( ) 2(7) RMB 777,032,522.43 RMB 324,233,578.69 58

2004 2003 1. RMB 2,389,023,556.10 RMB 682,688,009.42 106,029,462.17 92,734,202.49 0.00-176,257,933.95 (73,644,511.05) 240,382,440.06 138,840,323.98 18,513,889.89 24,136,119.44 18,980,917.08 6,666,042.53 ( ) (13,565,319.90) (7,826,679.85) 149,191,623.86 74,781,701.49 8,828,255.48 30,105,070.59 73,294,806.33 76,931,736.79 ( ) (21,417,458.85) (101,066,491.44) ( ) (3,112,917,669.27) (242,795,723.65) ( ) (1,839,419,971.82) (1,327,568,272.02) 3,259,600,976.26 541,225,004.68 1,452,783,441.34 (84,793,466.60) 2. - - 0.00-0.00-0.00-3. 1,483,165,608.09 706,133,085.57 706,133,085.57 381,217,505.69 0.00 391,217,505.69 0.00 - ( ) 2(7) RMB 777,032,522.52 RMB 324,915,579.88 59

2004 2003 RMB 0.00 RMB 149,168.84 0.00-21,344,130,472.62 12,210,271,875.30 21,344,130,472.62 12,210,421,044.14 0.00 18,263.36 28,146,836.01 61,139,571.42 1,149,955.79 9,090,797.47 21,407,405,580.48 13,257,779,950.65 21,436,702,372.28 13,328,028,582.90 (92,571,899.66) -1,117,607,538.76 0.00 103,065,267.71 59,052,748.36 238,801,316.10 125,434.80-877,595.21 7,100,114.08 60,055,778.37 348,966,697.89 19,318,956.86 76,694,110.40 260,663,855.93 574,590,025.70 7,624,712.69-287,607,525.48 651,284,136.10 (227,551,747.11) -302,317,438.21 0.00 1,754,104,565.45 1,373,693,046.20 1,437,683,999.97 0.00-1,373,693,046.20 3,191,788,565.42 579,926,377.07 1,726,600,000.01 252,187,968.10 6,620,942.20 - - 832,114,345.17 1,733,220,942.21 541,578,701.03 1,458,567,623.21 2(6) - - 2(7) RMB 221,455,054.26 RMB 38,642,646.24 60

2004 2003 1. RMB 2,269,304,559.89 RMB 713,772,761.87 9,991,240.02 18,664,048.27 12,659,371.24 18,379,062.01 1,168,052.31 78,422.86 3,827,288.16 6,171,524.83-0.00 0.00 1,248,984.10 ( ) 841,103.35 (406,890.05) (37,305.13) (5,606.72) 15,721,815.43 (479,171.88) ( ) (2,720,252,896.96) (852,753,142.72) ( ) 42,762,703.27 (1,087,069,937.30) ( ) 272,067,756.68 64,792,405.97 (91,946,311.74) (1,117,607,538.76) 2. : - - 3. 388,660,571.27 167,205,517.01 167,205,517.01 128,562,870.77 - - 2(7) RMB 221,455,054.26 RMB 38,642,646.24 61

( ) ( ) 1.,, [1992]1736 (1992) 261,,,, [1993]925 [1994]22, (A ) (B ), ( ), 101157,,, 2. (1) (2) (3) 62

1 ( ) 2 3 4 5 Gold Terrain Assets Limited 6 Highfield Development Corp. 7 Highfield Development(HongKong) Limited 8 Global World Investment Limited 9 Supercrown Enterprise Inc. 10 Lumprex Suriname N.V. 11 Topco Forestry N.V. 12 CIMC Australia Pty Ltd. 13 Clive-Smith Cowley Limited 14 ( ) * 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 * ( ),,, ( ), 63

64,, (4),,, (5),,,,,, (6) A,,,,,,,,,, B,,,

,,,,, (7), (8),, 6 65

(9),,,, ( ), 1.5% * 100.0% ** *, 1.5% ** ( ) ( ), ( ), ( ) * ( ) 1.5% 5% 1.5% 10% 1.5% 30% 100.0% 100% *, 1.5% 7 8 66

67 (10),,,,,,,,, 11 (11),, 20%, 20% 50%, 50%, 20% 50%,,,, [2003]10 ( ),,,,,

68,,,, [1999]10,,,,,,,,, 12 (12),, 2,000.00,

,,,, ( 10%), ( ) (%) 20-30 3-4.5 10-12 7.5-9 5 18 4.5-10 9-20,, 13 (13),,,,,, 14 (14),, 69

70,,,,,, 40 (15) A, B,, C,,,, 15

(16),, 16 (17), 17 (18) A,,,, 20 20 (TEU) ( / TEU) 10 10.00 10 5.00 100.00 2.00-350.00 B ( ), ( ) 0.5%,, 71

C 10,000.00 15,000.00,,,, 26 (19) 27 (20),,,,,,,,,,,, 38(1) 38(2) (21), 72

73,,,,,,, 38(3) 38(4) (22), 42 (23) 3(2) (24) (1995)11,,,,

,, [2003]10 < > ( ),,, ( ),,, 74

3. (1) ( ) 17% ( ), * 5% 3% ** (US FET) 12% *** * 17%;, [2003]222, 13% **, [2002]117, 3% *** ( ) 12% 1% 3% 1% 3% (2) A 15% 0% 7.5% 12% 15% 18% 24% 33% 16.5% 17.5% 38% 30% 40% 30% 30% B 75

1 15% 15% * 70%, 5% 2 18% 18% * 70%, 8% 3 24% 12% ** 70%, 4 24% 12% ** 70%, 5 24% 12% ** 70%, 6 24% 12% ** 70%, 7 24% 12% ** 70%, 8 15% 7.5% ***,2000 9 24% --- ***,2004 10 24% --- ***,2004 11 24% --- ***,2004 12 15% --- ***,2004 13 15% --- ***,2004 14 15% --- ***,2004 15 15% 15% **** 16 24% 15% **** 17 24% 12% *****,2000 18 24% --- *****,2003 19 15% -- *****,2004 20 15% 15% 21 24% 24% 22 33% 33% 23 24% 24% 24 24% 24% 25 33% 33% 26 15% 15% 27 15% --- 28 33% --- 29 15% --- 30 24% --- 31 ( ) 15% --- 32 24% --- 33 15% --- 34 24% --- 35 33% --- 36 15% ---, 37 33% ---, 38 33% 33% 39 33% 33% 40 33% 33% * 15%, 18%, 76

70%, 5% 8% **, ( ) 70%, ***, ( ),, **** (1997)32, 15%, (2002) 008, 15% ***** (2000) A016 [2004]6 [2005]39,,, C 38% 30%, (3) 70% 80%, 1.2% 77

, --- (4) 4. (1) (2) : 1 2004.05.12 USD 16,000,000.00 100% 2 2004.05.17 RMB 60,000,000.00 100% 3 2004.05.28 RMB 3,000,000.00 100% 4 2004.05.31 USD 11,500,000.00 100% 5 2004.08.24 USD 12,000,000.00 100% 6 2004.11.01 RMB 35,000,000.00 100% 7 2004.11.22 RMB 9,000,000.00 100% 8 2004.12.03 USD 6,000,000.00 100% 9 2004.10.25 USD 2,000,000.00 100% : 1 2004.01.01** USD 12,000,000.00 100% 2 2004.01.01** RMB 67,390,000.00 75.53% 3 2004.01.01** RMB 16,000,000.00 100% 4 2004.01.01** USD 7,450,200.00 67% 5 Clive-Smith Cowley Limited 2004.03.01** GBP 100.00 60% 6 CIMC Australia Pty Ltd. 2004.05.01** AUD 50,000.00 70% 7 2004.10.01** RMB 105,340,000.00 51% 8 2004.11.01** RMB 30,000,000.00 91% 1 * 2004.01.01 USD 15,000,000.00 100% 2 * 2004.01.01 USD 15,000,000.00 100% 3 * 2004.01.01 RMB 9,910,000.00 75.53% 4 Speedic Enterprise Corp.* 2004.01.01 USD 50,000.00 100% 5 CIMC Vehicle Investment Holdings Company Limited * 2004.01.01* USD 50,000.00 100% 78

* Speedic Enterprise Corp. CIMC Vehicle Investment Holdings Company Limited, 10%, (1996)2,,, **, 2004 12.31 1 USD 16,356,792.88 USD 10,808,924.07 USD 27,165,716.95 USD 21,147,497.50 USD 21,147,497.50 USD 113,685,914.00 USD 11,755,979.85 2 28,459,834.52 8,405,125.10 39,950,884.46 28,429,139.39 28,429,139.39 104,233,041.09 5,710,131.30 3 1,022,678.87 --- 2,450,495.30 --- --- --- (695,271.01) 4 12,065,778.53 6,115,522.16 18,950,853.19 12,689,227.60 12,689,227.60 24,581,174.20 (695,589.50) 5 Clive-Smith Cowley Limited 1,954,835.42 --- 1,954,835.42 1,082,664.10 1,082,664.10 4,295,979.05 1,694,002.28 6 CIMC Australia Pty Ltd. 65,568.85 51,062.00 117,783.58 9,513.51 52,058.65 5,376,521.23 30,162.34 7 47,730,027.67 13,073,436.08 61,320,925.23 33,860,182.72 36,624,722.24 44,352,445.92 2,538,177.24 8 17,453,491.24 5,734,066.21 23,389,777.96 15,645,366.14 17,819,279.18 9,434,377.97 657,245.21 USD 125,109,007.98 USD 44,188,135.62 USD 175,301,272.09 USD 112,863,590.96 USD 117,844,588.66 USD 305,959,453.46 USD 20,994,837.71 (3) 2004.12.31/2004 1 * 80.00% RMB 32,654,280.00 USD 4,264,566.34 USD 8,486,902.58 USD --- 2 * 92.37% RMB 654,879.69 USD 2,274,901.07 USD 797,374.17 USD 6,687,030.03 * 2(24), 5. 79

2004.12.31 2003.12.31 RMB 465,238.80 8.2765 USD 56,188.07 RMB 465,237.22 RMB 61,963.68 8.2767 USD 7,483.67 RMB 61,964.79 USD 16,647.29 --- 16,647.29 137,839.56 USD 19,023.48 --- 19,023.48 157,514.40 HKD 11,156.54 7.7809 1,430.36 11,843.38 HKD 28,927.03 7.7664 3,707.22 30,695.78 JPY 9,366.00 103.8444 90.27 747.44 JPY 9,121.00 107.1237 82.61 684.01 1,086.19 8,993.65 1,558.49 12,904.30 75,442.18 624,661.25 31,855.47 263,763.28 RMB 615,246,756.50 8.2765 74,304,156.00 615,238,411.68 RMB 330,853,113.01 8.2767 39,958,494.3 5 USD 86,581,499.89 --- 86,581,499.89 716,894,819.10 USD 39,695,165.89 --- 39,695,165.8 9 330,856,333.2 2 328,675,973.5 7 HKD 2,038,742.88 7.7809 261,378.55 2,164,214.39 HKD 17,170,863.52 7.7664 2,201,394.09 18,227,543.07 JPY 317,473,428.00 103.8444 3,101,466.09 25,680,139.23 JPY 190,531,004.18 107.1237 1,734,351.35 14,360,429.18 AUD 5,355,991.49 1.2814 4,176,362.74 34,580,283.49 AUD 443,667.00 1.3347 330,474.69 2,736,330.43 EUR 173,597.35 0.7349 235,623.69 1,950,964.15 EUR 2,511.83 0.8006 3,159.53 26,160.91 1,098,667.05 9,096,963.17 --- --- 169,759,154.01 1,405,605,795.21 83,923,039.9 0 694,882,770.3 8 RMB 64,855,244.36 8.2765 7,832,759.26 64,855,246.67 RMB 957,470.67 8.2767 115,637.87 957,481.56 USD 32,219.83 --- 32,219.83 266,780.19 USD 35,750.09 --- 35,750.09 296,010.75 HKD 11,128,305.96 7.7809 1,426,705.89 11,813,124.77 HKD 9,168,824.26 7.7664 1,175,490.29 9,733,059.60 9,291,684.98 76,935,151.63* 1,326,878.25 10,986,551.91 USD 179,126,281.17 RMB 1,483,165,608.09 USD 85,281,773.6 2 RMB 706,133,085.5 7 * 52,184,584.58 10,978,305.96, 6. (1) 2004.12.31 2003.12.31 USD 18,568,842.16 RMB 153,750,013.08 USD 1,650,798.50 USD 20,383,428.38 RMB 168,774,786.99 USD --- (2) 2004.12.31 * A 8,771,343 USD 13,122,157.33 RMB 108,651,462.69 RMB 10.83 USD 11,472,662.40 RMB 94,993,644.69 USD 1,649,494.96 B B 8,651,685 5,060,767.19 41,903,152.33 HKD 4.94 5,479,400.50 45,369,436.14 --- 80

H 1,000,000 385,917.64 3,195,398.06 HKD 3.00 384,615.38 3,184,615.35 1,303.54 USD 18,568,842.16 RMB 153,750,013.08 USD 17,336,678.28 RMB 143,547,696.18 USD 1,650,798.50 * 7. (1) 2004.12.31 2003.12.31 1 USD 624,246,674.53 RMB 5,168,762,265.11 103.75% USD 10,038,169.69 USD 447,297,362.06 RMB 3,703,622,157.86 111.33% USD 6,422,488.66 1 2 5,066,567.31 41,951,177.33 0.84% 407,833.62 640,566.72 5,303,892.44 0.16% 9,608.50 2 3 2,837,474.41 23,494,288.11 0.47% 179,959.99 141,561,27 1,172,127.32 0.04% 2,123.42 3 882,798.66 7,309,572.90 0.15% 882,798.66 3,699,145.41 30,628,923.99 0.92% 3,699,145.41 633,033,514.91 5,241,517,503.45 105.21% 11,508,761.96 451,778,635.46 3,740,727,101.61 112.45% 10,133,365.99 ABCP ---* --- --- --- 50,000,000.00* 414,000,000.00 12.45% --- 31,353,500.00 ** 259,606,980.00 5.21% 470,302.50 --- --- --- --- USD USD 601,680,014.91 RMB 4,981,910,523.45 100.00% USD 11,038,459.46 USD 401,778,635.46 RMB 3,326,727,101.61 100.00% 10,133,365.99 * (1999)67 ( ) [1999]174 ( ), ( ABCP ) OASIS FUNDING LIMITED TULIP ASSET PURCHASE COMPANY B.V. ABN AMRO BANK N.V.( ), OASIS FUNDING LIMITED,OASIS FUNDING LIMITED, ABN AMRO BANK N.V.( ), ABCP, ABCP 81

[2003]105 ( ), ABCP, OASIS FUNDING LIMITED 50,000,000.00,,, OASIS FUNDING LIMITED ABCP 50,105,957.83, OASIS FUNDING LIMITED, ABCP **, ( ), 31,353,500.00,,,, 95%,, 31,353,500.00, 95% 29,700,000.00, 2004.12.31 USD 31,353,500.00 USD 470,302.50 82

(2),,, 9,391,139.00, 6,769.260.65, ( ),, 6.435%, 9,108,988.10,, 7,608,695.66,, 5,193,236.72, 56,000,000.00 ( 6,765,899.86 ) 5,193,236.72, 2,487,922.72 2,705,314.00 (3) 297,444,294.68, 49.44% (4) 5%( 5%) 83

8. (1) 2004.12.31 2003.12.31 1 USD 9,606,548,89 RMB 79,542,224.81 56.92% USD 1,861,860.10 USD 20,285,865.22 RMB 167,966,964.02 82.97% USD 393,241.02 1 2 4,620,799.60 38,260,220.69 27.37% 40,806.00 2,652,048.92 21,958,965.06 10.85% 39,780.73 2 3 818,702.72 6,778,858.52 4.85% 148,436.99 773,523.39 6,404,773.67 3.16% 11,602.85 3 1,833,913.82 15,184,806.43 10.86% 1,833,913.82 738,034.41 6,110,924.91 3.02% 738,034.41 139,766,110.4 USD 16,879,965.03 RMB 5 100.00% USD 3,885,016.91 USD 24,449,471.94 RMB 202,441,627.66 100.00% USD 1,182,659.01 (2) 2004.12.31 RMB 13,500,000.00 USD 1,630,434.78 9.66% USD 710,420.44 710,420.44 4.21% USD 710,420.43 710,420.43 4.21% USD 603,864.73 603,864.73 3.58% USD 542,190.30 542,190.30 3.21% USD 4,197,330.68 24.87% (3) 2004.12.31 USD 74,058.42* 1 USD 1,110.88,, (4) 5%( 5%) 9. (1) 2004.12.31 2003.12.31 108,530,912.1 1 USD 1 * RMB 898,635,952.27 99.19% USD 66,153,132.78* RMB 547,747,939.42 99.93% 1 2 859,379.09 7,115,658.87 0.79% 48,355.33 400,382.13 0.07% 2 3 14,169.96 117,327.27 0.01% --- --- --- 3 16,112.58 133,412.16 0.01% --- --- --- 84

109,420,573.7 USD 4 RMB 906,002,350.57 100.00% USD 66,201,488.11 RMB 548,148,321.55 100.00% * : CIMC Vehicle Investment Holdings Company Limited 540,000.00 49(4), ( ), ( ) 24,093,750.00, 2,909,873.19 (2) 5%( 5%) 10. 2004.12.31 2003.12.31 USD 2,493,982.42* RMB 20,650,174.44 USD * RMB 194,133,533.37 23,446,078.91 * 11. 2004.12.31 2003.12.31 USD 284,325,684.89 RMB 2,354,216,670.89 USD 535,963.22 USD 108,845,062.23 RMB 901,237,115.26 USD 184,651.27 32,464,507.57 268,806,122.68 --- 11,895,734.93 98,496,685.22 --- 44,705,475.46 370,161,336.81 71,510.06 22,857,785.15 189,262,461.04 21,696.27 308,107.78 2,551,132.42 --- 313,227.39 2,593,522.79 --- 4,941,768.38 40,917,842.19 --- 528,512.45 4,376,083.09 --- 151,464,062.39 1,254,122,436.59 310,441.86 17,516,967.39 145,040,489.99 355,527.14 5,805,956.72 48,073,321.64 497,152.33 2,698,216.78 22,341,234.94 1,136,030.74 11,797,362.93 97,682,165.06 --- 155,200.00 1,285,056.00 --- 12,545,724.19 103,878,596.29 --- 7,501,496.61 62,112,391.93 --- 7,426,420.04 61,490,757.93 1,243,844.04 8,679,140.91 71,863,286.73 1,303,074.70 1,169,044.38 9,679,687.47 --- 6,530.64 54,073.66 --- 85

USD 556,954,114.73 RMB 4,611,580,069.97 USD 2,658,911.51 * USD 180,997,874.48 RMB 1,498,662,400.65 USD 3,000,980.12 86

*, 12. (1) 2004.1.1 2004.12.31 USD 35,743,897.29 USD 3,098,556.47 USD --- USD --- USD 35,743,897.29 RMB 295,959,469.56 USD 3,544,618.14 20,574,991.26 80,973.97 5,957,989.85 15,371,210.96 11,161,770.15 92,419,456.85 730,000.00 8,615,031.53 --- 10,291,944.58 2,667,607.30 16,239,368.81 134,461,973.74 --- USD 64,933,920.08 USD 3,179,530.44 USD 16,249,934.43 USD 18,038,818.26 USD 63,145,036.25 RMB 522,840,900.15 USD 4,274,618.14 (2) / 2004.1.1 2004.12.31 ( ) 1 1.81% 76,158,496 USD28,982,254.23 USD --- USD 28,982,254.23 USD --- USD 28,982,254.23 RMB 239,973,065.02 USD --- RMB 823,273,341.76 2 0.35% 3,795,000 1,162,790.70 --- 1,162,790.70 --- 1,162,790.70 9,627,907.00 --- 30,208,200.00 3 1.01% --- 258,397.93 --- 258,397.93 --- 258,397.93 2,139,534.86 258,397.93 --- 4 1.00% --- 5,133,736.08 --- 5,133,736.08 --- 5,133,736.08 42,507,334.74 3,079,501.86* --- 5 0.09% --- 206,718.35 --- 206,718.35 --- 206,718.35 1,711,627.94 206,718.35 --- USD 35,743,897.29 USD --- USD 35,743,897.29 USD --- USD 35,743,897.29 RMB 295,959,469.56 USD 3,544,618.14 RMB 853,481,541.76 *,,, 3,079,501.86 87

(3) 2004.1.1 ( ) 2004.12.31 ( ) ( ) ( ) 1 KYH STEEL HOLDING LTD. 31.83% USD 3,336,395.26 USD 3,573,345.52 USD --- USD 2,375,111.30 USD --- USD 2,612,061.56 USD 5,948,456.82 RMB 49,253,222.47 USD --- 2 45.00% 1,630,434.78 1,630,434.78 --- (16,590.26) --- (16,590.26) 1,613,844.52 13,362,632.63 --- 3 13.50% 477,898.59 477,898.59 (477,898.59) --- --- --- --- --- --- 4 56.36% 80,973.97 80,973.97 (80,973.97) --- --- --- --- --- --- 5 100.00% 6,812,338.40 6,812,338.40 (6,812,338.40) --- --- --- --- --- --- 6 100.00% 8,000,000.00 8,000,000.00 (8,000,000.00) --- --- --- --- --- --- 7 20.00% 1,000,000.00 --- 1,000,000.00 (67,884.51) --- (67,884.51) 932,115.49 7,717,916.26 --- 8 7.718% 79,423.19 --- 79,423.19 --- --- --- 79,423.19 657,624.01 --- 9 37.765% 1,150,912.46 --- 1,150,912.46 146,775.75 --- 146,775.75 1,297,688.21 10,744,858.38 --- 10 80.00% 730,000.00 --- 730,000.00 --- --- --- 730,000.00 6,044,400.00 730,000.00 11 47.11% 467,184.31 --- 467,184.31 93,057.61 --- 93,057.61 560,241.92 4,638,803.10 --- USD 23,765,560.96 USD 20,574,991.26 USD (11,943,691.00) USD 2,530,469.89 USD --- USD 2,767,420.15 USD 11,161,770.1 RMB 92,419,456.85 USD 730,000.00 5 1(5), ( ) ( ), 75.53%,,, 4(2) 88

(2003)0153, ( EXSIF Worldwide,Inc.) 5,000,000.00, 1,000,000.00, 20% 4,000,000.00, 80% [2003] 54 [2004] 1 10% 40% 10% ( ) ( ) 80%, 2(24) 4(3),,,,, 650,000.00, 92.37% 2(24) 4(3),,, 89

(4) 2004.12.31 2004.1.1 10 USD (2,683,899.80) USD (1,073,559.90)USD --- USD --- USD (268,390.00) USD (1,878,729.90) USD (805,169.90) RMB (6,666,806.79) 10 (214,620.68) (85,848.23) --- --- (21,462.08) (150,234.53) (64,386.15) (533,117.32) 10 (79,614.56) (31,845.82) --- (31,845.82) --- (47,768.74) --- --- 10 7,287,824.89 4,111,261.79 --- --- 728,782.50 3,905,345.60 3,382,479.29 28,006,928.52 10 6,549,752.17 3,339,667.06 --- --- 636,838.20 3,846,923.31 2,702,828.86 22,379,422.96 10 51,172.00 128,926.86 --- --- 5,117.20 (72,637.66) 123,809.66 1,025,143.98 10 294,677.19 117,870.87 --- 117,870.87 --- 176,806.32 --- --- 10 (30,222.40) (12,088.96) --- --- (3,022.24) (21,155.68 (9,066.72) (75,072.44) 10 1,206,228.45 723,737.00 --- --- 120,622.88 603,114.33 603,114.12 4,993,784.91 10 (31,262.21) (18,757.35) --- --- (3,126.20) (15,631.06) (15,631.15) (129.425.92) 10 (2,685,889.00) (2,134,558.17) --- --- (202,311.04) (753,641.87) (1,932,247.13) (15,999,006.24) 10 87,949.29 52,769.52 --- --- 8,794.96 43,974.73 43,974.56 364,109.36 10 371,040.73 343,212.68 --- --- 37,104.08 64,932.13 306,108.60 2,534,579.21 10 906,621.79 838,625.16 --- --- 90,662.18 158,658.81 747,962.98 6,193,133.47 10 155,276.32 143,630.60 --- --- 15,527.64 27,173.36 128,102.96 1,060,692.51 10 280,088.24 280,088.24 --- --- 28,008.84 28,008.84 252,079.40 2,087,217.45 10 1,062,528.56 774,205.31 288,323.25 --- 94,505.68 94,505.68 968,022.88 8,015,229.45 10 298,595.49 298,595.49 --- --- 29,859.54 29,859.54 268,735.95 2,225,133.67 25 435,887.45 261,532.38 --- --- 17,435.52 191,790.59 244,096.86 2,021,122.00 25 824,348.43 494,608.96 --- 494,608.96 --- 329,739.47 --- --- ( ) 25 103,987.10 62,392.30 --- --- 4,159.48 45,754.28 58,232.82 482,167.75 25 942.84 565.74 --- 565.74 --- 377.10 --- --- Clive-Smith Cowley Limited 10 5,454,295.62 --- 5,454,295.62 --- 409,072.14 409,072.14 5,045,223.48 41,774,450.41 CIMC Australia Pty Ltd. 10 919,992.54 --- 919,992.54 --- 61,332.80 61,332.80 858,659.74 7,109,702.65 10 2,624,082.83 --- 2,624,082.83 --- 196,370.43 196,370.43 2,427,712.40 20,101,458.67 10 926,887.65 --- 926,887.65 --- 92,688.78 92,688.78 834,198.87 6,907,166.64 10 78,362.69 --- 78,362.69 --- 7,836.26 7,836.26 70,526.43 583,958.84 USD 24,195,033.62 USD 8,615,031.53 USD 10,291,944.58 USD 581,199.75 USD 2,086,407.55 USD 7,374,465.06 USD 16,239,368.81 RMB 134,461,973.74 90

2(11), 2(11), --- 1(35), Goldbird Holding Inc. Clive-Smith Cowley Limted.60%, Clive-Smith Cowley Limited 5,454,295.62 --- 1(36), Silveroad Investment Limited CIMC Austrilia Pty Ltd.70%, CIMC Australia Pty Ltd. 919,992.54 1(18), --- ( ) 91%, ( ) 2,624,082.83 1(7), ( ) ( 42% 6%, ( ) ( 926,887.65 1(20), CIMC Holdings (B.V.I.) Limited 75% 25%, CIMC Holdings (B.V.I.) Limited 78,362.69 91

1(5), --- ( ) ( ) CIMC Vehicle Investment Holdings Company Limited 19.17%, 288,323.25 --- 1(1) 1(6),, 581,199.75, (5) 13. (1) 2004.1.1 2004.12.31 USD 172,557,071.48 USD 24,008,844.47 USD 34,968,755.01 USD 7,086,456.13 USD 224,448,214.83 RMB 1,858,431,218.80 --- --- 13,265,506.70 --- 13,265,506.70 109,838,395.48 185,094,274.28 20,247,068.95 57,644,477.71 15,418,246.26 247,567,574.68 2,049,859,518.35 18,010,281.59 2,510,293.74 4,707,961.57 5,929,469.10 19,299,067.80 159,796,281.38 15,839,126.55 1,902,274.76 4,394,098.76 1,538,879.02 20,596,621.05 170,540,022.29 391,500,753.90 48,668,481.92* 114,980,799.75 ** 29,973,050 51*** 525,176,985.06 **** 4,348,465,436.30 22,640,068.71 3,389,125.45 5,771,738.00 2,140,534.45 29,660,397.71 245,588,093.05 --- --- 131,449.37 --- 131,449.37 1,088,400.78 68,931,393.57 6,315,636.49 15,772,347.57 11,636,152.88 79,383,224.75 657,293,100.93 11,966,364.20 745,626.56 1,798,248.75 5,125,561.14 9,384,678.37 77,705,136.90 9,690,739.60 737,412.09 3,478,911.32 1,297,233.90 12,609,829.11 104,409,385.03 113,228,566.08 USD 11,187,800.59* USD 26,952,695.01 USD 20,199,482.37*** 131,169,579.31 1,086,084,116.69 USD 278,272,187.82 USD 394,007,405.75 RMB 3,262,381,319.61 * **, 86,165,289.10 *** --- 1(1), 92

18,295,620.57, 10,966,989.00 **** 29, 16,228,096.22, 1,959,915.00 (2), (M 2 ) 8,621.24 US D 20,644,189.32 67,000.00 19,656,740.30 71,546.17 10,595,790.17 45,782.78 8,946,821.78 42,226.00 4,330,918.74 21,000.00 2,979,395.71 224,746.00 2,361,239.72 9,309.02 2,348,930.25 27,915.01 2,310,042.91 16,358.70 1,553,661.43 12,534.00 1,209,356.77 2,468.85 293,565.57 1,040.00 101,957.66 1,663.43 71,682.63 552,211.20 US D 77,404,292.96 (3) 2004.12.31 2003.12.31 USD 4,188,834.16 RMB 34,683,546.84 USD 3,166,431.21 RMB 26,218,050.42 6,037,930.05 49,994,060.81 2,883,889.55 23,878,605.47 2,264.71 18,751.80 85,357.59 706,760.85 385,118.91 3,188,784.57 240,242.96 1,989,211.71 USD 10,614,147.83 * RMB 87,885,144.02 USD 6,375,921.31 RMB 52,792,628.45 * 93

,,,,, 9,239,710.10 1(1),, 4,025,061.67 14. 2004.12.31 2004.1.1 USD 8,789,155.49 USD 65,816,490.00 USD 36,427,913.64 US D 38,177,731.85 316,111,619.72 RMB 8,809,454.95 50,513,514.16 41,477,512.82 17,845,456.29 147,760,378.08 5,749.31 1,943,879.97 1,463,107.29 486,521.99 4,028,402.08 312,334.51 241.55 --- 312,576.06 2,588,129.78 2,278,827.79 8,461,926.38 6,796,755.35 3,943,998.82 32,656,310.23 USD 20,195,522.05 USD 126,736,052.06 USD 86,165,289.10 US D 60,766,285.01 503,144,839.89 RMB 94

15. (1) 2004.1.1 2004.12.31 USD 66,288,834.00 USD 28,062,491.63 USD 31,629,710.70 USD 17 438 146 60 USD 1,087,370.54 USD 41,166,685.19 RMB 340,860,153.29 USD 43,816.55 2,506,440.56 885,819.75 838,666.53 --- 348,711.14 1,375,775.14 11,391,418.24 --- 36,275,766.28 27,099,558.36 --- --- 769,667.26 26,329,891.10 218,011,498.31 15,939,383.83 USD 105,071,040.84 USD 56,047,869.74 USD 32,468,377.23 USD 17,438,146.60 USD 2,205,748.94 USD 68,872,351.43 RMB 570,263,069.84 USD 15,983,200.38 (2) 2004.12.31 ( ) 2004.1.1 1. 153,099.61 50 2003.01 USD 2,865,994.08 USD 2,808,674.18 USD --- USD 2,751,354.26* USD 57,319.92 USD --- RMB --- USD --- 2. 8,899.70 50 2002.01 74,823.95 71,458.92 --- 70,711.25*** 747.67 --- --- --- 132,420.90 50 1999.03 2,120,000.00 1,918,781.02 --- 1,893,866.65*** 24,914.37 --- --- --- 3. 98,511.00 50 2003.05 963,652.17 --- 963,652.17 963,652.17* --- --- --- --- 4. 224,746.00 --- 2003.11 5,664,107.12 --- 5,664,107.12 * 5,664,107.12* --- --- --- --- 5. --- --- --- 2,580,836.96 --- 2,580,836.96 * 2,580,836.96* --- --- --- --- 6. 80,766.67 50 2002.11 1,305,556.19 --- 1,305,556.19 1,305,556.19* --- --- --- --- 7. 3,342.00 43 2001.12 410,423.08 390,691.08 --- --- 9,471.35 381,219.73 3,156,499.36 --- 668,400.00 50 2003.12 3,632,608.69 3,632,608.69 46,218.72 --- 72,652.21 3,606,175.20 29,859,130.66 --- 301,416.88 50 2004.07 2,506,987.81 --- 2,507,788.42 2,073,013.00*** 20,724.80 414,050.62 3,428,339.13 --- 8. 6,439.00 20 2000.03 621,301.15 445,265.83 --- --- 31,064.96 414,200.87 3,429,583.20 43,816.55 9. 47,999.19 30 1992.07 1,325,195.03 643,666.02 --- --- 37,862.77 605,803.25 5,016,050.91 --- 69,546.28 10 2001.01 1,026,085.57 800,273.24 --- --- 50,017.08 750,256.16 6,212,121.00 --- 11,536.20 50 2002.08 320,452.50 294,386.91 --- --- 18,399.24 275,987.67 2,285,177.91 --- 10. 251,236.48 49 2004.12 2,073,013.00 --- 2,073,013.00 --- 8,547.00 2,064,466.00 17,093,778.48 --- 11. 35,888.50 16 1993.04 411,367.00 135,049.00 135,049.00 --- --- --- --- 12. 351,179.28 50 1,530,677.93 --- 1,530,677.93 --- --- 1,530,677.93 12,674,013.26 --- 13. 70,776.95 50 2003.12 461,588.78 461,588.78 39,555.98 --- 10,022.88 491,121.88 4,066,489.17 --- * * 95

2004.12.31 ( ) 2004.1.1 14. 19,980.00 19 1991.04 USD 959,173.19 USD 302,896.78 USD --- USD --- USD 50,482.80 USD 252,413.98 RMB 2,089,987.75 USD --- 6,868.06 19 1991.04 341,368.63 107,800.63 --- --- 17,966.76 89,833.87 743,824.44 --- 19,688.00 50 1994.12 927,438.10 405,754.14 --- --- 57,964.92 347,789.22 2,879,694.74 --- 24,397.15 50 1994.12 731,072.92 319,844.39 --- --- 45,692.04 274,152.35 2,269,981.46 --- 34,513.00 50 1999.10 1,084,901.77 591,764.67 --- --- 98,627.40 493,137.27 4,083,176.60 --- 380.00 50 1999.08 28,624.28 15,613.26 --- --- 2,602.20 13,011.06 107,731.58 --- 15. 68,115.52 50 1999.03 2,137,348.41 1,816,746.03 --- --- 40,223.09 1,776,522.94 14,709,609.94 --- 32,495.71 46 2002.04 854,106.28 776,548.98 --- --- 20,950.76 755,598.22 6,256,353.26 --- 26,166.44 50 2003.11 492,990.90 484,774.38 --- --- 4,327.36 480,447.02 3,978,101.33 --- 16. 134,077.90 50 2004.08 1,956,815.30 --- 1,956,815.30 --- 18,288.00 1,938,527.30 16,051,006.04 --- 8,807.50 50 2004.08 128,542.07 --- 128,542.07 --- 1,117.75 127,424.32 1,055,073.37 --- 17. 128,590.00 50 1999.04 2,060,000.00 1,864,300.12 --- --- 41,199.96 1,823,100.16 15,095,269.32 --- 23,424.00 50 2001.04 195,283.33 185,499.08 37,275.00 --- 4,154.16 218,619.92 1,810,172.94 --- 18. 204,889.00 50 1995.00 1,200,000.00 645,620.37 --- --- 64,562.04 581,058.33 4,811,162.97 --- 19. 65,168.00 30 1991.09 432,868.28 276,042.57 --- --- 14,528.52 261,514.05 2,165,336.33 --- 5,530.00 30 1996.01 183,265.58 131,320.78 --- --- 7,003.80 124,316.98 1,029,344.59 --- 20. 149,408.00 50 2002.01 3,739,903.39 3,351,962.32 --- --- 80,770.35 3,271,191.97 27,085,469.51 --- 6,204.00 50 1998.11 112,318.84 95,393.35 --- --- 1,987.17 93,406.18 773,403.17 --- 21. 34,016.10 48 2004.12 18,115.94 --- 33,816.42 --- 34.59 33,781.83 279,713.58 --- 22. 592,634.90 50 2005.05 10,049,026.58 --- 10,049,026.58 --- 10,049,026.58 83,205,940.08 --- 23. 168,932.00 50 1999.09 1,728,081.70 1,601,355.86 --- --- 34,561.54 1,566,794.32 12,973,056.97 --- 45,232.00 50 1999.12 462,691.24 428,760.32 --- --- 9,253.94 419,506.38 3,473,512.83 --- 24. 124,961.29 50 1996.01 2,638,953.00 2,219,605.39 --- --- 55,664.01 2,163,941.38 17,917,434.63 --- 12,713.40 50 1996.02 190,831.13 162,402.45 --- --- 3,866.70 158,535.75 1,312,676.01 --- 1,906.67 50 1997.01 37,630.96 32,347.70 --- --- 770.19 31,577.51 261,461.78 --- 21,087.00 50 1997.07 313,276.69 266,311.27 --- --- 3,524.53 262,786.74 2,175,874.21 --- 19,971.00 50 1998.01 259,893.98 227,013.12 --- --- 5,405.09 221,608.03 1,834,914.49 --- 25. 74,666.67 50 1994 1,182,155.70 --- 988,918.99 --- 24,154.59 964,764.40 7,988,249.19 --- 39,326.67 50 2000 738,979.35 --- 679,880.68 --- 14,782.61 665,098.07 5,507,011.99 --- 132,522.00 50 2003 1,058,135.45 --- 1,044,029.17 --- 21,159.42 1,022,869.75 8,469,361.50 --- 26.Gold Terrain Assets Limited 150,370.00 150,370.00 --- --- --- 150,370.00 1,245,063.61 --- USD 66,288,834.00 USD 28,062,491.63 USD 31,629,710.70 USD 17,438,146.60 USD 1,087,370.54 USD 41,166,685.19 RMB 340,860,153.29 USD 43,816.55 * 2(12),,, 13,265,506.70 ** 96

*** (3) 2004.12.31 2004.1.1 1. 10 2002.01 USD 700,000.00 USD 560,000.00 USD --- USD --- USD 70,000.00 USD 490,000.00 RMB 4,057,200.00 2. 10 2001.01 144,927.54 101,449.27 --- --- 14,492.75 86,956.52 719,999.99 3. 3 2001.06 99,520.06 13,710.48 11,111.11 --- 13,245.01 11,576.58 95,854.08 4.Vanguard National Trailer Corpration --- --- --- 213,310.00 210,660.00 --- --- 125,660.35 84,999.65 703,797.18 5. 10 1999.04 190,388.53 --- 95,590.80** --- 18,840.58 76,750.22 635,491.90 6. 15 1994.2 919,987.92 --- 578,999.98* --- 89,147.62 489,852.36 4,055,977.55 10 2001.7 13,309.90 --- 11,491.65 --- 6,764.26 4,727.39 39,142.76 7. 5 2004.1 3,824.46 --- 3,824.46 --- 764.89 3,059.57 25,333.20 8. 5 2001.8 160,783.76 --- 89,337.43*** --- 7,782.80 81,554.63 675,272.35 5 2003.2 60,386.47 --- 48,309.18 --- 2,012.88 46,296.30 383,333.33 9.Clive-Smith Cowley Limited --- 1.92 --- 1.92 --- --- 1.92 15.90 USD 2,506,440.56 USD 885,819.75 USD 838,666.53 USD --- USD 348,711.14 USD 1,375,775.14 RMB 11,391,418.2 4 * KOGEL, CIMC Vehicle Investment Holdings Company Limited,, ** -, ***, 97

(4) 2004.12.31 2004.1.1 ( ) 375,000 1998.04.02-2019.01.31 1996.05-1999.0 2 USD 15,393,345.23 USD 11,160,174.53 USD 769,667.2 6 USD 10,390,507.27 RMB 86,033,400.20 USD --- 75,000 1998.04.02-2019.01.31 1996.05-1999.0 2 3,078,669.05 2,232,034.91 --- 2,232,034.91 18,481,249.05 2,232,034.91* 315,460 1998.04.08-2023.04.07 1998.04 17,803,752.00 13,707,348.92 --- 13,707,348.92 113,496,849.06 13,707,348.92** USD 36,275,766.28 USD 27,099,558.36 USD 769,667.2 6 USD 26,329,891.10 RMB 218,011,498.31 USD 15,939,383.83 *, Gold Terrain Assets Limited Topco Forestry N.V. 450,000, 18,472,014.28, 20, 75,000,,,, 1,500,000.00,,, Gold Terrain Assets Limited, 75,000 732,034.91, 2,232,034.91 **, Gold Terrain Assets Limited Silveroad Wood Products Limited 315,460, 17,803,752.00, 25,,, 3,000,000.00, 6,000,000.00,Gold Terrain Assets Limited,,,,Gold Terrain Assets Limited 7,707,348.92 98

, 13,707,348.92 (5) USD 15,939,383.83 2004.12.31 2003.12.31 RM B 131,978,098.11 USD 7,500,000.00 RMB 49,680,000.00 43,816.55 362,801.03 43,816.55 362,801.03 USD 15,983,200.38 RMB 132,340,899.14 USD 7,543,816.55 RMB 50,042,801.03 16. 2004.1.1 2004.12.31 ( ) USD 295,727.78 USD 271,573.19 USD 24,154.59 USD 44,567.16 USD 251,160.62 RMB 2,079,609.93 2.75-10 115,265.22 148,018.92 --- 78,859.62 69,159.30 572,639.00 3-7 807,270.98 155,203.35 107,206.12 161,613.18 100,796.29 834,593.28 7-7.5 521,074.11 553,335.21 --- 185,132.64 368,202.57 3,048,717.28 1.5-4 502,683.26 502,683.26 --- 100,536.60 402,146.66 3,329,774.34 4 927,266.74 309,089.14 --- 154,544.40 154,544.74 1,279,630.45 1 4,930,821.27 1,161,476.64 1,458,279.20 1,585,823.98 1,033,931.86 8,560,955.81 0.1-10 USD 8,100,109.36 USD 3,101,379.71 USD 1,589,639.91 USD 2,311,077.58 USD 2,379,942.04 RMB 19,705,920.09 17. 2004.12.31 2003.12.31 * USD 12,834,700.00 RMB 106,271,316.00 USD --- RMB --- ** 266,401.77 2,205,806.66 368,951.37 3,054,917.34 *** 4,398,939.30 36,423,217.40 9,105,657.68 75,394,845.59 --- --- 2,705,314.00 22,399,999.92 6,004,541.07 49,717,600.06 7,514,663.96 62,221,417.58 USD 11,495,500.00 RMB 95,182,740.00 USD 4,665,259.09 RMB 38,628,345.27 *, ( ), ( ), 10, 10,504,300.00, 2,887,700.00, 13,392,000.00, ( ) 13,392,000.00 ---, 2,887,700.00 99

, 100

, ( ) 12,834,700.00, 4,017,600.00 **, ( ), ( ), 720,000.00, ( ), ( ) 1,063,330.00 ---, 343,330.00,,, ( ) 266,401.77 *** LEASE AGREEMENT ( ),, 29,419,250.00, 6,005,903.12, 15%, 4,412,887.50, 85% 25,006,362.50 6,005,903.12, 31,012,265.62,, 35,425,153.12 ---, 6,005,903.12,, 4,398,939.30, 101

18. 2004.12.31 2003.12.31 * RMB 68,000,000.00 USD 8,212,560.39 RMB 68,000,000.03 4.35%-5.22% RMB 15,700,000.00 USD 1,896,135.27 RMB 15,700,000.04 4.23%-5.04% USD 50,925,048.31 50,925,048.31 421,659,400.01 1.63%-3.43% USD 31,946,503.29 31,946,503.29 264,517,047.24 4.7880% EUR 184,350.50 250,217.95 2,071,804.63 2.63%-2.66% EUR --- --- --- --- ** USD 3,399,749.30 3,399,749.30 28,149,924.20 3.3% USD --- --- --- --- RMB --- --- --- --- RMB 29,670,000.00 3,583,333.33 29,669,999.96 --- RMB 1,000,000.03 4.78% RMB 36,547,728.32 4,413,976.85 36,547,728.32 4.788%-5.0444 1,000,000.00 120,772.95 % USD 136,965,689.3 8 136,965,689.38 1,134,075,908.07 1.63%-3.43% USD 18,776,612.54 18,776,612.54 155,470,351.83 1.6275%-1.94% EUR 317,783.65 431,327.76 3,571,393.84 2.32% EUR 584,853.06 735,664.23 6,091,299.83 2.63%-2.66% USD 200,305,366.04 RMB 1,658,528,430.81 USD 61,352,225.51 RMB 507,996,427.22 * ( ) 59,387,826.65 **,,, 1,800,000.00,,,, 1,808,520.00, 80%,,, 30,, 4,021,777.56, 3,399,749.30 102

19. US D 488,759.77 2004.12.31 2003.12.31 RMB 4,046,930.90 USD 44,505,903.70 RMB 368,508,882.6 4 97,161,748.06 804,499,273.94 28,046.57 232,225.60 5,243,209.12 43,413,771.51 1,836,893.40 15,209,477.35 US D 102,893,716.9 5 20. RMB 851,959,976.35 USD 46,370,843.67 RMB 383,950,585.5 9 (1) 2004.12.31 2003.12.31 1 USD 323,563,920.83 RMB 2,679,109,264.47 98.73% USD 190,676,699.27 RMB 1,578,803,069.96 99.22% 1 2 2,908,263.17 24,080,419.05 0.89% 1,312,261.40 10,865,524.39 0.68% 2 3 900,268.42 7,454,222.52 0.27% 120,286.73 995,974.12 0.06% 3 348,423.80 2,884,949.06 0.11% 75,479.74 624,972.25 0.04% USD 327,720,876.22 RMB 2,713,528,855.10 100.00% USD 192,184,727.14 RMB 1,591,289,540.72 100.00% (2) 5% ( 5%) (3) 48(3) 21. 2004.12.31 2003.12.31 1 USD 25,618,617.08 RMB 212,122,149.42 100.00% USD 8,022,520.28 RMB 100.00% 66,426,467.92 5% ( 5%) 22. 2004.12.31 2003.12.31 USD 27,276,832.91* RMB 225,852,176.49 USD 18,145,715.01 RMB 174,741,909.00 39,245,533.78 324,953,019.70 16,184,857.28 134,010,618.28 997,814.45** 8,261,903.65 997,814.45 8,261,903.65 34,209,602.21*** 283,255,506.30 5,982,364.65 25,038,590.58 USD 101,729,783.35 RMB 842,322,606.14 USD 41,310,751.39 RMB 342,053,021.51 103

*, 27,276,832.91 ** 7,221,156.65, 997,814.45 ***,,, 23. 2004.12.31 2003.12.31 USD 2,656,625.03 RMB 21,996,855.25 USD 828,965.40 RMB 6,863,833.51 24. 2004.12.31 2003.12.31 USD (244,056.73) RMB (2,020,789.72) USD (159,107.38) RMB (1,317,409.11 ) * (12,512,666.30) (103,604,876.96) (44,887,267.77) (371,666,577.14) 178,981.41 1,481,966.07 120,030.67 993,853.95 24,203,842.14 200,407,812.92 5,639,968.16 46,698,936.36 --- --- 18,832.33 155,931.69 1,911,844.89 15,830,075.69 1,249,577.06 10,346,498.06 (178,305.89) (1,476,372.77) 550,264.78 4,556,192.39 USD 13,359,639.52 RMB 110,617,815.23 USD (37,467,702.15) RMB (310,232,573.80 ) 3 * 104

25. (1) 2004.12.31 2003.12.31 1 USD 43,148,485.35 RMB 357,269,458.70 81.00% USD 31,936,417.20 RMB 264,433,534.39 88.89% 1 2 6,403,611.72 53,021,905.04 12.02% 2,351,608.76 19,471,320.53 6.54% 2 3 2,562,189.79 21,214,931.46 4.81% 405,573.17 3,358,145.85 1.13% 3 1,154,040.95 9,555,459.07 2.17% 1,237,743.07 10,248,512.62 3.44% USD 53,268,327.81 RMB 441,061,754.27 100.00% USD 35,931,342.20 RMB 297,511,513.39 100.00% (2) 5% ( 5%) 26. (1) USD 54,510,896.56 R M B 2004.12.31 2003.12.31 451,350,223.52 USD 43,343,030.90 R M B 358,880,295.85 7,866,246.62 65,132,522.01 5,730,971.11 47,452,440.79 1,712,006.36 14,175,412.66 2,366,553.20 19,595,060.50 1,686,480.43 13,964,057.96 1,523,506.33 12,614,632.41 3,298,804.87 27,314,104.32 3,750,687.60 31,055,693.33 1,269,110.33 10,508,233.53 1,183,902.50 9,802,712.70 603,906.53 5,000,346.07 126,192.16 1,044,871.08 2,855.24 23,641.39 681,221.39 5,640,513.11 1,325,871.28 10,978,214.20 682,073.81 5,647,571.15 392,395.53 3,249,034.99 339,881.07 2,814,215.26 10,875,237.89 90,046,969.73 5,797,479.51 48,003,130.34 USD 83,543,811.64 RMB 691,742,760.38 USD 65,525,499.58 RMB 542,551,136.52 (2) 2(18),, 2004.1.1 USD 43,343,030.90 25,588,416.15 14,420,550.49 --- 2004.12.31USD 54,510,896.56 105

106

27. 2004.12.31 2003.12.31 US D 9,661,835.75* RM B 80,000,000.01 USD --- RMB --- * 1,483,560.00* 12,283,876.80 --- --- US D 11,145,395.75 RM B 92,283,876.81 USD --- RMB --- *, ( ) 100,000,000.00, 107 2004.12.31 RMB 50,000,000.00 2004.05.31 2005.05.29 5.58% 2007.05.28 50,000,000.00 2004.06.29 2005.06.25 5.30% 2007.06.24 RMB 100,000,000.00 51(2),, ( ) ( ),, ( ), 80,000,000.00, 9,661,835.75 **, American Home Assurance Company, 13,American Home Assurance Company, FMC,,,, AMERICAN HOME ASSURANCE COMPANY

1,483,560.00 American Home Assurance Company, 2,000,000.00,, JETWAY 34,, American Home Assurance Company,,,,,,,,, 1,483,560.00 28. 2004.12.31 2003.12.31 RMB 34,000,000.00* USD 4,106,280.19 RMB 33,999,999.97 RMB 34,000,000.00* USD 4,106,280.20 RMB 34,000,000.06 RMB 42,304.00 350,277.12 RMB --- --- --- 42,304.00 USD 4,148,584.19 RMB 34,350,277.09 USD 4,106,280.20 RMB 34,000,000.06 * 29 108

29. 2004.12.31 USD 45,300,000.00 USD 45,300,000.00 RMB 375,084,000.00 2003.06-2006.06 LIBOR USD 22,300,000.00 22,300,000.00 184,644,000.00 2004.05-2006.06 LIBOR +100BP RMB 130,000,000.00 15,700,483.09 129,999,999.97 2004.03-2006.06 4.23% RMB 100,000,000.00 * 12,077,294.68 99,999,999.97 2004.12-2006.06 4.23% RMB 13,000,000.00 ** 1,570,048.31 13,000,000.01 1999.12-2006.12 4.77% RMB 20,000,000.00 *** 2,415,458.94 20,000,000.02 2003.05-2006.05 5.10 USD 99,363,285.02 RMB 822,727,999.97 * ( ), 800,000,000.00,, 100,000,000.00, ** 17,,,,,, 200,000,000.00, 47,000,000.00, 34,000,000.00 ***,, 20,000,000.00,, 5,000,,, 34,550,019.00, 109

16,228,096.22, 1,959,915.00 39,617.94 30. 2004.12.31 2003.12.31 USD 212,884.45 RMB 1,762,683.2 USD 212,884.45 RMB 1,762,683.25 5 3,918,700.00, 9,100,000.00, 1,058,200.00 11,972,711.53, 2,872,711.53, 212,884.45 31. 2004.12.31 2003.12.31 USD 84,251.21 RMB 697,600.02 USD --- RMB --- 32. 2004.12.31 2004.1.1 ( ) USD 6,005,903.12 USD 769,987.58 USD --- USD 538,991.30 USD 230,996.28 RMB --- 1,912,649.20 343,330.00 46,344.20 --- 30,884.69 15,459.51 128,004.74 1.00 2,887,700.00 --- 2,887,700.00 217,566.00 2,670,134.00 22,108,709.52 9.00 USD 9,236,933.12 * USD 816,331.78 USD 2,887,700.00 USD 787,441.99 USD 2,916,589.79* RMB 24,149,363.46 * 17, 110

33. 3,000,000.00, [1993]925 [1994]22, 89,000,000 ( 1.00 ), 64,000,000, (A ) 12,000,000, (B ) 13,000,000, (1996) 10 [1997]62, (B ) 30,000,000 48,000,000, 173,201,398, ( ) 15,157,542, Profit Crown Assets Limited (2002) 07,, 340,201,398, 10 5, 170,100,698, 170,100,698.00 ( 20,543,562.56 ) (2002) 16, [2003]444 ( ), Profit Crown Assets Limited 102,313,410 22,736,313 (B), [2003]51 ( ) 52(6),, 111

[2003]121 ( ), ( ) A (A ) 120,000,000 ( 1.00 ),, 630,302,096, 378,181,257.00 ( 45,674,064.86 ) 10 6, 1,008,483,353 (2004) 26,, ( ) COSCO Container Industries Limited( ), ( ) 163,701,456, 1,056,383.927.00, [2004]2013 ( ),, 2004.1.1 2004.12.31 1. RMB 227,363,133.00 USD 29,484,816.04 RMB 300,119,336.00 RMB 163,701,456.00 RMB 363,781013.00 USD 45,957,266.82 102,313,410.00 13,268,167.23 225,089,502.00 163,701,456.00 163,701,456.00 20,680,770.08 125,049,723.00 16,216,648.81 75,029,834.00 --- 200,079,557.00 25,276,496.74 227,363,133.00 29,484,816.04 300,119,336.00 163,701,456.00 363,781,013.00 45,957,266.82 1. (A ) 189,333,262.00 22,976,681.35 113,709,265.00 109,308.00 302,933,219.00 36,712,271.11 346,332.00 42,378.73 142,214.00 109,308.00 379,238.00 45,801.69 2. (B ) 213,605,701.00 25,672,873.70 128,163,420.00 --- 341,769,121.00 41,138,898.02 402,938,963.00 48,649,555.05 241,872,685.00 109,308.00 644,702,340.00 77,851,169.13 RMB 630,302,096.00 USD 78,134,371.09 RMB 541,992,021.00 RMB 163,810,764.00 RMB 1,008,483,353.00 USD 123,808,435.95, 112

2004.12.31 (%) 1 COSCO Container Industries Limited * 163,701,456 16.23 2 ** 163,701,456 16.23 3 FAIR OAKS DEVELOPMENT LIMITED ** 62,772,778 6.22 4 LONG HONOUR INVESTMENTS LIMITED * 9,591,707 0.95 * Long Honour Investments Limited ( ) COSCO Container Industries Limited ** Fair Oaks Development Limited 34. 2004.12.31 2004.1.1 USD 269,582,804.95 USD --- USD 45,674,064.86* USD 223,908,740.09 RMB 1,853,964,367.9 3 2,326,818.35 --- --- 2,326,818.35 19,266,055.94 104,657.02 --- --- 104,657.02 866,560.13 39,099.03 --- --- 39,099.03 323,739.97 184,324.87 3,605,587.66** --- 3,789,912.53 31,380,475.75 362,318.84 --- --- 362,318.84 3,000,000.00 USD 272,600,023.06 USD 3,605,587.66 USD 45,674,064.86 USD 230,531,545.86 RMB 1,908,801,199.7 2 * 33, 630,302,096, 45,674,064.86 **,,, 2004.12.31 USD 1,837,016.30 ( ) 973,780.73 CIMC Vehicle Investment Holdings Company Limited 363,073.15 226,953.69 77,089.65 CIMC Holding (B.V.I.) Limited 72,480.86 ( ) 56,258.96 212.07 (1,277.75) USD 3,605,587.66 113

35. 2004.12.31 2004.1.1 USD 41,641,396.41 USD 32,748,266.20 USD --- USD 74,389,662.61 RMB 615,946,406.40 189,001,877.99 178,083,784.69 --- 367,085,662.6 8 3,039,469,287.00 26,971,430.37 15,595,895.00 --- 42,567,325.37 352,457,454.06 USD 257,614,704.77 USD 226,427,945.89 USD USD 484,042,650.6 RMB 4,007,873,147.46 --- 6 36. 2004.12.31 2003.12.31 USD 30,781,487.93 RMB 254,850,554.60 USD 65,479,041.51 RMB 542,146,298.22 ( ) --- --- (1,380,620.20)* (11,431,535.25 288,529,414.99 2,389,023,556.10 82,450,242.68 682,688,009.42 32,748,266.20* 271,155,644.14 8,754,878.23 * * 72,490,391.75 15,595,895.00* 129,134,010.60 4,355,293.00 * * 36,061,826.04 178,083,784.69* 1,474,533,737.23 102,657,004.83 ** 849,999,999.99 28,926,907.78** 239,514,796.42 --- --- USD 63,956,049.25 RMB 529,535,922.31 USD 30,781,487.93 RMB 254,850,554.61 * : --- 5,341,206.30 1,892,365.05, 10% 5% 27,407,059.90 ( 226,930,455.99 ) 13,703,529.95 ( 113,465,227.99 ) 178,083,784.69 ( 1,474,533,737.22 ) 1,008,483,353, 10 5.00, 504,241,676.50 ( 60,898,753.20 ) 10 10,, 1,008,483,353 114

2,016,966,706 **,, 630,302,096, 10 3.80, 239,514,796.48, 28,926,907.38, 37 2004.12.31 2003.12.31 USD -- -* RMB --- USD (126,243.66) RMB (1,045,297.50) *,,, 38. (1) 2004 2003 USD 3,251,304,555.40 RMB 26,920,801,718.71 USD 1,624,911,264.95 RMB 13,454,265,273.79 1,451,343.60 12,017,125.01 42,677,895.17 353,372,972.01 114,082,224.72 944,600,820.68 95,306,117.12 789,134,649.75 (158,168,582.40) (1,309,635,862.27) (96,201,645.67) (796,549,626.15) 3,208,669,541.32 26,567,783,802.13 1,666,693,631.57 13,800,223,269.40 2,708,205,279.85 22,423,939,717.16 1,405,494,295.29 11,637,492,765.00 1,128,356.19 9,342,789.25 34,781,700.20 287,992,477.66 70,530,104.03 583,989,261.37 63,601,735.18 526,622,367.29 (116,446,004.69) (964,172,918.83) (66,663,397.22) (551,972,928.98) 2,663,417,735.38 22,053,098,848.95 1,437,214,333.45 11,900,134,680.97 543,099,275.55 4,496,862,001.55 219,416,969.66 1,816,772,508.79 322,987.41 2,674,335.76 7,896,194.97 65,380,494.35 43,552,120.69 360,611,559.31 31,704,381.94 262,512,282.46 (41,722,577.71) (345,462,943.44) (29,538,248.45) (244,576,697.17) USD 545,251,805.94 RMB 4,514,684,953.18 USD 229,479,298.12 RMB 1,900,088,588.43 (2) 1,396,043,273.00, 43.51% (3) 2004 115

USD 15,038,122.58 RMB 124.515.655.00 (4) 2004 USD 1,963,492.90 RMB 16,257,721.21 USD 1,595,748.90 RMB 13,212,800.89 39. 2004 2003 USD 42,461,886.21 RM B 351,584,417.82 USD 17,041,727.37 RMB 141,105,502.63 21,928,876.36 181,571,096.26 14,507,877.55 120,125,226.12 7,617,974.46 63,076,828.53 --- --- 12,915,035.39 106,936,493.03 2,533,849.82 20,980,276.51 15,918,123.04 131,802,058.77 4,850,476.53 40,161,945.67 8,219,354.58 68,056,255.92 3,926,974.96 32,515,352.67 3,835,498.12 31,757,924.43 --- --- 3,863,270.34 31,987,878.42 923,501.57 7,646,593.00 USD 26,543,763.17 RM B 219,782,359.05 USD 12,191,250.84 RMB 100,943,556.96 40. 2004 2003 USD 8,852,029.75 RMB 73,294,806.33 USD 7,510,466.97 RMB 62,186,666.51 3,135,942.34 25,965,602.58 2,677,799.28 22,172,178.04 (353,739.80) (2,928,965.54) (702,077.24) (5,813,199.55) 1,087,794.38 9,006,937.47 1,315,214.87 10,889,979.13 USD 6,450,141.99 RMB 53,407,175.68 USD 5,445,805.32 RMB 45,091,268.05 41. ( ) 2004 2003 USD USD 2,890,848.96 RMB 23,936,229.39 985,542.22 RMB 8,160,289.62 869,122.18 7,196,331.65 1,140,412.99 9,442,619.56 2,530,469.89 20,952,290.67 844,660.69 6,993,790.50 (2,086,407.55) (17,275,454.51) (1,130,157.98) (9,357,708.07) --- --- 19,800.68 163,949.63 145,451.41 1,204,337.67 --- --- 116

(1,176,061.67) (9,737,790.63) (2,633,440.19) (21,804,884.77) (586,773.60) (4,858,485.39) --- --- USD 2,586,649.62 RMB 21,417,458.85 USD (773,181.59 ) RMB (6,401,943.53) * 42. 2004 2003 USD 614,255.74 * RMB 5,386,037.49 USD 676,821.00 RMB 5,604,077.88 222,112.67 ** 1,841,814.87 938,400.26 7,769,954.15 397,978.25 *** 3,049,943.80 391.545.89 3,241,999.97 194,397.60 **** 1,552,206.31 172,008.81 1,424,232.95 USD 1,428,744.26 RMB 11,830,002.47 USD 2,178,775.96 RMB 18,040,264.95 * ( ) 3,381,603.13, 408,406.17 [2004]470, ( ) 1,704,434.48, 205,849.57 ** 277,215.48, 33,480.13 1,491,790.46, 180,167.93 70,087.00, 8,464.61 *** [2003]29 2003 < >, 0.03 2,995,259.94, 117

361,746.37 299,999.97, 36,231.88 **** 360,000.00, 43,478.26 155,673.00, 18,801.09 [2004]11, 10,000.00, 1,207.73 [2002]116, 678,560.32, 81,951.73 43. 2004 2003 USD 113,256.80 RMB 937,766.30 USD 34,249.64 RMB 283,587.02 384,372.32 3,182,602.81 1,015,785.95 8,410,707.66 16,666.67 138,000.03 --- --- 45,417.67 376,058.31 18,780.37 155,501.46 435,666.76 3,607,320.77 71,265.70 590,080.00 USD 995,380.22 RMB 8,241,748.22 USD RMB 9,439,876.14 1,140,081.66 44. 2004 2003 USD -- USD 11,145,395.75* RMB 92,283,876.82 - RMB --- 9,239,710.10** 76,504,799.63 4,609,894.79 38,169,928.86 8,439,383.83*** 69,878,098.11 4,543,816.55 37,622,801.03 1,196,137.90 9,904,021.81 2,648,211.64 21,927,192.38 275,900.94 2,284,459.78 109,806.77 909,200.06 77,172.83 638,991.03 18,703.78 154,867.30 154,889.14 1,282,482.08 58,375.35 483,347.90 USD 30,528,590.49 RMB 252,776,729.26 USD 11,988,808.88 RMB 99,267,337.53 118

* 27, 1,483,560.00 ( ) 100,000,000.00 80,000,000.00, 9,661,835.75 ** 13(3) *** 15(4), Gold Terrain Assets Limited 8,439,383.83 45. / (1) 2004 USD 32,453,410.42 RMB 268,714,238.28 6,038,647.34 49,999,999.98 4,981,007.12 41,242,738.99 3,386,052.00 28,036,510.56 China Civil Aviation Materials & Equipment Co. 2,892,811.50 23,952,479.22 CMC Int'l Tending Corp 2,632,356.00 21,795,907.68 Exsif Worldwide,Inc. 2,380,352.19 19,709,316.13 1,797,338.12 14,881,959.63 1,336,008.09 11,062,146.99 15,268,005.28 126,419,083.68 USD 73,165,988.06 RMB 605,814,381.14 119

(2) 2004 USD 29,000,000.00 RMB 240,120,000.00 22,007,681.45 182,223,602.38 12,543,583.25 103,860,869.31 9,539,433.37 78,986,508.26 8,356,723.45 69,193,670.20 7,957,601.00 65,888,936.31 Exsif Worldwide,Inc. 7,355,647.19 60,904,758.73 5,255,387.42 43,514,607.85 4,839,430.59 40,070,485.28 4,100,075.81 33,948,627.74 4,081,897.63 33,798,112.37 3,744,385.19 31,003,509.36 3,287,084.66 27,217,060.99 2,909,873.19 24,093,750.00 2,796,343.39 23,153,723.24 Meritor Hvs Ltd. 2,273,640.00 18,825,739.20 2,225,849.57 18,430,034.46 1,572,123.55 13,017,182.99 1,430,111.05 11,841,319.49 1,161,835.75 9,620,000.00 1,107,968.91 9,173,982.57 12,557,188.27 103,973,518.91 USD 150,103,864.69 RMB 1,242,859,999.63 46. (1) 2004.12.31 2003.12.31 1 USD 334,990,553.17 * RMB 2,773,721,780.24 89.52% 1.50% USD 4,992,914.91 USD 299,323,008.68* RMB 2,478,394,511.87 99.77% 1.50% USD 4,489,608.42 1 2 38,577,957.20 * 319,425,485.62 10.31% 1.50% 578,669.36 96,606.75* 799,903.89 0.03% 1.50% 1,449.10 2 3 96,606.75 * 799,903.89 0.03% 1.50% 1,449.10 205,372.83* 1,700,487.03 0.07% 1.50% 3,080.59 3 517,318.99 4,283,401.24 0.14% 100.00% 517,318.99 389,542.75 3,225,413.97 0.13% 100.00% 389,542.75 USD 374,182,436.11 RMB 3,098,230,570.99 100.00% USD 6,090,352.36 USD 300,014,531.01 RMB 2,484,120,316.76 100.00% USD 4,883,680.86 *, 1.5% 120

(2) A 2004.1.1 2004.12.31 USD 35,743,897.29 USD 3,098,556,47 USD -- USD --- - USD 35,743,897.29 RMB 295,959,469.56 USD 3,544,618.14 275,265,720.19 --- 388,326,377.49 32,788,376.78 630,803,720.90 5,223,054,809.06 --- 8,804,515.13 --- 78,362.69 1,878,771.30 7,004,106.52 57,994,001.98 --- USD 319,814,132.61 USD 3,098,556.47 USD 34,667,148.0 USD 388,404,740.18 8 USD 673,551,724.71 RMB 5,577,008,280.60 USD 3,544,618.14 B / 2004.1.1 2004.12.31 ( ) 1 1.81% 76,158,496 USD28,982,254.23 USD --- USD 28,982,254.23 USD --- USD 28,982,254.23 RMB 239,973,065.02 USD --- RMB 823,273,341.76 2 0.35% 3,795,000 1,162,790.70 --- 1,162,790.70 --- 1,162,790.70 9,627,907.00 --- 30,208,200.00 3 1.01% --- 258,397.93 --- 258,397.93 --- 258,397.93 2,139,534.86 258,397.93 --- 4 1.00% --- 5,133,736.08 --- 5,133,736.08 --- 5,133,736.08 42,507,334.74 3,079,501.86* --- 5 0.09% --- 206,718.35 --- 206,718.35 --- 206,718.35 1,711,627.94 206,718.35 --- USD 35,743,897.29 USD --- USD 35,743,897.29 USD --- USD 35,743,897.29 RMB 295,959,469.56 USD 3,544,618.14 RMB 853,481,541.76 121

C ( ) ( ) 2004.12.31 2004.1.1 ( ) ( ) 1 ( )100.00% USD 256,410.26 USD 112,278,660.41 USD --- USD 143,944,699.49 USD --- USD 255,966,949.64 USD 256,223,359.90 RMB 2,121,529,419.98 USD --- 2 98.00% 59,178,743.96 17,002,741.53 --- (99,903.92) --- (42,275,906.35) 16,902,837.61 139,955,495.42 --- 3 75.00% 11,625,000.00 34,693,736.88 15,900,000.00 85,282,171.34 16,956,417.64 108,350,908.22 118,919,490.58 984,653,382.00 --- 4 52.00% 16,145,877.25 32,712,547.80 --- 4,783,958.21 5,995,315.81 21,350,628.76 31,501,190.20 260,829,854.86 --- 5 47.50% 6,048,267.62 10,167,668.03 --- 20,441,833.72 4,305,494.61 24,561,234.13 26,304,007.14 217,797,179.12 --- 6 47.50% 8,087,553.51 12,566,704.82 --- 33,658,546.43 4,712,836.62 38,137,697.74 41,512,414.63 343,722,793.14 --- 7100.00% 900,000.00 265,485.05 --- 379,421.97 --- (255,092.98) 644,907.02 5,339,830.13 --- 8 37.44% 7,600,000.00 8,071,288.18 --- 608,025.60 463,451.16 1,079,313.78 8,215,862.62 68,027,342.49 --- 9 21.07% 8,230,000.00 8,559,532.24 --- 1,012,755.11 354,860.94 1,342,287.35 9,217,426.41 76,320,290.67 --- 10 24.00% 1,922,133.45 435,841.94 --- 659,607.17 --- (826,684.34 1,095,449.11 9,070,318.63 --- 11 95.00% (865,265.21) (1,001,261.14) 3,623,188.41 (155,502.67) --- (291,498.60) 2,466,424.60 20,421,995.69 --- 12 ( ) 55.00% 16,500,000.00 15,692,406.93 --- (2,470,541.02) --- (3,278,134.09) 13,221,865.91 109,477,049.73 --- 13CIMC USA,INC. 100.00% 10,100,000.00 10,026,511.74 7,258,268.99 (5,431,108.61 ) --- (5,504,596.87) 11,853,672.12 98,148,405.15 --- 14 75.00% 2,250,000.00 1,901,517.38 4,500,000.00 5,489,245.00 --- 5,140,762.53 11,890,762.53 98,455,513.75 --- 15 25.00% 1,812,338.40 1,812,338.40 1,937,661.60 6,211,531.76 --- 6,211,531.76 9,961,531.76 82,481,482.97 --- 16 35.37% 10,080,000.00 10,080,000.00 --- 18,927,034.90 --- 18,927,034.90 29,007,034.90 240,178,248.97 --- 17 50.00% 10,000,000.00 --- 10,000,000.00 --- --- --- 10,000,000.00 82,800,000.00 --- 18 50.00% 7,400,000.00 --- 7,400,000.00 6,328,702.91 --- 6,328,702.91 13,728,702.91 113,673,660.09 --- 19 75.00% 9,317,027.28 --- 9,317,027.28 8,816,984.89 --- 8,816,984.89 18,134,012.17 150,149,620.77 --- 20 1.00% 3,623.19 --- 3,623.19 (854.41) --- (854.41) 2,768.78 22,925.50 --- USD 186,591,709.71 USD 275,265,720.19 USD 59,939,769.47 USD 328,386,608.02 USD 32,788,376.78 USD 443,781,268.97 USD 630,803,720.90 RMB 5,223,054,809.06 USD --- 122

D 2004.12.31 2004.1.1 10 USD 7,272,988.42 USD 4,065,043.72 USD --- USD --- USD 727,298.84 USD 3,935,243.54 USD 3,337,744.88 RMB 27,636,527.61 10 4,254,836.34 2386541.63 --- --- 425,483.60 2,293,778.31 1,961,058.03 16,237,560.49 10 590805.77 354483.49 --- --- 59,080.58 295,402.86 295,402.91 2,445,936.09 10 1,039,634.99 970,325.99 --- --- 103,964.70 173,273.70 866,361.29 7,173,471.48 10 209,020.92 209,020.92 --- --- 20,902.10 20,902.10 188,118.82 1,557,623.83 10 78,362.69 --- 78,362.69 --- 7,836.26 7,836.26 70,526.43 583,958.84 25 435,887.45 261,532.38 --- --- 17,435.52 191,790.59 244,096.86 2,021,122.00 25 929,278.37 557,567.00 --- 495,174.70 21,595.00 888,481.07 40,797.30 337,801.64 USD 14,810,814.95 USD 8,804,515.13 USD 78,362.69 USD 495,174.70 USD 1,383,596.60 USD 7,806,708.43 USD 7,004,106.52 RMB 57,994,001.98 (3) ( ) 2004 2003 USD 673,642.96 RMB 5,577,763.71 USD (58,413.48) RMB (483,663.61) 869,122.18 7,196,331.65 1,140,412.99 9,442,619.56 328,386,608.02 2,719,041,114.41 105,876,729.36 876,659,319.08 (1,383,596.60) (11,456,179.85) (1,335,778.69) (11,060,247.55) (446,061.67) (3,693,390.63) (2,633,440.19) (21,804,884.77) 433,243.68 3,587,257.67 --- --- USD 328,532,958.57 RMB 2,720,252,896.96 USD102,989,509.99 RMB852,753,142.71 123

47. 2004 USD 1,428,744.26 RMB 11,830,002.47 995,380.22 8,241,748.22 2,890,848.96 23,936,229.39 2,827,437.30 23,411,180.84 12,849,496.56 106,393,831.52 ( ) USD (4,707,085.82) RMB (38,974,670.60) 1,112,694.97 9,213,114.35 ( ) USD (5,819,780.79) RMB (48,187,784.95) 48. (1) A. ( ) B. 2004.1.1 2004.12.31 1 USD 8,855,000.00 USD --- USD 8,855,000.00 USD 0.00 2 USD 16,682,000.00 USD --- USD --- USD 16,682,000.00 3 HKD 4,680,000.00 HKD --- HKD --- HKD 4,680,000.00 4 USD 7,700,000.00 USD --- USD --- USD 7,700,000.00 5 USD 9,480,000.00 USD --- USD --- USD 9,480,000.00 6 RMB 34,000,000.00 RMB 33,390,000.00 RMB --- RMB 67,390,000.00 7 USD 13,500,000.00 USD --- USD --- USD 13,500,000.00 8 USD 2,000,000.00 USD --- USD 2,000,000.00 USD 0.00 9 USD 7,450,200.00 USD --- USD --- USD 7,450,200.00 10 USD 28,500,000.00 USD USD --- USD 28,500,000.00 11 USD 3,918,700.00 USD --- USD --- USD 3,918,700.00 12 USD 15,500,000.00 USD --- USD --- USD 15,500,000.00 13 USD 31,000,000.00 USD --- USD --- USD 31,000,000.00 14 RMB 9,910,000.00 RMB RMB --- RMB 9,910,000.00 15 USD 24,000,000.00 USD --- USD --- USD 24,000,000.00 16 USD 15,500,000.00 USD 17,700,000.00 USD --- USD 33,200,000.00 17 USD 30,000,000.00 USD --- USD --- USD 30,000,000.00 18 CIMC Holdings (B.V.I) Limited USD 34,001.00 USD --- USD --- USD 34,001.00 19 RMB 5,340,000.00 RMB 100,000,000.00 RMB --- RMB 105,340,000.00 20 USD 10,000,000.00 USD --- USD --- USD 10,000,000.00 21 RMB 20,000,000.00 RMB 30,000,000.00 RMB --- RMB 50,000,000.00 22 USD 20,300,000.00 USD 7,540,000.00 USD --- USD 27,840,000.00 23 USD 39,060,000.00 USD --- USD --- USD 39,060,000.00 24 RMB --- RMB 30,000,000.00 RMB --- RMB 30,000,000.00 2004.1.1 2004.12.31 25 RMB --- RMB 16,000,000.00 RMB --- RMB 16,000,000.00 124

26 RMB 150,000,000.00 RMB --- RMB --- RMB 150,000,000.00 27 RMB 5,000,000.00 RMB --- RMB --- RMB 5,000,000.00 28 RMB 5,000,000.00 RMB --- RMB --- RMB 5,000,000.00 29 USD 10.00 USD --- USD --- USD 10.00 30 RMB 30,000,000.00 RMB --- RMB --- RMB 30,000,000.00 31 CIMC USA,INC. USD 10.00 USD 10.00 USD --- USD 10.00 32 USD 7,230,000.00 USD 4,770,000.00 USD --- USD 12,000,000.00 33 ( ) HKD 2,000,000.00 HKD --- HKD --- HKD 2,000,000.00 34 USD 3,000,000.00 USD 6,000,000.00 USD --- USD 9,000,000.00 35 USD --- USD 6,800,000.00 USD --- USD 6,800,000.00 36 HKD 2.00 HKD HKD --- HKD 2.00 37 Vanguard International Trailer Corpration USD 10.00 USD --- USD --- USD 10.00 38 USD 2,100,000.00 USD 7,900,000.00 USD --- USD 10,000,000.00 39 USD 8,000,000.00 USD 9,400,000.00 USD --- USD 17,400,000.00 40 USD 6,812,338.40 USD 8,187,661.60 USD --- USD 15,000,000.00 41 USD --- USD 20,000,000.00 USD --- USD 20,000,000.00 42 RMB --- RMB 60,000,000.00 RMB --- RMB 60,000,000.00 43 RMB --- RMB 3,000,000.00 RMB --- RMB 3,000,000.00 44 USD --- USD 11,500,000.00 USD --- USD 11,500,000.00 45 USD --- USD 12,000,000.00 USD --- USD 12,000,000.00 46 USD --- USD 4,000,000.00 USD --- USD 4,000,000.00 47 RMB --- RMB 35,000,000.00 RMB --- RMB 35,000,000.00 48 RMB --- RMB 9,000,000.00 RMB --- RMB 9,000,000.00 49 USD --- USD 6,000,000.00 USD --- USD 6,000,000.00 50 HKD 10,000.00 HKD HKD --- HKD 10,000.00 51 Gold Terrain Assets Limited USD 1.00 USD --- USD --- USD 1.00 52 Goldbird Holding Inc. USD 50,000.00 USD --- USD --- USD 50,000.00 53 Silveroad Investment Limited USD 50,000.00 USD --- USD --- USD 50,000.00 54 Silveroad Investment (Hong Kong)Limited HKD 10,000.00 HKD --- HKD --- HKD 10,000.00 55 Silveroad Wood Products Limited USD 8,000.00 USD --- USD --- USD 8,000.00 56 Highfield Development (Hong Kong)Limited HKD 10,000.00 HKD --- HKD --- HKD 10,000.00 57 Silveroad Development Company Limited RIEL --- RIEL --- RIEL --- RIEL --- 58 Highfield Development Corp. USD 50,000.00 USD --- USD --- USD 50,000.00 59 Global World Limited USD 50,000.00 USD --- USD --- USD 50,000.00 60 Supercrown Enterprise Inc. USD 1.00 USD --- USD --- USD 1.00 61 SFG 3,000,000.00 SFG --- SFG --- SFG 3,000,000.00 62 Topco Forestry N.V. SFG 3,000,000.00 SFG --- SFG --- SFG 3,000,000.00 63 Lumprex Suriname N.V. SFG 1,200,000.00 SFG --- SFG --- SFG 1,200,000.00 64 Clive-Smith Cowley Limited GBP 100.00 GBP --- GBP --- GBP 100.00 65 CIMC Australia Pty Ltd. AUD 50,000.00 AUD --- AUD --- AUD 50,000.00 66 CIMC Vehicle Investment Holdings Company Limited USD 1.00 USD --- USD --- USD 1.00 67 Speedic Enterprise Corp. USD 50,000.00 USD --- USD --- USD 50,000.00 125

C 2004.1.1 2004.12.31 (%) (%) (%) (%) 1 USD 5,826,230.06 51.17% USD --- --- USD 5,826,230.06 51.17% USD --- --- 2 USD 18,844,287.71 71.39% USD 34,165,361.93 --- USD 5,477,836.62 --- USD 47,531,813.02 71.39% 3 USD (26,980.60 ) 85.00% USD 5,063.08 --- USD 39,329.50 --- USD (61,247.02) 85.00% 4 USD 10,630,615.30 56.90% USD 15,900,555.18 --- USD 1,902,544.59 --- USD 24,628,625.89 56.90% 5 USD 10,885,661.18 52.50% USD 20,566,833.72 --- USD 4,406,327.94 --- USD 27,046,166.96 52.50% 6 USD --- --- USD 13,284,222.30 75.53% USD 899,677.58 --- USD 12,384,544.72 75.53% 7 USD 2,676,258.80 100.00% USD 2,748,363.20 --- USD --- --- USD 5,424,622.00 100.00% 8 USD (7,094,398.49) 100.00% USD --- --- USD (7,094,398.49) 100.00% USD --- --- 9 USD --- --- USD 8,554,610.63 48.00% USD 280,963.91 --- USD 8,273,646.72 48.00% 10 USD 13,219,911.76 47.37% USD 19,227,034.92 --- USD --- --- USD 32,446,946.68 47.37% 11 USD (392,725.04 ) 73.00% USD 48,057.43 --- USD --- --- USD (344,667.61) 73.00% 12 USD 8,676,648.14 82.94% USD 6,202,839.95 --- USD --- --- USD 14,879,488.09 82.94% 13 USD 40,709,362.18 72.00% USD 6,623,942.13 --- USD 9,021,797.35 --- USD 38,311,506.96 72.00% 14 USD --- --- USD --- --- USD --- --- USD --- --- 15 USD 14,319,076.12 40.00% USD 25,785,611.77 --- USD 4,742,480.59 --- USD 35,362,207.30 40.00% 16 USD 43,522,315.84 100.00% USD 131,896,247.95 --- USD 22,608,556.86 --- USD 152,810,006.93 100.00% 17 ( ) USD 25,502,880.04 100.00% USD (12,347,755.58) --- USD --- --- USD 13,155,124.46 100.00% 18 CIMCHOLDINGS(B.V.I.)LIMITED USD 113,977.93 100.00% USD (496,681.60) --- USD --- --- USD (382,703.67) 100.00% 19 USD --- --- USD 13,889,533.91 51.00% USD --- --- USD 13,889,533.91 51.00% 20 USD 15,885,900.42 56.90% USD 7,432,365.13 --- USD 7,961,442.25 --- USD 15,356,823.30 56.90% 21 USD (575,677.16) 100.00% USD 3,467,342.25 --- USD --- --- USD 2,891,665.09 100.00% 22 USD 26,988,863.94 100.00% USD 35,103,440.23 --- USD 5,410,201.08 --- USD 56,682,103.09 100.00% 23 USD 48,035,060.82 89.30% USD 7,896,104.58 --- USD 12,997,735.92 --- USD 42,933,429.48 89.30% 24 USD --- --- USD 5,667,247.02 91.00% USD --- --- USD 5,667,247.02 91.00% 25 USD --- --- USD 1,629,609.07 100.00% USD --- --- USD 1,629,609.07 100.00% 26 USD 18,191,354.65 100.00% USD 7,390.69 --- USD --- --- USD 18,198,745.34 100.00% 27 USD 2,691,187.26 60.00% USD 318,074.79 40.00% USD 2,239,251.65 --- USD 770,010.40 100.00% 28 USD 385,718.94 100.00% USD (151,341.40) --- USD --- --- USD 234,377.54 100.00% 29 USD 265,485.05 100.00% USD 379,421.97 --- USD --- --- USD 644,907.02 100.00% 30 USD 3,061,641.26 92.00% USD (536,526.84) 8.00% USD --- --- USD 2,525,114.42 100.00% 31 CIMCUSA,INC. USD 10,026,511.74 100.00% USD 6,411,628.52 --- USD --- --- USD 16,438,140.26 100.00% 32 USD --- --- USD 24,072,921.55 100.00% USD --- --- USD 24,072,921.55 100.00% 33 ( ) USD 74,307,479.94 100.00% USD 24,297,485.33 --- USD --- --- USD 98,604,965.27 100.00% 34 USD 2,535,356.50 100.00% USD 13,318,993.53 --- USD --- --- USD 15,854,350.03 100.00% 35 USD --- --- USD --- --- USD --- --- USD --- --- 36 USD --- --- USD (2,477.28) --- USD --- --- USD (2,477.28) 100.00% 37 VanguardNationalTrailerCorporation USD 6,495,911.81 100.00% USD (4,584,468.14) --- USD --- --- USD 1,911,443.67 100.00% 126

2004.1.1 2004.12.31 (%) (%) (%) (%) 38 USD 1,404,900.00 66.90% USD 7,461,527.73 --- USD 210,000.00 10.00% USD 8,656,427.73 56.90% 39 USD 8,000,000.00 100.00% USD 20,004,394.96 --- USD --- --- USD 28,004,394.96 100.00% 40 USD 6,812,338.40 100.00% USD 16,468,712.75 --- USD --- --- USD 23,281,051.15 100.00% 41 USD --- --- USD 16,000,000.00 100.00% USD --- --- USD 16,000,000.00 100.00% 42 USD --- --- USD 7,142,087.18 100.00% USD --- --- USD 7,142,087.18 100.00% 43 USD --- --- USD 361,464.43 100.00% USD --- --- USD 361,464.43 100.00% 44 USD --- --- USD 10,797,080.77 93.85% USD --- --- USD 10,797,080.77 93.85% 45 USD --- --- USD 12,000,000.00 100.00% USD --- --- USD 12,000,000.00 100.00% 46 USD --- --- USD 2,000,000.00 100.00% USD --- --- USD 2,000,000.00 100.00% 47 USD --- --- USD 4,227,053.13 100.00% USD --- --- USD 4,227,053.13 100.00% 48 USD --- --- USD 1,086,472.37 100.00% USD --- --- USD 1,086,472.37 100.00% 49 USD --- --- USD 3,070,048.31 100.00% USD --- --- USD 3,070,048.31 100.00% 50 USD 149,022.14 100.00% USD (149,022.14) --- USD --- --- USD --- 100.00% 51 GoldTerrainAssetsLimited USD (25,240,140.85 ) 100.00% USD (9,433,373.43) --- USD --- --- USD (34,673,514.28) 100.00% 52 GoldbirdHoldingInc. USD --- --- USD 1.00 100.00% USD --- --- USD 1.00 100.00% 53 SilveroadInvestmentLimited USD --- --- USD (37,733.54) 100.00% USD --- --- USD (37,733.54) 100.00% 54 SilveroadInvestment(HongKong)Limited USD --- --- USD --- --- USD --- --- USD --- --- 55 SilveroadWoodProductsLimited USD --- --- USD --- --- USD --- --- USD --- --- 56 HighfieldDevelopment(HongKong)Limited USD --- --- USD --- --- USD --- --- USD --- --- 57 SilveroadDevelopmentCompanyLimited USD --- --- USD --- --- USD --- --- USD --- --- 58 HighfieldDevelopmentCorp. USD --- --- USD --- --- USD --- --- USD --- --- 59 GlobalWorldLimited USD --- --- USD --- --- USD --- --- USD --- --- 60 SupercrownEnterpriseInc. USD --- --- USD --- --- USD --- --- USD --- --- 61 USD --- --- USD --- --- USD --- --- USD --- --- 62 TopcoForestryN.V. USD --- --- USD --- --- USD --- --- USD --- --- 63 LumprexSurinameN.V. USD --- --- USD --- --- USD --- --- USD --- --- 64 Clive-SmithCowleyLimited USD --- --- USD 1,539,743.95 60.00% USD 292,311.46 --- USD 1,247,432.49 60.00% 65 CIMCAustraliaPtyLtd. USD --- --- USD 67,123.83 70.00% USD --- --- USD 67,123.83 70.00% 66 CIMCVehicleInvestmentHoldingsCompanyLimited USD --- --- USD 593,280.71 100.00% USD --- --- USD 593,280.71 100.00% 67 SpeedicEnterpriseCorp. USD --- --- USD 50,000.00 100.00% USD --- --- USD 50,000.00 100.00% D KYH Steel Holding Ltd 127

(2) A 2004 2003 KYH Steel Holding Ltd USD 18,293,454.32 USD 5,980,214.54 587,461.47 --- B USD 18,880,915.79 USD 5,980,214.54, 2004.12.31 USD 52,075,000.00 USD 17,757,246.38 29,299,565.22 14,285,671.50 12,077,294.69 3,140,096.62 4,000,000.00 1,867,000.00 6,000,000.00 5,150,000.00 16,000,000.00 18,247,000.00 13,913,000.00 6,677,370.00 5,000,000.00 2,346,000.00 7,000,000.00 2,424,000.00 22,500,000.00 9,066,500.00 9,057,594.20 1,435,000.00 12,500,000.00 11,278,500.00 25,000,000.00 16,280,000.00 10,000,000.00 962,801.93 ( ) 45,978,260.87 36,247,995.17 USD 270,400,714.98 USD 147,165,181.60 C,, CIMC Holdings (B.V.I.) Limited CIMC Holdings (B.V.I.) Limited ( ) 128

( ) ( ) 2004.12.31/2004 CIMC Holdings (B.V.I.) Limited USD USD 4,000,000.00 USD --- USD --- 4,545,106.96 CIMC Holdings (B.V.I.) Limited USD USD 16,000,000.00 USD --- USD --- 15,498,972.08 CIMC Holdings (B.V.I.) Limited USD USD 12,000,000.00 USD 113,685,914.00 USD 11,755,979.85 51,656,851.37 ( ) USD RMB 3,000,000.00 USD --- USD (7,074.49 ) 390.51 ( ) ( ) USD RMB 67,390,000.00 USD 104,233,041.09 USD 5,710,131.30 72,656,298.47 D. 2004.12.31 2003.12.31 USD --- USD 36,231.88 --- 8,454.10 29,589.36 25,362.31 USD 29,589.36 USD 70,048.29 (3) 2004.12.31 2003.12.31 KYH Steel Holding Ltd USD 88,446.31 0.02% USD 97,925.34 0.05% 108,518.49 0.03% --- --- USD 196,964.80 0.05% USD 97,925.34 0.05% 129

49. (1) 27, FMC, AMERICAN HOME ASSURANCE COMPANY( ),, AMERICAN HOME ASSURANCE COMPANY 1,483,560.00, AMERICAN HOME ASSURANCE COMPANY 2,000,000.00, (2), ( ) ( ),,, 100,800,000.00 ( ), 30%,,, 35,921,203.00 (3), ( ), 1,540,000.00,,, 130

(4), ( ) ( ),,, 50, ( ) 64,250,000.00, ( ) ( ) 5% 15 45% 25% 15 25%, [2004]203, ( ) CIMC Vehicle Investment Holdings Company Limited, 80,000,000.00, 1,600,000.00, 2% ( ) 30,400,000.00, 38% CIMC Vehicle Investment Holdings Company Limited 48,000,000.00, 60% ( ),, ( ), ( ), ( ) 24,093,750.00, ( ) 30,400,000.00 (5), 8,500, 160,000,000.00, ( ) CIMC 131

Vehicle Investment Holdings Company Limited,,, 87,845,915.13, (6), 124,062,752.24 (7),, 79,546,994.86 (8), 2004.12.31 USD 27,450,870.00 USD 3,204,541.00 3,873,741.55 1,082,617.93 139,845,559.00 11,926,788.00 5,653,314.25 3,915,852.95 3,762,385.75 2,556,803.74 USD 180,585,870.55 USD 22,686,603.62 50. ( ), 30%,,,,, 1,424,858.83, 172,084.40 51. (1) ---, 132

133 ( ) CIMCHoldings(B.V.I.)Limited ( ) CIMCHoldings(B.V.I.)Limited CIMCHoldings(B.V.I.)Limited CIMCHoldings(B.V.I.)Limited ( ) ( ) ( ) (2), ( ), ( ) 40%, ( ( ) ), ( ) 20%, ( ) ( ) 20% 40% 40%,, ( ) 40%, ( ) 20%,,,, ( ( ) ),,

[2003]10 [2003]215,, ( ) 200,000.00, 6,800,000.00,, (2004) 004 005 ( ),( ),, ( ) ( ), ( ) ( ( ) 40%, 1.00 [2004]175 [2004]9, ( ) ( ),( ),,, (3),, 134

150,000,000.00,, 1,517,200,000.00,, ING BANK N.V.( ), ING BANK N.V. 100,000,000.00,, 1,517,200,000.00,, 2,000,000,000.00 ( ), (4), (2004)177 < >,,,,, (5), ( ( ) ( ) / ) RMB 32,906.00 RMB 32,906.00 RMB --- 100% 41,350.00 20,280.35 (21,069.65 ) 49% 22,106.00 18,206.00 (3,900.00 ) 82% 14,539.00 11,580.00 (2,959.00 ) 80% 135

23,156.00 23,156.00 --- 100% 19,021.00 15,586.00 (3,435.00 ) 82% 24,012.00 22,051.95 (1,960.05 ) 92% RMB 177,090.00 RMB 143,766.30 RMB (33,323.70 ) 81% 52. (1), [2005]0004 [2005]005, Speedic Enterprise Corp., 48,780,000.00, 20,000,000.00,Speedic Enterprise Corp. 28,780,000.00, 41% 59%, 013354, Speedic Enterprise Corp. (2), 2,000,000,000.00 (3) --- 1(34), ( ) 11,829,500.00 (4) [2004]203, ( ), 30,400,000.00 (5), [2004]277 < >< >, 10,000,000.00 136

, ( ) 5,000,000.00,CIMC Vehicle Investment Holdings Company Limited 5,000,000.00, 50% [2004]57331, 003069, ( ) 12,414,750.00 (6) 33, --- Profit Crown Assets Limited 102,313,410 22,736,313 (B) (B) B (7), [2005]0135 53., 54. 137

( ) ( ) 2004 2003 USD 145,451.41 RMB 1,204,337.67 USD (2,594,161.32) RMB (21,479,655.73) 138

( ) ( ) 2004.12.31/2004 60.39% 71.02% USD 0.54 USD 0.62 RMB 4.47 RMB 5.11 40.33% 47.43% USD 0.36 USD 0.41 RMB 2.99 RMB 3.41 31.98% 37.61% USD 0.29 USD 0.33 RMB 2.37 RMB 2.71 32.62% 38.37% USD 0.29 USD 0.33 RMB 2.42 RMB 2.76 2003.12.31/2003 35.62% 56.37% USD 0.36 USD 0.44 RMB 2.99 RMB 3.62 18.11% 28.67% USD 0.18 USD 0.22 RMB 1.52 RMB 1.84 12.90% 20.42% USD 0.13 USD 0.16 RMB 1.08 RMB 1.31 12.70% 20.10% USD 0.13 USD 0.16 RMB 1.07 RMB 1.29 139

( ) ( ) USD 11,316,025.00 USD 7,188,241.80 USD - USD 3,580,790.43 USD 3,580,790.43 USD 14,923,476.37 USD 10,133,365.99 USD 4,440,903.94 USD USD 3,535,810.47 USD 3,535,810.47 USD 11,038,459.46 USD 1,182,659.01 USD 2,747,337.86 USD - USD 44,979.96 USD 44,979.96 USD 3,885,016.91 USD - USD 1,650,798.50 USD - USD -USD - USD 1,650,798.50 USD - USD 1,650,798.50 USD USD -USD - USD 1,650,798.50 USD - USD - USD - USD -USD - USD - USD 3,000,980.12 USD 556,325.74 USD - USD 898,394.35 USD 898,394.35 USD 2,658,911.51 USD 184,651.27 USD 351,311.95 USD - USD USD - USD 535,963.22 USD 21,696.27 USD 49,813.79 USD - USD USD - USD 71,510.06 USD 355,527.14 USD 155,200.00 USD - USD 200,285.28 USD 200,285.28 USD 310,441.86 USD 1,303,074.70 USD - USD - USD 59,230.66 USD 59,230.66 USD 1,243,844.04 USD - USD - USD - USD USD - USD - USD 1,136,030.74 USD - USD - USD 638,878.41 USD 638,878.41 USD 497,152.33 USD - USD - USD - USD USD - USD - USD 3,179,530.44 USD 1,095,087.70 USD - USD -USD - USD 4,274,618.14 USD 3,179,530.44 USD 1,095,087.70 USD - USD -USD - USD 4,274,618.14 140

USD - USD - USD - USD -USD - - USD 6,375,921.31 USD 9,239,710.00 USD - USD 5,001,483.58 USD 5,001,483.58 USD 10,614,147.83 USD 3,166,431.21 USD 3,514,027.87 USD - USD 2,491,624.92 USD 2,491,624.92 USD 4,188,834.16 USD 2,883,889.55 USD 5,571,075.12 USD - USD 2,417,034.62 USD 2,417,034.62 USD 6,037,930.05 USD 85,357.59 USD 1,051.56 USD - USD 84,144.44 USD 84,144.44 USD 2,264.71 USD 240,242.96 USD 153,555.55 USD - USD 8,679.60 USD 8,679.60 USD 385,118.91 USD 7,543,816.55 USD 8,439,383.83 USD - USD -USD - 15,983,200.38 USD 43,816.55 USD - USD - USD -USD - 43,816.55 USD 7,500,000.00 USD 8,439,383.83 USD - USD -USD - 15,939,383.83 USD - USD - USD - USD -USD - - USD - USD - USD - USD -USD - - USD - USD - USD - USD -USD - - 141

( ) ( ) 2004.12.31/2004 2003.12.31/2003 1. USD 179,126,281.17 USD 85,281,773.62 110.04% 2. USD 590,641,555.45 USD 391,645,269.47 50.81% 3. USD 109,420,573.74 USD 66,201,488.11 65.28% 4. USD 554,295,203.22 USD 177,996,894.36 211.41% 5. USD 525,176,985.06 USD 391,500,753.90 34.14% 6. USD 200,305,366.04 USD 61,352,225.51 226.48% 7. USD 102,893,716.95 USD 46,370,843.67 121.89% 8. USD 327,720,876.22 USD 192,184,727.14 70.52% 9. USD 123,808,435.95 USD 78,134,371.09 58.46% 10. USD 3,208,669,541.32 USD 1,666,693,631.57 92.52% 10. USD 2,663,417,735.38 USD 1,437,214,333.45 85.32% 11. USD 134,695,994.06 USD 65,258,023.12 106.41% 12. USD 30,528,590.49 USD 11,988,808.88 154.64% 13. USD 37,068,368.23 USD 13,213,783.68 180.53% 1, 2 3 4 5 142

( ) ( ) ( ) 6 7., 8., 9. 10 11 12 13 143

( ) ( ) 1 50%, 20% 50%, 1 (1) 1989.04.29 --- --- --- 2 (2) 1989.05.08 USD 16,682,000.00 USD 11,909,530.03 71.3915%, 3 1989.08.01 HKD 4,680,000.00 HKD 3,978,000.00 85.00% 4 (3) 1990.01.08 USD 7,700,000.00 USD 4,381,300.00 56.90% 5 (4) 1991.09.18 USD 9,480,000.00 USD 4,977,000.00 52.50% 6 (5) 1991.11.23 RMB 67,390,000.00 RMB 50,899,667.00 75.53% 7 1992.07.18 USD 13,500,000.00 USD 13,500,000.00 100.00% 8 (6) 1992.11.18 --- --- --- 9 (7) 1993.02.18 USD 18,930,100.00 USD 9,855,060.00 71.78%, 10 (37) 1993.04.09 USD 28,500,000.00 USD 13,500,450.00 47.37%, ( ),, ( ) 11 1995.01.26 USD 3,918,700.00 USD 2,860,651.00 73.00% 12 1995.05.21 USD 15,500,000.00 USD 12,855,700.00 82.94% 13 1995.06.14 USD 31,000,000.00 USD 22,320,000.00 72.00% 14 (5) 1995.08.16 RMB 9,910,000.00 RMB 7,485,023.00 75.53% 15 (8) 1995.12.11 USD 24,000,000.00 USD 9,600,000.00 40.00%, 144

( ) ( ) ( ) 16 (9) 1995.12.18 USD 33,200,000.00 USD 33,200,000.00 100.00%, 17 ( )(10) 1996.08.29 USD 30,000,000.00 USD 30,000,000.00 100.00% 18 CIMC Holdings (B.V.I.) Limited 1996.10 USD 34,001.00 USD 34,001.00 100.00% 19 (11) 1997.10.30 RMB 105,340,000.00 RMB 100,000,000.00 51.00% 20 CIMC Vehicle Investment (12) 1998.03.06 USD 50,000.00 USD 50,000.00 100.00% --- Holdings Company Limited 21 Speedic Enterprise Corp. (13) 1998 USD 50,000.00 USD 50,000.00 100.00% 22 (14) 1998.07.10 USD 10,000,000.00 USD 5,690,000.00 56.90% 23 (15) 1998.11.24 RMB 50,000,000.00 RMB 50,000,000.00 100.00% 24 (16) 1999.01.29 USD 27,840,000.00 USD 26,300,000.00 100.00% 25 (17) 1999.01.29 USD 39,060,000.00 USD 34,880,000.00 89.30% 26 (18) 1999.12.07 RMB 30,000,000.00 RMB 27,300,000.00 91.00% 27 (19) 1999.12.23 RMB 16,000,000.00 RMB 16,000,000.00 100.00% 28 2000.01.05 RMB 150,000,000.00 RMB 150,000,000.00 100.00% 29 (38) 2001.01.17 RMB 5,000,000.00 RMB 5,000,000.00 100.00%, 30 2001.04.09 RMB 5,000,000.00 RMB 4,897,500.00 97.95% 31 2002.03.15 USD 10.00 USD 900,000.00 100.00%. 32 (39) 2002.09.06 RMB 30,000,000.00 RMB 30,000,000.00 100.00% 33 CIMC USA,INC. 2002.11.15 USD 10.00 USD 10,100,000.00 100.00% --- --- 34 (20) 2002.11.29 USD 12,000,000.00 USD 12,000,000.00 100.00%, 145

( ) ( ) ( ) 35 ( ) --- HKD 2,000,000.00 HKD 2,000,000.00 100.00%, 36 (21) 2003.01.20 USD 9,000,000.00 USD 9,000,000.00 100.00% --- 37 (22) 2003.03.25 USD 6,800,000.00 USD 5,440,000.00 80.00% 38 2003.03.25 HKD 2.00 HKD 2.00 100.00% --- 39 Vanguard National Trailer Corporation 2003.04.12 USD 10.00 USD 4,000,000.00 100.00% --- --- 40 (23) 2003.08.14 USD 10,000,000.00 USD 5,690,000.00 56.90% ( ) 41 (24) 2003.09.22 USD 17,400,000.00 USD 17,400,000.00 100.00% (, ) 42 (25) 2003.10.17 USD 15,000,000.00 USD 15,000,000.00 100.00% 43 (26) 2004.05.12 USD 20,000,000.00 USD 16,000,000.00 100.00% 44 (27) 2004.05.17 RMB 60,000,000.00 RMB 60,000,000.00 100.00% 45 (28) 2004.05.28 RMB 3,000,000.00 RMB 3,000,000.00 100.00% 46 (29) 2004.05.31 USD 11,500,000.00 USD 10,792,750.00 93.85%, 146

( ) ( ) ( ) 47 (30) 2004.08.24 USD 12,000,000.00 USD 12,000,000.00 100.00% 48 (31) 2004.10.25 USD 4,000,000.00 USD 2,000,000.00 100.00% 49 (32) 2004.11.01 RMB 35,000,000.00 RMB 35,000,000.00 100.00% 50 (33) 2004.11.22 RMB 9,000,000.00 RMB 9,000,000.00 100.00% 51 (34) 2004.12.03 USD 6,000,000.00 USD 6,000,000.00 100.00%, 52 --- HKD 10,000.00 HKD 2,373,528.00 100.00% --- 53 Gold Terrain Assets Limited --- USD 1.00 USD 1.00 100.00% --- 54 Goldbird Holding Inc. --- USD 50,000.00 USD 50,000.00 100.00% --- 55 Silveroad Investment Limited --- USD 50,000.00 USD 50,000.00 100.00% --- 56 Silveroad Investment (Hong Kong) Limited --- HKD 10,000.00 HKD 10,000.00 100.00% --- 57 Silveroad Wood Products Limited 58 Highfield Development (Hong Kong) Limited 59 Silveroad Development Company Limited --- USD 8,000.00 USD 8,000.00 100.00% --- --- HKD 10,000.00 HKD 10,000.00 100.00% --- --- USD --- USD --- 100.00% --- --- 60 Highfield Development Corp. --- USD 50,000.00 USD 50,000.00 100.00% --- 61 Global World Limited --- USD 50,000.00 USD 50,000.00 100.00% --- 62 Supercrown Enterprise Inc. --- USD 1.00 USD 1.00 100.00% --- 63 --- SFG 3,000,000.00 SFG 3,000,000.00 100.00% --- 64 Topco Forestry N.V. --- SFG 3,000,000.00 SFG 3,000,000.00 100.00% --- 65 Lumprex Suriname N.V. --- SFG 1,200,000.00 SFG 1,200,000.00 100.00% --- 66 Clive-Smith Cowley Limited (35) --- GBP 100.00 GBP 100.00 60.00% --- 67 CIMC Australia Pty Ltd. (36) --- AUD 50,000.00 AUD 50,000.00 70.00% --- 147

( ) ( ) ( ) (1),, [2004]68,, (2004) 4, (2004) 0943, (2),, (3) CIMC Holdings (B.V.I.) Limited,,CIMC Holdings (B.V.I.) Limited CIMC Holdings (B.V.I.) Limited,, (4),, 148

149 ( ) ( ) ( ) (5), ( ), ( ) 100%, ( ) 13.5%, ( ), 13.5%, ( ) ( ), 5,000,000.00 9,910,000.00, ( ) ( ) 9.95% 37.66% 8.75% 34,000,000.00 67,390,000.00,, ( ) ( ) 9.95% 37.66% 8.75% 1.3056

150 ( ) ( ) ( ) ( ) ( ) [2003]123 ( ) ( ) [2004]16 1(19) ( ) 100% 12.36%, 68.72%

( ) ( ) ( ) KIC ( ), ( ) KIC 13.5%, ( ) KIC 70%,, KIC CIMC Vehicle Investment Holdings Company Limited ( ), KIC 6.81% CIMC Vehicle Investment Holdings Company Limited, 70% ( ) KIC,, 75.53% ( ),, ( ) 151

( ) ( ) ( ) (6),,, ( ), (7), ( ), ( ) 42%, ( ), ( ) 6%, ( ), ( ),,,CIMC Vehicle Investment Holdings Company Limited ( ), ( ) 19% 6% CIMC Vehicle Investment Holdings Company Limited, 50%, 152

( ) ( ) ( ), CIMC Vehicle Investment Holdings Company Limited 15,000,000.00,, ( ) 5,200,000.00,CIMC Vehicle Investment Holdings Company Limited 6,278,100.00 [2004]225,CIMC Vehicle Investment Holdings Company Limited 6,278,100.00, (2004) 012 013,, 71.78% ( ),, ( ) (8) ( ),, ( ) ( ) 153

( ) ( ) (9), 15,500,000.00 33,200,000.00, 17,700,000.00,, (2004) 25 (2004) 33 (10) ( ), ( ) (11), ( ) CIMC Vehicle Investment Holdings Company Limited, 5,340,000.00 105,340,000.00, ( ) CIMC Vehicle Investment Holdings Company Limited (2004) 35 97,382,119.69, 5,340,000.00, 49% ( ) CIMC Vehicle Investment Holdings Company Limited 50,000,000.00, 25.5% [2004]133, (2004) 78 154

( ) ( ) ( ),,, (12) CIMC Vehicle Investment Holdings Company Limited ( KELLYWOOD INTERNATIONAL INC.) ( ) (13) Speedic Enterprise Corp. ( ) (14) CIMC Holdings (B.V.I.) Limited,,CIMC Holdings (B.V.I.) Limited CIMC Holdings (B.V.I.) Limited,, (15),, 30,000,000.00,, 20,000,000.00 50,000,000.00, 98% 2% 155

( ) ( ) ( ), (2004) 27 (16), 20,300,000.00 27,840,000.00, 1,540,000.00,CIMC Holdings (B.V.I.) Limited 6,000,000.00 [2004]007 [2004]209, [1999]001, CIMC Holdings (B.V.I.) Limited 405,980.00, CIMC Holdings (B.V.I.) Limited 5,594,020.00 CIMC Holdings (B.V.I.) Limited 6,000,000.00,, 283,333,,, 156

157 ( ) ( ) ( ) (17) ( ),, ( ), ( ), (18), ( ) ( ), ( ) ( ) 60%, ( ), ( ) 14% 4.5% 9% 1.5% 1% 1%, ( ) 50%,,,,

( ) ( ) ( ) (19), ( ), ( ) 75% 25%, ( ) 13,302,667.00, 1,606,602.29 4,434,223.00, 535,534.18, (20),, ( )75%,BANBO LIMITED CIMC Holdings (B.V.I.) Limited,CIMC Holdings (B.V.I.) Limited BANBO LIMITED 25% [2003]291,BANBO LIMITED 1,800,000.00, (2003) 030,BANBO LIMITED 270,000.00, 1,530,000.00 158

( ) ( ) ( ),CIMC Holdings (B.V.I.) Limited BANBO LIMITED 277,074.00 47,585,385.90,CIMC Holdings (B.V.I.) Limited BANBO LIMITED 1,530,000.00, (2004) 031, 12,000,000.00, 3,570,000.00,CIMC Holdings(B.V.I.) Limited 1,200,000.00,, (2004) 066 (21),, 3,000,000.00 9,000,000.00,, [2004] 32 (22) 51(2), ( ) ( ) 40% 159

( ) ( ) ( ),,, 6,800,000.00,, (2004) 005,,,, (23), CIMC Holdings (B.V.I.) Limited,CIMC Holdings (B.V.I.) Limited 10% [2004]16, 66.90% 56.90%,CIMC Holdings (B.V.I.) Limited 160

( ) ( ) ( ), 2,100,000.00 10,000,000.00, [2004] 167, CIMC Holdings (B.V.I.) Limited,, (24), [2003] 0564, CIMC Holdings (B.V.I.) Limited 15,000,000.00,CIMC Holdings (B.V.I.) Limited 33.33% 66.67%,CIMC Holdings (B.V.I.) Limited 10,000,000.00, (2003) 42 (2004) 43 CIMC Holdings (B.V.I.) Limited < >, 17,400,000.00,CIMC Holdings (B.V.I.) Limited 7,400,000.00, (2004) 028 251,236.48 61,301,700.00 ( 7,400,000.00 ),, CIMC Holdings (B.V.I.) Limited 57.47% 42.53% 161

( ) ( ) ( ),,,, (25), [2003] 366, ---CIMC Holdings(B.V.I.) Limited 15,000,000.00, 3,750,000.00, 25% CIMC Holdings(B.V.I.) Limited 11,250,000.00, 75%,, [2003]1346 [2004]1118 (26), (2004) 129, CIMC Holdings(B.V.I.) Limited 20,000,000.00, CIMC Holdings(B.V.I.) Limited 50%, CIMC Holdings(B.V.I.) Limited 16,000,000.00, [2004] 0099 0125 0174 0191 [2005] 0002 162

( ) ( ) ( ) (27), [2004] 0005 [2004] 0114, ( ) CIMC Vehicle Investment Holdings Company Limited 60,000,000.00, ( ) CIMC Vehicle Investment Holdings Company Limited 75% 25%,, (2004) 15 (28), (2004) 0513372, ( ) 3,000,000.00, ( ) 99% 1%,, (2004) 17 (29), [2004]0551 [2004]185, ( ), 11,500,000.00, 163

( ) ( ) ( ) 6,610,000.00, 57.48% 1,990,000.00, 17.30% ( ) 2,900,000.00, 25.22% [2004] 2-066 (30), [2004]123 (2004) 57, ( ), 12,000,000.00, ( ) 70% 30%,, (2004) 61 (31), [2004]112, CIMC Holdings(B.V.I.) Limited 4,000,000.00, CIMC Holdings(B.V.I.) Limited 50%,CIMC Holdings(B.V.I.) Limited 2,000,000.00, [2004] 3-29, 164

( ) ( ) ( ) (32), [2004]301, [2004]0098, ( ) CIMC Vehicle Investment Holdings Company Limited 35,000,000.00, ( ) CIMC Vehicle Investment Holdings Company Limited 51% 49% [2005] 01 (33), 9,000,000.00, 90% 10%,, (2004) 1007 (34), [2004]0024 [2004]216, ( ) CIMC Vehicle Investment Holdings Company Limited 6,000,000.00, ( ) CIMC Vehicle Investment Holdings Company Limited 50% 165

( ) ( ) ( ), ( ) CIMC Vehicle Investment Holdings Company Limited 1,500,000.00 13,000,000.00, ( ) 11,829,500.00 (35), Goldbird Holding Inc Martin Clive-Smith,Goldbird Holding Inc. Martin Clive-Smith Clive-Smith Cowley Ltd 60%, 3,004,830.69 116,643.61, 5,977,638.20, ( ) Goldbird Holding Inc Martin Clive-Smith (36),QY Investment and Development Co. Ltd. Silveroad Investment Limited Transportlink Pty Ltd.,Silveroad Investment Limited QY Investment and Development Co. Ltd. Transportlink Pty Ltd.70%, ( ) Silveroad Investment Limited QY Investment and Development Co. Ltd.,Transportlink Pty Ltd. CIMC Australia Pty Ltd., 166

( ) ( ) ( ) (37) CIMC Holdings (B.V.I) Limited,, CIMC Holdings (B.V.I) Limited (2003) 1396 (38) --- 40% 60% 100% (39) 30,000,000.00, 80% ; 20% --- 1(38), 60% 100%, 92% 100% 167

( ) ( ) ( ) 2 50% 1 KYH STEEL HOLDING LTD 1994.10 USD 9,351,691.00 USD 3,336,395.26 31.83% --- 2 * 1996.12.27 USD 2,080,000.00 USD 1,571,024.00 37.765% 3 * 1997.1.8 USD 1,000,000.00 USD 100,000.00 7.178%, 4 * 1998.02.26 RMB 650,000.00 RMB 650,000.00 47.11%,,, 5 2003.1 RMB 30,000,000.0 RMB 13,500,000.0 45%, 0 0 6 * 2003.9.29 USD 5,000,000.00 USD 1,000,000.00 20 * 12 3 ( ) 2003.08.12 ( ) 2003.02.13 90% 168

( ) 1,, 2,, 3 2004.12.31 2004 / USD 908,367.00 USD 297,704.00 -- 1 (2,306.00) (743.00) -- 2 5,733.00 (4,055.00) -- 3 (6,325.00) (3,885.00) -- (1,154.00) (110.00) (2,054.00) (382.00) (6,030.00) (9,175.00) / USD 902,261.00 USD 288,529.00, 169

170