600750 2004 2005 3

2004... 1... 1... 1... 3... 5... 9... 11... 13... 18... 19... 22... 22 1

2004 1 2 3 2004 4 1 JIANGZHONG PHARMACEUTICAL CO.,LTD 2 3 888 0791-8169323 0791-8169323 jzyy@jzjt.com 4 888 888 330000 Http://www.jzjt.com jzyy@jzjt.com 5 http://www.sse.com.cn 6 A A A 600750 7 1996 9 18 15 2003 2 25 888 3600001130740 360281158307408 246 1

2004 : : 58,224,627.32 43,115,101.00 44,109,798.01 481,308,986.42 1,996,908.46 60,913,633.47-1,582,876.84-1,106,129.31 26,281,353.22-72,200,217.80 : : -1,106,129.31 80,969.81 95,940.00 14,848.07 80,325.58-994,697.01 : : 2004 2003 2002 834,475,194.32 941,172,442.32 667,672,108.02 58,224,627.32 103,129,191.55 69,318,666.85 43,115,101.00 50,723,695.32 43,213,413.95 44,109,798.01 51,748,822.59 44,983,768.92 2004 2003 2002 1,164,554,298.78 986,939,343.83 740,781,442.58 660,059,497.36 602,162,690.38 564,310,186.61 26,281,353.22 78,977,695.62 94,901,625.40 2004 2003 2002 0.30 0.35 0.30 0.30 0.35 0.30 % 6.53 8.42 7.86 6.68 8.59 8.31 % 0.18 0.54 0.65 2

2004 2004 2003 2002 4.52 4.12 3.86 4.30 3.92 3.73 9 : : % 72.92 76.26 3.29 3.29 9.23 9.65 0.42 0.42 6.53 6.83 0.3 0.3 6.68 6.99 0.3 0.3 : : 146,112,000.00 276,673,208.84 22,898,631.04 22,898,631.04 133,580,219.46 602,162,690.38 29,392,905.98 4,263,703.63 4,263,703.63 43,115,101.00 81,035,414.24 23,138,607.26 23,138,607.26 146,112,000.00 306,066,114.82 27,162,334.67 27,162,334.67 153,556,713.20 660,059,497.36 1 2 2004 3 1 1 : 83,712,000 83,712,000 3

2004 2 3 4 83,712,000 83,712,000 1 62,400,000 62,400,000 2 3 4 62,400,000 62,400,000 146,112,000 146,112,000 2 (1) (2) (3) 1 20,719 1 A 20,718 2 ( ) : (%) 83,712,000 57.29 2,116,780 1.45 1,528,919 1.05 829,597 0.57 506,000 0.35 342,599 0.23 316,500 0.22 250,900 0.17 250,000 0.17 177,200 0.12 4

2004 5% 3 1 2 1998 6 26 8371.2 57.29% 99 1998 6 26 2 2 99 1959 5 2004 77 2005 3 4 99 % 52.7 4 5 A B H 2,116,780 A 1,528,919 A 829,597 A 5

2004 506,000 A 342,599 A 316,500 A 250,900 A 250,000 A 177,200 A 158,100 A 1 : 52 2002-11 2005-11 0 0 0 47 2002-11 2005-11 0 0 0 48 2002-11 2005-11 0 0 0 48 2002-11 2005-11 0 0 0 52 2003-04 2005-11 0 0 0 37 2003-04 2005-11 0 0 0 42 2003-10 2005-11 0 0 0 41 2003-10 2005-11 3,000 3,000 0 62 2002-06 2005-06 0 0 0 32 2002-06 2005-06 0 0 0 51 2003-04 2006-04 0 0 0 44 2003-10 2006-10 0 0 0 55 2002-11 2005-11 0 0 0 55 2002-11 2005-11 0 0 0 55 2002-11 2005-11 2,600 2,600 0 43 2002-12 2005-12 0 0 0 34 2002-11 2005-11 0 0 0 29 2002-11 2005-11 0 0 0 2 1 1998 7 2 2002 8 6

2004 3 1998 7 2002 11 4 1998 7 5 2002 10 6 2002 10 1 1 2 3 4 5 6 7 Arthur D. Little 8 9 10 11 12 13 7

2004 14 15 16 17 18 2 1 2 18 7 11 97.4 45 49.6 3 4 5, 20 97.4 45 49.6 5 / / 5-10 2 10-20 4 20 1 8

2004 2004 10 22 917 0 1 406 76 12 76 347 2 12 84 135 403 283 1 [2003]56 2004 2 2004 3 9

2004 4 5 6 7 1 7 6 1 0 7 5 2 0 7 6 1 0 7 7 0 0 2 0.1 2003 2004 2003 1 2 10

2004 3 4 5 1 2004 2 24 2003 2004 3 26 9:00 5 1 83719800 8371.2 57.3 2003 2003 2003 2003 2003 2004 2004 3 27 11

2004 1 2004 4 27 2004 2004 5 28 9:00 3 1 83749000 8371.2 57.3 2004 2004 5 29 2 2004 5 22 2004 2004 6 21 9:00 4 1 83718800 8371.2 57.3 2004 2004 078 2004 2004 6 22 3 2004 7 17 2004 2004 8 16 9:00 16 1 84084700 8371.2 57.5 2004 2004 8 17 4 2004 9 22 2004 2004 10 22 9:00 3 1 12

2004 83717600 8371.2 57.29 2004 2004 10 23 2004 2004 2004 83,447.52 11.34 48,130.90 12.94 4,311.51 15 48.71 99.71 " " " " " " 2004 2004 15% 2004 13

2004 1 1 2 ( ) ( ) 64,948.47 77.84 46,155.63 95.90 11,236.09 13.46-90.72-0.19 6,942.73 8.32 1,959.63 4.07 320.23 0.38 106.36 0.22 83,447.52 100 48,130.90 100 10 64,948.47 18,045.22 72.22 11,236.09 11,299.94 0.57 2 1 2000 1 5 7000 99.71 OTC 2004 12 31 17766 10596 7170 64,519 164 2 2002 4 25 12000 96.68% 2004 12 31 27,127 16,776 10,233 18,469-2,467 3 39.57% 14.83 % 4 2004 14

2004 GMP, 1 2 2005 1-2 3 4 1 1999 2003 2 1 1,979 2 5097 85% 3 1164 75% 4 570 5) 871 6 2232 7 779 8 V 1,763 2004 2003 (%) 1,164,554,298.78 986,939,343.83 18.00 127,616,761.19 65,750,697.43 94.09 660,059,497.36 602,162,690.38 9.61 481,308,986.42 552,855,480.53-12.94 43,115,101.00 50,723,695.32-15.00-72,200,217.80-73,565,893.63-1.86 1 2 3 1 2 2004 15

2004 4 5 2005 1 2 2005 1 1) 2004 2 6 2003 2003 2003 2003 2003 2004 2) 2004 2 20 2003 3) 2004 4 25 2004 2004 4) 2004 5 21 2004 2004 078 2004 5) 2004 7 15 2004 2004 6) 2004 9 21 2004 7) 2004 10 22 2004 2 16

2004 2003 1 2004 2004 2004 8 18 2004 2004 7 17 9 22 2 2003 2004 5 26 2003 2003 14611.2 10 1 2004 6 1 2004 6 2 2004 6 7 2004 2004 43,115,101.00 10 4,263,703.63 10 4,263,703.63 133,580,219.46 2004 168,167,913.20 2004 14611.2, 10 1, 14,611,200 153,556,713.20 1 2003 56 2 2005 029 2004 2003 56 2004 2004 17

2004 2003 56 2004 2003 12 2004 12 2004 2004 2004 31 31 5,363,820. 18 1,332,491.86 5,603,283.03 4,973,439.66 1,962,335.23 239,462.85 6,072,902.11 4,800,000.00 1,272,902.11-4,674.96-4674.96 - - 2003 56 2005 3 10 1 2004 2 6 2003 2003 2003 2003 2 2004 2 20 3 2004 4 25 2004 4 2004 7 15 2004 18

2004 1 2 2004 3 1999 2003 4 5 1 2003 2962.33 2004 2 10 120 / 2004 3 31 2004 4 1 19

2004 2 2003 48.71 3622 2004 2 24 " " " " " " 51 99.71% 3 2004 9300 2004 7 17 2004 8 17 2004 2004 9 22 2004 9,300 10 930 1 2004 3 26 2003 2962.33 2004 2 10 2 2004 3 26 2003 48.71 3622 2004 2 24 " " " " " " " " 20

2004 3 2004 7 15 8 16 2004 7 17 8 17 2004 2004 9 21 2004 9 22 2004 1 2 3 2004 2 6 1570 2004 1 1 2006 12 31 4000 / 628 4 5 6 5% 5% 1 2004 2 36 3 6 21

2004 1 15 33 2 2004 3 4 1 2004 4 27 2004 2004 5 29 2004 2 2004 10 22 2004 2004 10 23 2004 00 22

00

119 6829117 6829127 6814202 : 6829312 6829301 ======================= ============ 1 1 2-3 2 4 3 5 4 6-7 5 8-9 6 10-41 1

2005 026 2004 12 31 2004 2004 12 31 2004 00 1

2004.12.31 2003.12.31 1 19,011,818.57 44,445,181.23 40,336,768.93 116,645,399.03 2 - - 800,000.00 3 38,389,459.07 125,330,469.69 5,516,586.00 113,917,970.52 - - - - - - - - 4 45,932,367.16 58,840,845.97 53,405,315.02 65,965,441.96 5 84,474,299.89 22,604,251.52 96,163,622.55 32,468,043.11 6 24,386,994.60 38,502,477.52 1,706,921.60 13,389,518.37-10,931.44-364,234.43 7 43,563,304.76 71,906,558.94 41,404,377.04 72,070,570.62 8 249,176.10 773,895.39 293,425.00 462,816.97 - - - - - - - - 256,007,420.15 362,414,611.70 238,827,016.14 416,083,995.01 9 238,725,325.32 69,323,921.15 227,197,167.46 69,873,894.65 10 350,000.00 350,000.00 600,000.00 600,000.00 239,075,325.32 69,673,921.15 227,797,167.46 70,473,894.65-12,736,467.61-13,650,722.16 11 392,513,513.15 598,369,553.21 294,663,438.58 426,669,816.78 11 35,616,495.99 83,503,361.44 18,148,723.87 45,698,415.83 356,897,017.16 514,866,191.77 276,514,714.71 380,971,400.95 - - - - 356,897,017.16 514,866,191.77 276,514,714.71 380,971,400.95 - - - - 12 92,685,042.76 115,261,344.41 59,606,120.18 105,292,290.30 - - - - 449,582,059.92 630,127,536.18 336,120,834.89 486,263,691.25 13 100,625,119.75 102,338,229.75 11,479,450.68 13,366,220.68 14 - - 45,533.95 751,542.24 - - - - 100,625,119.75 102,338,229.75 11,524,984.63 14,117,762.92 1/2 01 - - - - 1,045,289,925.14 1,164,554,298.78 814,270,003.12 986,939,343.83

2/2 01 2004.12.31 2003.12.31 : 15 220,000,000.00 270,000,000.00 116,833,071.39 125,833,071.39 16-20,763,725.50-12,451,307.00 17 18,326,693.73 51,324,884.43 19,546,232.46 52,706,157.86 18 103,353.12 10,254,152.59 82,692.25 38,687,719.24 19 - - 116,617.70 116,617.70-887,780.04 2,587,961.10-483,790.37 2,744,708.28 - - - - 20-5,040,027.44 2,448,576.15 7,042,919.85 30,646,528.05 21 386,953.91 610,821.32 179,208.39 584,424.64 22 29,399,012.97 11,048,084.62 4,966,033.19 11,194,165.54 23 4,741,168.24 5,087,629.24 5,175,968.16 6,422,197.72 - - - - - - - - 267,029,374.49 374,125,834.95 153,458,953.02 281,386,897.42 24 127,436,761.19 127,436,761.19 36,680,697.43 36,680,697.43 - - - - - - - - 25 180,000.00 180,000.00 29,070,000.00 29,070,000.00 - - - - 127,616,761.19 127,616,761.19 65,750,697.43 65,750,697.43 - - - - 394,646,135.68 501,742,596.14 219,209,650.45 347,137,594.85 2,752,205.28 37,639,058.60 26 146,112,000.00 146,112,000.00 146,112,000.00 146,112,000.00 146,112,000.00 146,112,000.00 146,112,000.00 146,112,000.00 27 306,027,383.08 306,066,114.82 276,664,710.34 276,673,208.84 28 52,883,937.52 54,324,669.34 44,717,544.70 45,797,262.08 28 26,441,968.76 27,162,334.67 22,358,772.35 22,898,631.04 29 145,620,468.86 153,556,713.20 127,566,097.63 133,580,219.46 : 29 14,611,200.00 14,611,200.00 14,611,200.00 14,611,200.00 650,643,789.46 660,059,497.36 595,060,352.67 602,162,690.38 1,045,289,925.14 1,164,554,298.78 814,270,003.12 986,939,343.83

02 2004 2003 30 394,467,721.69 834,475,194.32 354,549,650.16 941,172,442.32 31 180,219,817.37 345,246,514.82 191,220,980.61 380,977,710.66 32 3,879,858.96 7,919,693.08 2,995,826.66 7,339,251.13 210,368,045.36 481,308,986.42 160,332,842.89 552,855,480.53 33 417,737.73 1,996,908.46 234,130.00 2,195,858.26 59,734,766.63 300,753,730.82 32,928,182.13 345,185,919.60 56,526,717.57 99,454,588.44 55,485,384.20 95,508,057.26 34 20,434,409.13 22,183,942.15 8,706,272.93 8,850,975.02 74,089,889.76 60,913,633.47 63,447,133.63 105,506,386.91 35-25,264,514.88-1,582,876.84 11,093,339.09-1,273,672.26 - - - - 36 194,461.58 502,242.69 14,537.87 370,907.23 37 446,810.52 1,608,372.00 1,076,018.99 1,474,430.33 48,573,025.94 58,224,627.32 73,478,991.60 103,129,191.55 38 7,741,061.89 14,640,543.53 25,893,324.61 40,325,647.92-468,982.79-12,079,848.31 40,831,964.05 43,115,101.00 47,585,666.99 50,723,695.32 127,566,097.63 133,580,219.46 104,108,764.04 107,217,841.26 - - - - 168,398,061.68 176,695,320.46 151,694,431.03 157,941,536.58 4,083,196.41 4,263,703.63 4,758,566.70 4,875,058.56 4,083,196.41 4,263,703.63 4,758,566.70 4,875,058.56 160,231,668.86 168,167,913.20 142,177,297.63 148,191,419.46 - - - - - - - - 14,611,200.00 14,611,200.00 14,611,200.00 14,611,200.00 - - - - - - - - 145,620,468.86 153,556,713.20 127,566,097.63 133,580,219.46 1 12,500.00 2 3 4 5 6

2004 % 72.92 76.26 3.29 3.29 2004 9.23 9.65 0.42 0.42 6.53 6.83 0.30 0.30 6.68 6.99 0.30 0.30

(1/2) 2004 03 410,604,291.79 834,101,872.67-2,211,932.78 39 137,340,496.38 547,944,788.17 836,313,805.45 177,320,496.42 274,845,318.68 24,263,490.11 67,648,721.91 65,719,632.33 141,212,726.28 40 206,080,549.09 394,672,966.53 473,384,167.95 878,379,733.40 74,560,620.22-42,065,927.95 - - - 800,000.00-80,969.81 72,500.00 199,000.00 287,816.80 584,217.73 360,316.80 1,664,187.54 220,340,861.17 263,025,255.45 36,220,000.00 36,220,000.00 - - 256,560,861.17 299,245,255.45-256,200,544.37-297,581,067.91 - - - - 381,930,722.82 431,930,722.82 - - 381,930,722.82 431,930,722.82 195,213,940.78 204,213,940.78 26,401,808.25 28,617,285.15 - - 221,615,749.03 232,831,225.93 160,314,973.79 199,099,496.89 - - -21,324,950.36-140,547,498.97

(2/2) 2004 03 1. : 40,831,964.05 43,115,101.00 : - 468,982.79 5,963,423.24 14,829,301.50 17,656,874.45 38,590,162.34 3,958,511.93 4,132,171.93 45,533.95 93,398.91 44,248.90 53,984.08-434,799.92-1,334,568.48 ( ) 35,770.34 184,100.90-11,167.33 18,699,415.07 20,253,428.54 ( ) 25,014,514.88 1,332,876.84 ( ) - - ( -2,082,364.77-2,710,625.85 ( ) -18,266,050.86 60,305,700.71 ( ) -16,906,421.04-153,043,829.32 - - 74,560,620.22 26,281,353.22 2. : - - - - - - - - 3. - - 19,011,818.57 44,445,181.23 : 40,336,768.93 116,645,399.03 : - - : - - -21,324,950.36-72,200,217.80

2004 12 31 01 1 12,084,254.33 5,789,986.19-1,213,877.01 1,213,877.01 16,660,363.51 3,338,001.13 360,153.02-974.90 974.90 3,697,179.25 8,746,253.20 5,429,833.17-1,212,902.11 1,212,902.11 12,963,184.26 - - - - - - - - - - - - - - - - - - 76,562.95 - - 76,562.95 76,562.95-76,562.95 - - 76,562.95 76,562.95 - - - - - - - - - - - - - - - - - - - 1,747,028.25 250,000.00 - - - 1,997,028.25 1,747,028.25 - - - - 1,747,028.25-250,000.00 - - - 250,000.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8

2004 12 31 01 1 31,728,012.49 14,675,241.50-1,213,877.01 1,213,877.01 45,189,376.98 26,177,973.36 10,827,434.76-974.90 974.90 37,004,433.22 5,550,039.13 3,847,806.74-1,212,902.11 1,212,902.11 8,184,943.76 - - - - - - - - - - - - - - - - - - 95,940.00 - - 95,940.00 95,940.00 - - - - - - - - - - - - - - - - - - - 95,940.00 - - 95,940.00 95,940.00-1,747,028.25 250,000.00 - - - 1,997,028.25 1,747,028.25 - - - - 1,747,028.25-250,000.00 - - - 250,000.00 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

( 2004 11 8 ) 600750 14,611.20, 8,371.20 6,240 888 14,611.2 1 2 1 1 12 31 3 4 5 6 10

7 8 1 5% 1 2 8% 2 3 15% 3 4 20% 4 5 40% 5 100% : 1 2 9 11

, 10 (1) 20 20% 20% 20% 20% 20% (2) (3) 11 1, 2,000 2,000 2 12

30-45 4-5% 2.11-3.20% 10-15 5% 6.33-9.50% 11 4-5% 8.64-8.73% 15 4-5% 6.33-6.40% 10 4-5% 9.50-9.60% 6-10 4-5% 9.50-16.0% 5-10 4-5% 6.33-19.2% 10-15 4-5% 6.33-9.60%, 12 ; (1) 3 (2) 13

(3) 13 14 15 (1) (2) (3), 16 17 18 (1995)11 ( ) 14

(1996)2 50% ( 50%) 19 (1) (2) 10% (3) 10% (4) (5) 17% 17% 13% 5% 7% 3% 70% 1.2% 15% 33% [2004]82 2004 15% 33% 12,000 97.50% 7,000 99.71% 500 100.00% 15

1 2004.12.31 2003.12.31 248,558.60 240,817.75 34,367,102.83 107,726,633.67 9,829,519.80 8,677,947.61 44,445,181.23 116,645,399.03 ==================== ====================== 72,200,217.80 61.90% 2 2004.12.31 2003.12.31-800,000.00-800,000.00 =============== ================= 3 2004.12.31 2003.12.31 125,330,469.69 113,917,970.52 125,330,469.69 113,917,970.52 ====================== ====================== 4 2004.12.31 2003.12.31 1 3,598,2724.36 37.54% 1,799,136.22 30,878,362.28 33.51% 1,543,918.12 1 2 544,111.18 0.57% 43,528.90 1,798,762.71 1.95% 143,901.01 2 3 1,166,530.10 1.22% 174,979.51 11,946,421.96 12.97% 1,791,963.29 3 4 11,684,379.35 12.19% 2,336,875.87 23,797,459.82 25.83% 4,759,491.96 4 5 23,029,369.13 24.03% 9,211,747.65 9,639,515.94 10.46% 3,855,806.37 5 23,438,165.07 24.45% 23,438,165.07 14,082,892.61 15.28% 14,082,892.61 95,845,279.19 100.00% 37,004,433.22 92,143,415.32 100.00% 26,177,973.36 ================== ========== ================== ================== ========== ================= 16

(1) 5% 5% (2) 11,049,564.05 11.53% 5 2004.12.31 2003.12.31 1 9,295,166.36 30.18% 464,758.31 13,719,408.33 36.09% 685,970.42 1 2 3,319,225.47 10.78% 265,538.04 2,131,378.02 5.61% 170,510.25 2 3 3,001,265.68 9.75% 450,189.85 16,196,612.33 42.60% 2,429,491.85 3 4 9,444,754.23 30.68% 1,888,950.85 886,002.47 2.33% 177,200.49 4 5 1,022,128.07 3.32% 408,851.24 4,996,358.29 13.14% 1,998,543.32 5 4,706,655.47 15.29% 4,706,655.47 88,322.80 0.23% 88,322.80 30,789,195.28 100.00% 8,184,943.76 38,018,082.24 100.00% 5,550,039.13 ================== ========== ================= ================== ========== ================ (1) 5% 5% (2) 16,508,158.88 53.62% 6 2004.12.31 2003.12.31 1 38,268,997.52 99.39% 10,864,691.27 81.14% 1 2 233,480.00 0.61% 1,313,303.02 9.81% 2 3 - - 847,608.08 6.33% 3 - - 363,916.00 2.72% 38,502,477.52 100.00% 13,389,518.37 100.00% ===================== =========== ===================== =========== 1 5% 5% 2 1 233,480.00 17

7 2004.12.31 2003.12.31 22,758,597.38 23,120,222.32 653,652.75 705,866.82 24,925,914.27 25,292,043.85 2,680,652.84 4,150,173.34 1,306,121.66 704,596.90 19,581,620.04 18,193,607.39 71,906,558.94 72,166,510.62 ==================== ===================== 2003.12.31 2004.12.31 95,940.00-95,940.00-95,940.00-95,940.00 - =============== ================ =============== ============== 8 2004.12.31 2003.12.31 337,758.70 385,328.36 41,074.19 37,083.51-4,500.00 395,062.50 35,905.10 773,895.39 462,816.97 ================ ================ 9 2003.12.31 2004.12.31 59,947,642.49 93,877.84-60,041,520.33-1,977,441.75 - -270,403.21-1,707,038.54 18

13,650,722.16 863,873.15 1,778,127.70 12,736,467.61 : 1,747,028.25 - - 1,747,028.25 69,873,894.65 957,750.99 1,507,724.49 69,323,921.15 ===================== ================ =================== ==================== (1) 30 49% 2,987,748.00 1,290,841.13 - - 1,290,841.13 1.99% 10,000,000.00 10,000,000.00 - - 10,000,000.00 40% 32,495,967.93 35,233,853.89 93,877.84-35,327,731.73 10 1% 100,000.00 100,000.00 - - 100,000.00 2.74% 12,734,290.17 12,734,290.17 - - 12,734,290.17 25% 130,000.00 - - - - 620,017.30 588,657.30 - - 588,657.30 59,068,023.40 =============== 59,947,642.49 ============= 93,877.84 ========== ============ 60,041,520.33 ============= (2) - 547,424.52 456,187.12-25 - 456,187.12-2,704,032.07-2,433,628.87-10 -270,403.21-540,806.41-2,163,225.66-2,156,607.55 ============ -1,977,441.75 ============= - ========== - ======= -270,403.21 =========== -540,806.41 =========== -1,707,038.54 ============= (3) - 7,909,290.94 5,636,334.23 863,873.15 10 796,774.08-2,205,857.64 5,703,433.30 9,813,536.24 8,014,387.93-10 981,353.62-2,780,501.93 7,033,034.31 17,722,827.18 ============= 13,650,722.16 ============= 863,873.15 =========== - ======= 1,778,127.70 ============ - =========== 4,986,359.57 =========== 12,736,467.61 ============= 19

10 600,000.00 8% 2002.9 - - 600,000.00 250,000.00 600,000.00 8% - - 600,000.00 250,000.00 ============== ===== =========== ========== ============== ============= 60 2003 6, 35, 2004 5 31 (2003) 215 2004 12 31 11 2003.12.31 2004.12.31 172,306,606.25 75,309,322.54 366,529.09 247,249,399.70 136,889,085.85 93,215,331.26 571,770.00 229,532,647.11 16,899,779.18 - - 16,899,779.18 11,290,466.85 - - 11,290,466.85 43,258,892.25 393,984.00-43,652,876.25 15,050,209.89 412,053.09 444,831.93 15,017,431.05 9,382,268.08 2,891,620.15 219,393.75 12,054,494.48 21,592,508.43 1,079,950.16-22,672,458.59 426,669,816.78 173,302,261.20 1,602,524.77 598,369,553.21 ====================== ==-=================== =================== ====================== 2,591,763.60 5,243,566.23 279,005.09 7,556,324.74 10,302,158.63 17,172,356.39 34,026.99 27,440,488.03 1,610,423.04 1,556,402.42-3,166,825.46 2,241,930.91 1,364,285.75-3,606,216.66 16,626,186.45 7,218,335.31-23,844,521.76 20

3,859,298.18 1,847,535.45 301,372.89 5,405,460.74 3,587,378.99 1,522,529.00 170,811.76 4,939,096.23 4,879,276.03 2,665,151.79-7,544,427.82 45,698,415.83 38,590,162.34 785,216.73 83,503,361.44 ===================== ===================== ================ ===================== 380,971,400.95 514,866,191.77 ====================== ====================== :(1) 173,302,261.20 139,336,953.50 33,965,307.70 (2) 12 2003.12.31 2004.12.31 GMP - 34,325,452.46 2,263,159.03-36,588,611.49-3,326 GMP - - 2,383,616.62 - - 2,383,616.62 300-717,366.41 - - - 717,366.41 200 - - 2,914,767.58-2,914,767.58-160 V - - 2,262,142.75-2,262,142.75-380 - 4,510,018.25 8,312,011.47 - - 12,822,029.72 2976-6,133,333.00 306,955.90 - - 6,440,288.90 700-1,786,683.20 19,504,670.19-21,291,353.39-17,499-41,249,171.98 284,756.49-41,533,928.47-4,006.2 ( ) - 6,936,702.81 - - 6,936,702.81 - - - 864,131.86-864,131.86-2,300-11,570,265.00 466,378.81-53,942.81 11,982,701.00 1,500 CIMS - - 436,911.00-436,911.00-2,800-293,527.00-293,527.00-800 - - 433,156.00-433,156.00-335 - 5,000,000.00 50,967,345.98 - - 55,967,345.98 5,471-11,640,657.70-2,400.00 11,638,257.70 1,615 21

- - 5,704,359.08 - - 5,704,359.08 - - 22,323,290.40-22,323,290.40 - ( ) - - 226,679.05-226,679.05 - - - 8,709,117.64-8,709,117.64 - - - 9,235,052.11-1,629,673.11 7,605,379.00 105,292,290.30 149,306,007.61-139,336,953.50 115,261,344.41 =================== =================== ======== =================== =================== (1) -6,107.72 232,786.77 (2) 139,336,953.50 (3) 13 2003.12.31 2004.12.31 164,666.58 - - 25,999.99 121,333.41 138,666.59 1,782,614.81 - - 38,822.83 193,908.02 1,743,791.98-1,476,666.48 - - 219,999.98 943,333.5 1,256,666.50-68,016.76 - - 10,600.01 48,583.25 57,416.75 - C 81,900.00 - - 11,700.00 46,800.00 70,200.00-143,030.48 - - 19,285.01 69,104.53 123,745.47 SAP 1,121,779.10 - - 292,638.03 609,249.23 829,141.07 4,565,229.80 - - 760,871.63 2,155,802.96 3,804,358.17 winxp 127,808.33 - - 31,300.00 59,991.67 96,508.33 VPN 95,305.00 - - 23,340.00 44,735.00 71,965.00 1,852,433.34 - - 186,800.00 202,366.66 1,665,633.34 A - 104,181.00-12,154.45 12,154.45 92,026.55-93,000,000.00-2,325,000.00 2,325,000.00 90,675,000.00 294,000.00 - - 6,000.00 12,000.00 288,000.00 1,592,770.00 - - 167,660.00 251,490.00 1,425,110.00 13,366,220.68 93,104,181.00-4,132,171.93 7,095,852.68 102,338,229.75 ================== ================== ========= ================= ================ ================== 260,000.00 5 4 1,937,700.00 34 22

- 2,200,000.00 5 8-106,000.00 5 5 - C 117,000.00 6-192,850.00 6 5 SAP (1) 719,195.15 2 10 SAP (2) 719,195.15 3 5,960,161.13 5 VPN 116,700.00 3 1 WINXP 156,500.00 3 1 1,868,000.00 8 11 A 104,181.00 53 93,000,000.00 9 9 300,000.00 48 1,676,600.00 8 6 109,434,082.43 ====================== 9300 5 14 2003.12.31 2004.12.31 717,974.53 706,008.29-47,864.96 658,143.33 59,831.20-248,367.00 45,533.95-45,533.95-248,367.00-966,341.53 751,542.24-93,398.91 658,143.33 308,198.20 - ============== ============== ============= ============= ============== ============== ========= 15 2004.12.31 2003.12.31 80,000,000.00 80,000,000.00 29,000,000.00 29,000,000.00 190,000,000.00 190,000,000.00 30,000,000.00 30,000,000.00 - - 6,464,609.40 66,833,071.39 270,000,000.00 125,833,071.39 ====================== ====================== 1 211,000,000.00 23

2 66,833,071.39 3 80,000,000.00 16 2004.12.31 2003.12.31 20,763,725.50 12,451,307.00 20,763,725.50 12,451,307.00 ===================== ===================== 17 2004.12.31 2003.12.31 1 46,264,653.28 90.15% 46,246,999.87 87.74% 1 2 2,671,112.78 5.2% 5,460,098.14 10.36% 2 3 1,465,121.72 2.85% 330,469.31 0.63% 3 923,996.65 1.80% 668,590.54 1.27% 51,324,884.43 100.00% 52,706,157.86 100.00% ===================== =========== ===================== =========== 5%( 5%) 18 2004.12.31 2003.12.31 1 7,872,834.47 76.78% 36,328,232.40 93.90% 1 2 468,546.02 4.57% 462,248.26 1.20% 2 3 47,398.52 0.46% 1,105,875.99 2.86% 3 4 1,102,795.99 10.75% 317,692.02 0.82% 4 5 298,034.02 2.91% 387,338.48 1.00% 24

5 464,543.57 4.53% 86,332.09 0.22% 10,254,152.59 100.00% 38,687,719.24 100.00% ==================== =========== ===================== =========== (1) 5% 5% (2) 1 2,381,318.12, 19 2004.12.31 2003.12.31-116,617.70 =============== ================ 20 2004.12.31 2003.12.31-3,505,783.03 12,871,991.25 3,538,302.15 15,608,231.25 1,018,463.32 844,165.49 119,333.80 236,659.00 6,750.00 3,825.00 985,153.88 1,080,398.56 6,552.00-2,130.00 1,257.50 277,674.03-2,448,576.15 30,646,528.05 ==================== ===================== 21 2004.12.31 2003.12.31 610,821.32 573,452.12-10,972.52 610,821.32 584,424.64 ================ =============== 25

22 2004.12.31 2003.12.31 1 9,645,543.56 87.3% 10,757,632.19 96.10% 1 2 981,133.48 8.88% 415,850.06 3.71% 2 3 400,724.29 3.63% 10,653.64 0.10% 3 20,683.29 0.19% 10,029.65 0.09% 11,048,084.62 100.00% 11,194,165.54 100.00% ===================== =========== ===================== =========== 5% 5% 23 2004.12.31 2003.12.31 130,060.95 130,060.95 2,234,625.64 4,253,880.01-1,077,269.67 1,176,481.65 792,027.20-168,959.89 148,761.00-168,000.00-29,700.00-1,200,000.00-5,087,629.24 6,422,197.72 ==================== ==================== 24 2004.12.31 2003.12.31 35,000,000.00 35,000,000.00 35,000,000.00 35,000,000.00 7,523,899.40 84,739,421.77 162,570.00 1,680,697.43 930,023.49 7,697,339.42 - - - 127,436,761.19 ====================== - 36,680,697.43 ==================== 26

90,756,063.76 25 2004.12.31 2003.12.31-29,040,000.00 180,000.00 30,000.00 180,000.00 29,070,000.00 ================ ===================== 29,040,000.00 -- 150,000.00 26 (+,-) 1 8,371.20 8,371.20 8,371.20 8,371.20 2 3 4 8,371.20 8,371.20 1 6,240.00 6,240.00 2 3 27

4 6,240.00 6,240.00 14,611.20 14,611.20 27 2003.12.31 2004.12.31 263,004,791.70 - - 263,004,791.70 1,941,490.26 352,905.98-2,294,396.24-29,040,000.00-29,040,000.00 11,726,926.88 - - 11,726,926.88 276,673,208.84 29,392,905.98-306,066,114.82 ====================== ==================== ================== ====================== 1 -- 352,905.98, -- 2 -- 29,040,000.00 28 2003.12.31 2004.12.31 22,898,631.04 4,263,703.63-27,162,334.67 22,898,631.04 4,263,703.63-27,162,334.67 45,797,262.08 8,527,407.26-54,324,669.34 ===================== =================== =============== ===================== 29 2004.12.31 2003.12.31 133,580,219.46 107,217,841.26 43,115,101.00 50,723,695.32 4,263,703.63 4,875,058.56 4,263,703.63 4,875,058.56 14,611,200.00 14,611,200.00 153,556,713.20 133,580,219.46 ====================== ====================== 28

1 2004 2 6 2003 10 1 ( ) 14,611,200.00 2 14,611,200.00 2005 3 10 2004 10 1 ( ) 14,611,200.00 30 69,427,315.03 61,018,258.96 112,360,869.43 165,309,919.02 649,484,738.75 705,281,899.45 3,202,271.11 9,562,364.89 834,475,194.32 941,172,442.32 ======================= ======================= 123,790,604.05 14.83% 31 49,664,936.14 46,789,514.29 112,999,426.02 140,448,736.48 180,452,240.97 190,676,543.32 2,129,911.69 3,062,916.57 345,246,514.82 380,977,710.66 ====================== ======================= 32 5,217,947.77 4,753,455.78 2,701,745.31 2,585,795.35 7,919,693.08 7,339,251.13 ==================== =================== 29

33 1,780,890.30 901,246.08 1,348,019.69 589,617.54 3,126,695.39 2,009,431.15 3,350,227.24 1,912,771.13 4,907,585.69 2,910,677.23 4,698,246.93 2,502,388.67 ==================== =================== ==================== =================== 34 15,291,213.48 5,827,609.14 590,569.48 1,118,928.09 7,259,787.60 3,922,417.24 223,510.55 219,876.73 22,183,942.15 8,850,975.02 ===================== ==================== : 150.64% 1 2 35-93,877.84-141,819.94 - -1,507,724.49 - -1,415,492.20 80,969.81 - - - : 250,000.00 - - -169,030.19-1,413,846.65 - -1,273,672.26 ================== ===================== ============= = ===================== 36 236,292.10 22,830.00 6,938.14 8,018.00 30

259,012.45 340,059.23 502,242.69 370,907.23 ================ ================ 37 157,835.72 777,525.72 613,486.88 156,468.11 44,000.85 90,761.67-72,860.81 431,560.33 144,412.41 195,244.65 172,317.80 166,243.57 60,083.81 1,608,372.00 1,474,430.33 =================== ==================== 38 14,640,543.53 40,325,647.92 ===================== ==================== (1) [2004]166 [2004]145 2004 (2) 25,685,004.39 15% 2000 43,924,507.17 39 68,347,281.17 57,876,750.70 ===================== ==================== 31

40 394,672,966.53 372,415,719.31 ====================== ===================== 270,959,705.50 31,408,394.22 10,631,511.63 1,202,510.00 931,174.00 4,100,182.78 3,491,421.73 11,837,713.42 53,649,848.06 1 2004.12.31 2003.12.31 1 46,784,030.21 94.27% 2,339,201.51 53,891,806.73 94.98% 2,694,590.34 1 2 - - - 13,003.03 0.02% 1,040.24 2 3 13,003.03 0.03% 1,950.45 19,716.34 0.03% 2,957.45 3 4 19,716.34 0.04% 3,943.27 2,440,514.57 4.30% 488,102.91 4 5 2,434,521.35 4.9% 973,808.54 378,275.48 0.67% 151,310.19 5 378,275.48 0.76% 378,275.48-49,629,546.41 100.00% 3,697,179.25 56,743,316.15 100.00% 3,338,001.13 ================== ========== ================= ================== ========== ================= (1) 5% 5% (2) 48,691,653.53, 98.11% 2 2004.12.31 2003.12.31 1 13,699,981.22 14.06% 684,999.06 81,883,734.40 78.05% 4,094,186.72 1 2 67,746,173.97 69.53% 5,419,693.92 1,919,414.69 1.83% 153,553.18 2 3 1,891,581.52 1.94% 283,737.23 15,855,238.70 15.11% 2,378,285.81 3 4 9,281,136.59 9.53% 1,856,227.32 166,806.87 0.16% 33,361.37 32

4 5 166,806.87 0.17% 66,722.75 4,996,358.29 4.76% 1,998,543.32 5 4,651,803.98 4.77% 4,651,803.98 88,322.80 0.09% 88,322.80 97,437,484.15 100.00% 12,963,184.26 104,909,875.75 100.00% 8,746,253.20 =================== ========== ================ =================== ========== ================ (1) 5% 5% (2) 88,953,524.90 91.29% 3 (1) 2003.12.31 2004.12.31 157,911,930.11 36,087,362.77 24,009,231.41 169,990,061.47 13,650,722.16 863,873.15 1,778,127.7 12,736,467.61 : - - - - 171,562,652.27 36,951,235.92 25,787,359.11 182,726,529.08 ====================== ===================== ==================== ======================= : 99.71% 35,158,900.00 35,731,055.43 35,764,690.03-71,495,745.46 96.67% 125,813,536.24 122,180,874.68 322,672.74 24,009,231.41 98,494,316.01 160,972,436.24 ============== 157,911,930.11 ============== 36,087,362.77 ============= 24,009,231.41 ============ 169,990,061.47 =============== - 7,909,290.94 5,636,334.23 863,873.15 10 796,774.08-2,205,857.64 5,703,433.30 9,813,536.24 8,014,387.93-10 981,353.62-2,780,501.93 7,033,034.31 17,722,827.18 ============= 13,650,722.16 ============= 863,873.15 ============ 1,778,127.70 ============ ========== 4,986,359.57 ============ 12,736,467.61 ============ 33

2 2003.12.31 2004.12.31 59,358,985.19 93,877.84-59,452,863.03-1,977,441.75 - -270,403.21-1,707,038.54 : 1,747,028.25 - - 1,747,028.25 55,634,515.19 93,877.84-270,403.21 55,998,796.24 ===================== ============== ================== ==================== 30 49% 2,987,748.00 1,290,841.13 - - 1,290,841.13 1.99% 10,000,000.00 10,000,000.00 - - 10,000,000.00 40% 32,495,967.93 35,233,853.89 93,877.84-35,327,731.73 10 1% 100,000.00 100,000.00 - - 100,000.00 2.74% 12,734,290.17 12,734,290.17 - - 12,734,290.17 58,318,006.10 =============== 59,358,985.19 =============== 93,877.84 ========== - ============= 59,452,863.03 =============== - 547,424.52 456,187.12 - - 91,237.40 456,187.12-2,704,032.07-2,433,628.87-10 -270,403.21-540,806.41-2,163,225.66-2,156,607.55 ============= -1,977,441.75 ============= - ========== -270,403.21 ========== -449,569.01 =========== -1,707,038.54 ============= 4 600,000.00 8% 2002 9 - - 600,000.00 250,000.00 600,000.00 - - 600,000.00 250,000.00 ================= ======= =========== ========== ================ ================ 10 34

5 394,467,721.69 354,549,650.16 394,467,721.69 354,549,650.16 ======================= ======================= 394,467,721.69 100.00% 6 180,219,817.37 191,220,980.61 180,219,817.37 191,220,980.61 ======================= ======================= 7-23,506,790.39-12,508,831.29-1,507,724.49 - -1,415,492.20 : 250,000.00 - - - -250,000.00-25,014,514.88-11,093,339.09 ================== ======================= ================= ===================== 1 (1) 35

(2) 2003.12.31 2004.12.31 20,000 - - 20,000 12,000 - - 12,000 7,000 - - 7,000 500 - - 500 (3) ( ) % ( ) % ( ) % ( ) % ( ) 8,371.20 57.29 - - - - 8,371.20 57.29 11,700.00 97.50 - - - - 11,700.00 97.5 3,570.00 51.00 3,410.00 48.71 - - 6,980.00 99.71 500.00 100.00 - - - - 500.00 100.00 2 3 (1) - 29,847.03 36

(2) 29,623,257.58 7,941,939.99 : 5 (3) 4,584,461.69 4,168,510.64 (4) - 960,000.00 (5) 3,600,000.00 14,221,684.73 1,998,441.84 2,836,397.20-360,000.00-1,440,000.00 6,280,000.00 560,000.00 : 5 (6) - 620,017.30 (7) - 1,676,600.00 (8) 37

- 1,868,000.00 93,000,000.00 : 5 4 (1) 2004.12.31 2003.12.31 1,961,150.23 2.05% 1,268,717.48 1.38% (2) 2004.12.31 2003.12.31 - - 6,072,902.11 15.97% 1,185.00 0.00% 63,774.38 0.17% - - 4,674.96 0.01% (3) 2004.12.31 2003.12.31 2,666.00 0.02% 209,351.52 1.87% 227,763.35 2.06% 43,125.05 0.39% - - 16,800.00 0.15% 1,124,556.30 10.18% - - 5 (1) 2004 2 6 2004 1 1 150 1 / 20% 120 38

(2)2002 3 1, 0.8% (3)2004 9 21 9300 2004 12 31 [2004]2002 13,922.28 9,339.90 9300 2004 7 15 2004 10 (5)2004 2 6 1570 2004 1 1 2006 12 31 4000 / 628 (6)2002 12 31 6-APA 7,227 2003 1 1 2005 12 31 120 2002 12 31 2003 10 20 (7) 2004 2 5 6-APA 2,962.33 [ 2003 8 31 2003 016 ] 2004 3 31 2004 4 39

8 2003 8 8 347 4.5 2003 1 1 2004 12 31 347 565 2003 1 1 2004 12 31 9 2004 2 20 48.71% 3622 2003 12 31 2004 003 2004 2 20 10 2004 8 6 2003 1 5, 2004 6 9 2004, 40

502,242.69 370,907.23-1,608,372.00-1,474,430.33 - -56,885.59-12,500.00 80,969.81-95,940.00 - -80,325.58-104,971.50 14,848.07 227,752.92-994,697.01 ================== -1,025,127.27 ===================== 00 41