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Guangdong Kelon Electrical Holdings Co.,Ltd OO :

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( ) GUANGDONG KELON ELECTRICAL HOLDINGS COMPANY LIMITED ( ) ( ) 8 (0765) 8362570 (0765) 8361055 E mail sec@kelon.com ( ) 8 528303 Http www.kelon.com ( ) Chinadaily Http //www.cninfo.com.cn ( ) ST 000921 2002 1 21 003092 440681190343548 222 30 4

( ) 203,511,146 200,868,415 120,876,695 1,025,452,802 170,612,542 294,131,968 (96,479,357) 16,805 5,841,730 499,784,760 35,441,576 2002 184,184,000 1. (16,684,000) 9,941,494 (4,099,764) -- 246,798,904 ( ) 2002 2001 2000 5

4,878,257,017 4,381,616,368 4,720,466,432 4,715,532,614 4,410,880,037 200,868,415 (1,475,892,124) (1,555,573,089 ) 200,868,415 (678,418,823) 7,767,755,554 6,509,847,794 6,526,963,960 7,984,564,244 6,911,367,126 2,686,217,058 2,470,316,183 2,402,616,534 2,686,217,058 4,134,255,797 0.2025-1.49-1.57 0.20-0.68 2.7079 2.49 2.42 2.71 4.17 2.61 2.21 2.21 2.71 3.92 0.5038 0.15 0.15 1.06 1.10 7.48-59.75-48.9 7.47-16.4 % 4.30-57.33-47 4.39-16.4 % % / 38.17% 39.89% 1.03 1.03 6

10.95% 11.44% 0.30 0.30 7.48% 7.81% 0.20 0.20 4.30% 4.49% 0.12 0.12 992,006,563 2,451,222,837 343,742,703 114,580,901 (1,313,207,151) 2,470,316,183-13,397,850 - - 200,868,415 215,900,875 - - - - - - 992,006,563 2,464,620,687 343,742,703 114,580,901 (1,112,338,736) 2,686,217,058 - - - 1 + 1 337,915,755 337,915,755 7

337,915,755 337,915,755 2 3 84,501,000-84,501,000-84,501,000 0 4 422,416,755-84,501,000-84,501,000 337,915,755 1 110,000,000 +84,501,000 +84,501,000 194,501,000 2 3 459,589,808 459,589,808 4 569,589,808 +84,501,000 +84,501,000 654,090,808 992,006,563 0 0 992,006,563 2 2002 6 2 A 8

2002 7 18 2002 7 16 HK imail 1 78,037 2 +204,775,755 204,775,755 20.64 +68,666,667 68,666,667 6.92 +57,436,439 57,436,439 5.79 +41,048,000 49,212,000 4.96 H -19,852,416 46,009,238 4.64 H +940,000 38,163,000 3.85 H +30,805,000 30,937,000 3.12 H +12,890,000 21,645,000 2.18 H -6,654,430 17,963,372 1.81 H +3,826,000 14,240,000 1.44 H 9

3 2001 10 88 1,200,000,000 90% 10% 10

44 2001.12.23-2004.12.23 0 0 58 2001.12.23-2004.12.23 0 0 51 2001.06.18-2004.06.18 0 0 38 2001.12.23-2004.12.23 0 0 41 2001.12.23-2004.12.23 0 0 41 2001.12.23-2004.12.23 0 0 42 2001.12.23-2004.12.23 0 0 46 2002.12.29-2005.12.29 0 0 47 2001.12.23-2004.12.23 0 0 36 2002.06.18-2005.06.18 0 0 41 2002.12.29-2005.12.29 0 0 49 2002.06.18-2005.06.18 50,000 50,000 48 2002.09.02-2005.09.02 0 0 45 2002.09.09 0 0 : 2001 10 2001 10 1 1996 5 25 2 2002 1290.0012 480 480 11

2002 0 1 000 000 3 1 000 001 2 000 000 3 0 1 000 000 3 0 1 000 000 6 0 1 000 000 13 1 000 001 2 000 000 4 3 2002 1 31 2002 6 1 2002 6 18 2001 2002 7 3 2002 12 29 2002 2002 6 18 2001 2002 12 29 2002 4 2002 12 31 6460 1031 184 601 6 88 1339 20.73%, 583 9.02% 280 12

1 2 3 4 5 13

( 2001 2002 4 25 2002 6 18 2001 2002 6 18 10, 218,170,381, 21.99% 1 2001 2 2001 3 2001 4 2001 5 2002 6 7 8 2002 6 19 2002 2002 11 14 2002 12 29 2002 12 29 4, 343,283,155, 34.6% 14

1 2 3 2002 12 31 2002 6 18 2001 2002 12 29 1 000921 1984 1987 12 1992 12 29 1996 7 H 20135.2 1997 7, H 76 598 88200.7 1999 6 A 11000 99200.7 2002 12 31 99200.7 7,767,755,554 2,686,217,058 8 2 2002 48.8 2001 11.3% 15

2.0, 0.2 2002 2001 13.05% 8.78% 57.7% 11.3% 7.3% 4% 21% 10.62% 7.63% 4.17% 2002 2001 14.8% 44.5% 4.6% 0.4% 2002 12 31 77.7 26.9 6.9 48.9 3 16

17 3.8 65% 40% 4.2 83% 56% 2002 99.9% 30% 40% 2002 13.05% 8.78%

36.5% 60.17% 2002 7 ( ) 30% 100% 2800 10% 2002 OEM 14.3% 24.75% 18

3 a % 4,097,577 8.50% 780,680 29.05% 4,878,257 11.33% b % % 225,204.57 164,853.76 26.80% -- 233,724.06 198,018.23 15.28% -- 10,397.89 9,315.92 10.41% -- 18,499.18 13,066 29.37% -- 4 % 70 26,800.00 1,224,230 (93,000) 60 36,150.00 1,140,410 (1,834) 19

70 5,620.00 762,417 7,197 40 15,000.00 232,364 2,877 45 15,800.00 603,729 (679) 44 237,000.00 281,379 156,226 70 60,000.00 64,028 (3,025) 45 200,000.00 430,604 (4,598) 42 200,000.00 349,199 (3,134) 80 30,000.00 27,439 (3,891) 20 3,000.00 124,404 1,956 25 10,000.00 62,140 299 24.99 237,250.00 1 145 606 130 46.67 24,000.00 21 783 2680 20 10,000.00 9 381 1970 20

5 13.44% 7.88% 6 2002 284,390,212 9.43% 21

60% 1 : ( ) ( ) (%) 6 510 7,768 19.32% 146 791 441.78% 2,470 2,686 8.74% 766 1025 33.81% (1476) 201 113.62% 1 2 3 4 5 2 1 2001 2001 2001 12 31 2001 2002 22

2002 2 2002 3 154,000,000 76,000,000 78,000,000 1) 2 3 4 78,000,000 4 25,000,000 2002 1 2002 4 19 24 2001 2001 23

- 2001-2002 2002 6 18 2001 2002 2002 8 26 2002 2002 2002 2002 10 28 2002 2002 11 21 2 24

2002 200,868,415 2001 1,313,207,151 1,112,338,736 2002 HK imail 1 2002 4 24 4 2 2001 2001 2001 2 2002 8 26 3 3 2002 2002 3 2002 10 28 3 3 2002 4 2002 11 11 3 3 1 2 3 25

1 2 2002 3 2002 4 5 1 2002 9 14 26

4000 2 56% 2002 7 3 46% 5% 5% 44% 1 2 3 5% 2001 6 18 2002 2002 2002 30 50 2002 12 31 1,112,338,736 2002 2002 4 19 24-2002 2002 7 28 27

3,600,000 2002 4 23 2002 8 30 2003 1 2 2002 ( ) (03) P0267 2002 12 31 1 2 1. 2001 2001 12 31 2002 2 2002 2002 12 31 2002 3. 34 2002 7 28

29 56 2002 6 154,000,000 2002 11 8 154,000,000 154,000,000 180,000,000 154,000,000,, 154,000,000 26,420,000 7,500 4 2,500 2002 12 31 2002 2002 12 31 2002 2003 3 28 1 2 3

( ) ( ) ( ) ( ) ( ) ( ) http: www.cninfo.com.cn 2002 8

2002 12 31 : ( ) ( ) : 6 1,417,085,462 1,065,118,299 778,191,077 492,198,063 7 622,627,806 613,597,439 351,188,636 346,601,619 8 381,535,897 275,661,469 220,899,049 127,250,589 9 1,222,868,831 2,107,281,156 920,145,160 1,944,443,323 11 89,011,737 36,549,630 68,102,966 16,158,696 12 1,148,325,956 704,131,994 1,225,838,916 801,622,736 6,411,749 5,135,474 4,302,593 1,075,281 970 970 592,731 592,731 4,887,868,408 4,807,476,431 3,569,261,128 3,729,943,038 13 284,390,212 1,309,550,235 259,892,540 1,180,880,569 : 14 3,635,836,132 1,420,958,597 3,383,892,823 1,410,203,800 : 14 1,586,467,593 509,851,837 1,278,861,600 409,811,665 14 2,049,368,539 911,106,760 2,105,031,223 1,000,392,135 14 61,375,205 0 59,137,584 0 14 1,987,993,334 911,106,760 2,045,893,639 1,000,392,135 15 11,323,062 7,550,688 31,187,206 16,597,973 1,999,316,396 918,657,448 2,077,080,845 1,016,990,108 16 313,881,774 198,209,350 300,569,053 209,127,331 17 196,695,856 66,644,180 210,904,281 108,379,846 43(5 )(e) 85,602,908 51,602,908 92,139,947 58,139,947 596,180,538 316,456,438 603,613,281 375,647,124 7,767,755,554 7,352,140,552 6,509,847,794 6,303,460,839 2002 12 31 : ( ) ( ) : 9

18 960,164,036 400,000,000 1,323,309,386 965,700,000 19 942,591,729 1,075,014,036 678,710,489 824,359,379 20 739,184,874 652,568,689 578,148,753 9,318,641 21 337,665,921 300,245,037 440,396,170 432,266,240 44,211,152 30,370,421 55,442,703 35,287,596 3,986,906 1,489,938 2,392,998 798,006 52,409 0 3187 0 22 39,849,854 62,552,141-157,832,050-168,419,901 2,944,393 2,029,317 4,287,088 2,443,887 23 616,737,987 519,065,990 73,887,114 439,111,897 24 211,076,574 185,670,788 310,054,445 297,993,595 25 105,031,134 105,031,134 157,356,546 157,356,546 26 65,233,515 60,000,000 204,958,929 200,000,000 0 0 965158 0 4,068,730,484 3,394,037,491 3,672,080,916 3,196,215,886 27 714,766,571 690,000,000 29,961,937 0 28 75,822,128 70,126,659 116,492,478 113,263,739 13 (1) 0 494,015,291 0 495,849,789 790,588,699 1,254,141,950 146,454,415 609,113,528 4,859,319,183 4,648,179,441 3,818,535,331 3,805,329,414 222,219,313 0 220,996,280 0 : 29 992,006,563 992,006,563 992,006,563 992,006,563 30 2,464,620,687 2,464,620,687 2,451,222,837 2,451,222,837 31 343,742,703 343,742,703 343,742,703 343,742,703 31 114,580,901 114,580,901 114,580,901 114,580,901 32-1,112,338,736-1,094,594,683-1,313,207,151-1,285,391,909-1,814,159-1,814,159-3,448,769-3,448,769 2,686,217,058 2,703,961,111 2,470,316,183 2,498,131,425 7,767,755,554 7,352,140,552 6,509,847,794 6,303,460,839 0 0 0 0 2002 : 10

( ) ) 33 4,878,257,017 4,069,394,196 4,381,616,368 3,698,319,059 33 3,852,539,111 3,209,655,362 3,615,716,071 3,061,260,085 265,104 214,873 70,884 68,134 1,025,452,802 859,523,961 765,829,413 636,990,840 34 170,612,542-4,231,250 19,930,301 9,098,660 791,497,880 764,887,134 1,126,262,303 1,070,577,944 34,899,332-187,038,190 911,607,048 597,308,928 35 75,536,164 54,012,477 86,687,871 54,337,938 294,131,968 223,431,290-1,338,797,508-1,076,135,310 36-96,479,357-33,369,594-99,063,264-371,073,107 16,805 16,805 64,764 64,764 9,941,494 1,584,742 21,529,992 13,826,125 37 4,099,764 866,017 73,282,675 14,759,354 203,511,146 190,797,226-1,489,548,691-1,448,076,882 38 3,031,454 0 0 0 388,723 0 13,656,567 0 200,868,415 190,797,226-1,475,892,124-1,448,076,882-1,313,207,151-1,285,391,909 162,684,973 162,684,973-1,112,338,736-1,094,594,683-1,313,207,151-1,285,391,909 0 0 0 0 0 0 0 0-1,112,338,736-1,094,594,683-1,313,207,151-1,285,391,909 0 0 0 0 0 0 0 0-1,112,338,736-1,094,594,683-1,313,207,151-1,285,391,909 1 0 0 79,680,965 107,496,207 11

2002 4,599,555,916 4,340,024,516 4,659,473,911 4,189,772,644 0 0 43,728,843 6,557,769 24,638,444 13,772,281 19,339,857 21,784,158 4,624,194,360 4,353,796,797 4,722,542,611 4,218,114,571 3,491,550,189 3,291,622,581 3,607,830,681 3,231,042,950 329,590,993 154,073,311 384,007,181 243,463,001 109,248,030 71,367,624 162,072,763 89,159,022 194,020,388 213,147,377 420,538,251 206,945,937 4,124,409,600 3,730,210,893 4,574,448,876 3,770,610,910 499,784,760 623,585,904 148,093,735 447,503,661 0 0 0 0 0 0 0 56,909,618 0 0 0 48,769,648 282,277 81,796,652 58,091,669 39 204,537,039 204,537,039 12,552,101 10,652,955 310,216,305 204,819,316 94,348,753 68,744,624 264,510,707 43,113,074 307,488,842 221,293,772 0 147,763,896 16,849,108 83,845,424 39 603,452,809 598,051,003 837,572,947 837,574,947 867,963,516 788,927,973 1,161,910,897 1,142,714,143-557,747,211-584,108,657-1,067,562,144-1,073,969,519 0 0 0 0 12

1,454,465,000 1,180,000,000 863,446,591 610,000,000 0 0 1,454,465,000 1,180,000,000 863,446,591 610,000,000 1272530166 1190000000 0 0 90,008,597 54,608,064 92,864,732 63,960,478 0 0 0 0 0 0 1,362,538,763 1,244,608,064 92,864,732 63,960,478 91,926,237-64,608,064 770,581,859 546,039,522 1,477,790 0 310,501 0 35,441,576-25,130,817-148,576,049-80,426,336 ( ) 2002 1 200,868,415 190,797,226-1,475,892,124-1,448,076,882-388,723 0-13,656,567 0-271,564,161-291,496,625 635,312,265 572,381,389 245,868,462 100,635,167.4 248,503,870 93,800,639 13,547,960 8,218,113 10,885,801 7,571,501 179,347,229 28,566,834 165,538,180 39,754,299 ( ) -2,109,156-4,060,193 3,146,279 4,005,834 ( ) -121,675,246-164,648,219-63,236,909 283,569,717 ( ) 748,140-63,385.9 15,057,482 12,685,498 90,008,597 54,608,064.4 86,687,871 54,337,938 ( ) 96,479,357 33,369,594 99,063,264 371,073,107 ( ) 464,434,244 334,393,833 229,149,767-1,058,213,037 ( ) -629,736,039-570,198,817 63,764,853 94,475,035 ( ) 233,955,681 903,464,312 143,769,203 1,420,138,623 499,784,760 623,585,903.9 148,093,235 447,503,661 13

2 0 0 0 0 3 40 686,638,140 356,228,19 651,196,564 381,358,836 651,196,564 381,358,836 799,772,613 461,785,172 35,441,576-25,30,817-148,576,049-80,426,336 2002 1 ( ) 1992 12 16 1996 7 23 459,589,808 H 1998 110,000,000 ( A ) 1999 7 13 2001 10 29 2002 3 5 ( ) ( 34.06%) 20.64% 204,775,755 348,000,000 2002 4 18 20.64% 13.42% 2002 4 15 68,666,667 ( 6.92%) 2002 4 26 7,036,894 ( 0.71%) 2002 4 30 57,436,439 ( 5.79%) 14

2 1 1 12 31 15

2002 2 ( ) ( ) 16

2002 2 - (1) 12 31 ( ) 50% 96 2 (2) (1) 17

2002 2 - (2) (1) 18

2002 2 - (1) - 10 10 (2) 19

2002 2-5% 20-50 1.9%-4.75% 5% 10 9.5% 5% 5 19.0% 5% 5 19.0% 3 20

2002 2 - ( ) ( ) ( ) 21

2002 2-3 2001 22

2002 3-67,699,649 95,514,891 ( ) 2001 1 1 174,666,289 174,666,289 (11,981,316) (11,981,316) 2001 1 1 162,684,973 162,684,973 2001 12 31 (1,380,906,800) (1,380,906,800) (11,981,316) (11,981,316) - 27,815,242 79,680,965 79,680,965 2001 12 31 (1,313,207,151) (1,285,391,909) 2000 12 26 Regal Lucky Limited( RLL ) RLL 2001 1 1 2001 12 31 1.6 2001 1.6 2001 2001 2002 12 18 Regal Lucky Limited( RLL ) RLL 8,000 2001 RLL RLL 8,000 23

2002 3-2002 2001 2002 2001 - - - 27,815,242 - - 79,680,965 79,680,965 - - 79,680,965 107,496,207 4 17% 24% 3 27 ( ) ( ) ( ) ( ) ( ) ( ) 24% 3 27 ( ) 15% ( ) 30% 3 33 ( ) ( ) 24

2002 4-27% 12% 12 3 15% ( ) ( ) 30% 3 33 16% 5 2002 12 31 25

2002 5-400,000-100% ( ) 10,000-100% ( ) 15,800,00045% 25% ( ) 5,000,000100% - ( ) 15,000,00040% 30% ( ) 26,800,00070% 30% ( ) 36,150,00060% - ( ) 1,100,000,000-100% 200,000,000 45% 25% ( ) 200,000,000 42% 36.79% ( ) 1-100% ( ) Kelon International 50,000-100% Incorporation ( KII ) 5,620,00070% 30% ( ) 2,000,000 76% - ( ) 30,000,000 80% - ( ) 60,000,000 70% 30% ( ) 5,000,000-78% ( ) 5,000,000-78% ( ) 237,000,000 44% 56% ( ) ( ) 10,000,000 25% 75% ( ) 3,000,000 20% 80% ( ) 1,000,000-100% ( ) 29,800,00060% 40% ( ) 10,000,000-70% ( ) 1,000,000-80% ( ) 200,000,000 90% 10% ( ) Kelon (USA) Inc. 100-100% ( Kelon USA ) 26

2002 5-2002 Kelon USA 96 2 44 2002 5 31 56% 34 20 25 2001 11 26 43(5)(a) 2002 237,250,000 24.99% - ( ) 24,000,000 46.67% - ( ) + 100-25% ( + ) 1,000,000-20% ( ) 1,000,000-28% ( ) 10,000,000 20% - ( ) 27

2002 6 - - 3,282,856 - - 1,385,237 4,767 1.0614 5,059 37,165 1.0606 39,417 8,330 8.2770 68,950 - - - - - 730 - - - - - 626,665,594 - - 552,390,083 5,832,364 8.2770 48,274,480 8,421,990 8.2766 69,705,446 3,082,079 1.0614 3,271,319 13,887,746 1.0606 14,729,344 - - - 49,069,286 0.0630 3,091,365 - - - 48,405 7.3178 354,218 - - 5,069,152 - - 39,617 - - - 730,447,322 - - 117,722,437 - - - 1,120,276 8.2766 9,272,076 - - - - - - 9,461,837 1,417,085,462 778,191,077 7 108,722,422 178,285,306 513,905,384 172,903,330 622,627,806 351,188,636 28

2002 8 (%) 1 400,338,508 77 18,802,611 381,535,897 1 2 52,783,143 10 52,783,143-2 3 68,920,387 13 68,920,387-522,042,038 100 140,506,141 381,535,897 (%) 1 259,347,722 63 38,448,673 220,899,049 1 2 102,412,901 25 102,412,901-2 3 48,051,590 12 48,051,590-3 1,910,594-1,910,594-411,722,807 100 190,823,758 220,899,049 (%) 1 289,576,625 72 13,915,156 275,661,469 1 2 45,749,772 11 45,749,772-2 3 68,712,019 17 68,712,019-404,038,416 100 128,376,947 275,661,469 29

2002 8 ( ) (%) 1 165,636,304 53 38,385,715 127,250,589 1 2 102,412,901 33 102,412,901-2 3 42,171,865 14 42,171,865-310,221,070 100 182,970,481 127,250,589 % 26,195,905 5 5% 9 (%) 1 444,628,715 32-444,628,715 1 2 952,455,232 68 175,015,900 777,439,332 2 3 4,541,017-3,772,087 768,930 3 31,854 - - 31,854 1,401,656,818 100 178,787,987 1,222,868,831 30

2002 9 ( ) (%) 1 1,091,521,581 100 172,409,033 919,112,548 1 2 1,032,612 - - 1,032,612 1,092,554,193 100 172,409,033 920,145,160 (%) 1 1,422,288,624 62-1,422,288,624 1 2 857,401,565 38 172,409,033 684,992,532 2,279,690,189 100 172,409,033 2,107,281,156 (%) 1 2,116,852,356 100 172,409,033 1,944,443,323 684,992,532 689,636,132 5% 31

2002 10 : 190,823,758 4,436,086 - (54,753,703) 140,506,141 172,409,033-6,378,954-178,787,987 363,232,791 4,436,086 6,378,954 (54,753,703) 319,294,128 11 % % 1 89,011,737 100 68,102,966 100 5% 32

2002 12 419,342,800 25,997,459 393,345,341 70,404,891-70,404,891 770,305,251 85,729,527 684,575,724 1,260,052,942 111,726,986 1,148,325,956 26,000 355,956,526 48,500,305 307,456,221 55,159,218 1,646,597 53,512,621 1,138,701,977 273,831,903 864,870,074 1,549,817,721 323,978,805 1,225,838,916 48,500,305 1,646,597 273,831,903 323,978,805 6,890,235-4,077,457 10,967,692 13,472,879-9,343,774 22,816,653 (42,865,960) (1,646,597) (201,523,607) (246,036,164) 25,997,459-85,729,527 111,726,986 33

2002 13 136,626,984 213,799,703 10,419,066 10,419,066 208,544,803 181,003,412 355,590,853 405,222,181 71,200,641 145,329,641 284,390,212 259,892,540 1,072,856,223 929,025,144 132,390,025 209,580,216 7,248,851 7,249,047 158,250,936 171,985,572 (1,814,159) (3,448,769) 1,368,931,876 1,314,391,210 59,381,641 133,510,641 1,309,550,235 1,180,880,569 74,129,000 - (74,129,000) - 59,381,641 - - 59,381,641 133,510,641 - (74,129,000) 59,381,641 + 11,819,000 - - 11,819,000 145,329,641 - (74,129,000) 71,200,641 34

2002 13 (1) 11,200,000-100% (25,042,608) 112,595,173 123,795,173 155,552,426-70% (64,464,291) 126,049,823 281,602,249 214,403,766-60% 1,834,499 (708,419,057) (494,015,291) 53,270,064-45% (305,836) 60,073,354 113,343,418 90,000,000-45% (2,069,066) (15,485,417) 74,514,583 84,000,000-42% (1,316,413) (8,780,779) 75,219,221 49,860,000-40% 1,150,939 3,140,391 53,000,391 32,634,554-70% 5,034,212 22,809,362 55,443,916 24,000,000-80% (3,191,590) (5,591,356) 18,408,644 42,000,000-70% (764,966) (792,069) 41,207,931 1,520,000-76% 71,953 71,953 1,591,953 600,000-20% 390,952 (221,505) 378,495 2,500,000-25% 121,794 (605,156) 1,894,844 104,280,000-44% 68,739,544 (23,915,656) 80,364,344 147,763,896-60% 4,327,166 4,327,165 152,091,061 1,013,584,706 - (15,483,711) (434,743,774) 578,840,932 (i) (214,403,766) - (1,834,499) 708,419,057 494,015,291 799,180,940 - (17,318,210) 273,675,283 1,072,856,223 (i) 2001 2002 12 31 35

2002 13 (2) % 118,013,641-24.99-3,296,713-121,310,354 104,280,000-44.00 (63,902,771) (92,655,200) (11,624,800) - 600,000-20.00 (601,804) (612,457) 12,457-2,500,000-25.00 477,563 (726,950) (1,773,050) - 10,000,000 1,077,600 46.67 (1,249,642) (2,115,950) - 8,961,650 2,000,000-20.00 394,256 118,021-2,118,021 237,393,641 1,077,600 (64,882,398) (92,695,823) (13,385,393) 132,390,025 + 3,712,100-25.00 - - - 3,712,100 200,000-12.00-16,831-216,831 280,000-19.60 17,472 28,028-308,028 241,585,741 1,077,600 (64,864,926) (92,650,964) (13,385,393) 136,626,984 (3) (i) 66,596,234 59,381,641-10 - 59,381,641 137,346,359 112,603,931-10 13,734,636 98,869,295 203,942,593 171,985,572-13,734,636 158,250,936 + 9,007,892 8,107,103-10 - 8,107,103 1,010,737 910,737-10 100,000 810,737 77,013,680-77,013,680 10 77,013,680-2,744,027-2,744,027 10 114,334 2,629,693 34,694,631-34,694,631 10 1,156,488 33,538,143 5,434,634-5,434,634 10 226,443 5,208,191 333,848,194 181,003,412 119,886,972 92,345,581 208,544,803 ( ) 10 (i) ( ) 36

2002 14 1,342,088,817 1,618,170,443 362,594,015 61,039,548 3,383,892,823-44,984,086 (44,988,340) 4,254-56,332,697 121,622,862 13,145,789 2,320,852 193,422,200 7,488,619 57,741,920 6,973,886 7,815,512 80,019,937 19,859,026 26,492,420 - - 46,351,446 (4,347,707) (28,562,668) (32,100,236) (3,079,075) (68,089,686) 153,866 75,558 7,821 2,167 239,412 1,421,575,318 1,840,524,621 305,632,935 68,103,258 3,635,836,132 250,989,196 822,083,216 178,197,699 27,591,489 1,278,861,600-29,043,892 (31,070,438) 2,026,546-12,857,117 54,738,861 7,956,270 1,741,197 77,293,445 57,682,437 143,226,476 34,357,123 10,602,426 245,868,462 (535,610) (11,848,485) (798,998) (2,425,315) (15,608,408) 10,669 35,133 6,444 248 52,493 321,003,809 1,037,279,093 188,648,100 39,536,591 1,586,467,593 51,662,414 7,466,170 9,000-59,137,584-2,207,522 - - 2,207,522 30,099 - - - 30,099 51,692,513 9,673,692 9,000-61,375,205 1,039,437,207 788,621,057 184,387,316 33,448,059 2,045,893,639 1,048,878,996 793,571,836 116,975,835 28,566,667 1,987,993,334 430,244,029 23,716,812 - - 453,960,841 15 % 19,859,026 12,613,535 7,245,491 (19,859,026) - 100 19,412,215 7,863,760 11,687,890 (19,262,050) 289,600 98 13,000,000-2,600,000-2,600,000 20 3,480,000 1,043,958 1,739,930-2,783,888 20 9,665,953 3,213,991 (7,230,370) 5,649,574 31,187,206 26,487,302 (46,351,446) 11,323,062 37

2002 16 373,484,114 2,699,868 376,183,982 31,513,280 760,166 32,273,446-2,963,490 2,963,490 - (5,473,358) (5,473,358) 404,997,394 950,166 405,947,560 69,500,221 899,956 70,400,177 4,096,726 240,719 4,337,445 12,467,532 1,080,428 13,547,960 - (1,953,995) (1,953,995) 86,064,479 267,108 86,331,587 5,214,752-5,214,752-519,447 519,447 5,214,752 519,447 5,734,199 298,769,141 1,799,912 300,569,053 313,718,163 163,611 313,881,774 17 131,123,575 4,899,764 146,617,634 (16,404,377) 144,970,179 121,266,417 1 3 70,072,252-13,496,338 - (22,713,035) 60,855,555 1 5 3,057,561 1,679,697 1,236,192 - (1,903,058) 4,070,392 1 5 - - 6,318,708 - (2,188,815) 4,129,893 1 2 6,650,893-7,294,848 - (7,572,142) 6,373,599 1 3 210,904,281 6,579,461 174,963,720 (16,404,377) (179,347,229) 196,695,856 38

2002 18-61,500,000 705,700,000 (i) - 204,000,000 82,000,000 (ii) - 290,000,000 230,000,000 - - 25,609,386-404,664,036 280,000,000 960,164,036 1,323,309,386 5.04% 6.44% (i) (ii) 159,970,000 ( 14) 25,000 4,000 19 424,914,036 678,568,666 517,677,693 141,823 942,591,729 678,710,489 20 5% 39

2002 21 5% 22 149,452 (293,680) 39,369,749 (155,098,731) 2,500-328,153 (2,439,639) 39,849,854 (157,832,050) 23 5% 24 61,277,048 54,911,126 3,659,416 3,983,440 116,160 7,778,494 39,856,044 38,981,398 35,048,277 176,665,911 33,619,626 11,262,800 17,131,167 3,287,000 20,368,836 13,184,276 211,076,574 310,054,445 40

2002 25 3 5 26 ( 27) 65,233,515 204,958,929 ( 28) - - 65,233,515 204,958,929 27-28,264,637 30,000,086 32,944,215 34,920,866-460,000,000 - - - - 220,000,000-200,000,000 - - 70,000,000 - - 780,000,086 234,920,866 : - 65,233,515-204,958,929 714,766,571 29,961,937 79,827,257 296,782,000 260,000,000 ( 12 14) 43(5)(d) 41

2002 28 67,682,983 109,094,101 8,139,145 7,398,377 75,822,128 116,492,478 - - 75,822,128 116,492,478 29 ( ) 1. - 337,915,755-337,915,755 2. 84,501,000 (84,501,000) - 422,416,755 (84,501,000) 337,915,755 1. 110,000,000 84,501,000 194,501,000 2. 459,589,808-459,589,808 569,589,808 84,501,000 654,090,808 992,006,563-992,006,563 1 42

2002 30 H A 1,499,662,592 933,863,500 17,696,745-2,451,222,837 ( ) - - - 13,397,850 13,397,850 1,499,662,592 933,863,500 17,696,745 13,397,850 2,464,620,687 31 229,161,802-114,580,901 343,742,703 32 ( ) 2003 3 28 ( ) (1,313,207,151) 162,684,973 ( 3) ( ) 200,868,415 (1,475,892,124) (1,112,338,736) (1,313,207,151) 2002 12 31 229,161,802 883,176,934 43

2002 33 2,252,045,609 1,648,537,574 2,164,254,362 1,775,523,113 2,337,240,642 1,980,182,294 2,177,206,505 1,823,664,781 103,978,964 93,159,219 - - 184,991,802 130,660,024 40,155,501 16,528,177 4,878,257,017 3,852,539,111 4,381,616,368 3,615,716,071 2,038,620,012 1,464,305,926 1,873,787,788 1,569,731,194 2,016,706,478 1,732,176,247 1,824,531,271 1,491,528,891 14,067,706 13,173,189 - - 4,069,394,196 3,209,655,362 3,698,319,059 3,061,260,085 % 384,209,032 8 34 154,000,000-16,612,542 19,930,301 170,612,542 19,930,301 44

45 2002 34 44 46 10 180,420,000 2002 5 31 56 3 180,420,000 154,000,000 26,420,000 2002 6 30 2002 7 12 154,000,000 2002 6 30 2002 11 8 15,400 15,400 7,700

2002 35 90,008,597 92,864,732 14,680,145 12,552,101 ( ) (1,952,321) 2,946,181 2,160,033 3,429,059 75,536,164 86,687,871 36 - (11,089,152) (4,133,776) (611,426) (92,345,581) (16,014,647) - (71,200,641) - (147,398) (96,479,357) (99,063,264) 7,700 (15,483,711) (284,802,456) - (11,089,152) (4,151,247) (638,813) (13,734,636) (15,013,858) - (59,381,641) - (147,187) (33,369,594) (371,073,107) 46

2002 37 748,140 15,057,482-47,236,170 3,351,624 10,989,023 4,099,764 73,282,675 38 - - 3,031,454-3,031,454-39 603,452,809 603,452,809 198,000,000 6,537,039 204,537,039 47

2002 40 6 1,417,085,462 778,191,077 730,447,322 126,994,513 686,638,140 651,196,564 1,065,118,299 492,198,063 708,890,230 110,839,227 356,228,069 381,358,836 41 (1) 51,706,753 26,420,003 10,769,600 14,517,150 (2) 26,420,003 83,329,421 56,909,418 48

2002 41 (3) 363,774,804 174,699,465 3,161,892 2,000,000 113,921,233 33,996,015 (835,703,195) (23,021,399) 15,661,545 (151,509,640) (4) 51,706,753 (68,180,219) 119,886,972 42 2,252,045,608 2,337,240,642 103,978,964 184,991,803-4,878,257,017 - - - 375,552,851 (375,552,851) - 2,252,045,608 2,337,240,642 103,978,964 560,544,654 (375,552,851) 4,878,257,017 1,648,537,574 1,980,182,294 93,159,219 130,660,024-3,852,539,111 - - - 366,368,787 (366,368,787) - 1,648,537,574 1,980,182,294 93,159,219 497,028,811 (366,368,787)3,852,539,111 402,167,680 198,467,389 (29,730,825) 160,681,694-731,585,938 201,340,354 158,590,959 40,550,570 (97,165,851) (9,184,064) 294,131,968 3,757,729,741 3,149,545,710 166,184,301 694,295,802-7,767,755,554 2,447,952,779 1,987,488,705 169,280,881 254,596,818-4,859,319,183 49

2002 43 (1) 5 2002 4 18 2002 4 18 (2) 30,000,000 - - 30,000,000 1,200,000,000 - - 1,200,000,000 1,100,000,000-1,100,000,000 - - 1,000,000-1,000,000-29,800,000-29,800,000 1,000,000-1,000,000-5 (3) (i) % % % % - - 204,775,755 20.64 - - 204,775,755 20.64 337,915,755 34.06 - - (337,915,755) (34.06) - - (ii) 5 50

51 2002 43 - (4) ( ) + (5) (a) 20 25

2002 43 - (5) - (a) - 2001 11 26 80 269.42 2002 7 31 75 709.222 709.22 2002 8 30 70 807.54 2002 7 31 80 96.62 1,173.58 709.22 464.36 464.36 2002 12 31 52

2002 43 - (5) - (b) 38,449,879 53,024,758 37,757,424 13,868,651 3,684,850 25,483,847 4,505,359-9,031,636-53,944,503 57,771,537 33,212,615 73,222,962 180,586,266 223,371,755 16,537,733 12,485,857 144,592,405 201,302,903 55,376,180 8,004,543 31,089,799-27,005,385-274,601,502 221,793,303 53

2002 43 - (5) - (c) 1,222,603 - (d) 3,975,000 3,975,000 40,000,000 230,000,000 540,000,000-580,000,000 230,000,000-9,010,000 - (47,458,371) 350,414 (21,229,000) (2,351,475) - 43(5)(e)(iv)) 2,599,000 3,231,360 (102,889) (56,446,011) 54

2002 43 - (5) - (e) (i) - 170,000,000 (i) 684,992,532 519,636,132 (ii) - 198,000,000 3,026,780 273,937 (iii) 51,602,908 58,139,947 (iv) 34,000,000 34,000,000 773,622,220 980,050,016 (v) 149,000-5,087,833 - - 263,100-5,902,078 5,236,833 6,165,178 (i) 1996 7 6 (a) / (b) / (c) 55

56 2002 43 - (5) - (i) - 2001 10 29 2002 3 5 2002 4 18 20.64% 13.42% 2002 4 2002 1 1 862,045,132 172,409,000 4,643,600 43(5)(a) 2002 12 31 857,401,532 / 2002 11 21 1 2

57 2002 43 - (5) - (i) - 3 1996 7 6 4 5 6 (a) 644,000,000 (b) 213,397,093 (c) 50,436,632 644,000,000 1996 7 6

58 2002 43 - (5) - (i) - 265,000,000 213,397,093 2002 11 21 51,602,907 2002 11 21 51,602,907 (a) 51,602,907 (b) 2002 12 31 (ii) 2001 12 23 2002 3 22 348,000,000 348,000,000 2001 12 31 150,000,000 2002 4 25 198,000,000 2002 12 31 348,000,000

59 2002 43 - (5) - (iii) 2001 116,000,000 2002 12 31 51,602,907 (iv) 34,000,000 9 (v) 2002 4 9 R411 27,000,000 2002 198 35,000 6,930,000 2002 12 31 6,781,000 149,000

2002 44 43(5)(d) 3,975 3,975 35,270 582,930 39,245 586,905 45-37,910 51,740 46 2003 1 24 28 Modern Treasure Limited ( MTL ) 25 MTL 3,500,000 20,000,000 2002 12 31 11,819,203 47 2002 8 30 2003 1 2 2002 * * * * 60

2002 1 2002 12 31 200,868 2,686,217 2002 12 31 2002 200,868 2,686,217 - (16,684) 15,067 184,184 2,701,284 54

2002 4 30%( 30%) 5%( 5%) 10%( 10%) (1) (2) (3) (4) (5) (6) (1) (2) 1