(1) 25030053

2 5 11 26 5 27 32 68 69 70 72 73 74 76 147 148 149 150 25030053

2004 2003 2,409,338 2,130,429 13.1% 7,879,111 5,447,618 44.6% 672,020 328,208 104.8% 10,960,469 7,906,255 38.6% 606,710 557,993 8.7% 2,120,788 1,544,038 37.4% 2,057,459 1,465,616 40.4% 96.09 69.86 37.5% 95.74 69.67 37.4% 45.0 42.00 7.1% 6.51 5.98 8.9% 18,189,019 14,529,646 25.2% 13,944,396 12,808,354 8.9% 2 25030053

3 25030053

4 25030053

2004200412 31 2004 200496 20.5740.4% 2.74 17.83 12.61 41.4% 96.09 37.5% 200424.09 109.6 13.1%38.6% 5 25030053

30 1545 346.8% 20056282005510 2004 39.1% 43% 52% 38.5% 2004 6 25030053

2005 8% 2005 2005 25030053 7

2004 8 25030053

BBBBaa2 2004 2005322 25030053 9

10 25030053

20.5740.4% 2.74 17.83 12.61( )41.4% 96.09 37.5% 200424.09 109.6 13.1%38.6% 11 25030053

200413.65 9.5%1.1535.7% 7.5%14% 9.50 6.8339.1%7.32 23.7% 12 25030053

1,280 TEU28.4%709 TEU43%2004 52%561TEU 12.8%7.3%2004 3,571 10.7% 55 19.8%13.9% 13 25030053

2004 2004 2003 2004 2003 TEU TEU 212.3 152.7 39.0% 15.5% 14.3% 266.0 163.9 62.2% 19.4% 15.3% 115.0 87.2 32.0% 8.4% 8.2% 81.2 60.1 35.1% 5.9% 5.6% 34.0 30.1 13.1% 2.5% 2.8% 708.5 494.0 43.4% 51.7% 46.3% 1,369.4 1,066.1 28.5% 100.0% 100.0% 6.2438.5% 14 25030053

157TEU33.9%5.21 53.2% 191.1% 2004 2004 2003 TEU TEU 144.8 107.6 34.6% 5.6 5.6-0.8% 6.7 4.1 63.9% 157.1 117.3 33.9% 15 25030053

20041230 4,332 4.6%1.52 20041018Aframax 4.1 182.8% 16 25030053

17 25030053

18 25030053

2004122952.630% 2005 CMHI Finance (Cayman) Inc.200537 5105.375% 2004 19 25030053

200412312074.0%9.7% 7.6%8.7% 1213 2317 1,2009.42 11 200412312,142,192,974 2,050,0001,000 2004123117.7 2.515.11.06 200412 31 12.7% 20 25030053

73.9% 20041231 4.48 20041231 12.3 200412313,08235010 2,7222.36 10.9% 21 25030053

22 25030053

2005 8% 30% 23 25030053

2005SCT III#53 #68#5#637 CCT#133#43#39 #1#210 2005 52005 24 25030053

2005 2005 25 25030053

5 2004 2003 2002 2001 2000 2,409,338 2,130,429 1,689,136 1,206,105 1,381,860 2,345,481 1,726,266 1,084,480 975,099 1,081,178 2,120,788 1,544,038 947,279 860,062 978,444 (63,329) (78,422) (64,792) (59,852) (100,376) 2,057,459 1,465,616 882,487 800,210 878,068 5 14,639,868 12,578,686 10,921,569 10,188,455 10,054,164 2,467,237 1,388,789 1,228,434 1,590,818 1,774,102 17,107,105 13,967,475 12,150,003 11,779,273 11,828,266 (1,932,111) (292,755) (528,278) (773,963) (982,569) (1,230,598) (866,366) (180,107) (132,374) (481,057) 13,944,396 12,808,354 11,441,618 10,872,936 10,364,640 96.09 69.86 42.93 38.98 42.94 95.74 69.67 42.64 38.88 42.71 45.0 42.0 22.0 16.0 13.0 26 25030053

48 50 50 Finafrica 27 25030053

49 49 43CNBC (Wharton) 28 25030053

55 42 Delft, IHE 73 29 25030053

50 62 49 30 25030053

45 53 Societe Generale, Deutsche Morgan Grenfell, Samuel MontagueBear Stearns Asia 40 31 25030053

20041231 394041 4 69 2004101415321,201,000 2005 2004123130200329 642,658,000 2005628 20052005530 32 25030053

2005628 33 15 32 79B20041231 1,507,226,0002003737,740,000 26 33 25030053

2004629 2004629 2005121 2004108 9197 34 25030053

35 25030053

20041231352 XV 2004 1231 1 3,100,000 0.145% 2,100,000 0.098% 800,000 0.037% 500,000 0.023% 1,200,000 0.056% 1,900,000 0.089% 600,000 0.028% 950,000 0.044% 130,000 0.006% 130,000 11,150,000 0.526% 1 36 25030053

352 20041231 352 (a) 1992626 80% 10% 37 25030053

(a) 20011220 2004 1231 6,350,000200412310.3% 20041231 2004 2004 11 1231 1.3.2000 5.054 1,500,000 1,500,000 1.3.2000 5.054 1,100,000 1,100,000 2,600,000 2,600,000 --------------- --------------- --------------- --------------- --------------- 38 25030053

(a) 2004 2004 11 1231 (I) 1.3.2000 5.054 2,050,000 50,000 2,000,000 (II) 19.9.2000 5.615 750,000 50,000 350,000* 1,050,000 (III) 24.5.2001 5.630 100,000 100,000 (IV) 6.7.2001 5.610 700,000 700,000 3,600,000 200,000 350,000 3,750,000 --------------- --------------- --------------- --------------- --------------- 6,200,000 200,000 350,000 6,350,000 * 2004629 10.98 39 25030053

(b) 20011220 ( ) 2002827 (i) (ii) 40 25030053

(b) (iii) (1) 10% (iii)(2)(iii)(3) 10% 10% (2) 10% (iii)(5) (iii)(1)10% 10% 41 25030053

(b) (3) 10% (iii)(5) (iii)(1) (iii)(2) (4) (a) (iii)4(b)(iii)(5) 12 1% (b) (iii)4(a) (iii)4(a) (iii)(5) 42 25030053

(b) (5) 30% 30% (iv) 10 (v) (vi) (vii) 1020111219 43 25030053

(b) (viii) 2004123133,860,000 1.58% 20041231149,087,238 6.96% 20041231 2004 2004 11 1231 11.10.2002 4.985 600,000 600,000 27.10.2004 11.08 1,000,000 1,000,000 11.10.2002 4.985 300,000 300,000 27.10.2004 11.08 700,000 700,000 11.10.2002 4.985 300,000 300,000 27.10.2004 11.08 500,000 500,000 27.10.2004 11.08 500,000 500,000 11.10.2002 4.985 700,000 700,000 27.10.2004 11.08 500,000 500,000 11.10.2002 4.985 900,000 900,000 27.10.2004 11.08 1,000,000 1,000,000 27.10.2004 11.08 600,000 600,000 11.10.2002 4.985 450,000 450,000 27.10.2004 11.08 500,000 500,000 3,250,000 5,300,000 8,550,000 ---------------- ---------------- ---------------- ---------------- ---------------- 44 25030053

(b) (viii) 2004 2004 11 1231 (I) 11.10.2002 4.985 4,100,000 1,150,000 2,950,000 27.10.2004 11.08 14,360,000 14,360,000 (II) 11.10.2002 4.985 2,300,000 700,000 1,600,000 27.10.2004 11.08 6,400,000 6,400,000 6,400,000 20,760,000 1,850,000 25,310,000 ---------------- ---------------- ---------------- ---------------- ---------------- 9,650,000 26,060,000 1,850,000 33,860,000 10 1. 2004102610.9 2. 11.62 3. 200410277.644 45 25030053

(b) (viii) Black-ScholesBlack-Scholes (a) 10 (b) (c) (d) 429928429928 (e) Bloomberg Professional (f) 260 Black-Scholes 46 25030053

(c) 1995929 HTP Holdings (3) 5% 2002530 20041231 155,000200412310.03% 47 25030053

(d) 2002 20022002530 2002 2002 (i) 2002 (ii) 2002 2002 2002 48 25030053

(d) 2002 (ii) (b) 2002 2002 10% (c) 2002 15% (d) 20% 49 25030053

(d) 2002 (ii) (e) 5 10 (f) 2002 (g) 0.50 200,0000.50 50 25030053

(d) 2002 (ii) (h) 2002 200412312002 2,450,000 0.55% 200220041231 2004 2004 11 1231 2003 0.5 400,000 400,000 210 2003 0.5 2,250,000 (200,000 ) 2,050,000 210 51 25030053

(d) 2002 (ii) (h) 2002 510 1. 23.95%20041230 48.29%72.24% 2. 2003210 2002 52 25030053

20041231336 1,121,011,351 1,121,011,351 52.33% 12 1,094,567,584 1,094,567,584 51.10% 12 1,094,567,584 1,094,567,584 51.10% 12 China Merchants 310,520,410 310,520,410 14.50% Union (BVI) Limited 12 510,513,584 510,513,584 23.83% 12 Bluewater International 100,000,000 100,000,000 4.67% Investments Limited 12 Blue Sky International 173,533,590 173,533,590 8.10% Investments Limited 12 53 25030053

1. 1,121,011,351China Merchants Union (BVI) Limited 310,520,410510,513,584Bluewater International Investments Limited 100,000,000Blue Sky International Investments Limited 173,533,590Orienture Holdings Company Limited 26,443,767 2. Orienture Holdings Company LimitedBlue Sky International Investments LimitedBluewater International Investments Limited China Merchants Union (BVI) Limited 336 54 25030053

20041231 14A (a) 200442 51,46825,83512,752 1,338,168465,030229,536 2004 21200431 (b) 2004629 532,763.378910 60% 159,830,000150,783,000 55 25030053

(c) (d) 2004825Market Ocean Holdings LimitedChina Merchants Energy Transport Investment Company Limited Ming Wah Universal (Bermuda) Co., Ltd.100% 1,310,000,000 20041123Zhangzhou Terminal Holdings Company Limited 45,000,000 42,453,00015,000,00014,151,000 60% Zhangzhou Terminal Holdings Company Limited25%75% 56 25030053

(e) Hempel A/S (i)(ii) (42,356) (i)(iii) 137,325 (i)(iv) (3,000) Hempel A/S (i)(v) (761) AMC (vi) (9,836) (vii) (3,024) (viii) (10,009) 57 25030053

(a) (ix) (20,285) (x) (4,618) (x) (1,423) (xi) 666 58 25030053

(a) (xii) (5,589) (xiii) (530) (xiv) (3,408) (i) Hempel A/SI.C.H Industrial & Commercial Holdings ApS (ii) (iii) (iv) 4% (v) 0.5% 59 25030053

(a) (vi) Ming Wah (Universal) Shipping Inc.Ming Wah Shipping1994 AMC AMCMing Wah Universal (Bermuda) Company Limited Ming Wah ShippingMing Wah ShippingAMC AMC 20041018AMC (vii) 2004111 CMGW 20041111CMGW (viii) CMSPS2004111 CMPDCMSPSCMPD 20041112005123114CMPD CMSPS 60 25030053

(a) (ix) 2001111 2004111 2004111 20,285,000 (x) 2004111 20041111 (xi) (xii) 2001118 20041115,589,000 (xiii) (xiv) 2004111 2004111 61 25030053

(f) (a)(e) (i) (ii) (iii) (i) Hempel A/S(e) (ii)20041231 0.4% (ii) Hempel A/S(e)(iii) 200412311% (iii) AMC(e)(vi) 200412310.2% 62 25030053

(iv) 9(e) (vii)4,000,000 (v) (e)(viii) 200412310.5% (vi) (e)(ix)20041231 0.5% (vii) (e) xi20041231 0.5% (viii) (e)(xii) 7,500,000 (ix) (e)(xiii)5,000,000 63 25030053

(a)(e) (A) (B) (C) (D) 20011210200312 29 64 25030053

2004 30% 5% 20041231200511 1A7 25% 65 25030053

1313.22 1313.22 20041231 11,724 12,286 (8,239) (3,784) 11,987 3,391 8,596 11,987 200412313,785,000,000 200513 66 25030053

200537500,000,00020155.375 2005322 67 25030053

69146 141 68 25030053

20041231 2004 2003 4 2,409,338 2,130,429 7,879,111 5,447,618 672,020 328,208 10,960,469 7,906,255 4 2,409,338 2,130,429 (1,688,834) (1,460,831) 720,504 669,598 4 75,526 55,014 (178,901) (163,920) (284,009) (206,824) 5 273,590 160,559 43,566 6 606,710 557,993 7 (16,398) (20,474) 1,349,957 1,016,461 405,212 172,286 2,345,481 1,726,266 10 (224,693) (182,228) 2,120,788 1,544,038 (63,329) (78,422) 2,057,459 1,465,616 12 963,859 897,814 13 96.09 69.86 13 95.74 69.67 25030053 69

20041231 2004 2003 14 172,132 468,752 15 5,853,967 4,545,272 17 3,981,580 3,539,919 18 3,989,272 2,974,976 19 66,046 77,665 20 558,170 455,701 21 3,227 500,000 30 15,474 16,401 14,639,868 12,578,686 -------------------- -------------------- 22 195,537 151,113 23 427,662 24 804,004 757,066 5,127 25 45,355 85,977 26 2,071,466 956,804 3,549,151 1,950,960 -------------------- -------------------- 27 709,783 511,040 24,350 11,131 28 253,770 40,000 29 94,011 1,081,914 562,171 -------------------- -------------------- 2,467,237 1,388,789 -------------------- -------------------- 17,107,105 13,967,475 -------------------- -------------------- 70 25030053

2004 2003 28 1,514,246 29 233,468 285,133 30 156,420 7,622 31 27,977 1,932,111 292,755 -------------------- -------------------- 1,230,598 866,366 -------------------- -------------------- 13,944,396 12,808,354 32 214,219 214,014 33 13,087,519 11,973,699 33 642,658 620,641 13,944,396 12,808,354 71 25030053

20041231 2004 2003 15 1,777 593 16 13,333,546 15,530,764 17 181,327 163,743 18 2,949 2,949 13,519,599 -------------------- 15,698,049 -------------------- 24 20,642 43,589 1,470,062 136,971 1,490,704 180,560 27 7,167 5,971 1,483,537 174,589 -------------------- -------------------- 15,003,136 15,872,638 16 2,456,259 4,105,529 12,546,877 11,767,109 32 214,219 214,014 33 11,690,000 10,932,454 33 642,658 620,641 12,546,877 11,767,109 72 25030053

20041231 2004 2003 11 12,808,354 11,441,618 33 422 33 22,000 10,506 22,000 10,928 2,057,459 1,465,616 2,079,459 1,476,544 32, 33 10,282 107,805 32, 33 317,430 33 (11,610) 56,130 33 (942,089) (591,173) 1231 13,944,396 12,808,354 25030053 73

20041231 2004 2003 34(a) 487,777 486,295 (6,202) (3,942) (34,587) (33,443) 446,988 448,910 -------------------- -------------------- 506,427 487,607 198,272 22,148 1,845 762 16,113 21,754 10,721 11,467 17,021 7,730 34(d) 1,202,518 404,280 82,736 133,769 2,332 2,340 36,504 (1,447,094) (623,319) 34(c) (286,151) (115) (17,584) (10,570) (289,808) (140,752) 695 (161,569) (171,985) (127,022) 145,116 -------------------- -------------------- 319,966 594,026 -------------------- -------------------- 74 25030053

2004 2003 (942,089) (591,173) (30,600) (24,583) 34(b) (7,159) (17,350) 10,282 107,805 1,633,423 (12,000) (142,145) (14,396) (4,434) 94,011 93,839 182,841 731,472 (395,200) -------------------- -------------------- 1,051,438 198,826 11 1,022,249 822,784 (2,221) 639 1231 2,071,466 1,022,249 2,071,466 956,804 65,445 2,071,466 1,022,249 75 25030053

1 2 2005 1120041231 3 (a) 1231 76 25030053

3 (a) (b) (c) 25030053 77

3 (c) (d) 78 25030053

3 (e) (f) (i) 25030053 79

3 (f) (ii) 2.525 (iii) 50 850 835 320 320 2.520 520 80 25030053

3 (f) (iv) (v) (g) (h) (i) 20011120 25030053 81

3 (h) (i) 200111 200111 200111 (ii) 82 25030053

3 (i) (i) (ii) (j) (k) 25030053 83

3 (l) (m) (n) (o) (p) (i) (ii) 84 25030053

3 (p) (iii) (q) (r) (s) 25030053 85

3 (t) (u) 86 25030053

4 2004 731,789 2,055,038 392,917 3,179,744 1,301,168 5,824,073 7,125,241 279,103 279,103 350,111 350,111 26,270 26,270 2,409,338 7,879,111 672,020 10,960,469 13,410 20,002 1,845 40,269 75,526 2,484,864 87 25030053

4 2003 591,621 2,367,456 76,404 3,035,481 1,086,394 3,080,162 4,166,556 23,949 251,804 275,753 404,072 404,072 24,393 24,393 2,130,429 5,447,618 328,208 7,906,255 11,467 21,754 762 21,031 55,014 2,185,443 88 25030053

4 (a) (b) (a) (b) 25030053 89

4 5 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 731,789 591,621 1,301,168 1,086,394 2,032,957 1,678,015 23,949 350,111 404,072 26,270 24,393 376,381 452,414 2,409,338 2,130,429 2,055,038 2,367,456 5,824,073 3,080,162 7,879,111 5,447,618 7,879,111 5,447,618 392,917 76,404 392,917 76,404 279,103 251,804 279,103 251,804 672,020 328,208 3,179,744 3,035,481 7,125,241 4,166,556 10,304,985 7,202,037 279,103 275,753 350,111 404,072 26,270 24,393 655,484 704,218 10,960,469 7,906,255 731,789 591,621 1,301,168 1,086,394 2,032,957 1,678,015 23,949 350,111 404,072 26,270 24,393 376,381 452,414 2,409,338 2,130,429 123,526 99,677 128,712 121,298 252,238 220,975 7,573 21,228 136,454 145,093 77 11,727 144,104 178,048 396,342 399,023 (67,348) (48,499) 4,126 3,344 273,590 273,590 273,590 160,559 160,559 160,559 43,566 43,566 43,566 606,710 557,993 (16,398) (20,474) 733,374 718,329 616,583 246,349 1,349,957 964,678 51,783 51,783 1,349,957 1,016,461 245,624 31,617 245,624 31,617 159,588 144,671 (4,002) 159,588 140,669 405,212 172,286 2,345,481 1,726,266 (224,693) (182,228) 2,120,788 1,544,038 (63,329) (78,422) 2,057,459 1,465,616 90 25030053

4 5 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 5,064,878 2,823,967 953,868 804,292 6,018,746 3,628,259 329,324 1,169,009 1,501,046 920,506 1,501,046 2,418,839 7,519,792 6,047,098 2,262,792 2,300,611 1,718,788 1,239,308 3,981,580 3,539,919 3,981,580 3,539,919 1,274,370 376,021 1,274,370 376,021 2,714,902 2,531,357 67,598 2,714,902 2,598,955 3,989,272 2,974,976 14,048 16,380 14,048 16,380 51,998 61,285 51,998 61,285 66,046 77,665 30,706 30,706 30,706 30,706 411,984 424,995 115,480 527,464 424,995 558,170 455,701 274,829 290,753 274,829 290,753 (133,741) (102,697) (102,697) (133,741) 172,132 157,012 908 500,000 908 500,000 2,319 2,319 3,227 500,000 1,898,800 777,275 18,189,019 14,529,646 1,089,246 407,276 436,417 337,958 1,525,663 745,234 44,027 24,764 252,138 144 252,138 68,935 1,777,801 814,169 1,236,224 40,757 3,014,025 854,926 1,422,683 972,611 22,586 13,181 1,445,269 985,792 392 392 1,445,269 986,184 1,821 548 1,447,090 986,732 113,196 48,859 14,437 13,298 127,633 62,157 129 72,227 87,359 21,713 21,715 93,940 109,203 221,573 171,360 4,529 4,890 226,102 176,250 21,573 21,118 58 21,631 21,118 6,994 (10,448) (12,538) (10,448) (5,544) 11,183 15,574 25030053 91

4 2004 2003 2004 2003 337,519 323,603 14,142 37,019 1,579,555 1,322,770 231,644 208,431 142,153 79,984 14,102 8,480 5 350,111 404,072 136,454 145,093 2,409,338 2,130,429 396,342 399,023 (67,348) (48,499) 4,126 3,344 273,590 160,559 43,566 606,710 557,993 92 25030053

4 2004 2003 2004 2003 1,011,174 1,052,420 7,768 2,672 5,865,304 3,825,669 1,439,322 984,060 643,314 5 1,169,009 7,519,792 6,047,098 1,447,090 986,732 3,981,580 3,539,919 3,989,272 2,974,976 66,046 77,665 558,170 455,701 172,132 157,012 3,227 500,000 1,898,800 777,275 18,189,019 14,529,646 93 25030053

5 20048251,310,000,000 200410420041018 20041231 273,590,000 2004 11 2003 2004 1231 1018 350,111 404,072 78 2,231 (213,735) (261,210) 136,454 145,093 136,454 145,093 197,921 230,088 78 54 197,999 230,142 94 25030053

5 2004 1018 2003 1231 15 1,034,640 1,122,436 178,093 46,573 1,212,733 1,169,009 (44,647) (42,874) 1,168,086 1,126,135 (1,168,086) 8,383 14 123,293 34(d) 1,310,000 273,590 95 25030053

6 2004 2003 705,000 2003764,000 25,565 23,629 4,424 9,180 989 10,448 12,538 5 273,590 160,559 43,566 10,160 13,551 815 8 235,705 210,476 955,688 753,208 4,198 3,819 226,102 176,250 15,926 15,471 6,994 936 61,710 61,926 20,626 20,480 10,224 3,900 3,676 96 25030053

7 2004 2003 6,705 8,654 11,773 761 8,696 5,456 3,124 24,695 20,474 (8,297) 16,398 20,474 5.841%6.138% 8 2004 2003 222,392 201,802 6,000 200387,000 13,313 8,674 235,705 210,476 5%1,000 65 25030053 97

8 9 (a) 2004 2003 300 300 300 300 -------------------- -------------------- 2,963 15,929 726 515 206 139 3,895 16,583 -------------------- -------------------- 4,195 16,883 11.085,300,000 32 98 25030053

9 (a) 2004 2003 1,000,000 10 5 1,000,0011,500,000 3 1,500,0012,000,000 1 2 2,000,0012,500,000 1 3,500,0014,000,000 1 5,500,0016,000,000 1 12 12 200412312003 (b) 2003 9(a)2003 2004 2003 4,684 8,609 686 721 155 107 5,525 9,437 25030053 99

9 (b) 2004 2003 10 1,000,0011,500,000 1 1,500,0012,000,000 1 2,500,0013,000,000 1 1 3,000,0013,500,000 2 3 3 17.5%200317.5% 33% 50% 15%200315% 100 25030053

10 2003 2004 2003 9,684 9,859 (664) (466) 38,071 29,504 30 (805) (8,779) 46,286 30,118 75,813 68,956 87,775 54,817 (693) 17,470 10,114 8,130 5,398 2,737 224,693 182,228 25030053 101

10 2004 2003 2,345,481 1,726,266 355,140 272,731 (382,844) (364,950) 257,878 282,391 (1,740) (9,634) (664) (466) (3,077) 2,156 224,693 182,228 11 1,711,575,0002003747,439,000 102 25030053

12 2004 2003 200415.0 200313.0 321,201 277,173 200430.0 200329.0 642,658 620,641 963,859 897,814 20053222004123130 20051231 2003200312312,140,142,974 620,888,0002004682,140,992,974 13. 2,057,459,00020031,465,616,000 2,141,117,65520032,098,070,641 2,148,993,69620032,103,505,184 7,876,041 20035,434,543 25030053 103

14 200411 290,753 (133,741) 311,740 468,752 34(c) (102,695) (102,695) 34(d) 123,293 (311,740) (188,447) 6 (15,926) 10,448 (5,478) 20041231 274,827 (102,695) 172,132 20041231 318,518 (102,695) 215,823 (43,691) (43,691) 274,827 (102,695) 172,132 20031231 318,518 (165,085) 348,620 502,053 (27,765) 31,344 (36,880) (33,301) 290,753 (133,741) 311,740 468,752 104 25030053

15 200411 13,319 1,531,750 377,742 1,015,803 426,362 1,865,107 43,924 15,351 669,914 5,959,272 23 22 695 1,925 510 9,944 36 4 1,258 14,417 5,288 18,951 2,455 4,706 390 1,415,300 1,447,090 12,315 1,105,700 9,453 962 310 1,128,740 (4,713 ) (547 ) (4,398 ) (742 ) (10,400 ) (16,190 ) 246,769 110,972 242,045 (51 ) (1,011 ) (592,519 ) (9,985 ) (1,847,875 ) (1,847,875 ) 20041231 13,342 1,523,184 1,730,906 1,133,441 692,923 29,631 48,835 15,044 1,493,953 6,681,259 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- 200411 414,564 8,011 48,101 154,500 752,975 25,888 9,961 1,414,000 10 106 76 4,847 8 1 5,048 27,842 34,709 32,272 50,681 73,435 4,731 2,432 226,102 267 6,881 471 148 7,767 (2,542 ) (3,796 ) (592 ) (6,930 ) (5,551 ) 64,337 (62,820 ) (88 ) (342 ) (996 ) (5,460 ) (813,235 ) (813,235 ) 20041231 434,590 107,057 17,659 208,254 18,022 30,164 11,546 827,292 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- 20041231 13,342 1,088,594 1,623,849 1,115,782 484,669 11,609 18,671 3,498 1,493,953 5,853,967 20031231 13,319 1,117,186 369,731 967,702 271,862 1,112,132 18,036 5,390 669,914 4,545,272 25030053 105

15 (a) 200320041231 1,523,184 1,730,906 1,133,441 692,923 29,631 48,835 15,044 1,493,953 6,667,917 2004 13,342 13,342 20041231 13,342 1,523,184 1,730,906 1,133,441 692,923 29,631 48,835 15,044 1,493,953 6,681,259 1,531,750 377,742 1,015,803 426,362 1,865,107 43,924 15,351 669,914 5,945,953 2003 13,319 13,319 20031231 13,319 1,531,750 377,742 1,015,803 426,362 1,865,107 43,924 15,351 669,914 5,959,272 (b) 2004 2003 2004 2003 2004 2003 2004 2003 1050 1,040,229 1,064,032 12,048 1050 13,342 13,319 31,259 48,472 1,623,849 369,731 1,115,782 967,702 10 5,058 4,682 13,342 13,319 1,088,594 1,117,186 1,623,849 369,731 1,115,782 967,702 (c) 20041231 106 25030053

15 (d) 20041231 1,201,316,00020031,201,316,000 160,477,0002003140,340,000200,000,0002003 200,000,000 (e) 2004123112,048,0002003 106,593,000 (f) 8,297,0002003 200411 2,552 2,956 27 5,535 225 1,280 316 1,821 20041231 2,777 4,236 343 7,356 --------------- --------------- --------------- --------------- 200411 1,962 2,956 24 4,942 382 249 6 637 20041231 2,344 3,205 30 5,579 --------------- --------------- --------------- --------------- 20041231 433 1,031 313 1,777 20031231 590 3 593 107 25030053

16 2004 2003 3,010,324 2,438,552 10,323,222 13,092,212 13,333,546 15,530,764 2,456,259 4,105,529 2004123139 93,005,0002003 5.0222007724,855,000 200327,496,000 108 25030053

17 2004 2003 2004 2003 181,327 163,743 1,586,266 1,224,118 2,049,371 2,119,742 3,635,637 3,343,860 181,327 163,743 -------------------- -------------------- -------------------- -------------------- 8,391 (7,576) 236,809 102,719 245,200 95,143 -------------------- -------------------- -------------------- -------------------- 100,743 100,916 -------------------- -------------------- -------------------- -------------------- 3,981,580 3,539,919 181,327 163,743 900,087 629,569 900,087 550,786 2004123140 20041231226,644,6122003140,698,576 163,701,4562003102,313,410 1,145,732,0002003590,096,000 25030053 109

18 2004 2003 2004 2003 2,949 2,949 2,844,876 2,255,423 1,244,396 819,553 (100,000) (100,000) 3,989,272 2,974,976 2,949 2,949 2004123141 64,180,0002003 225,629,00020034.945.49 19 2004 2003 66,707 66,707 51,482 51,482 118,189 118,189 (23,252) (20,920) (13,666) (4,379) (15,225) (15,225) 66,046 77,665 110 25030053

19 20041231 83,000,000 33.4% a 12,000,000 25% b (a) 1996620216 (b) 200012201512 300,0008.5% (c) 111 25030053

20 2004 2003 147,509 32,029 30,004 30,004 380,657 393,668 558,170 455,701 40,240 31,031 120031 21 2004 2003 a 500,000 b 3,227 3,227 500,000 (a) 20031231500,000,000 567950,000,000 (b) 1,943,000 10.75 112 25030053

22 2004 2004 101,927 87,202 1,128 86,413 54,767 7,197 8,016 195,537 151,113 200412311,381,00020034,717,000 23 2004 2004 358,688 55,844 414,532 (2,305) 412,227 15,435 427,662 2004 2004 423,556 1050 4,106 427,662 25030053 113

24 2004 2003 2004 2003 a 395,125 397,819 134,661 158,142 19,370 14,734 4,421 48,922 1,272 28,855 b 269,797 152,183 804,004 757,066 20,642 43,589 (a) 60 2004 2003 0-30 207,735 159,168 31-60 67,516 93,700 61-120 86,423 75,744 120 33,451 69,207 395,125 397,819 (b) 114 25030053

25 2004 2003 28,521 20,532 12,401 4,433 65,445 26 45,355 85,977 20041231158,052,000 2003661,498,000 27 2004 2003 2004 2003 a 318,521 220,607 328,308 267,121 7,167 5,971 b 15,165 22,264 b 4,671 1,048 b 43,118 709,783 511,040 7,167 5,971 25030053 115

27 (a) 2004 2003 (b) 0-30 261,835 90,021 31-60 18,685 105,222 61-120 3,969 18,134 120 34,032 7,230 318,521 220,607 28 2004 2003 2004 2003 213,203 40,000 1,448,220 106,593 1,768,016 40,000 116 25030053

28 2004 2003 2004 2003 253,770 40,000 66,026 1,448,220 1,768,016 40,000 (253,770) (40,000) 1,514,246 448,438,0002003 12,048,000200315(e) 423,556,00020035,024,00020031,619,000 2003 29 2004 2003 b 131,616 93,835 195,863 191,298 327,479 285,133 (94,011) 233,468 285,133 (a) (b) (b) 6.13820035.841 117 25030053

30 2004 2003 11 (8,779) (45) 154,133 (3,558) 10 (805) (8,779) 1231 140,946 (8,779) 200412 3175,458,000200319,356,000 67,541,000200314,383,000 7,917,00020034,973,000 2004 2003 2008 4,662 4,973 2009 3,255 7,917 4,973 118 25030053

30 2004 2003 11 7,622 (3,344) 7,622 34(c) 155,700 34(d) (3,558) 1231 156,420 7,622 2004 2003 2004 2003 2004 2003 2004 2003 11 9,268 5,484 1,649 16,401 45 45 2,745 9,268 (3,673) 5,484 (1,611) 1,649 (2,539) 16,401 34(c) 1,567 1,567 1231 12,013 9,268 3,423 5,484 38 1,649 15,474 16,401 31 20061255,954,000 27,977,000 25030053 119

32 2004 2003 2004 2003 0.1 3,000,000,000 3,000,000,000 300,000 300,000 11 2,140,142,974 2,056,585,388 214,014 205,658 a 2,050,000 21,560,000 205 2,156 61,997,586 6,200 1231 2,142,192,974 2,140,142,974 214,219 214,014 (a) 4.9855.632,050,000200321,560,000 0.137,0002003267,000 2004 2003 205 2,156 10,077 105,649 10,282 107,805 120 25030053

32 (a) 200417 4.985 100,000 11.20 2004115 4.985 50,000 11.05 200423 4.985 100,000 11.05 2004213 4.985 100,000 11.20 200434 4.985 300,000 11.30 2004317 4.985 100,000 11.20 2004330 4.985 50,000 10.70 2004413 5.054 50,000 11.60 2004721 4.985 100,000 10.70 2004722 5.630 100,000 10.75 2004722 5.615 50,000 10.75 200492 4.985 100,000 12.05 20041029 4.985 400,000 11.50 20041119 4.985 50,000 12.15 2004122 4.985 200,000 13.15 2004127 4.985 200,000 13.30 2,050,000 121 25030053

32 (b) 19926262001122020041231 2004 2004 11 1231 (iii) 200031 (i) 5.054 2,600,000 2,600,000 2000919 (i) 5.615 350,000 (350,000) 20021011 (ii) 4.985 3,250,000 3,250,000 20041027 (ii) 11.08 5,300,000 5,300,000 6,200,000 5,300,000 (350,000) 11,150,000 200031 (i) 5.054 2,050,000 (50,000) 2,000,000 2000919 (i) 5.615 750,000 (50,000) 350,000 1,050,000 2001524 (i) 5.630 100,000 (100,000) 200176 (i) 5.610 700,000 700,000 20021011 (ii) 4.985 6,400,000 (1,850,000) 4,550,000 20041027 (ii) 11.08 20,760,000 20,760,000 10,000,000 20,760,000 (2,050,000) 350,000 29,060,000 16,200,000 26,060,000 (2,050,000) 40,210,000 (i) (ii) (iii) 2004629 122 25030053

33 200411 8,475,300 422 (141,762) 70 6,286 192,082 4,061,942 12,594,340 10,077 10,077 (1,933) (9,677) (11,610) 22,000 22,000 456,408 (456,408) 2,057,459 2,057,459 2003 (620,888) (620,888) 2004 (321,201) (321,201) 20041231 8,485,377 422 (143,695) 70 18,609 648,490 4,720,904 13,730,177 8,485,377 422 (143,695) 70 18,609 648,490 4,078,246 13,087,519 642,658 642,658 8,485,377 422 (143,695) 70 18,609 648,490 4,720,904 13,730,177 8,485,377 422 (117,856) 70 6,118 92,429 2,432,374 10,898,934 (25,839) 479 537,214 1,540,430 2,052,284 12,012 18,847 748,100 778,959 20041231 8,485,377 422 (143,695) 70 18,609 648,490 4,720,904 13,730,177 25030053 123

33 200311 8,058,421 (197,635 ) 70 (4,477) 158,839 3,220,742 11,235,960 422 422 105,649 105,649 311,230 311,230 55,873 257 (18,933 ) 18,933 56,130 10,506 10,506 52,176 (52,176 ) 1,465,616 1,465,616 2002 (209,333 ) (209,333 ) 2002 (104,667 ) (104,667 ) 2003 (277,173 ) (277,173 ) 20031231 8,475,300 422 (141,762 ) 70 6,286 192,082 4,061,942 12,594,340 8,475,300 422 (141,762 ) 70 6,286 192,082 3,441,301 11,973,699 620,641 620,641 8,475,300 422 (141,762 ) 70 6,286 192,082 4,061,942 12,594,340 8,475,300 (115,923 ) 70 (15,230) 86,059 2,244,364 10,674,640 422 (25,839 ) 21,027 90,438 1,326,100 1,412,148 489 15,585 491,478 507,552 20031231 8,475,300 422 (141,762 ) 70 6,286 192,082 4,061,942 12,594,340 124 25030053

33 200411 8,475,300 2,339,985 70 737,740 11,553,095 10,077 10,077 11 1,711,575 1,711,575 2003 (620,888) (620,888) 2004 (321,201) (321,201) 20041231 8,485,377 2,339,985 70 1,507,226 12,332,658 8,485,377 2,339,985 70 864,568 11,690,000 642,658 642,658 8,485,377 2,339,985 70 1,507,226 12,332,658 200311 8,058,421 2,339,985 70 581,474 10,979,950 105,649 105,649 311,230 311,230 11 747,439 747,439 2002 (209,333) (209,333) 2002 (104,667) (104,667) 2003 (277,173) (277,173) 20031231 8,475,300 2,339,985 70 737,740 11,553,095 8,475,300 2,339,985 70 117,099 10,932,454 620,641 620,641 8,475,300 2,339,985 70 737,740 11,553,095 (a) (b) 1998 125 25030053

34 (a) 2004 2003 606,710 557,993 231,580 186,177 9,292 (160,559) 292 (43,566) (13,551) 936 (20,002) (21,754) (13,410) (7,089) (4,424) (9,180) (1,845) (762) (273,590) 511,760 511,488 (44,424) (22,273) (29,433) (24,665) (3,568) (2,207) 28,377 (21,267) (73,033) 5,983 98,098 39,236 487,777 486,295 126 25030053

34 (b) 200411 8,689,314 40,000 866,366 285,133 10,282 (12,000) 1,633,423 79,615 (30,600) 465 276 63,329 106,593 85,958 (64,210) (37,545) 309,290 20041231 8,699,596 1,768,016 1,230,598 327,479 200311 8,264,079 144,611 314,311 180,107 160,440 107,805 182,841 (142,145) 89,405 (24,583) 609 226,408 317,430 (311,187) (3,124) 81,504 37,534 246,829 52,611 (27,349) (17,323) 20031231 8,689,314 40,000 866,366 285,133 25030053 127

34 (c) 2004 2003 1,120,973 827,233 120,841 2,319 1,567 423,556 961 4,988 21,078 16,831 180,803 74,953 (117,236) (25,979) (51,449) (140,753) (106,593) (37,534) (27,977) (155,700) (85,958) (246,829) (52,611) 1,378,414 369,070 (120,674) (304,923) 1,257,740 64,147 140,240 (102,695) 10,921 1,295,285 75,068 328,331 500,000 466,954 75,068 1,295,285 75,068 2004 2003 466,954 75,068 (180,803) (74,953) 286,151 115 128 25030053

34 (c) 215,063,0002003 54,918,00020036,625,0002003 38,141,000 (d) 2004 2003 311,740 1,035,061 78,727 9,025 107,482 (47,476) (3,558) (64,210) (37,545) 1,389,246 (221,160) (123,293) (8,383) 273,590 1,310,000 25030053 129

34 (d) 2004 2003 1,310,000 (107,482) 1,202,518 35 (a) 2004 2003 2004 2003 2,712,946 1,764,545 1,583,614 193,555 4,296,560 1,958,100 130 25030053

35 (b) 2004 2003 2004 2003 5,364,902 128,982 330,314 545,023 5,695,216 674,005 20041231200412 29 30%5,570,695,0005,255,373,000 20041231 46,911,00062,618,000 25030053 131

35 (c) 20041231 2004 2003 2004 2003 63,734 61,296 36,333 72,142 100,067 133,438 (d) 20041231 2004 2003 2004 2003 159,149 25,517 184,666 -------------------- -------------------- -------------------- -------------------- 27,132 4,742 2,798 7,413 14,716 29,930 26,871 -------------------- -------------------- -------------------- -------------------- 29,930 211,537 132 25030053

36 20041231 2004 2003 2004 2003 1,217,920 25,600 3,389 49,545 3,389 49,545 6,630 6,630 6,630 6,630 10,019 56,175 1,227,939 81,775 37 (a) 2004 2003 (i) 16,058 16,058 CMHK (ii) (9,836) (11,582) AMC (iii) (3,024) (3,024) CMGW (iv) (10,009) (11,307) CMPD 133 25030053

37 (a) 2004 2003 (v) (20,285) (20,285) (i) 2,754 2,754 (vi) (4,618) (4,598) (vi) (1,423) (1,261) (i) 5,580 5,580 (vii) 666 6,527 (viii) (5,589) (5,589) (ix) (530) (3,420) (x) (3,408) (3,280) 134 25030053

37 (a) 2004 2003 (xi) 1,294 (xii) 1,501 (vii) 484,661 393,290 (ix) 428 428 (xiii) 2,021 4,568 (i) 200442 51,468 25,83512,7521,338,168465,030229,536 200421 200431 135 25030053

37 (a) (ii) (iii) (iv) (v) (vi) Ming Wah (Universal) Shipping Inc.Ming Wah Shipping1994 AMCAMCMing Wah Universal (Bermuda) Company Limited Ming Wah ShippingMing Wah Shipping AMC AMC 520041018AMC 2004111CMGW2004111 1CMGW 2004111CMPD 200411120051231CMPD 2001111 2004111 200411120,285,000 2004111 20041111 (vii) (viii) 2001118 20041112004 1115,589,000 136 25030053

37 (a) (ix) (x) (xi) 2004111 2004111 5.49 (b) (xii) 4.94 (xiii) 2004 2003 52,252 304,742 (c) 2004629 78910 150,783,00020041231 54,669,00020051215 (d) 2004825Ming Wah Universal Bermuda1,310,000,000 (e) 2004924CMHP CMHPCMHP(i)Successful Road Corporation SRCSRC(ii)SRC2004630 26(i)0.66 282,195,000CMHP(ii)0.7610.50 CMHP(iii)CMHP 33% 137 25030053

38 200538500,000,00020155.375 39 Bitto Limited 1 100% 1 500,000 100% CMHP 425,885,000 72.2% 200424% 72.2% 1 China Merchants 1 100% International Terminals (Ningbo) Limited # 30,000,000 100% 138 25030053

39 ^ 12,000,000 90.1% 1# 100% 100,000,000 Fair Oaks Development 2 100% Limited 2 100% 30,700,000 100% # 106,000,000 64% 40,000,000 64% # 40,000,000 64% # 20,000,000 64% # 20,000,000 64% # ^ 30% 200,000,000 56 25030053 139

39 ^ 30% 200,000,000 0 ^ 30% 200,000,000 67 100 100% ^ 60% 660,000,000 3-6 12,000,000 100% # 567 1 # ^ 140 25030053

40 20% 6.23% 16.23% B 37% 22.1% PPG 30% 20% 33% 40% 147 141 25030053

40 2004 2003 7,447,920 6,207,292 2,724,812 2,380,645 14,072,077 11,530,932 3,390,088 8,776,071 (3,988,097) (2,548,533) (5,804,252) (4,149,223) 7,669,816 13,609,247 1037 142 25030053

41 (i) (ii) 7,730,640 60% 6,329,440 60% 55,317,800 40% 90,737,370 40% 92,563,400 40% 84,661,600 40% 89,692,600 40% 84,126,200 40% 83,443,000 40% 67,552,000 40% 92,453,900 40% 143 25030053

41 (ii) 66,732,800 40% 73,232,200 40% 49,317,000 40% (iii) 11,761,300 60% 11,372,100 60% 10,204,320 60% 10,201,600 60% (iv) 54,304,000 60% 79,696,000 60% 65,624,000 60% 144 25030053

41 64,376,000 60% 26,345,000 60% (v) 98,924,000 60% 618,201,150 32.5% 608,549,000 51% 29,800,000 45% 12,000,000 45% 5,000,000 62.5% (a) (b) (c) 1090% 15100% 90%85%70%65%60%50% 145 25030053

41 2004 2003 147,105 131,640 55,566 37,538 2,405,838 2,450,908 134,440 122,223 (123,704) (14,761) (862,626) (1,046,758) 1,553,948 1,511,612 42 43 2005322 146 25030053

2004 2003 24,967,244 12,860,291 2,317,375 651,263 4,441,400 3,234,625 11,527,684 6,391,307 (7,321,436) (3,641,564) (1,576,786) (1,015,190) 7,070,862 4,969,178 1.00001.063720031.00001.0657 147 25030053

148 25030053 2004629 2004629 * * * *2004108 *2005121 * 168200 38 0144 183 http://www.cmhico.com

BOCI CCT HSBC Merrill Lynch BOCI Asia Limited () 20041231 Ming Wah Universal (Bermuda) Co., Ltd 149 25030053

2005510930 39 1. 20041231 2. 20041231 3. 4. 20051231 5. A. (a) (c)57b (b) (a) 150 25030053

(c) (d) (a) 20%(i)(ii) (iii) (iv) (i) (ii) (iii) 25030053 151

B. (a) (b) (c) (b) (a) 10% (i) (ii) (iii) 152 25030053

C. 5A5B 5A 5B 10% 6. (a) 91 91 91. (b) 102 200546 168-200 38 25030053 153

1. 2. 48168-200 38 3. 2005542005510 2005534 18317 4. 5A5C 57B 5. 5B 6. 200511 7. 154 25030053